N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-09729
iShares Trust
(Exact name of registrant as specified in charter)
c/o BlackRock Fund Advisors
400 Howard Street, San Francisco, CA				94105
(Address of principal executive offices)				(Zip code)
The Corporation Trust Company 1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
Registrant’s telephone number, including area code:			(415) 670-2000
Date of fiscal year end:	March 31, 2024
Date of reporting period:	March 31, 2024

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

MARCH

31,

2024

2024

Annual

Report

iShares

Trust

iShares

Biotechnology

ETF

|

IBB

|

NASDAQ

iShares

Expanded

Tech

Sector

ETF

|

IGM

|

NYSE

Arca

iShares

Expanded

Tech-Software

Sector

ETF

|

IGV

|

Cboe

BZX

iShares

North

American

Natural

Resources

ETF

|

IGE

|

Cboe

BZX

iShares

Semiconductor

ETF

|

SOXX

|

NASDAQ

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

|

IDGT

|

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

March

31,

2024.

Higher

interest

rates

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

has

had

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

second

half

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies,

while

small-capitalization

U.S.

stocks’

advance

was

slower

but

still

robust.

Meanwhile,

international

developed

market

equities

also

gained

strongly,

while

emerging

market

stocks

advanced

at

a

more

modest

pace.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

positive

returns

overall

for

10-

year

U.S.

Treasuries

and

solid

gains

in

shorter-duration

U.S.

Treasuries.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

twice

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

despite

the

market’s

hopes

for

rapid

interest

rate

cuts,

as

reflected

in

the

ongoing

rally.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

Looking

at

developed

market

stocks,

we

have

an

overweight

stance

on

U.S.

stocks

overall,

particularly

given

the

promise

of

emerging

AI

technologies.

We

are

also

overweight

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest,

although

we

maintain

an

underweight

stance

on

European

stocks.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries

and

hard-currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

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

March

31,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

23.48

%

29.88

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.94

19.71

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

16.81

15.32

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

10.42

8.15

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.68

5.24

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.88

(2.44

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

5.99

1.70

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.48

3.13

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.73

11.15

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Market

Overview

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

4

Fund

Summary

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

5

About

Fund

Performance

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

17

Disclosure

of Expenses

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

17

Schedules

of

Investments

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

18

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

39

Statements

of

Operations

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

41

Statements

of

Changes

in

Net

Assets

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

43

Financial

Highlights

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

46

Notes

to

Financial

Statements

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

52

Report

of

Independent

Registered

Public

Accounting

Firm

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

62

Important

Tax

Information

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

63

Statement

Regarding

Liquidity

Risk

Management

Program

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

64

Supplemental

Information

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

65

Trustee

and

Officer

Information

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

67

General

Information

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

69

Glossary

of

Terms

Used

in

this

Report

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

70

Market

Overview

2024

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended 

March

31,

2024

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

29.29%

.

The

economy

showed

notable

resilience

even

as

interest

rates

rose,

and

analysts’

optimism

about

the

economy’s

trajectory

improved.

Meanwhile,

inflation

decelerated

notably,

enabling

a

pause

in

monetary

policy

tightening

and

providing

a

supportive

backdrop

for

equities.

The

U.S.

economy

grew

at

a

robust

pace

in

2023

despite

concerns

about

the

impact

of

higher

interest

rates

on

growth.

The

U.S.

consumer

helped

to

power

the

expansion,

as

consumer

spending

continued

to

grow

in

both

nominal

and

real

(inflation-adjusted)

terms.

A

strong

labor

market

bolstered

consumer

spending,

as

employers

continued

to

add

jobs,

and

average

hourly

wages

increased

notably.

Consumer

spending

was

also

supported

by

higher

asset

values,

as

both

home

prices

and

strong

equity

performance

increased

household

net

worth.

Government

spending

also

stimulated

the

economy,

as

the

federal

deficit

increased

amid

rising

expenditures,

while

state

and

local

governments

also

boosted

spending

to

fill

personnel

vacancies.

Despite

high

spending

and

healthy

household

balance

sheets,

consumer

sentiment

remained

below

pre-pandemic

levels,

as

elevated

inflation

and

high

interest

rates

weighed

on

consumers’

outlook.

While

inflation

declined

early

in

the

reporting

period

-

decreasing

from

4.9%

in

April

2023

to

3%

in

June

2023

-

it

remained

stubbornly

persistent

thereafter,

fluctuating

between

3%

and

4%,

above

the

pre-pandemic

average.

While

improved

supply

chains

eased

goods

inflation,

the

tight

labor

market

kept

labor

costs

near

record

highs,

and

growing

services

inflation

was

a

significant

driver

of

inflation’s

overall

persistence.

To

counteract

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

raised

interest

rates

twice

early

in

the

reporting

period,

reaching

the

highest

level

since

2001.

However,

the

Fed

paused

its

interest

rate

increases

thereafter

as

inflation

edged

down,

keeping

interest

rates

steady

after

its

July

2023

meeting.

The

Fed

also

continued

to

decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

Projections

released

by

the

Fed

late

in

the

reporting

period

included

several

interest

rate

decreases

later

in

2024,

as

it

forecast

inflation

would

continue

to

moderate

despite

the

robust

economy. 

The

strong

economy

supported

corporate

profits,

which

grew

substantially

in

the

last

three

quarters

of

2023.

Despite

higher

input

costs,

companies

were

able

to

raise

prices

sufficiently

to

widen

profit

margins,

as

the

U.S.

consumer

continued

to

spend.

Firms

increasingly

kept

assets

in

short-term

investments

that

earned

higher

yields

due

to

elevated

interest

rates.

This

helped

to

mitigate

the

negative

impact

of

higher

borrowing

costs,

which

drove

a

rise

in

interest

expense.

Innovations

in

computing

also

drove

enthusiasm

for

equities,

as

new

technologies

drove

hopes

for

economy-wide

improvements

in

productivity.

Despite

the

strong

economic

conditions

during

the

reporting

period,

analysts

noted

several

areas

of

caution

about

potential

disruptions

to

markets.

Geopolitical

tensions

were

high

amid

Russia’s

ongoing

invasion

of

Ukraine

and

fighting

in

Gaza

following

Hamas’

terrorist

attack

on

Israel.

Missile

attacks

on

a

major

shipping

lane

in

the

Middle

East

raised

concerns

about

a

wider

conflict

while

disrupting

some

supply

chains.

While

inflation

declined

during

the

reporting

period,

it

remained

more

persistent

than

some

analysts

expected,

raising

concerns

about

the

effect

of

continued

inflation

on

the

Fed’s

interest

rate

policy. 

Fund

Summary

as

of

March

31,

2024

5

Fund

Summary

iShares

®

Biotechnology

ETF

Investment

Objective

The

iShares

Biotechnology

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.-listed

equities

in

the

biotechnology

sector,

as

represented

by

the

NYSE

Biotechnology

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.

Effective

November

3,

2023,

the

Fund’s

underlying

index

changed

it

names

from

the

ICE

Biotechnology

Index

to

the

NYSE

Biotechnology

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

June

20,

2021

reflects

the

performance

of

the

NASDAQ

Biotechnology

Index.

Index

performance

beginning

on

June

21,

2021

reflects

the

performance

of

the

NYSE

Biotechnology

Index.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.56‌%

4.47‌%

5.94‌%

6.56‌%

24.45‌%

78.16‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.58‌

4.45‌

5.94‌

6.58‌

24.34‌

78.05‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.93‌

4.85‌

6.28‌

6.93‌

26.71‌

83.93‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,124.40‌

$

2.39‌

$

1,000.00‌

$

1,022.75‌

$

2.28‌

0.45‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

6

iShares

®

Biotechnology

ETF

Portfolio

Management

Commentary

Biotechnology

stocks

advanced

during

the

reporting

period

as

the

inflation

picture

improved

and

the

Fed

signaled

that

it

might

pivot

to

a

more

accommodative

monetary

policy.

Higher

interest-rate

environments

typically

challenge

biotechnology

companies,

which

tend

to

rely

heavily

on

financing

for

the

development

of

drugs

that

may

not

come

to

market

for

years,

so

anticipation

of

potential

interest

rate

cuts

buoyed

sentiment

toward

the

industry.

In

addition,

mergers

and

acquisitions

activity

in

the

biotechnology

industry

picked

up

during

the

reporting

period,

rebounding

after

a

downturn

coming

out

of

the

COVID-19

pandemic.

With

the

approaching

expiration

of

many

lucrative

drug

patents,

and

Medicare

now

authorized

by

the

Inflation

Reduction

Act

to

negotiate

some

drug

prices,

larger

pharmaceutical

firms

looked

to

smaller

biotechnology

names

to

diversify

their

therapeutic

portfolios.

Stocks

in

the

biotechnology

industry,

which

constituted

80%

of

the

Index

on

average

during

the

reporting

period,

contributed

the

most

to

the

Index’s

performance.

The

stock

price

of

one

biotechnology

company

climbed

sharply

after

a

trial

showed

its

new

non-opioid

drug

for

chronic

pain

provided

significantly

more

relief

than

a

placebo

for

patients

with

moderate

to

severe

pain

post-surgery.

The

company

also

benefited

from

better-than-expected

sales

of

its

drug

for

cystic

fibrosis,

an

inherited

disease

that

causes

damage

to

the

lungs

and

other

organs.

Additionally,

the

stock

price

of

a

biotechnology

company

with

a

specialized

schizophrenia

treatment

soared

after

news

of

its

planned

acquisition

by

a

much

larger

pharmaceutical

conglomerate.

The

pharmaceuticals

industry

also

contributed

to

the

Index’s

return,

buoyed

by

the

acquisition

of

a

company

that

produces

treatments

for

liver

diseases.

On

the

downside,

the

healthcare

equipment

industry

detracted

from

the

Index’s

performance

as

a

company’s

tumor

therapy

device

generated

unimpressive

trial

results.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Biotechnology

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

79.2‌

%

Life

Sciences

Tools

&

Services

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

18.1‌

Pharmaceuticals

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

2.3‌

Other

(each

representing

less

than

1%)

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

0.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Amgen,

Inc.

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

8.4‌

%

Gilead

Sciences,

Inc.

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

8.2‌

Regeneron

Pharmaceuticals,

Inc.

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

8.1‌

Vertex

Pharmaceuticals,

Inc.

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

8.0‌

IQVIA

Holdings,

Inc.

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

4.5‌

Moderna,

Inc.

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

3.5‌

Biogen,

Inc.

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

3.1‌

Mettler-Toledo

International,

Inc.

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

2.8‌

Illumina,

Inc.

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

2.1‌

Waters

Corp.

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

2.0‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

7

Fund

Summary

iShares

®

Expanded

Tech

Sector

ETF

Investment

Objective

The

iShares

Expanded

Tech

Sector

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

technology

sector

and

select

North

American

equities

from

communication

services

to

consumer

discretionary

sectors,

as

represented

by

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

December

23,

2018

reflects

the

performance

of

the

S&P

North

American

Technology

Sector

Index

TM

.

Index

Performance

beginning

on

December

24,

2018

reflects

the

performance

of

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

.

Certain

sectors

and

markets

performed

exceptionally

well

based

on

market

conditions

during

the

one-year

period.

Achieving

such

exceptional

returns

involves

the

risk

of

volatility

and

investors

should

not

expect

that

such

exceptional

returns

will

be

repeated.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

52.97‌%

20.67‌%

19.67‌%

52.97‌%

155.84‌%

502.13‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

52.99‌

20.67‌

19.67‌

52.99‌

155.89‌

502.19‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

53.41‌

21.14‌

20.17‌

53.41‌

160.90‌

528.03‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,355.00‌

$

2.36‌

$

1,000.00‌

$

1,023.00‌

$

2.02‌

0.40‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

8

iShares

®

Expanded

Tech

Sector

ETF

Portfolio

Management

Commentary

North

American

technology

stocks

posted

a

substantial

gain

for

the

reporting

period,

amid

notable

innovations

in

artificial

intelligence

(“AI”)

technology.

Rapid

advances

in

generative

AI,

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

The

semiconductors

industry

gained

the

most,

as

companies

purchased

specialized

chips

used

to

provide

computing

capacity

for

AI

applications,

which

require

significant

processing

power.

Corporations

seeking

to

use

AI

technologies

invested

significantly

in

this

hardware,

in

some

cases

setting

up

separate

budgetary

allocations

to

expedite

the

increased

investment.

Consequently,

industry

revenue

and

earnings

grew

rapidly,

driving

strong

equity

performance.

Additionally,

the

semiconductors

industry

continued

to

invest

in

building

the

next

generation

of

processors

for

AI

applications,

further

supporting

stock

prices.

Products

designed

to

facilitate

customers’

AI

usage,

such

as

networking

products

for

AI

data

centers

and

custom

AI

accelerators,

also

generated

strong

revenue.

The

software

and

services

industry

also

advanced,

driven

by

strength

among

systems

software

companies.

Enthusiasm

for

generative

AI

products

benefited

a

large

company

in

the

industry

with

a

significant

investment

in

a

prominent

consumer-facing

AI

platform,

a

chatbot

that

grew

its

user

base

more

rapidly

than

any

other

consumer

application

in

history.

Integration

of

AI

into

already

existing

productivity

software

also

propelled

gains,

as

many

customers

adopted

new

AI

features

that

automated

certain

writing

and

coding

tasks,

in

addition

to

summarization

and

advanced

search

functions.

Cloud

services

revenue

also

accelerated,

due

in

part

to

new

AI

features,

beating

analysts’

expectations

and

driving

further

earnings

growth.

Application

software

companies

were

another

source

of

strength,

benefiting

from

the

resilient

economy

and

rising

demand

for

customer

relationship

management

software.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Semiconductors

&

Semiconductor

Equipment

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

28.2‌

%

Software

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

27.5‌

Interactive

Media

&

Services

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

18.3‌

Technology

Hardware,

Storage

&

Peripherals

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

10.4‌

IT

Services

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

6.5‌

Electronic

Equipment,

Instruments

&

Components

...........

3.2‌

Communications

Equipment

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

3.1‌

Entertainment

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

2.8‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

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

8.8‌

%

Apple,

Inc.

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

8.7‌

NVIDIA

Corp.

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

8.4‌

Meta

Platforms,

Inc.,

Class

A

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

8.1‌

Alphabet,

Inc.,

Class

A

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

5.2‌

Alphabet,

Inc.,

Class

C,

NVS

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

4.4‌

Broadcom,

Inc.

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

4.3‌

Advanced

Micro

Devices,

Inc.

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

2.4‌

Salesforce,

Inc.

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

2.4‌

Netflix,

Inc.

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

2.2‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

9

Fund

Summary

iShares

®

Expanded

Tech-Software

Sector

ETF

Investment

Objective

The

iShares

Expanded

Tech-Software

Sector

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

software

industry

and

select

North

American

equities

from

interactive

home

entertainment

and

interactive

media

and

services

industries,

as

represented

by

the

S&P

North

American

Expanded

Technology

Software

Index

TM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

December

23,

2018

reflects

the

performance

of

the

S&P

North

American

Technology

Sector

Index

TM

.

Index

Performance

beginning

on

December

24,

2018

reflects

the

performance

of

the

S&P

North

American

Expanded

Technology

Sector

Index

TM

.

Certain

sectors

and

markets

performed

exceptionally

well

based

on

market

conditions

during

the

one-year

period.

Achieving

such

exceptional

returns

involves

the

risk

of

volatility

and

investors

should

not

expect

that

such

exceptional

returns

will

be

repeated.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

40.20‌%

15.30‌%

18.02‌%

40.20‌%

103.76‌%

424.23‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

39.94‌

15.28‌

18.01‌

39.94‌

103.59‌

423.64‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

40.06‌

15.65‌

18.39‌

40.06‌

106.91‌

440.88‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,251.00‌

$

2.25‌

$

1,000.00‌

$

1,023.00‌

$

2.02‌

0.40‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

10

iShares

®

Expanded

Tech-Software

Sector

ETF

Portfolio

Management

Commentary

North

American

technology

and

software

companies

posted

a

significant

advance

for

the

reporting

period.

High

interest

rates

typically

weigh

on

the

value

of

technology

companies,

which

derive

a

significant

portion

of

their

value

from

expectations

for

future

growth.

However,

the

resilient

U.S.

economy,

low

debt

levels,

and

innovations

in

the

industry

helped

offset

the

negative

impact

of

elevated

interest

rates.

The

industry

also

benefited

from

the

Fed’s

shift

in

policy

and

investors’

expectations

that

subsiding

inflation

improved

the

prospects

for

a

looser

monetary

regime.

Application

software

companies

contributed

the

most

to

the

Index’s

return,

benefiting

from

the

robust

economic

growth

and

rising

demand

for

customer

relationship

management

software.

Cost-cutting

measures,

stock

buybacks,

and

a

dividend

initiation

further

bolstered

the

industry.

Notable

innovations

in

artificial

intelligence

(“AI”)

technology

also

positively

impacted

technology

and

software

companies.

Rapid

advances

in

generative

AI,

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

AI

integration

benefited

companies

making

software

for

tax

preparation,

credit

applications,

and

graphic

design.

Excitement

surrounding

generative

AI

products

also

helped

systems

software

companies.

A

large

company

in

the

industry

made

a

significant

investment

in

a

prominent

consumer-facing

AI

platform,

a

chatbot

that

grew

its

user

base

more

rapidly

than

any

other

consumer

application

in

history.

Integration

of

AI

into

already

existing

productivity

software

also

propelled

gains,

as

many

customers

adopted

new

AI

features

that

automated

certain

writing

and

coding

tasks.

Cloud

services

revenue

also

accelerated,

due

in

part

to

new

AI

features,

beating

analysts’

expectations

and

driving

further

earnings

growth.

The

entertainment

software

industry

advanced,

reflecting

the

acquisition

of

a

prominent

company

and

the

industry’s

recovery

from

a

sharp

downturn

after

governments

lifted

public

health

restrictions.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Software

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

97.1‌

%

Entertainment

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

2.4‌

Other

(each

representing

less

than

1%)

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

0.5‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

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

8.8‌

%

Salesforce,

Inc.

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

8.6‌

Oracle

Corp.

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

8.2‌

Adobe,

Inc.

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

7.8‌

Intuit,

Inc.

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

7.4‌

ServiceNow,

Inc.

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

4.8‌

Palo

Alto

Networks,

Inc.

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

3.8‌

Synopsys,

Inc.

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

3.7‌

Cadence

Design

Systems,

Inc.

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

3.6‌

Crowdstrike

Holdings,

Inc.,

Class

A

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

3.1‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

11

Fund

Summary

iShares

®

North

American

Natural

Resources

ETF

Investment

Objective

The

iShares

North

American

Natural

Resources

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

North

American

equities

in

the

natural

resources

sector,

as

represented

by

the

S&P

North

American

Natural

Resources

Sector

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.96‌%

11.54‌%

3.15‌%

17.96‌%

72.68‌%

36.30‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.94‌

11.54‌

3.14‌

17.94‌

72.66‌

36.29‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.57‌

12.13‌

3.66‌

18.57‌

77.26‌

43.31‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,095.70‌

$

2.10‌

$

1,000.00‌

$

1,023.00‌

$

2.02‌

0.40‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

12

iShares

®

North

American

Natural

Resources

ETF

Portfolio

Management

Commentary

North

American

natural

resources

stocks

rose

significantly

during

the

reporting

period,

driven

by

higher

oil

prices

amid

production

cuts

by

OPEC+,

rising

tensions

in

the

Middle

East,

the

ongoing

war

in

Ukraine,

and

expectations

for

increased

energy

demand

amid

signals

that

major

economies

would

avoid

recession.

The

oil

and

gas

exploration

and

production

industry

contributed

the

most

to

the

Index’s

return

as

higher

oil

prices

encouraged

more

investment

in

generating

new

production

through

increased

exploration.

Some

of

the

larger

companies

in

the

industry

raised

dividend

payments,

as

increased

production

led

to

increased

profits.

Additionally,

merger

and

acquisition

activity

was

relatively

high

within

the

industry.

Some

large

companies

saw

their

stock

price

rise

in

anticipation

of

being

acquired

by

even

larger

companies.

One

large

shale

producer

acquired

a

large

but

privately

held

oil

and

gas

company,

vaulting

the

buyers

into

the

top

tier

of

the

publicly

traded

oil

and

gas

producers

in

the

industry.

The

oil

and

gas

refining

and

marketing

and

transportation

industry

also

contributed

notably

to

the

Index’s

return,

as

oil

refining

companies

benefited

from

strong

demand

for

already

limited

supplies

of

both

gasoline

and

jet

fuel.

Intervention

by

an

activist

investor

encouraged

demand

for

a

large

oil

refiner’s

stock

and

buoyed

optimism

that

the

existing

management

team

would

deliver

on

its

plan

to

reduce

costs

and

boost

profitability,

supporting

the

industry

and

boosting

stock

prices.

The

oil

and

gas

equipment

and

services

industry

also

contributed,

advancing

as

higher

oil

prices

encouraged

more

investment

in

production

and

exploration.

Additionally,

the

construction

materials

industry

contributed

amid

rising

demand

for

the

materials

necessary

to

implement

recent

transportation

infrastructure

initiatives.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Oil,

Gas

&

Consumable

Fuels

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

71.6‌

%

Metals

&

Mining

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

10.7‌

Energy

Equipment

&

Services

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

8.1‌

Containers

&

Packaging

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

5.7‌

Construction

Materials

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

3.5‌

Other

(each

representing

less

than

1%)

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

0.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Exxon

Mobil

Corp.

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

10.1‌

%

Chevron

Corp.

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

9.8‌

ConocoPhillips

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

4.7‌

Canadian

Natural

Resources

Ltd.

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

3.1‌

Schlumberger

NV

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

3.0‌

Enbridge,

Inc.

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

2.9‌

EOG

Resources,

Inc.

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

2.8‌

Marathon

Petroleum

Corp.

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

2.8‌

Phillips

66

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

2.7‌

Freeport-McMoRan,

Inc.

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

2.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

13

Fund

Summary

iShares

®

Semiconductor

ETF

Investment

Objective

The

iShares

Semiconductor

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.-listed

equities

in

the

semiconductor

sector,

as

represented

by

the

NYSE

Semiconductor

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.

Effective

November

3,

2023,

the

Fund’s

underlying

index

changed

it

names

from

the

ICE

Semiconductor

Index

to

the

NYSE

Semiconductor

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

June

20,

2021

reflects

the

performance

of

the

PHLX

Semiconductor

Sector

Index.

Index

performance

beginning

on

June

21,

2021

reflects

the

performance

of

the

NYSE

Semiconductor

Index.

Certain

sectors

and

markets

performed

exceptionally

well

based

on

market

conditions

during

the

one-year

period.

Achieving

such

exceptional

returns

involves

the

risk

of

volatility

and

investors

should

not

expect

that

such

exceptional

returns

will

be

repeated.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

53.53‌%

30.39‌%

25.33‌%

53.53‌%

276.84‌%

856.40‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

53.65‌

30.39‌

25.33‌

53.65‌

276.88‌

856.28‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

54.19‌

30.99‌

25.96‌

54.19‌

285.72‌

905.18‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,434.00‌

$

2.07‌

$

1,000.00‌

$

1,023.30‌

$

1.72‌

0.34‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

14

iShares

®

Semiconductor

ETF

Portfolio

Management

Commentary

U.S.

semiconductor

stocks

posted

a

remarkable

return

for

the

reporting

period

amid

notable

innovations

in

artificial

intelligence

(“AI”)

technology.

Rapid

advances

in

generative

AI,

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

Semiconductor

companies

benefited

from

this

enthusiasm,

as

companies

purchased

specialized

chips

used

to

provide

computing

capacity

for

AI

applications,

which

require

significant

processing

power.

Corporations

seeking

to

use

AI

technologies

invested

substantially

in

this

hardware,

in

some

cases

setting

up

separate

budgetary

allocations

to

expedite

the

increased

investment.

Consequently,

industry

revenue

and

earnings

grew

rapidly,

driving

strong

equity

performance.

Additionally,

the

semiconductors

industry

continued

to

invest

in

building

the

next

generation

of

processors

for

AI

applications,

further

supporting

stock

prices.

A

new

chip

design

was

announced

that

was

larger,

faster,

and

more

energy

efficient

in

AI

applications,

while

new

designs

for

network

switches

and

supercomputer

systems

were

also

introduced.

Products

designed

to

facilitate

customers’

AI

usage,

such

as

networking

products

for

AI

data

centers

and

custom

AI

accelerators,

also

generated

strong

revenue.

The

strong

surge

in

demand

for

specialized

semiconductors

led

companies

to

work

to

increase

capacity.

Demand

for

the

new

AI-related

chips

exceeded

supply,

and

downstream

suppliers

in

the

industry

made

large

investments

in

new

manufacturing

facilities

in

order

to

increase

capacity.

The

semiconductor

industry

also

benefited

from

substantial

government

subsidies

that

targeted

the

further

development

of

U.S.

semiconductor

manufacturing.

The

CHIPS

and

Science

Act

of

2022

was

designed

to

promote

domestic

production

of

semiconductors

and

related

equipment.

During

the

reporting

period,

several

different

companies

announced

plans

to

seek

CHIPS

Act

funds

for

construction

of

new

U.S.-based

semiconductor

manufacturing

facilities.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Semiconductors

&

Semiconductor

Equipment

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

100.0‌

%

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

NVIDIA

Corp.

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

8.8‌

%

Broadcom,

Inc.

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

7.9‌

Advanced

Micro

Devices,

Inc.

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

7.2‌

QUALCOMM,

Inc.

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

6.5‌

Intel

Corp.

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

6.2‌

Micron

Technology,

Inc.

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

5.0‌

Microchip

Technology,

Inc.

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

4.1‌

Texas

Instruments,

Inc.

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

4.0‌

Lam

Research

Corp.

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

4.0‌

Analog

Devices,

Inc.

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

4.0‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

15

Fund

Summary

iShares

®

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

Investment

Objective

The

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

US-listed

companies

engaged

in

the

owning,

operating,

developing

or

providing

of

infrastructure

for

the

storage,

processing,

transmission

and/or

access

of

digital

data

and

services,

as

represented

by

the

S&P

Data

Center,

Tower

REIT

and

Communications

Equipment

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

On

September

27,

2023,

the

Board

approved

a

proposal

to

change

the

Fund's

investment

objective

and

underlying

index

and

change

the

name

of

the

Fund

from

iShares

North

American

Tech-Multimedia

Networking

ETF

to

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF.

The

Board

also

approved

a

proposal

to

change

the

Fund's

ticker

from

IGN

to

IDGT.

These

changes

became

effective

on

December

15,

2023.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.48‌%

5.50‌%

8.29‌%

1.48‌%

30.71‌%

121.68‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.50‌

5.50‌

8.29‌

1.50‌

30.70‌

121.67‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

2.02‌

5.91‌

8.69‌

2.02‌

33.25‌

130.05‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,171.00‌

$

2.17‌

$

1,000.00‌

$

1,023.00‌

$

2.02‌

0.40‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

16

iShares

®

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

Portfolio

Management

Commentary

U.S.

digital

infrastructure

and

real

estate

stocks

advanced

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

Rapid

advances

in

generative

artificial

intelligence

(“AI”),

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

This

in

turn

stimulated

demand

for

specialized

chips,

data

centers,

and

related

infrastructure

to

support

AI

applications,

which

require

significant

processing

power.

The

technology

hardware,

storage,

and

peripherals

industry

contributed

the

most

to

the

Index’s

performance,

driven

by

strong

demand

for

products

related

to

AI.

A

manufacturer

of

servers

used

in

processing

generative

AI

applications

posted

sharply

higher

earnings

amid

a

surge

in

orders

for

their

products.

As

utilization

of

AI

tools

increased,

construction

and

planning

for

the

buildout

of

data

centers

surged,

bolstering

the

stocks

of

companies

that

provide

equipment

used

in

data

processing.

The

semiconductors

industry

also

gained,

as

strong

growth

in

demand

for

AI

products

drove

increased

enthusiasm

for

stocks

in

the

industry.

A

large

maker

of

chips

for

mobile

devices

introduced

a

new

AI-enabled

chip,

driving

investor

interest.

The

data

center

real

estate

investor

trust

industry

also

posted

an

advance

amid

surging

demand

for

data

center

capacity.

On

the

downside,

the

communications

equipment

industry

detracted

from

the

Index’s

return.

Major

telecommunications

carriers

slowed

their

spending

on

equipment,

which

negatively

impacted

companies

that

manufacture

components

and

products

used

by

telecommunications

providers.

Slowing

capital

expenditures

in

broadband

access

equipment

and

radio

access

network

equipment

in

North

America

weighed

on

revenue

in

the

industry.

Strong

competitive

pressures,

geopolitical

tensions,

foreign

exchange

volatility,

and

bloated

inventories

also

negatively

impacted

the

industry’s

sales.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Specialized

REITs

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

46.2‌

%

Communications

Equipment

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

30.4‌

Semiconductors

&

Semiconductor

Equipment

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

9.5‌

Technology

Hardware,

Storage

&

Peripherals

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

8.3‌

IT

Services

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

5.1‌

Other

(each

representing

less

than

1%)

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

0.5‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Digital

Realty

Trust,

Inc.

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

10.0‌

%

American

Tower

Corp.

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

10.0‌

Equinix,

Inc.

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

9.5‌

Crown

Castle,

Inc.

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

7.7‌

Fastly,

Inc.,

Class

A

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

5.1‌

Motorola

Solutions,

Inc.

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

4.9‌

Arista

Networks,

Inc.

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

4.8‌

QUALCOMM,

Inc.

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

4.7‌

SBA

Communications

Corp.

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

4.7‌

Telefonaktiebolaget

LM

Ericsson

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

4.6‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

17

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, index

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included, index

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

Biotechnology

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Biotechnology

—

78.9%

4D

Molecular

Therapeutics,

Inc.

(a)(b)

........

316,425

$

10,081,300

89bio,

Inc.

(a)(b)

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

630,263

7,336,261

AC

Immune

SA

(b)

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

429,426

1,271,101

ACADIA

Pharmaceuticals,

Inc.

(b)

..........

1,227,234

22,691,557

ACELYRIN,

Inc.

(a)(b)

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

456,917

3,084,190

ADMA

Biologics,

Inc.

(a)(b)

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

1,637,715

10,808,919

Agios

Pharmaceuticals,

Inc.

(a)(b)

..........

412,421

12,059,190

Akero

Therapeutics,

Inc.

(a)(b)

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

446,434

11,276,923

Alector,

Inc.

(a)(b)

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

533,950

3,214,379

Alkermes

plc

(a)(b)

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

1,234,809

33,426,280

Allogene

Therapeutics,

Inc.

(a)(b)

...........

787,063

3,518,172

Alnylam

Pharmaceuticals,

Inc.

(a)(b)

.........

940,571

140,568,336

Alpine

Immune

Sciences,

Inc.

(b)

..........

336,178

13,326,096

ALX

Oncology

Holdings,

Inc.

(a)(b)

..........

206,935

2,307,325

Amgen,

Inc.

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

2,251,605

640,176,334

Amicus

Therapeutics,

Inc.

(b)

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

2,150,307

25,330,616

AnaptysBio,

Inc.

(b)

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

173,746

3,912,760

Anavex

Life

Sciences

Corp.

(a)(b)

..........

604,471

3,076,757

Apellis

Pharmaceuticals,

Inc.

(a)(b)

..........

738,684

43,419,846

Apogee

Therapeutics,

Inc.

(a)(b)

...........

161,861

10,755,663

Arbutus

Biopharma

Corp.

(b)

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

956,816

2,468,585

Arcellx,

Inc.

(a)(b)

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

280,404

19,502,098

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

.....

182,552

6,164,781

Arcus

Biosciences,

Inc.

(a)(b)

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

354,110

6,685,597

Arcutis

Biotherapeutics,

Inc.

(b)

...........

770,855

7,639,173

Argenx

SE

,

ADR,

NVS

(a)(b)

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

376,470

148,223,768

Arrowhead

Pharmaceuticals,

Inc.

(a)(b)

.......

874,966

25,024,028

ARS

Pharmaceuticals,

Inc.

(a)(b)

...........

313,028

3,199,146

Ascendis

Pharma

A/S

,

ADR

(a)(b)

..........

363,445

54,941,981

Aurinia

Pharmaceuticals,

Inc.

(a)(b)

.........

944,804

4,733,468

Autolus

Therapeutics

plc

,

ADR

(a)(b)

.........

1,245,435

7,945,875

Avidity

Biosciences,

Inc.

(a)(b)

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

533,198

13,607,213

Beam

Therapeutics,

Inc.

(a)(b)

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

510,780

16,876,171

BeiGene

Ltd.

,

ADR

(a)(b)

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

604,152

94,483,331

Bicycle

Therapeutics

plc

,

ADR

(a)(b)

.........

235,966

5,875,553

BioCryst

Pharmaceuticals,

Inc.

(a)(b)

........

1,485,916

7,548,453

Biogen,

Inc.

(a)(b)

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

1,082,192

233,353,061

Biohaven

Ltd.

(b)

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

515,402

28,187,335

BioMarin

Pharmaceutical,

Inc.

(b)

..........

1,388,532

121,274,385

Biomea

Fusion,

Inc.

(a)(b)

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

209,012

3,124,729

BioNTech

SE

,

ADR

(b)

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

1,552,394

143,208,346

Bluebird

Bio,

Inc.

(a)(b)

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

1,429,601

1,829,889

Blueprint

Medicines

Corp.

(b)

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

450,824

42,765,165

Bridgebio

Pharma,

Inc.

(a)(b)

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

972,514

30,070,133

Cabaletta

Bio,

Inc.

(a)(b)

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

254,136

4,335,560

CareDx,

Inc.

(b)

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

373,649

3,956,943

Caribou

Biosciences,

Inc.

(a)(b)

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

590,066

3,032,939

Centessa

Pharmaceuticals

plc

,

ADR

(a)(b)

.....

351,520

3,972,176

Cogent

Biosciences,

Inc.

(a)(b)

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

631,595

4,244,318

Coherus

Biosciences,

Inc.

(a)(b)

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

785,577

1,877,529

Compass

Pathways

plc

,

ADR

(a)(b)

.........

327,812

2,727,396

Crinetics

Pharmaceuticals,

Inc.

(a)(b)

........

521,533

24,412,960

CRISPR

Therapeutics

AG

(a)(b)

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

598,440

40,789,670

Cullinan

Oncology,

Inc.

(a)(b)

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

199,539

3,400,145

CureVac

NV

(a)(b)

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

678,453

2,055,713

Cytokinetics,

Inc.

(a)(b)

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

745,026

52,233,773

Day

One

Biopharmaceuticals,

Inc.

(b)

.......

440,819

7,282,330

Deciphera

Pharmaceuticals,

Inc.

(a)(b)

.......

367,781

5,785,195

Denali

Therapeutics,

Inc.

(a)(b)

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

841,999

17,277,819

Disc

Medicine,

Inc.

(b)

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

93,333

5,810,913

Dynavax

Technologies

Corp.

(a)(b)

..........

980,754

12,171,157

Dyne

Therapeutics,

Inc.

(b)

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

373,974

10,617,122

Editas

Medicine,

Inc.

(a)(b)

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

611,029

4,533,835

Security

Shares

Shares

Value

Biotechnology

(continued)

Erasca,

Inc.

(b)

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

663,162

$

1,366,114

Exelixis,

Inc.

(b)

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

2,214,300

52,545,339

Exscientia

plc

,

ADR

(a)(b)

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

727,272

4,159,996

Fusion

Pharmaceuticals,

Inc.

(a)(b)

..........

414,203

8,830,808

Galapagos

NV

,

ADR,

NVS

(a)(b)

...........

413,742

13,322,492

Genmab

A/S

,

ADR,

NVS

(a)(b)

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

4,221,059

126,251,875

Geron

Corp.

(a)(b)

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

3,373,306

11,131,910

Gilead

Sciences,

Inc.

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

8,551,415

626,391,149

Halozyme

Therapeutics,

Inc.

(a)(b)

..........

941,643

38,306,037

Humacyte,

Inc.

(a)(b)

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

648,627

2,017,230

Ideaya

Biosciences,

Inc.

(a)(b)

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

488,523

21,436,389

Immunocore

Holdings

plc

,

ADR

(a)(b)

........

310,852

20,205,380

Immunovant,

Inc.

(a)(b)

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

457,087

14,768,481

Immutep

Ltd.

,

ADR

(a)(b)

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

749,460

1,746,242

Incyte

Corp.

(b)

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

1,665,014

94,855,848

Inhibrx,

Inc.

(a)(b)

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

266,399

9,313,309

Insmed,

Inc.

(a)(b)

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

1,084,966

29,435,128

Intellia

Therapeutics,

Inc.

(a)(b)

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

705,988

19,421,730

Ionis

Pharmaceuticals,

Inc.

(a)(b)

...........

1,003,927

43,520,235

Iovance

Biotherapeutics,

Inc.

(a)(b)

..........

1,611,418

23,881,215

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

(b)

...

1,139,060

9,921,213

iTeos

Therapeutics,

Inc.

(b)

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

212,468

2,898,064

Janux

Therapeutics,

Inc.

(a)(b)

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

242,464

9,128,770

KalVista

Pharmaceuticals,

Inc.

(a)(b)

.........

185,627

2,201,536

Keros

Therapeutics,

Inc.

(a)(b)

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

201,115

13,313,813

Kiniksa

Pharmaceuticals

Ltd.

,

Class

A

(a)(b)

....

292,534

5,771,696

Krystal

Biotech,

Inc.

(b)

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

176,870

31,470,479

Kura

Oncology,

Inc.

(a)(b)

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

483,878

10,321,118

Kymera

Therapeutics,

Inc.

(a)(b)

...........

402,750

16,190,550

Legend

Biotech

Corp.

,

ADR

(a)(b)

..........

1,149,981

64,502,434

Lyell

Immunopharma,

Inc.

(a)(b)

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

861,610

1,921,390

MacroGenics,

Inc.

(b)

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

436,879

6,430,859

Madrigal

Pharmaceuticals,

Inc.

(a)(b)

........

121,361

32,408,241

MannKind

Corp.

(a)(b)

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

1,963,058

8,892,653

MeiraGTx

Holdings

plc

(b)

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

375,217

2,277,567

Merus

NV

(a)(b)

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

325,065

14,637,677

Mineralys

Therapeutics,

Inc.

(a)(b)

..........

108,421

1,399,715

Mirum

Pharmaceuticals,

Inc.

(a)(b)

..........

274,028

6,883,583

Moderna,

Inc.

(a)(b)

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

2,516,958

268,207,044

Morphic

Holding,

Inc.

(a)(b)

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

289,383

10,186,282

MorphoSys

AG

,

ADR

(a)(b)

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

962,224

17,454,743

Myriad

Genetics,

Inc.

(a)(b)

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

648,383

13,823,526

Nanobiotix

SA

,

ADR

(a)(b)

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

253,454

1,581,553

Natera,

Inc.

(b)

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

830,017

75,913,355

Neurocrine

Biosciences,

Inc.

(b)

...........

727,163

100,290,321

Novavax,

Inc.

(a)(b)

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

992,796

4,745,565

Nurix

Therapeutics,

Inc.

(a)(b)

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

339,112

4,984,946

Nuvalent,

Inc.

,

Class

A

(a)(b)

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

232,400

17,450,916

Olema

Pharmaceuticals,

Inc.

(a)(b)

..........

359,214

4,066,302

ORIC

Pharmaceuticals,

Inc.

(a)(b)

..........

301,849

4,150,424

Ovid

therapeutics,

Inc.

(b)

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

449,120

1,369,816

Precigen,

Inc.

(a)(b)

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

926,119

1,342,873

Prime

Medicine,

Inc.

(a)(b)

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

279,884

1,959,188

Protagonist

Therapeutics,

Inc.

(a)(b)

.........

412,094

11,921,879

Prothena

Corp.

plc

(b)

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

343,525

8,509,114

PTC

Therapeutics,

Inc.

(a)(b)

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

545,799

15,877,293

RAPT

Therapeutics,

Inc.

(a)(b)

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

229,795

2,063,559

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(a)(b)

.

1,104,147

11,008,346

Regeneron

Pharmaceuticals,

Inc.

(b)

........

638,198

614,259,193

REGENXBIO,

Inc.

(a)(b)

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

329,125

6,934,664

Relay

Therapeutics,

Inc.

(a)(b)

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

684,470

5,681,101

Reneo

Pharmaceuticals,

Inc.

(b)

...........

197,742

328,252

Replimune

Group,

Inc.

(a)(b)

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

331,589

2,709,082

REVOLUTION

Medicines,

Inc.

(a)(b)

.........

1,022,047

32,940,575

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

.........

391,640

16,969,761

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Biotechnology

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Rocket

Pharmaceuticals,

Inc.

(a)(b)

.........

621,556

$

16,744,719

Roivant

Sciences

Ltd.

(a)(b)

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

3,612,345

38,074,116

Sage

Therapeutics,

Inc.

(a)(b)

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

367,102

6,879,491

Sana

Biotechnology,

Inc.

(a)(b)

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

793,037

7,930,370

Sarepta

Therapeutics,

Inc.

(b)

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

662,680

85,790,553

Savara,

Inc.

(b)

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

500,174

2,490,866

Scholar

Rock

Holding

Corp.

(b)

...........

405,927

7,209,264

SpringWorks

Therapeutics,

Inc.

(a)(b)

........

470,573

23,161,603

Summit

Therapeutics,

Inc.

(a)(b)

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

629,334

2,605,443

Syndax

Pharmaceuticals,

Inc.

(a)(b)

.........

602,199

14,332,336

Tango

Therapeutics,

Inc.

(a)(b)

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

380,356

3,020,027

Taysha

Gene

Therapies,

Inc.

(a)(b)

..........

963,206

2,764,401

Tourmaline

Bio,

Inc.

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

116,335

2,664,071

Travere

Therapeutics,

Inc.

(a)(b)

...........

559,539

4,314,046

Twist

Bioscience

Corp.

(a)(b)

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

416,140

14,277,763

Ultragenyx

Pharmaceutical,

Inc.

(b)

.........

578,967

27,031,969

uniQure

NV

(a)(b)

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

325,345

1,691,794

United

Therapeutics

Corp.

(a)(b)

...........

325,324

74,733,429

UroGen

Pharma

Ltd.

(a)(b)

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

208,971

3,134,565

Vanda

Pharmaceuticals,

Inc.

(b)

...........

402,824

1,655,607

Vaxcyte,

Inc.

(a)(b)

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

767,710

52,442,270

Vera

Therapeutics,

Inc.

,

Class

A

(b)

.........

258,671

11,153,894

Veracyte,

Inc.

(b)

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

563,241

12,481,421

Vericel

Corp.

(a)(b)

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

355,896

18,513,710

Vertex

Pharmaceuticals,

Inc.

(b)

...........

1,465,411

612,556,452

Verve

Therapeutics,

Inc.

(a)(b)

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

411,472

5,464,348

Vir

Biotechnology,

Inc.

(b)

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

657,424

6,659,705

Voyager

Therapeutics,

Inc.

(b)

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

318,500

2,965,235

Xencor,

Inc.

(a)(b)

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

444,260

9,831,474

Xenon

Pharmaceuticals,

Inc.

(a)(b)

..........

541,708

23,320,529

Y-mAbs

Therapeutics,

Inc.

(a)(b)

...........

249,510

4,057,033

Zai

Lab

Ltd.

,

ADR

(b)

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

622,834

9,977,801

Zentalis

Pharmaceuticals,

Inc.

(a)(b)

.........

478,031

7,533,769

Zymeworks,

Inc.

(a)(b)

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

491,217

5,167,603

6,023,731,377

Chemicals

—

0.2%

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)(b)

..

9,884,941

11,466,531

Health

Care

Equipment

&

Supplies

—

0.1%

Novocure

Ltd.

(b)

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

717,251

11,210,633

Health

Care

Providers

&

Services

—

0.1%

(b)

Castle

Biosciences,

Inc.

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

192,949

4,273,820

Fulgent

Genetics,

Inc.

(a)

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

146,250

3,173,625

OPKO

Health,

Inc.

(a)

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

2,730,765

3,276,918

10,724,363

Life

Sciences

Tools

&

Services

—

18.1%

10X

Genomics,

Inc.

,

Class

A

(a)(b)

..........

736,719

27,649,064

AbCellera

Biologics,

Inc.

(a)(b)

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

1,547,411

7,009,772

Adaptive

Biotechnologies

Corp.

(a)(b)

........

1,073,600

3,446,256

Bio-Techne

Corp.

(a)

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

1,167,650

82,190,884

Bruker

Corp.

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

675,627

63,468,400

Charles

River

Laboratories

International,

Inc.

(a)(b)

377,046

102,160,614

Cytek

Biosciences,

Inc.

(a)(b)

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

883,862

5,930,714

Fortrea

Holdings,

Inc.

(a)(b)

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

553,536

22,218,935

Illumina,

Inc.

(b)

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

1,187,285

163,037,976

IQVIA

Holdings,

Inc.

(a)(b)

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

1,347,595

340,793,300

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)(b)

799,894

6,935,081

MaxCyte,

Inc.

(a)(b)

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

692,645

2,902,183

Medpace

Holdings,

Inc.

(b)

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

184,945

74,745,522

Mettler-Toledo

International,

Inc.

(b)

........

158,701

211,277,054

Nautilus

Biotechnology,

Inc.

(a)(b)

..........

409,441

1,203,757

Olink

Holding

AB

,

ADR

(a)(b)

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

789,844

18,569,232

OmniAb,

Inc.,

12.50

Earnout

Shares

,

NVS

(b)(c)

.

46,839

—

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

OmniAb,

Inc.,

15.00

Earnout

Shares

,

NVS

(b)(c)

.

46,839

$

—

Pacific

Biosciences

of

California,

Inc.

(a)(b)

....

1,887,298

7,077,367

Quanterix

Corp.

(a)(b)

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

256,253

6,037,321

Repligen

Corp.

(a)(b)

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

390,104

71,747,928

Stevanato

Group

SpA

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

263,347

8,453,439

Waters

Corp.

(a)(b)

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

443,188

152,558,605

1,379,413,404

Pharmaceuticals

—

2.3%

(b)

Aclaris

Therapeutics,

Inc.

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

474,644

588,559

Amylyx

Pharmaceuticals,

Inc.

...........

406,503

1,154,469

Arvinas,

Inc.

(a)

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

422,299

17,432,503

ATAI

Life

Sciences

NV

(a)

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

880,297

1,734,185

Atea

Pharmaceuticals,

Inc.

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

564,070

2,278,843

Axsome

Therapeutics,

Inc.

(a)

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

290,978

23,220,044

Edgewise

Therapeutics,

Inc.

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

449,240

8,194,138

Enliven

Therapeutics,

Inc.

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

158,209

2,782,896

Fulcrum

Therapeutics,

Inc.

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

442,351

4,175,793

Intra-Cellular

Therapies,

Inc.

(a)

...........

707,298

48,945,022

Ligand

Pharmaceuticals,

Inc.

(a)

...........

123,710

9,043,201

Marinus

Pharmaceuticals,

Inc.

(a)

..........

384,528

3,476,133

Nuvation

Bio,

Inc.

,

Class

A

(a)

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

1,078,471

3,925,634

Phathom

Pharmaceuticals,

Inc.

(a)

.........

190,850

2,026,827

Pliant

Therapeutics,

Inc.

(a)

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

379,287

5,651,376

Revance

Therapeutics,

Inc.

(a)

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

707,483

3,480,816

Structure

Therapeutics,

Inc.

,

ADR

(a)

........

232,594

9,968,979

Tarsus

Pharmaceuticals,

Inc.

(a)

...........

191,238

6,951,501

Terns

Pharmaceuticals,

Inc.

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

280,643

1,841,018

Theravance

Biopharma,

Inc.

(a)

...........

339,812

3,048,114

Third

Harmonic

Bio,

Inc.

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

112,526

1,062,245

Ventyx

Biosciences,

Inc.

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

356,444

1,960,442

Verona

Pharma

plc

,

ADR

(a)

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

344,841

5,548,492

WaVe

Life

Sciences

Ltd.

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

634,716

3,916,198

172,407,428

Total

Common

Stocks

—

99.7%

(Cost:

$9,858,095,218)

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

7,608,953,736

Preferred

Stocks

Biotechnology

—

0.1%

Grifols

SA

(a)(b)

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

1,668,261

11,143,984

Total

Preferred

Stocks

—

0.1%

(Cost:

$26,453,910)

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

11,143,984

Rights

Biotechnology

—

0.0%

(b)

Achillion

Pharmaceuticals,

Inc.,

CVR

(a)(c)

....

4,112

1,892

Akouos,

Inc.,

CVR

(a)

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

157,087

124,099

Cartesian

Therapeutics,

Inc.

(c)

...........

6,098

609

Contra

Chinook

Therape,

CVR

(c)

.........

320,962

141,223

267,823

Total

Rights

—

0.0%

(Cost:

$252,263)

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

267,823

Total

Long-Term

Investments

—

99.8%

(Cost:

$9,884,801,391)

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

7,620,365,543

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Biotechnology

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

12.0%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.50%

(f)

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

874,139,744

$

874,576,814

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.29%

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

39,557,747

39,557,747

Total

Short-Term

Securities

—

12.0%

(Cost:

$913,588,732)

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

914,134,561

Total

Investments

—

111.8%

(Cost:

$10,798,390,123

)

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

8,534,500,104

Liabilities

in

Excess

of

Other

Assets

—

(11.8)%

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

(902,359,844)

Net

Assets

—

100.0%

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

$

7,632,140,260

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

852,348,490

$

22,161,250

(a)

$

—

$

(24,701)

$

91,775

$

874,576,814

874,139,744

$

4,653,574

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

8,598,879

30,958,868

(a)

—

—

—

39,557,747

39,557,747

701,245

—

$

(24,701)

$

91,775

$

914,134,561

$

5,354,819

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

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

23

06/21/24

$

3,476

$

55,397

Russell

2000

E-Mini

Index

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

17

06/21/24

1,824

42,776

$

98,173

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Biotechnology

ETF

Schedules

of

Investments

21

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.

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

98,173

$

—

$

—

$

—

$

98,173

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

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

$

—

$

—

$

(20,133)

$

—

$

—

$

—

$

(20,133)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

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

$

—

$

—

$

(57,595)

$

—

$

—

$

—

$

(57,595)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

7,796,509

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

7,608,953,736

$

—

$

—

$

7,608,953,736

Preferred

Stocks

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

11,143,984

—

—

11,143,984

Rights

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

—

124,099

143,724

267,823

Short-Term

Securities

Money

Market

Funds

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

914,134,561

—

—

914,134,561

$

8,534,232,281

$

124,099

$

143,724

$

8,534,500,104

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

98,173

$

—

$

—

$

98,173

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

Expanded

Tech

Sector

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Communications

Equipment

—

3.1%

ADTRAN

Holdings,

Inc.

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

25,948

$

141,157

Applied

Optoelectronics,

Inc.

(a)

...........

12,504

173,306

Arista

Networks,

Inc.

(a)

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

89,196

25,865,056

Aviat

Networks,

Inc.

(a)

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

3,986

152,823

Calix,

Inc.

(a)

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

20,388

676,066

Ciena

Corp.

(a)

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

51,242

2,533,917

Cisco

Systems,

Inc.

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

1,437,556

71,748,420

Clearfield,

Inc.

(a)

(b)

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

4,576

141,124

CommScope

Holding

Co.,

Inc.

(a)

..........

76,159

99,768

Digi

International,

Inc.

(a)

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

13,002

415,154

Extreme

Networks,

Inc.

(a)

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

44,216

510,253

F5,

Inc.

(a)

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

20,781

3,939,870

Harmonic,

Inc.

(a)

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

40,410

543,111

Infinera

Corp.

(a)

(b)

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

71,234

429,541

Juniper

Networks,

Inc.

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

113,753

4,215,686

Lumentum

Holdings,

Inc.

(a)

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

23,818

1,127,782

Motorola

Solutions,

Inc.

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

58,776

20,864,305

NETGEAR,

Inc.

(a)

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

10,555

166,452

NetScout

Systems,

Inc.

(a)

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

24,504

535,167

Ribbon

Communications,

Inc.

(a)

..........

35,441

113,411

Viasat,

Inc.

(a)

(b)

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

27,712

501,310

Viavi

Solutions,

Inc.

(a)

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

80,789

734,372

135,628,051

Electronic

Equipment,

Instruments

&

Components

—

3.2%

Advanced

Energy

Industries,

Inc.

(b)

........

13,174

1,343,485

Amphenol

Corp.

,

Class

A

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

212,365

24,496,303

Arrow

Electronics,

Inc.

(a)

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

19,016

2,461,811

Avnet,

Inc.

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

31,933

1,583,238

Badger

Meter,

Inc.

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

10,369

1,677,808

Belden,

Inc.

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

14,730

1,364,145

Benchmark

Electronics,

Inc.

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

12,918

387,669

CDW

Corp.

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

47,337

12,107,858

Celestica,

Inc.

(a)

(b)

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

42,035

1,889,053

Cognex

Corp.

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

60,832

2,580,494

Coherent

Corp.

(a)

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

46,671

2,829,196

Corning,

Inc.

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

271,340

8,943,367

Crane

NXT

Co.

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

17,060

1,056,014

CTS

Corp.

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

11,459

536,167

ePlus,

Inc.

(a)

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

9,231

725,003

Fabrinet

(a)

(b)

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

12,831

2,425,316

Insight

Enterprises,

Inc.

(a)

(b)

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

9,786

1,815,499

IPG

Photonics

Corp.

(a)

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

10,372

940,637

Itron,

Inc.

(a)

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

16,076

1,487,352

Jabil,

Inc.

(b)

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

45,072

6,037,394

Keysight

Technologies,

Inc.

(a)

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

61,722

9,652,086

Knowles

Corp.

(a)

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

33,224

534,906

Littelfuse,

Inc.

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

8,801

2,132,922

Methode

Electronics,

Inc.

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

13,041

158,839

Mirion

Technologies,

Inc.

,

Class

A

(a)

.......

65,900

749,283

Novanta,

Inc.

(a)

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

12,655

2,211,714

OSI

Systems,

Inc.

(a)

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

5,543

791,651

PC

Connection,

Inc.

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

4,110

270,972

Plexus

Corp.

(a)

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

10,017

949,812

Rogers

Corp.

(a)

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

6,125

726,976

Sanmina

Corp.

(a)

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

19,711

1,225,630

TD

SYNNEX

Corp.

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

20,157

2,279,757

TE

Connectivity

Ltd.

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

109,426

15,893,032

Teledyne

Technologies,

Inc.

(a)

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

16,675

7,158,911

Trimble,

Inc.

(a)

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

87,909

5,657,823

TTM

Technologies,

Inc.

(a)

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

37,228

582,618

Vishay

Intertechnology,

Inc.

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

44,425

1,007,559

Vontier

Corp.

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

54,534

2,473,662

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.

,

Class

A

(a)

.......

18,149

$

5,470,835

136,616,797

Entertainment

—

2.8%

Electronic

Arts,

Inc.

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

85,973

11,406,038

Netflix,

Inc.

(a)

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

153,098

92,981,008

Playtika

Holding

Corp.

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

25,375

178,894

ROBLOX

Corp.

,

Class

A

(a)

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

174,555

6,664,510

Take-Two

Interactive

Software,

Inc.

(a)

.......

56,033

8,320,340

119,550,790

Interactive

Media

&

Services

—

18.3%

Alphabet,

Inc.

,

Class

A

(a)

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

1,496,361

225,845,765

Alphabet,

Inc.

,

Class

C,

NVS

(a)

...........

1,252,793

190,750,262

Bumble,

Inc.

,

Class

A

(a)

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

35,959

408,135

Cargurus,

Inc.

,

Class

A

(a)

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

30,277

698,793

IAC,

Inc.

(a)

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

24,551

1,309,550

Match

Group,

Inc.

(a)

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

96,052

3,484,767

Meta

Platforms,

Inc.

,

Class

A

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

723,380

351,258,860

Pinterest,

Inc.

,

Class

A

(a)

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

210,331

7,292,176

Shutterstock,

Inc.

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

8,750

400,837

Snap,

Inc.

,

Class

A,

NVS

(a)

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

365,174

4,192,198

TripAdvisor,

Inc.

(a)

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

38,205

1,061,717

Yelp,

Inc.

(a)

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

23,892

941,345

Ziff

Davis,

Inc.

(a)

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

16,249

1,024,337

ZipRecruiter,

Inc.

,

Class

A

(a)

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

26,760

307,472

ZoomInfo

Technologies,

Inc.

(a)

...........

104,681

1,678,036

790,654,250

IT

Services

—

6.5%

Accenture

plc

,

Class

A

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

221,814

76,882,951

Akamai

Technologies,

Inc.

(a)

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

53,300

5,796,908

CGI,

Inc.

(a)

(b)

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

72,925

8,057,483

Cloudflare,

Inc.

,

Class

A

(a)

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

105,337

10,199,782

Cognizant

Technology

Solutions

Corp.

,

Class

A

175,979

12,897,501

DigitalOcean

Holdings,

Inc.

(a)

(b)

...........

17,735

677,122

DXC

Technology

Co.

(a)

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

64,621

1,370,612

EPAM

Systems,

Inc.

(a)

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

20,389

5,630,626

Fastly,

Inc.

,

Class

A

(a)

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

44,226

573,611

Gartner,

Inc.

(a)

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

27,544

13,129,399

GoDaddy,

Inc.

,

Class

A

(a)

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

49,765

5,906,110

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(a)

.....

18,545

227,918

International

Business

Machines

Corp.

.....

323,708

61,815,280

Kyndryl

Holdings,

Inc.

(a)

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

81,312

1,769,349

MongoDB,

Inc.

,

Class

A

(a)

(b)

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

25,505

9,147,113

Okta,

Inc.

,

Class

A

(a)

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

55,850

5,843,027

Perficient,

Inc.

(a)

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

12,676

713,532

Shopify,

Inc.

,

Class

A

(a)

(b)

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

426,849

32,939,937

Snowflake,

Inc.

,

Class

A

(a)

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

116,639

18,848,862

Squarespace,

Inc.

,

Class

A

(a)

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

18,721

682,193

Thoughtworks

Holding,

Inc.

(a)

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

33,594

84,993

Twilio,

Inc.

,

Class

A

(a)

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

63,977

3,912,194

VeriSign,

Inc.

(a)

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

31,143

5,901,910

283,008,413

Semiconductors

&

Semiconductor

Equipment

—

28.1%

Advanced

Micro

Devices,

Inc.

(a)

..........

571,624

103,172,416

Allegro

MicroSystems,

Inc.

(a)

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

25,905

698,399

Ambarella,

Inc.

(a)

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

13,660

693,518

Amkor

Technology,

Inc.

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

36,475

1,175,954

Analog

Devices,

Inc.

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

175,441

34,700,475

Applied

Materials,

Inc.

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

294,362

60,706,275

Axcelis

Technologies,

Inc.

(a)

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

11,552

1,288,279

Broadcom,

Inc.

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

139,411

184,776,733

Cirrus

Logic,

Inc.

(a)

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

19,059

1,764,101

Cohu,

Inc.

(a)

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

17,236

574,476

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Expanded

Tech

Sector

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Credo

Technology

Group

Holding

Ltd.

(a)

.....

44,267

$

938,018

Diodes,

Inc.

(a)

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

16,233

1,144,426

Enphase

Energy,

Inc.

(a)

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

47,974

5,803,894

Entegris,

Inc.

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

53,063

7,457,474

First

Solar,

Inc.

(a)

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

37,757

6,373,382

FormFactor,

Inc.

(a)

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

27,506

1,255,099

Ichor

Holdings

Ltd.

(a)

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

10,550

407,441

Impinj,

Inc.

(a)

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

8,031

1,031,261

Intel

Corp.

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

1,495,761

66,067,763

KLA

Corp.

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

47,851

33,427,273

Kulicke

&

Soffa

Industries,

Inc.

...........

19,910

1,001,672

Lam

Research

Corp.

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

46,380

45,061,417

Lattice

Semiconductor

Corp.

(a)

...........

48,777

3,815,825

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

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

19,354

1,851,016

Marvell

Technology,

Inc.

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

306,128

21,698,353

MaxLinear,

Inc.

(a)

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

26,697

498,433

Microchip

Technology,

Inc.

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

191,445

17,174,531

Micron

Technology,

Inc.

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

390,548

46,041,704

MKS

Instruments,

Inc.

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

22,215

2,954,595

Monolithic

Power

Systems,

Inc.

..........

16,972

11,497,172

NVIDIA

Corp.

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

399,819

361,260,456

NXP

Semiconductors

NV

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

91,267

22,613,224

ON

Semiconductor

Corp.

(a)

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

151,006

11,106,491

Onto

Innovation,

Inc.

(a)

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

17,343

3,140,470

PDF

Solutions,

Inc.

(a)

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

10,840

364,983

Power

Integrations,

Inc.

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

20,092

1,437,583

Qorvo,

Inc.

(a)

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

34,118

3,917,770

QUALCOMM,

Inc.

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

394,812

66,841,672

Rambus,

Inc.

(a)

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

37,991

2,348,224

Semtech

Corp.

(a)

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

23,221

638,345

Silicon

Laboratories,

Inc.

(a)

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

11,271

1,619,868

SiTime

Corp.

(a)

(b)

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

6,281

585,578

Skyworks

Solutions,

Inc.

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

56,618

6,132,862

SolarEdge

Technologies,

Inc.

(a)

...........

20,076

1,424,994

Synaptics,

Inc.

(a)

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

13,889

1,355,011

Teradyne,

Inc.

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

54,024

6,095,528

Texas

Instruments,

Inc.

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

321,682

56,040,221

Ultra

Clean

Holdings,

Inc.

(a)

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

16,204

744,412

Universal

Display

Corp.

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

15,395

2,593,288

Veeco

Instruments,

Inc.

(a)

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

19,622

690,106

Wolfspeed,

Inc.

(a)

(b)

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

44,454

1,311,393

1,217,313,854

Software

—

27.5%

A10

Networks,

Inc.

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

26,516

363,004

ACI

Worldwide,

Inc.

(a)

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

38,419

1,275,895

Adeia,

Inc.

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

38,570

421,184

Adobe,

Inc.

(a)

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

159,905

80,688,063

Agilysys,

Inc.

(a)

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

7,130

600,774

Alarm.com

Holdings,

Inc.

(a)

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

17,666

1,280,255

Alkami

Technology,

Inc.

(a)

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

14,822

364,177

Altair

Engineering,

Inc.

,

Class

A

(a)

(b)

........

19,303

1,662,953

ANSYS,

Inc.

(a)

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

30,715

10,663,019

Appfolio,

Inc.

,

Class

A

(a)

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

7,224

1,782,450

Appian

Corp.

,

Class

A

(a)

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

15,107

603,525

AppLovin

Corp.

,

Class

A

(a)

(b)

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

64,357

4,454,792

Asana,

Inc.

,

Class

A

(a)

(b)

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

30,529

472,894

Aspen

Technology,

Inc.

(a)

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

9,881

2,107,420

Atlassian

Corp.

,

Class

A

(a)

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

55,607

10,849,482

Aurora

Innovation,

Inc.

,

Class

A

(a)

.........

290,180

818,308

Autodesk,

Inc.

(a)

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

75,758

19,728,898

AvePoint,

Inc.

,

Class

A

(a)

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

34,680

274,666

Bentley

Systems,

Inc.

,

Class

B

...........

81,391

4,250,238

BILL

Holdings,

Inc.

(a)

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

33,809

2,323,354

Security

Shares

Shares

Value

Software

(continued)

Blackbaud,

Inc.

(a)

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

14,844

$

1,100,534

BlackBerry

Ltd.

(a)

(b)

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

190,480

525,725

BlackLine,

Inc.

(a)

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

17,971

1,160,567

Box,

Inc.

,

Class

A

(a)

(b)

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

50,743

1,437,042

Braze,

Inc.

,

Class

A

(a)

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

18,376

814,057

C3.ai,

Inc.

,

Class

A

(a)

(b)

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

33,462

905,816

Cadence

Design

Systems,

Inc.

(a)

.........

96,282

29,970,661

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

....

97,950

1,171,482

Clear

Secure,

Inc.

,

Class

A

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

29,670

631,081

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a)

.

49,995

884,412

CommVault

Systems,

Inc.

(a)

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

15,428

1,564,862

Confluent,

Inc.

,

Class

A

(a)

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

77,512

2,365,666

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......

80,571

25,830,257

Datadog,

Inc.

,

Class

A

(a)

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

106,776

13,197,514

Descartes

Systems

Group,

Inc.

(The)

(a)

.....

30,064

2,751,758

DocuSign,

Inc.

(a)

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

72,066

4,291,530

Dolby

Laboratories,

Inc.

,

Class

A

.........

21,023

1,761,097

DoubleVerify

Holdings,

Inc.

(a)

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

49,256

1,731,841

Dropbox,

Inc.

,

Class

A

(a)

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

90,527

2,199,806

Dynatrace,

Inc.

(a)

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

84,723

3,934,536

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

(b)

...

62,564

277,784

Elastic

NV

(a)

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

28,870

2,893,929

Envestnet,

Inc.

(a)

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

12,856

744,491

Everbridge,

Inc.

(a)

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

14,727

512,941

Fair

Isaac

Corp.

(a)

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

8,783

10,975,325

Five9,

Inc.

(a)

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

25,690

1,595,606

Fortinet,

Inc.

(a)

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

225,860

15,428,497

Freshworks,

Inc.

,

Class

A

(a)

(b)

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

59,288

1,079,634

Gen

Digital,

Inc.

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

198,058

4,436,499

Gitlab,

Inc.

,

Class

A

(a)

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

31,961

1,863,965

Guidewire

Software,

Inc.

(a)

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

28,953

3,379,105

HashiCorp,

Inc.

,

Class

A

(a)

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

41,951

1,130,579

HubSpot,

Inc.

(a)

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

17,787

11,144,623

Intapp,

Inc.

(a)

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

13,658

468,469

InterDigital,

Inc.

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

9,356

996,040

Intuit,

Inc.

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

99,035

64,372,750

Jamf

Holding

Corp.

(a)

(b)

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

18,798

344,943

Lightspeed

Commerce,

Inc.

(a)

(b)

...........

48,431

680,940

LiveRamp

Holdings,

Inc.

(a)

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

23,387

806,851

Manhattan

Associates,

Inc.

(a)

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

21,757

5,444,254

Marathon

Digital

Holdings,

Inc.

(a)

..........

78,669

1,776,346

Matterport,

Inc.

,

Class

A

(a)

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

82,690

186,879

MeridianLink,

Inc.

(a)

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

7,324

136,959

Microsoft

Corp.

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

905,579

380,995,197

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

...........

5,266

8,976,213

Model

N,

Inc.

(a)

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

12,464

354,850

N-able,

Inc.

(a)

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

24,443

319,470

nCino,

Inc.

(a)

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

22,098

826,023

NCR

Voyix

Corp.

(a)

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

48,772

615,990

Nutanix,

Inc.

,

Class

A

(a)

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

85,759

5,293,045

Open

Text

Corp.

(b)

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

96,067

3,730,282

Oracle

Corp.

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

564,050

70,850,320

PagerDuty,

Inc.

(a)

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

32,471

736,442

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

681,873

15,689,898

Palo

Alto

Networks,

Inc.

(a)

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

111,569

31,700,100

Pegasystems,

Inc.

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

15,059

973,414

PowerSchool

Holdings,

Inc.

,

Class

A

(a)

......

20,877

444,471

Procore

Technologies,

Inc.

(a)

(b)

...........

31,437

2,583,178

Progress

Software

Corp.

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

15,505

826,572

PROS

Holdings,

Inc.

(a)

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

14,865

540,045

PTC,

Inc.

(a)

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

42,246

7,981,959

Q2

Holdings,

Inc.

(a)

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

20,721

1,089,096

Qualys,

Inc.

(a)

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

12,999

2,169,143

Rapid7,

Inc.

(a)

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

21,715

1,064,904

RingCentral,

Inc.

,

Class

A

(a)

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

29,622

1,029,068

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Expanded

Tech

Sector

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Software

(continued)

Riot

Platforms,

Inc.

(a)

(b)

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

72,738

$

890,313

Roper

Technologies,

Inc.

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

37,827

21,214,895

Salesforce,

Inc.

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

342,454

103,140,296

Samsara,

Inc.

,

Class

A

(a)

(b)

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

61,529

2,325,181

SentinelOne,

Inc.

,

Class

A

(a)

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

87,903

2,049,019

ServiceNow,

Inc.

(a)

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

72,523

55,291,535

Smartsheet,

Inc.

,

Class

A

(a)

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

48,150

1,853,775

SolarWinds

Corp.

(a)

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

17,684

223,172

Sprinklr,

Inc.

,

Class

A

(a)

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

41,789

512,751

Sprout

Social,

Inc.

,

Class

A

(a)

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

17,236

1,029,162

SPS

Commerce,

Inc.

(a)

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

12,968

2,397,783

Synopsys,

Inc.

(a)

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

53,974

30,846,141

Tenable

Holdings,

Inc.

(a)

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

41,396

2,046,204

Teradata

Corp.

(a)

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

34,559

1,336,397

Tyler

Technologies,

Inc.

(a)

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

14,886

6,326,699

UiPath,

Inc.

,

Class

A

(a)

(b)

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

143,557

3,254,437

Unity

Software,

Inc.

(a)

(b)

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

84,601

2,258,847

Varonis

Systems,

Inc.

(a)

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

38,553

1,818,545

Verint

Systems,

Inc.

(a)

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

21,937

727,212

Vertex,

Inc.

,

Class

A

(a)

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

16,755

532,139

Workday,

Inc.

,

Class

A

(a)

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

74,013

20,187,046

Workiva,

Inc.

,

Class

A

(a)

(b)

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

16,854

1,429,219

Zeta

Global

Holdings

Corp.

,

Class

A

(a)

......

54,484

595,510

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

.

91,096

5,954,945

Zscaler,

Inc.

(a)

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

31,449

6,058,021

Zuora,

Inc.

,

Class

A

(a)

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

49,883

454,933

1,187,436,861

Technology

Hardware,

Storage

&

Peripherals

—

10.4%

Apple,

Inc.

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

2,192,361

375,946,064

Corsair

Gaming,

Inc.

(a)

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

14,819

182,867

Dell

Technologies,

Inc.

,

Class

C

..........

94,520

10,785,677

Hewlett

Packard

Enterprise

Co.

..........

459,387

8,144,932

HP,

Inc.

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

308,140

9,311,991

IonQ,

Inc.

(a)

(b)

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

60,408

603,476

NetApp,

Inc.

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

72,807

7,642,551

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Pure

Storage,

Inc.

,

Class

A

(a)

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

104,959

$

5,456,818

Seagate

Technology

Holdings

plc

.........

68,854

6,406,865

Super

Micro

Computer,

Inc.

(a)

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

17,812

17,990,654

Western

Digital

Corp.

(a)

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

114,579

7,818,871

Xerox

Holdings

Corp.

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

41,038

734,580

451,025,346

Total

Long-Term

Investments

—

99

.9

%

(Cost:

$

3,000,544,018

)

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

4,321,234,362

Short-Term

Securities

Money

Market

Funds

—

1.2%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

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

46,740,776

46,764,146

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

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

4,622,477

4,622,477

Total

Short-Term

Securities

—

1

.2

%

(Cost:

$

51,368,971

)

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

51,386,623

Total

Investments

—

101

.1

%

(Cost:

$

3,051,912,989

)

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

4,372,620,985

Liabilities

in

Excess

of

Other

Assets

—

(

1.1

)

%

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

(

46,511,477

)

Net

Assets

—

100.0%

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

$

4,326,109,508

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

85,381,932

$

—

$

(

38,633,109

)

(a)

$

24,260

$

(

8,937

)

$

46,764,146

46,740,776

$

264,024

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,581,001

3,041,476

(a)

—

—

—

4,622,477

4,622,477

227,559

—

$

24,260

$

(

8,937

)

$

51,386,623

$

491,583

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Expanded

Tech

Sector

ETF

Schedules

of

Investments

25

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

17

06/21/24

$

3,616

$

20,065

S&P

E-Mini

Communication

Services

Index

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

12

06/21/24

1,297

12,967

$

33,032

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

33,032

$

—

$

—

$

—

$

33,032

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

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

$

—

$

—

$

983,821

$

—

$

—

$

—

$

983,821

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

(

25,087

)

$

—

$

—

$

—

$

(

25,087

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

3,798,151

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Expanded

Tech

Sector

ETF

26

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

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

$

4,321,234,362

$

—

$

—

$

4,321,234,362

Short-Term

Securities

Money

Market

Funds

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

51,386,623

—

—

51,386,623

$

4,372,620,985

$

—

$

—

$

4,372,620,985

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

33,032

$

—

$

—

$

33,032

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2024

iShares

®

Expanded

Tech-Software

Sector

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Entertainment

—

2.4%

Electronic

Arts,

Inc.

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

764,365

$

101,408,305

Take-Two

Interactive

Software,

Inc.

(a)

(b)

.....

498,178

73,974,451

175,382,756

Interactive

Media

&

Services

—

0.5%

Snap,

Inc.

,

Class

A,

NVS

(b)

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

3,248,906

37,297,441

Software

—

97.0%

A10

Networks,

Inc.

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

220,515

3,018,850

ACI

Worldwide,

Inc.

(b)

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

341,815

11,351,676

Adeia,

Inc.

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

338,379

3,695,099

Adobe,

Inc.

(a)

(b)

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

1,152,259

581,429,891

Agilysys,

Inc.

(b)

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

63,646

5,362,812

Alarm.com

Holdings,

Inc.

(b)

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

157,158

11,389,240

Alkami

Technology,

Inc.

(a)

(b)

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

126,451

3,106,901

Altair

Engineering,

Inc.

,

Class

A

(a)

(b)

........

171,744

14,795,746

ANSYS,

Inc.

(b)

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

273,076

94,801,064

Appfolio,

Inc.

,

Class

A

(b)

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

64,279

15,860,200

Appian

Corp.

,

Class

A

(b)

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

131,673

5,260,336

AppLovin

Corp.

,

Class

A

(a)

(b)

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

572,156

39,604,638

Asana,

Inc.

,

Class

A

(a)

(b)

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

258,867

4,009,850

Aspen

Technology,

Inc.

(a)

(b)

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

87,910

18,749,445

Atlassian

Corp.

,

Class

A

(a)

(b)

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

494,408

96,463,945

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

........

2,483,127

7,002,418

Autodesk,

Inc.

(b)

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

672,081

175,023,334

AvePoint,

Inc.

,

Class

A

(b)

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

295,740

2,342,261

Bentley

Systems,

Inc.

,

Class

B

(a)

..........

723,641

37,788,533

BILL

Holdings,

Inc.

(a)

(b)

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

300,583

20,656,064

Blackbaud,

Inc.

(b)

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

132,061

9,791,003

BlackBerry

Ltd.

(a)

(b)

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

1,658,754

4,578,161

BlackLine,

Inc.

(b)

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

159,882

10,325,180

Box,

Inc.

,

Class

A

(a)

(b)

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

451,439

12,784,752

Braze,

Inc.

,

Class

A

(b)

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

159,895

7,083,349

C3.ai,

Inc.

,

Class

A

(a)

(b)

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

299,990

8,120,729

Cadence

Design

Systems,

Inc.

(a)

(b)

........

854,763

266,070,627

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

...

871,437

10,422,387

Clear

Secure,

Inc.

,

Class

A

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

266,611

5,670,816

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a)

(b)

450,858

7,975,678

CommVault

Systems,

Inc.

(a)

(b)

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

137,269

13,923,195

Confluent,

Inc.

,

Class

A

(a)

(b)

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

689,156

21,033,041

Crowdstrike

Holdings,

Inc.

,

Class

A

(b)

.......

715,164

229,274,427

Datadog,

Inc.

,

Class

A

(b)

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

949,338

117,338,177

Descartes

Systems

Group,

Inc.

(The)

(b)

.....

267,294

24,465,420

DocuSign,

Inc.

(b)

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

640,714

38,154,519

Dolby

Laboratories,

Inc.

,

Class

A

.........

187,042

15,668,508

DoubleVerify

Holdings,

Inc.

(a)

(b)

...........

438,226

15,408,026

Dropbox,

Inc.

,

Class

A

(b)

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

804,871

19,558,365

Dynatrace,

Inc.

(a)

(b)

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

753,273

34,981,998

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

(b)

...

543,897

2,414,903

Elastic

NV

(b)

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

256,847

25,746,343

Envestnet,

Inc.

(a)

(b)

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

143,417

8,305,278

Everbridge,

Inc.

(b)

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

129,610

4,514,316

Fair

Isaac

Corp.

(b)

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

78,077

97,565,800

Five9,

Inc.

(a)

(b)

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

228,550

14,195,240

Fortinet,

Inc.

(a)

(b)

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

2,002,467

136,788,521

Freshworks,

Inc.

,

Class

A

(a)

(b)

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

527,482

9,605,447

Gen

Digital,

Inc.

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

1,760,917

39,444,541

Gitlab,

Inc.

,

Class

A

(b)

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

281,561

16,420,638

Guidewire

Software,

Inc.

(a)

(b)

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

257,586

30,062,862

HashiCorp,

Inc.

,

Class

A

(a)

(b)

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

368,910

9,942,125

HubSpot,

Inc.

(a)

(b)

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

158,133

99,079,812

Intapp,

Inc.

(b)

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

124,893

4,283,830

InterDigital,

Inc.

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

80,809

8,602,926

Intuit,

Inc.

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

853,706

554,908,900

Security

Shares

Shares

Value

Software

(continued)

Jamf

Holding

Corp.

(a)

(b)

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

162,839

$

2,988,096

Lightspeed

Commerce,

Inc.

(a)

(b)

...........

433,591

6,096,289

LiveRamp

Holdings,

Inc.

(b)

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

209,025

7,211,362

Manhattan

Associates,

Inc.

(b)

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

193,425

48,400,738

Marathon

Digital

Holdings,

Inc.

(a)

(b)

........

699,917

15,804,126

Matterport,

Inc.

,

Class

A

(a)

(b)

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

757,573

1,712,115

MeridianLink,

Inc.

(b)

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

65,245

1,220,082

Microsoft

Corp.

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

1,565,970

658,834,897

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

...........

46,823

79,812,613

Model

N,

Inc.

(a)

(b)

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

113,320

3,226,220

N-able,

Inc.

(b)

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

219,467

2,868,434

nCino,

Inc.

(a)

(b)

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

192,275

7,187,240

NCR

Voyix

Corp.

(a)

(b)

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

422,666

5,338,272

Nutanix,

Inc.

,

Class

A

(b)

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

762,484

47,060,512

Open

Text

Corp.

(a)

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

854,690

33,187,613

Oracle

Corp.

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

4,862,258

610,748,227

PagerDuty,

Inc.

(a)

(b)

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

288,927

6,552,864

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

.....

6,046,629

139,132,933

Palo

Alto

Networks,

Inc.

(a)

(b)

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

990,605

281,460,599

Pegasystems,

Inc.

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

133,973

8,660,015

PowerSchool

Holdings,

Inc.

,

Class

A

(a)

(b)

....

182,123

3,877,399

Procore

Technologies,

Inc.

(a)

(b)

...........

279,507

22,967,090

Progress

Software

Corp.

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

138,959

7,407,904

PROS

Holdings,

Inc.

(a)

(b)

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

134,393

4,882,498

PTC,

Inc.

(b)

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

375,607

70,967,187

Q2

Holdings,

Inc.

(a)

(b)

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

184,345

9,689,173

Qualys,

Inc.

(a)

(b)

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

115,572

19,285,500

Rapid7,

Inc.

(b)

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

193,183

9,473,694

RingCentral,

Inc.

,

Class

A

(a)

(b)

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

263,532

9,155,102

Riot

Platforms,

Inc.

(a)

(b)

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

649,268

7,947,040

Roper

Technologies,

Inc.

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

335,613

188,225,195

Salesforce,

Inc.

(a)

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

2,118,581

638,074,226

Samsara,

Inc.

,

Class

A

(a)

(b)

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

540,073

20,409,359

SentinelOne,

Inc.

,

Class

A

(b)

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

781,520

18,217,231

ServiceNow,

Inc.

(a)

(b)

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

466,848

355,924,915

Smartsheet,

Inc.

,

Class

A

(a)

(b)

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

428,381

16,492,669

SolarWinds

Corp.

(b)

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

162,291

2,048,112

Sprinklr,

Inc.

,

Class

A

(a)

(b)

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

372,656

4,572,489

Sprout

Social,

Inc.

,

Class

A

(a)

(b)

...........

153,347

9,156,349

SPS

Commerce,

Inc.

(b)

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

115,297

21,318,415

Synopsys,

Inc.

(b)

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

479,190

273,857,085

Tenable

Holdings,

Inc.

(a)

(b)

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

368,049

18,192,662

Teradata

Corp.

(b)

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

307,475

11,890,058

Tyler

Technologies,

Inc.

(b)

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

132,342

56,246,673

UiPath,

Inc.

,

Class

A

(b)

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

1,277,206

28,954,260

Unity

Software,

Inc.

(a)

(b)

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

752,184

20,083,313

Varonis

Systems,

Inc.

(a)

(b)

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

343,015

16,180,018

Verint

Systems,

Inc.

(b)

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

198,229

6,571,291

Vertex,

Inc.

,

Class

A

(b)

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

142,839

4,536,567

Workday,

Inc.

,

Class

A

(a)

(b)

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

656,633

179,096,651

Workiva,

Inc.

,

Class

A

(a)

(b)

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

149,939

12,714,827

Zeta

Global

Holdings

Corp.

,

Class

A

(a)

(b)

.....

476,856

5,212,036

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

(b)

809,914

52,944,078

Zscaler,

Inc.

(a)

(b)

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

279,619

53,863,008

Zuora,

Inc.

,

Class

A

(a)

(b)

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

426,310

3,887,947

7,238,047,411

Total

Long-Term

Investments

—

99

.9

%

(Cost:

$

7,945,502,795

)

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

7,450,727,608

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Expanded

Tech-Software

Sector

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

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

—

6.5%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

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

473,084,808

$

473,321,351

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

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

9,057,865

9,057,865

Total

Short-Term

Securities

—

6

.5

%

(Cost:

$

482,182,305

)

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

482,379,216

Total

Investments

—

106

.4

%

(Cost:

$

8,427,685,100

)

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

7,933,106,824

Liabilities

in

Excess

of

Other

Assets

—

(

6.4

)

%

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

(

474,246,916

)

Net

Assets

—

100.0%

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

$

7,458,859,908

(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

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

224,418,482

$

248,849,112

(a)

$

—

$

(

21,300

)

$

75,057

$

473,321,351

473,084,808

$

1,800,444

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

5,186,304

3,871,561

(a)

—

—

—

9,057,865

9,057,865

460,617

—

$

(

21,300

)

$

75,057

$

482,379,216

$

2,261,061

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

30

06/21/24

$

6,380

$

10,562

Russell

2000

E-Mini

Index

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

13

06/21/24

1,395

55,158

$

65,720

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Expanded

Tech-Software

Sector

ETF

Schedules

of

Investments

29

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

65,720

$

—

$

—

$

—

$

65,720

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

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

$

—

$

—

$

1,759,646

$

—

$

—

$

—

$

1,759,646

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

(

91,652

)

$

—

$

—

$

—

$

(

91,652

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

5,516,045

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

7,450,727,608

$

—

$

—

$

7,450,727,608

Short-Term

Securities

Money

Market

Funds

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

482,379,216

—

—

482,379,216

$

7,933,106,824

$

—

$

—

$

7,933,106,824

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

65,720

$

—

$

—

$

65,720

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

North

American

Natural

Resources

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Construction

Materials

—

3.5%

Eagle

Materials,

Inc.

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

7,292

$

1,981,601

Knife

River

Corp.

(a)

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

11,958

969,555

Martin

Marietta

Materials,

Inc.

(b)

..........

13,082

8,031,563

Summit

Materials,

Inc.

,

Class

A

(a)

.........

25,422

1,133,058

Vulcan

Materials

Co.

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

28,123

7,675,329

19,791,106

Containers

&

Packaging

—

5.7%

Amcor

plc

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

305,911

2,909,214

AptarGroup,

Inc.

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

13,972

2,010,431

Avery

Dennison

Corp.

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

17,045

3,805,296

Ball

Corp.

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

66,734

4,495,202

Berry

Global

Group,

Inc.

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

24,531

1,483,635

Crown

Holdings,

Inc.

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

25,335

2,008,052

Graphic

Packaging

Holding

Co.

..........

64,777

1,890,193

Greif,

Inc.

,

Class

A,

NVS

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

5,415

373,906

International

Paper

Co.

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

73,235

2,857,630

O-I

Glass,

Inc.

(a)

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

32,699

542,477

Packaging

Corp.

of

America

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

18,827

3,572,988

Pactiv

Evergreen,

Inc.

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

8,425

120,646

Sealed

Air

Corp.

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

31,315

1,164,918

Silgan

Holdings,

Inc.

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

17,122

831,444

Sonoco

Products

Co.

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

20,787

1,202,320

WestRock

Co.

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

54,387

2,689,437

31,957,789

Energy

Equipment

&

Services

—

8.0%

Baker

Hughes

Co.

,

Class

A

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

211,840

7,096,640

Cactus,

Inc.

,

Class

A

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

13,805

691,493

ChampionX

Corp.

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

40,447

1,451,643

Halliburton

Co.

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

188,392

7,426,413

Helmerich

&

Payne,

Inc.

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

20,881

878,255

Liberty

Energy,

Inc.

,

Class

A

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

32,252

668,261

Noble

Corp.

plc

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

23,531

1,141,018

NOV,

Inc.

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

83,375

1,627,480

Patterson-UTI

Energy,

Inc.

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

67,876

810,439

Schlumberger

NV

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

302,113

16,558,814

TechnipFMC

plc

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

92,166

2,314,288

Tidewater,

Inc.

(a)

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

10,283

946,036

Transocean

Ltd.

(a)

(b)

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

150,579

945,636

Valaris

Ltd.

(a)

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

13,253

997,421

Weatherford

International

plc

(a)

...........

15,303

1,766,272

45,320,109

Metals

&

Mining

—

10.7%

Agnico

Eagle

Mines

Ltd.

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

105,352

6,284,247

Alamos

Gold,

Inc.

,

Class

A

(b)

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

84,124

1,240,829

Alcoa

Corp.

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

37,689

1,273,511

B2Gold

Corp.

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

276,791

722,424

Barrick

Gold

Corp.

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

371,572

6,182,958

Eldorado

Gold

Corp.

(a)

(b)

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

42,995

604,940

First

Majestic

Silver

Corp.

(b)

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

61,124

359,409

Franco-Nevada

Corp.

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

40,674

4,846,714

Freeport-McMoRan,

Inc.

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

303,505

14,270,805

Hecla

Mining

Co.

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

119,722

575,863

Kinross

Gold

Corp.

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

259,875

1,593,034

MP

Materials

Corp.

,

Class

A

(a)

(b)

..........

30,287

433,104

Newmont

Corp.

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

243,928

8,742,380

Novagold

Resources,

Inc.

(a)

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

51,951

155,853

Osisko

Gold

Royalties

Ltd.

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

39,072

641,562

Pan

American

Silver

Corp.

(b)

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

77,347

1,166,393

Royal

Gold,

Inc.

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

13,904

1,693,646

SSR

Mining,

Inc.

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

43,418

193,644

Teck

Resources

Ltd.

,

Class

B

(b)

..........

97,086

4,444,597

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Wheaton

Precious

Metals

Corp.

..........

95,893

$

4,519,437

59,945,350

Oil,

Gas

&

Consumable

Fuels

—

71.4%

Antero

Midstream

Corp.

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

71,972

1,011,926

Antero

Resources

Corp.

(a)

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

59,719

1,731,851

APA

Corp.

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

64,142

2,205,202

Baytex

Energy

Corp.

(b)

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

139,782

507,409

California

Resources

Corp.

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

13,624

750,682

Callon

Petroleum

Co.

(a)

(b)

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

11,636

416,103

Cameco

Corp.

(b)

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

91,894

3,980,848

Canadian

Natural

Resources

Ltd.

.........

227,106

17,332,730

Cenovus

Energy,

Inc.

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

281,292

5,623,027

Cheniere

Energy,

Inc.

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

50,427

8,132,867

Chesapeake

Energy

Corp.

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

23,531

2,090,259

Chevron

Corp.

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

349,791

55,176,032

Chord

Energy

Corp.

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

8,756

1,560,669

Civitas

Resources,

Inc.

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

18,162

1,378,677

CNX

Resources

Corp.

(a)

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

32,027

759,680

Comstock

Resources,

Inc.

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

19,297

179,076

ConocoPhillips

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

208,548

26,543,989

CONSOL

Energy,

Inc.

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

5,666

474,584

Coterra

Energy,

Inc.

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

159,203

4,438,580

Crescent

Point

Energy

Corp.

(b)

...........

122,666

1,004,635

CVR

Energy,

Inc.

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

6,204

221,235

Devon

Energy

Corp.

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

135,606

6,804,709

Diamondback

Energy,

Inc.

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

37,882

7,507,076

DT

Midstream,

Inc.

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

20,568

1,256,705

Enbridge,

Inc.

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

449,886

16,276,875

Enerplus

Corp.

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

42,741

840,288

EOG

Resources,

Inc.

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

123,425

15,778,652

EQT

Corp.

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

87,060

3,227,314

Equitrans

Midstream

Corp.

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

91,652

1,144,733

Exxon

Mobil

Corp.

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

486,619

56,564,593

Gulfport

Energy

Corp.

(a)

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

2,055

329,047

Hess

Corp.

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

58,260

8,892,806

HF

Sinclair

Corp.

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

33,017

1,993,236

Kinder

Morgan,

Inc.

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

409,297

7,506,507

Kosmos

Energy

Ltd.

(a)

(b)

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

97,234

579,515

Magnolia

Oil

&

Gas

Corp.

,

Class

A

........

39,140

1,015,683

Marathon

Oil

Corp.

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

123,870

3,510,476

Marathon

Petroleum

Corp.

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

77,888

15,694,432

Matador

Resources

Co.

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

23,424

1,564,020

Murphy

Oil

Corp.

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

30,703

1,403,127

New

Fortress

Energy,

Inc.

,

Class

A

(b)

.......

13,850

423,672

NexGen

Energy

Ltd.

(a)

(b)

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

93,378

725,547

Northern

Oil

&

Gas,

Inc.

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

19,342

767,491

Occidental

Petroleum

Corp.

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

139,307

9,053,562

ONEOK,

Inc.

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

123,299

9,884,881

Ovintiv,

Inc.

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

53,480

2,775,612

PBF

Energy,

Inc.

,

Class

A

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

22,983

1,323,131

Peabody

Energy

Corp.

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

23,435

568,533

Pembina

Pipeline

Corp.

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

116,296

4,109,901

Permian

Resources

Corp.

,

Class

A

........

97,391

1,719,925

Phillips

66

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

91,011

14,865,737

Pioneer

Natural

Resources

Co.

..........

49,447

12,979,838

Range

Resources

Corp.

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

51,073

1,758,443

SM

Energy

Co.

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

24,486

1,220,627

Southwestern

Energy

Co.

(a)

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

233,093

1,766,845

Suncor

Energy,

Inc.

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

273,124

10,081,007

Targa

Resources

Corp.

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

47,193

5,285,144

TC

Energy

Corp.

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

219,588

8,827,438

Texas

Pacific

Land

Corp.

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

3,947

2,283,379

Uranium

Energy

Corp.

(a)

(b)

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

83,550

563,963

Valero

Energy

Corp.

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

72,059

12,299,751

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

North

American

Natural

Resources

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Vermilion

Energy,

Inc.

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

34,346

$

427,264

Williams

Cos.,

Inc.

(The)

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

257,475

10,033,801

World

Kinect

Corp.

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

12,802

338,613

401,493,960

Paper

&

Forest

Products

—

0.4%

Louisiana-Pacific

Corp.

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

13,579

1,139,414

West

Fraser

Timber

Co.

Ltd.

(b)

...........

12,096

1,045,457

2,184,871

Total

Long-Term

Investments

—

99

.7

%

(Cost:

$

561,837,302

)

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

560,693,185

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

2.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

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

11,927,094

$

11,933,058

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

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

999,492

999,492

Total

Short-Term

Securities

—

2

.3

%

(Cost:

$

12,928,788

)

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

12,932,550

Total

Investments

—

102

.0

%

(Cost:

$

574,766,090

)

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

573,625,735

Liabilities

in

Excess

of

Other

Assets

—

(

2.0

)

%

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

(

11,229,772

)

Net

Assets

—

100.0%

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

$

562,395,963

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

23,471,325

$

—

$

(

11,544,730

)

(a)

$

14,674

$

(

8,211

)

$

11,933,058

11,927,094

$

72,640

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

865,116

134,376

(a)

—

—

—

999,492

999,492

49,807

—

$

14,674

$

(

8,211

)

$

12,932,550

$

122,447

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Energy

Select

Sector

Index

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

13

06/21/24

$

1,301

$

77,677

E-Mini

Materials

Select

Sector

Index

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

3

06/21/24

299

6,655

$

84,332

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

North

American

Natural

Resources

ETF

32

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.

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

84,332

$

—

$

—

$

—

$

84,332

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

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

$

—

$

—

$

232,684

$

—

$

—

$

—

$

232,684

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

32,047

$

—

$

—

$

—

$

32,047

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

1,453,328

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

560,693,185

$

—

$

—

$

560,693,185

Short-Term

Securities

Money

Market

Funds

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

12,932,550

—

—

12,932,550

$

573,625,735

$

—

$

—

$

573,625,735

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

84,332

$

—

$

—

$

84,332

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2024

iShares

®

Semiconductor

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Common

Stocks

Semiconductors

&

Semiconductor

Equipment

—

99.9%

Advanced

Micro

Devices,

Inc.

(a)

..........

5,076,346

$

916,229,689

Analog

Devices,

Inc.

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

2,550,424

504,448,363

Applied

Materials,

Inc.

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

2,424,946

500,096,614

ASE

Technology

Holding

Co.

Ltd.

,

ADR,

NVS

.

8,587,344

94,374,911

ASML

Holding

NV

(Registered)

,

ADR

......

473,956

459,960,079

Axcelis

Technologies,

Inc.

(a)

(b)

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

424,703

47,362,878

Broadcom,

Inc.

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

751,814

996,461,794

Entegris,

Inc.

(b)

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

1,980,015

278,271,308

Intel

Corp.

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

17,730,070

783,137,192

KLA

Corp.

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

716,716

500,676,296

Lam

Research

Corp.

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

521,138

506,322,047

Lattice

Semiconductor

Corp.

(a)

(b)

..........

1,800,155

140,826,126

Marvell

Technology,

Inc.

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

6,823,618

483,658,044

Microchip

Technology,

Inc.

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

5,814,828

521,648,220

Micron

Technology,

Inc.

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

5,397,596

636,322,592

MKS

Instruments,

Inc.

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

882,222

117,335,526

Monolithic

Power

Systems,

Inc.

..........

605,095

409,903,455

NVIDIA

Corp.

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

1,235,132

1,116,015,870

NXP

Semiconductors

NV

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

1,958,280

485,203,036

ON

Semiconductor

Corp.

(a)

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

5,620,382

413,379,096

Qorvo,

Inc.

(a)

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

1,270,199

145,856,951

QUALCOMM,

Inc.

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

4,834,650

818,506,245

Rambus,

Inc.

(a)

(b)

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

1,418,399

87,671,242

Skyworks

Solutions,

Inc.

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

2,114,785

229,073,511

STMicroelectronics

NV

,

ADR

(b)

...........

3,536,332

152,910,996

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR,

NVS

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

3,505,970

476,987,218

Teradyne,

Inc.

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

2,018,927

227,795,533

Texas

Instruments,

Inc.

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

2,923,390

509,283,772

United

Microelectronics

Corp.

,

ADR,

NVS

(b)

..

9,816,309

79,413,940

Wolfspeed,

Inc.

(a)

(b)

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

1,632,104

48,147,068

Total

Long-Term

Investments

—

99

.9

%

(Cost:

$

11,766,095,406

)

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

12,687,279,612

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

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

170,342,530

$

170,427,701

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

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

11,000,050

11,000,050

Total

Short-Term

Securities

—

1

.4

%

(Cost:

$

181,357,733

)

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

181,427,751

Total

Investments

—

101

.3

%

(Cost:

$

11,947,453,139

)

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

12,868,707,363

Liabilities

in

Excess

of

Other

Assets

—

(

1.3

)

%

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

(

162,709,256

)

Net

Assets

—

100.0%

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

$

12,705,998,107

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

300,252,220

$

—

$

(

129,921,333

)

(a)

$

124,698

$

(

27,884

)

$

170,427,701

170,342,530

$

2,136,554

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

12,751,014

—

(

1,750,964

)

(a)

—

—

11,000,050

11,000,050

750,679

—

$

124,698

$

(

27,884

)

$

181,427,751

$

2,887,233

$

—

—

—

(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.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Semiconductor

ETF

34

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

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

68

06/21/24

$

14,462

$

(

6,736

)

Russell

2000

E-Mini

Index

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

22

06/21/24

2,360

59,103

$

52,367

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

59,103

$

—

$

—

$

—

$

59,103

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

6,736

—

—

—

6,736

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

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

$

—

$

—

$

4,907,423

$

—

$

—

$

—

$

4,907,423

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

(

688,948

)

$

—

$

—

$

—

$

(

688,948

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

17,557,673

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Semiconductor

ETF

Schedules

of

Investments

35

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

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

$

12,687,279,612

$

—

$

—

$

12,687,279,612

Short-Term

Securities

Money

Market

Funds

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

181,427,751

—

—

181,427,751

$

12,868,707,363

$

—

$

—

$

12,868,707,363

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

59,103

$

—

$

—

$

59,103

Liabilities

Equity

contracts

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

(

6,736

)

—

—

(

6,736

)

$

52,367

$

—

$

—

$

52,367

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Common

Stocks

Communications

Equipment

—

30.4%

ADTRAN

Holdings,

Inc.

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

4,753

$

25,856

Arista

Networks,

Inc.

(a)

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

7,118

2,064,078

Calix,

Inc.

(a)

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

6,525

216,369

Ciena

Corp.

(a)

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

16,955

838,425

Cisco

Systems,

Inc.

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

39,793

1,986,069

Clearfield,

Inc.

(a)

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

2,248

69,328

CommScope

Holding

Co.,

Inc.

(a)

..........

35,818

46,922

Extreme

Networks,

Inc.

(a)

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

18,113

209,024

Infinera

Corp.

(a)

(b)

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

17,205

103,746

Juniper

Networks,

Inc.

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

40,062

1,484,698

Motorola

Solutions,

Inc.

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

6,000

2,129,880

Nokia

OYJ

,

ADR,

NVS

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

551,797

1,953,361

Telefonaktiebolaget

LM

Ericsson

,

ADR

.....

363,547

2,003,144

13,130,900

IT

Services

—

5.1%

Fastly,

Inc.

,

Class

A

(a)

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

170,334

2,209,232

Semiconductors

&

Semiconductor

Equipment

—

9.5%

Credo

Technology

Group

Holding

Ltd.

(a)

.....

8,863

187,807

Marvell

Technology,

Inc.

...............

24,881

1,763,565

QUALCOMM,

Inc.

...................

12,037

2,037,864

SMART

Global

Holdings,

Inc.

(a)

...........

4,672

122,967

4,112,203

Software

—

0.5%

A10

Networks,

Inc.

...................

10,263

140,500

Radware

Ltd.

(a)

.....................

4,537

84,933

225,433

Specialized

REITs

—

46.0%

American

Tower

Corp.

................

21,844

4,316,155

Crown

Castle,

Inc.

...................

31,483

3,331,846

Digital

Realty

Trust,

Inc.

...............

30,039

4,326,817

Equinix,

Inc.

.......................

4,964

4,096,938

SBA

Communications

Corp.

............

9,303

2,015,960

Security

Shares

Shares

Value

Specialized

REITs

(continued)

Uniti

Group,

Inc.

....................

308,704

$

1,821,354

19,909,070

Technology

Hardware,

Storage

&

Peripherals

—

8.3%

NetApp,

Inc.

.......................

17,016

1,786,170

Super

Micro

Computer,

Inc.

(a)

............

1,801

1,819,064

3,605,234

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

40,638,985

)

...............................

43,192,072

Short-Term

Securities

Money

Market

Funds

—

0.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

..................

92,663

92,709

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

46,037

46,037

Total

Short-Term

Securities

—

0

.3

%

(Cost:

$

138,626

)

.................................

138,746

Total

Investments

—

100

.1

%

(Cost:

$

40,777,611

)

...............................

43,330,818

Liabilities

in

Excess

of

Other

Assets

—

(

0.1

)

%

.............

(

46,212

)

Net

Assets

—

100.0%

...............................

$

43,284,606

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

8,040,099

$

—

$

(

7,948,301

)

(a)

$

2,604

$

(

1,693

)

$

92,709

92,663

$

11,319

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

22,921

23,116

(a)

—

—

—

46,037

46,037

4,420

—

$

2,604

$

(

1,693

)

$

138,746

$

15,739

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

Schedules

of

Investments

37

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

Dow

Jones

U.S.

Real

Estate

Index

..............................................

1

06/21/24

$

35

$

220

Russell

2000

Micro

E-Mini

Index

................................................

2

06/21/24

21

480

S&P

500

Micro

E-Mini

Index

...................................................

1

06/21/24

27

391

$

1,091

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,091

$

—

$

—

$

—

$

1,091

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

6,088

$

—

$

—

$

—

$

6,088

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

1,091

$

—

$

—

$

—

$

1,091

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

44,502

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

38

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

.........................................

$

43,192,072

$

—

$

—

$

43,192,072

Short-Term

Securities

Money

Market

Funds

......................................

138,746

—

—

138,746

$

43,330,818

$

—

$

—

$

43,330,818

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

1,091

$

—

$

—

$

1,091

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2024

39

Financial

Statements

See

notes

to

financial

statements.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-

Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

7,620,365,543‌

$

4,321,234,362‌

$

7,450,727,608‌

$

560,693,185‌

Investments,

at

value

—

affiliated

(c)

............................................

914,134,561‌

51,386,623‌

482,379,216‌

12,932,550‌

Cash  

...............................................................

235,944‌

732,430‌

146,308‌

—‌

Cash

pledged:

Futures

contracts

......................................................

264,000‌

254,000‌

404,000‌

104,000‌

Foreign

currency,

at

value

(d)

.................................................

—‌

—‌

—‌

81,301‌

Receivables:

–‌

–‌

–‌

–‌

Investments

sold

......................................................

14,830,659‌

—‌

—‌

—‌

Securities

lending

income

—

affiliated

........................................

302,979‌

13,530‌

99,326‌

3,427‌

Capital

shares

sold

.....................................................

—‌

—‌

55,866‌

—‌

Dividends

—

unaffiliated

.................................................

356,701‌

705,418‌

1,035,362‌

667,458‌

Dividends

—

affiliated

...................................................

99,055‌

24,602‌

59,406‌

4,104‌

Variation

margin

on

futures

contracts

.........................................

—‌

—‌

10‌

—‌

Total

assets

...........................................................

8,550,589,442‌

4,374,350,965‌

7,934,907,102‌

574,486,025‌

LIABILITIES

Bank

overdraft

..........................................................

—‌

—‌

—‌

4,365‌

Collateral

on

securities

loaned

...............................................

874,327,722‌

46,798,772‌

473,395,869‌

11,891,675‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

41,105,834‌

—‌

—‌

—‌

Capital

shares

redeemed

.................................................

108,467‌

—‌

139,055‌

13,463‌

Investment

advisory

fees

.................................................

2,907,085‌

1,442,665‌

2,512,270‌

180,549‌

Variation

margin

on

futures

contracts

.........................................

74‌

20‌

—‌

10‌

Total

liabilities

..........................................................

918,449,182‌

48,241,457‌

476,047,194‌

12,090,062‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

7,632,140,260‌

$

4,326,109,508‌

$

7,458,859,908‌

$

562,395,963‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

13,364,458,744‌

$

3,128,433,332‌

$

8,583,142,196‌

$

1,077,232,424‌

Accumulated

earnings

(loss)

................................................

(5,732,318,484‌)

1,197,676,176‌

(1,124,282,288‌)

(514,836,461‌)

NET

ASSETS

..........................................................

$

7,632,140,260‌

$

4,326,109,508‌

$

7,458,859,908‌

$

562,395,963‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

55,600,000‌

50,200,000‌

(e)

87,400,000‌

(f)

12,500,000‌

Net

asset

value

.........................................................

$

137.27‌

$

86.18‌

(e)

$

85.34‌

(f)

$

44.99‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

9,884,801,391‌

$

3,000,544,018‌

$

7,945,502,795‌

$

561,837,302‌

(b)

  Securities

loaned,

at

value

............................................

$

845,510,174‌

$

44,644,257‌

$

455,051,386‌

$

11,886,636‌

(c)

  Investments,

at

cost

—

affiliated

.........................................

$

913,588,732‌

$

51,368,971‌

$

482,182,305‌

$

12,928,788‌

(d)

  Foreign

currency,

at

cost

.............................................

$

—‌

$

—‌

$

—‌

$

81,301‌

(e)

  Shares

outstanding

and

net

asset

value

per

share

reflect

a

six-for-one stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(f)

  Shares

outstanding

and

net

asset

value

per

share

reflect

a

five-for-one stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

Statements

of

Assets

and

Liabilities

(continued)

March

31,

2024

2024

iShare

Annual

Report

to

Shareholders

40

See

notes

to

financial

statements.

iShares

Semiconductor

ETF

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

12,687,279,612‌

$

43,192,072‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

181,427,751‌

138,746‌

Cash  

..............................................................................................

3,991,918‌

276‌

Cash

pledged:

Futures

contracts

.....................................................................................

866,000‌

5,000‌

Receivables:

–‌

–‌

Securities

lending

income

—

affiliated

.......................................................................

229,151‌

357‌

Capital

shares

sold

....................................................................................

772,983‌

—‌

Dividends

—

unaffiliated

................................................................................

5,721,220‌

54,681‌

Dividends

—

affiliated

..................................................................................

94,109‌

218‌

Variation

margin

on

futures

contracts

........................................................................

11‌

—‌

Total

a

ssets

..........................................................................................

12,880,382,755‌

43,391,350‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

170,133,076‌

91,829‌

Payables:

–‌

–‌

Capital

shares

redeemed

................................................................................

543,647‌

—‌

Investment

advisory

fees

................................................................................

3,707,925‌

14,904‌

Variation

margin

on

futures

contracts

........................................................................

—‌

11‌

Total

liabilities

.........................................................................................

174,384,648‌

106,744‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

12,705,998,107‌

$

43,284,606‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

12,662,735,441‌

$

132,577,563‌

Accumulated

earnings

(loss)

...............................................................................

43,262,666‌

(89,292,957‌)

NET

ASSETS

.........................................................................................

$

12,705,998,107‌

$

43,284,606‌

NET

ASSET

VALUE

Shares

outstanding

.....................................................................................

56,250,000‌

(d)

600,000‌

Net

asset

value

........................................................................................

$

225.88‌

(d)

$

72.14‌

Shares

authorized

......................................................................................

Unlimited

Unlimited

Par

value

............................................................................................

None

None

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

11,766,095,406‌

$

40,638,985‌

(b)

  Securities

loaned,

at

value

........................................................................

$

166,084,544‌

$

92,289‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

181,357,733‌

$

138,626‌

(d)

  Shares

outstanding

and

net

asset

value

per

share

reflect

a

three-for-one stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

Statements

of

Operations

Year

Ended

March

31,

2024

41

Financial

Statements

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-

Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

47,061,087‌

$

27,548,751‌

$

22,409,593‌

$

18,853,783‌

Dividends

—

affiliated

...................................................

701,245‌

227,559‌

460,617‌

49,807‌

Interest

—

unaffiliated

...................................................

111,774‌

28,264‌

125,881‌

8,984‌

Securities

lending

income

—

affiliated

—

net

...................................

4,653,574‌

264,024‌

1,800,444‌

72,640‌

Foreign

taxes

withheld

..................................................

(

3,546‌

)

(

63,592‌

)

(

126,898‌

)

(

707,893‌

)

Total

investment

income

...................................................

52,524,134‌

28,005,006‌

24,669,637‌

18,277,321‌

EXPENSES

Investment

advisory

....................................................

33,222,301‌

13,794,407‌

26,894,338‌

2,465,139‌

Interest

expense

......................................................

—‌

—‌

—‌

265‌

Total

expenses

.........................................................

33,222,301‌

13,794,407‌

26,894,338‌

2,465,404‌

Net

investment

income

(loss)

................................................

19,301,833‌

14,210,599‌

(2,224,701‌)

15,811,917‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

392,195,408‌

$

1,461,423,036‌

$

2,243,384,012‌

$

68,841,909‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(

687,327,332‌

)

$

(

5,298,141‌

)

$

(

124,229,885‌

)

$

(

7,729,627‌

)

Investments

—

affiliated

...............................................

(

24,701‌

)

24,260‌

(

21,300‌

)

14,674‌

Foreign

currency

transactions

...........................................

—‌

—‌

—‌

5,984‌

Futures

contracts

....................................................

(

20,133‌

)

983,821‌

1,759,646‌

232,684‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................

464,561,018‌

361,932,395‌

1,132,943,693‌

37,056,428‌

Payment

by

affiliate

..................................................

—‌

—‌

30,621‌

—‌

(222,811,148‌)

357,642,335‌

1,010,482,775‌

29,580,143‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

614,972,377‌

1,103,814,724‌

1,232,917,832‌

39,241,878‌

Investments

—

affiliated

...............................................

91,775‌

(

8,937‌

)

75,057‌

(

8,211‌

)

Foreign

currency

translations

............................................

—‌

—‌

—‌

(

3,949‌

)

Futures

contracts

....................................................

(

57,595‌

)

(

25,087‌

)

(

91,652‌

)

32,047‌

615,006,557‌

1,103,780,700‌

1,232,901,237‌

39,261,765‌

Net

realized

and

unrealized

gain

.............................................

392,195,409‌

1,461,423,035‌

2,243,384,012‌

68,841,908‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

411,497,242‌

$

1,475,633,634‌

$

2,241,159,311‌

$

84,653,825‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Year

Ended

March

31,

2024

2024

iShares

Annual

Report

to

Shareholders

42

iShares

Semiconductor

ETF

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

113,998,154‌

$

596,916‌

Dividends

—

affiliated

..................................................................................

750,679‌

4,420‌

Interest

—

unaffiliated

..................................................................................

63,487‌

336‌

Securities

lending

income

—

affiliated

—

net

..................................................................

2,136,554‌

11,319‌

Foreign

taxes

withheld

.................................................................................

(

4,624,911‌

)

(

2,461‌

)

Total

investment

income

..................................................................................

112,323,963‌

610,530‌

EXPENSES

Investment

advisory

...................................................................................

32,626,050‌

244,234‌

Commitment

costs

....................................................................................

21,008‌

—‌

Total

expenses

........................................................................................

32,647,058‌

244,234‌

Net

investment

income

...................................................................................

79,676,905‌

366,296‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

4,254,416,625‌

$

(

4,609,619‌

)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

$

(

154,706,767‌

)

$

(

13,530,511‌

)

Investments

—

affiliated

..............................................................................

124,698‌

2,604‌

Futures

contracts

...................................................................................

4,907,423‌

6,088‌

In-kind

redemptions

—

unaffiliated

(a)

......................................................................

2,897,803,172‌

(

254,625‌

)

2,748,128,526‌

(13,776,444‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

1,507,004,931‌

9,167,429‌

Investments

—

affiliated

..............................................................................

(

27,884‌

)

(

1,693‌

)

Futures

contracts

...................................................................................

(

688,948‌

)

1,091‌

1,506,288,099‌

9,166,827‌

Net

realized

and

unrealized

gain

(loss)

........................................................................

4,254,416,625‌

(4,609,617‌)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.........................................

$

4,334,093,530‌

$

(4,243,321‌)

(a)

  See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

43

Financial

Statements

See

notes

to

financial

statements.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

19,301,833‌

$

21,531,229‌

$

14,210,599‌

$

12,067,864‌

Net

realized

gain

(loss)

............................................

(

222,811,148‌

)

(

167,311,465‌

)

357,642,335‌

394,575,195‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

615,006,557‌

53,004,254‌

1,103,780,700‌

(

1,103,757,983‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

411,497,242‌

(92,775,982‌)

1,475,633,634‌

(697,114,924‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(23,105,878‌)

(22,926,845‌)

(13,765,021‌)

(15,012,645‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(781,957,787‌)

(465,468,446‌)

64,556,917‌

(969,167,551‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

(

393,566,423‌

)

(

581,171,273‌

)

1,526,425,530‌

(

1,681,295,120‌

)

Beginning

of

year

..................................................

8,025,706,683‌

8,606,877,956‌

2,799,683,978‌

4,480,979,098‌

End

of

year

......................................................

$

7,632,140,260‌

$

8,025,706,683‌

$

4,326,109,508‌

$

2,799,683,978‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2024

iShares

Annual

Report

to

Shareholders

44

See

notes

to

financial

statements.

iShares

Expanded

Tech-Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

(loss)

........................................

$

(

2,224,701‌

)

$

1,262,658‌

$

15,811,917‌

$

28,496,751‌

Net

realized

gain

(loss)

............................................

1,010,482,775‌

(

334,147,290‌

)

29,580,143‌

92,408,834‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

1,232,901,237‌

(

222,554,996‌

)

39,261,765‌

(

147,659,511‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

2,241,159,311‌

(555,439,628‌)

84,653,825‌

(26,753,926‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(451,315‌)

(366,961‌)

(15,706,447‌)

(29,227,112‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(169,528,132‌)

540,096,149‌

(309,502,890‌)

(83,209,205‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

2,071,179,864‌

(

15,710,440‌

)

(

240,555,512‌

)

(

139,190,243‌

)

Beginning

of

year

..................................................

5,387,680,044‌

5,403,390,484‌

802,951,475‌

942,141,718‌

End

of

year

......................................................

$

7,458,859,908‌

$

5,387,680,044‌

$

562,395,963‌

$

802,951,475‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

45

Financial

Statements

See

notes

to

financial

statements.

iShares

Semiconductor

ETF

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

79,676,905‌

$

78,608,274‌

$

366,296‌

$

379,639‌

Net

realized

gain

(loss)

............................................

2,748,128,526‌

(

192,753,029‌

)

(

13,776,444‌

)

(

617,059‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

1,506,288,099‌

(

430,420,813‌

)

9,166,827‌

(

8,347,735‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

4,334,093,530‌

(544,565,568‌)

(4,243,321‌)

(8,585,155‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(73,820,852‌)

(78,660,830‌)

(271,131‌)

(390,901‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

659,810,352‌

(543,707,282‌)

(59,406,422‌)

(46,790,846‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

4,920,083,030‌

(

1,166,933,680‌

)

(

63,920,874‌

)

(

55,766,902‌

)

Beginning

of

year

..................................................

7,785,915,077‌

8,952,848,757‌

107,205,480‌

162,972,382‌

End

of

year

......................................................

$

12,705,998,107‌

$

7,785,915,077‌

$

43,284,606‌

$

107,205,480‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

46

iShares

Biotechnology

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

................................

$

129.24

‌

$

130.21

‌

$

150.36

‌

$

107.98

‌

$

111.78

‌

Net

investment

income

(a)

.......................................

0

.34

‌

0

.33

‌

0

.31

‌

0

.34

‌

0

.26

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............................

8.10

‌

(0.94

)

(20.15

)

42.43

‌

(3.80

)

Net

increase

(decrease)

from

investment

operations

......................

8.44

‌

(0.61

)

(19.84

)

42.77

‌

(3.54

)

Distributions

from

net

investment

income

(c)

..........................

(0.41

)

(0.36

)

(0.31

)

(0.39

)

(0.26

)

Net

asset

value,

end

of

year

.....................................

$

137.27

‌

$

129.24

‌

$

130.21

‌

$

150.36

‌

$

107.98

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

........................................

6.56

%

(0.46

)%

(13.22

)%

39.63

%

(3.17

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...............................................

0.45

%

0.45

%

0.44

%

0.45

%

0.46

%

Net

investment

income

..........................................

0.26

%

0.26

%

0.21

%

0.24

%

0.24

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

7,632,140

‌

$

8,025,707

‌

$

8,606,878

‌

$

9,848,582

‌

$

6,343,965

‌

Portfolio

turnover

rate

(f)

..........................................

22

%

13

%

46

%

34

%

29

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

47

Financial

Highlights

iShares

Expanded

Tech

Sector

ETF

Year

Ended

03/31/24

(a)

Year

Ended

03/31/23

(a)

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Net

asset

value,

beginning

of

year

.................................

$

56.56

‌

$

64.66

‌

$

60.11

‌

$

35.36

‌

$

34.37

‌

Net

investment

income

(b)

........................................

0

.29

‌

0

.20

‌

0

.11

‌

0

.14

‌

0

.21

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

29.61

‌

(8.03

)

4.55

‌

24.77

‌

1.00

‌

Net

increase

(decrease)

from

investment

operations

.......................

29.90

‌

(7.83

)

4.66

‌

24.91

‌

1.21

‌

Distributions

from

net

investment

income

(d)

...........................

(0.28

)

(0.27

)

(0.11

)

(0.16

)

(0.22

)

Net

asset

value,

end

of

year

......................................

$

86.18

‌

$

56.56

‌

$

64.66

‌

$

60.11

‌

$

35.36

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.........................................

52.97

%

(12.06

)%

7.76

%

70.51

%

3.51

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

................................................

0.41

%

0.41

%

0.40

%

0.43

%

0.46

%

Net

investment

income

...........................................

0.42

%

0.38

%

0.16

%

0.28

%

0.56

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

4,326,110

‌

$

2,799,684

‌

$

4,480,979

‌

$

3,209,613

‌

$

1,707,788

‌

Portfolio

turnover

rate

(g)

...........................................

29

%

9

%

8

%

9

%

10

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

48

iShares

Expanded

Tech-Software

Sector

ETF

Year

Ended

03/31/24

(a)

Year

Ended

03/31/23

(a)

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Net

asset

value,

beginning

of

year

...............................

$

60.88

‌

$

68.83

‌

$

68.24

‌

$

41.95

‌

$

42.15

‌

Net

investment

income

(loss)

(b)

..................................

(

0

.02

)

0

.02

‌

(

0

.11

)

(

0

.06

)

0

.26

(c)

Net

realized

and

unrealized

gain

(loss)

(d)

............................

24.49

‌

(7.97

)

0.70

‌

26.36

‌

(0.22

)

Net

increase

(decrease)

from

investment

operations

.....................

24.47

‌

(7.95

)

0.59

‌

26.30

‌

0.04

‌

Distributions

from

net

investment

income

(e)

.........................

(0.01

)

—

‌

—

‌

(0.01

)

(0.24

)

Net

asset

value,

end

of

year

....................................

$

85.34

‌

$

60.88

‌

$

68.83

‌

$

68.24

‌

$

41.95

‌

Total

Return

(f)

—

—

—

—

—

Based

on

net

asset

value

.......................................

40.20

%

(g)

(11.55

)%

0.86

%

62.70

%

0.13

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

..............................................

0.41

%

0.41

%

0.40

%

0.43

%

0.46

%

Net

investment

income

(loss)

.....................................

(0.03

)%

0.03

%

(0.15

)%

(0.10

)%

0.57

%

(c)

Supplemental

Data

Net

assets,

end

of

year

(000)

.....................................

$

7,458,860

‌

$

5,387,680

‌

$

5,403,390

‌

$

5,050,052

‌

$

3,031,151

‌

Portfolio

turnover

rate

(i)

.........................................

21

%

13

%

15

%

22

%

18

%

(a)

Per

share

amounts

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

Includes

a

one-time

special

distribution

from

NortonLifeLock

Inc.

Excluding

such

special

distribution,

the

net

investment

income

would

have

been

$(0.01)

per

share

and

(0.03)%

of

average

net

assets.

(d)

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.

(e)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

49

Financial

Highlights

iShares

North

American

Natural

Resources

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

.................................

$

39.17

‌

$

40.44

‌

$

27.57

‌

$

16.65

‌

$

31.40

‌

Net

investment

income

(a)

........................................

1

.05

‌

1

.22

‌

0

.93

‌

0

.70

‌

0

.78

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

5.86

‌

(1.22

)

12.85

‌

11.04

‌

(13.82

)

Net

increase

(decrease)

from

investment

operations

.......................

6.91

‌

0.00

‌

13.78

‌

11.74

‌

(13.04

)

Distributions

from

net

investment

income

(c)

...........................

(1.09

)

(1.27

)

(0.91

)

(0.82

)

(1.71

)

Net

asset

value,

end

of

year

......................................

$

44.99

‌

$

39.17

‌

$

40.44

‌

$

27.57

‌

$

16.65

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.........................................

17.96

%

0.19

%

50.84

%

71.57

%

(43.54

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.41

%

0.41

%

0.40

%

0.43

%

0.46

%

Net

investment

income

...........................................

2.61

%

3.08

%

2.92

%

3.14

%

2.72

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

562,396

‌

$

802,951

‌

$

942,142

‌

$

397,022

‌

$

294,696

‌

Portfolio

turnover

rate

(f)

...........................................

9

%

11

%

15

%

14

%

16

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

50

iShares

Semiconductor

ETF

Year

Ended

03/31/24

(a)

Year

Ended

03/31/23

(a)

Year

Ended

03/31/22

(a)

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Net

asset

value,

beginning

of

year

.................................

$

148.30

‌

$

157.48

‌

$

141.36

‌

$

68.32

‌

$

63.20

‌

Net

investment

income

(b)

........................................

1

.47

‌

1

.49

‌

1

.19

‌

1

.12

‌

1

.04

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

77.48

‌

(9.15

)

16.12

‌

72.96

‌

5.17

‌

Net

increase

(decrease)

from

investment

operations

.......................

78.95

‌

(7.66

)

17.31

‌

74.08

‌

6.21

‌

Distributions

from

net

investment

income

(d)

...........................

(1.37

)

(1.52

)

(1.19

)

(1.04

)

(1.09

)

Net

asset

value,

end

of

year

......................................

$

225.88

‌

$

148.30

‌

$

157.48

‌

$

141.36

‌

$

68.32

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.........................................

53.53

%

(4.67

)%

12.23

%

108.93

%

9.80

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

................................................

0.35

%

0.39

%

0.40

%

0.43

%

0.46

%

Net

investment

income

...........................................

0.85

%

1.17

%

0.76

%

1.02

%

1.42

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

12,705,998

‌

$

7,785,915

‌

$

8,952,849

‌

$

6,318,968

‌

$

2,141,965

‌

Portfolio

turnover

rate

(g)

...........................................

28

%

18

%

32

%

23

%

14

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

51

Financial

Highlights

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

.................................

$

71.47

‌

$

74.08

‌

$

67.17

‌

$

43.34

‌

$

56.49

‌

Net

investment

income

(a)

........................................

0

.40

‌

0

.24

‌

0

.16

‌

0

.29

‌

0

.26

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

0.63

‌

(2.60

)

6.91

‌

23.83

‌

(13.10

)

Net

increase

(decrease)

from

investment

operations

.......................

1.03

‌

(2.36

)

7.07

‌

24.12

‌

(12.84

)

Distributions

from

net

investment

income

(c)

...........................

(0.36

)

(0.25

)

(0.16

)

(0.29

)

(0.31

)

Net

asset

value,

end

of

year

......................................

$

72.14

‌

$

71.47

‌

$

74.08

‌

$

67.17

‌

$

43.34

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.........................................

1.48

%

(3.16

)%

10.53

%

55.89

%

(22.80

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.41

%

0.41

%

0.40

%

0.43

%

0.46

%

Net

investment

income

...........................................

0.61

%

0.34

%

0.22

%

0.52

%

0.47

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

43,285

‌

$

107,205

‌

$

162,972

‌

$

100,755

‌

$

43,335

‌

Portfolio

turnover

rate

(f)

...........................................

84

%

31

%

37

%

38

%

33

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2024

iShares

Annual

Report

To

Shareholders

52

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”):

On

September

27,

2023,

the

Board

approved

a

proposal

to

change

the

Fund's

investment

objective

and

underlying

index

and

change

the

name

of

the

Fund

from

iShares

North

American

Tech-Multimedia

Networking

ETF

to

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF.

The

Board

also

approved

a

proposal

to

change

the

Fund's

ticker

from

IGN

to

IDGT.

These

changes

became

effective

on

December

15,

2023.

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 

March

31,

2024

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Bank

Overdraft:

Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

iShares

ETF

Diversification

Classification

Biotechnology

.......................................................................................................

Non-diversified

Expanded

Tech

Sector

.................................................................................................

Non-diversified

Expanded

Tech-Software

Sector

...........................................................................................

Non-diversified

North

American

Natural

Resources

.........................................................................................

Diversified

Semiconductor

......................................................................................................

Non-diversified

U.S.

Digital

Infrastructure

and

Real

Estate

(a)

...................................................................................

Non-diversified

(a)

Formerly

the

iShares

North

American

Tech-Multimedia

Networking

ETF.

Notes

to

Financial

Statements

(continued)

53

Notes

to

Financial

Statements

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

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.

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

54

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

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

Biotechnology

Barclays

Bank

plc

......................................

$

36,886,791‌

$

(36,886,791‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

1,425,880‌

(1,425,880‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

1,415‌

(1,400‌)

–‌

15‌

(b)

BNP

Paribas

SA

.......................................

104,243,010‌

(104,243,010‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

53,576,685‌

(53,576,685‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

11,752,771‌

(11,752,771‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

41,279,215‌

(41,279,215‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

3,864‌

(3,864‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

80,583,262‌

(80,583,262‌)

–‌

–‌

HSBC

Bank

plc

.......................................

23,190,047‌

(23,190,047‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

95,516,993‌

(95,516,993‌)

–‌

–‌

Jefferies

LLC

.........................................

45,575,782‌

(45,575,782‌)

–‌

–‌

Morgan

Stanley

.......................................

64,603,278‌

(64,603,278‌)

–‌

–‌

National

Financial

Services

LLC

............................

10,228,162‌

(10,228,162‌)

–‌

–‌

Natixis

SA

...........................................

3,250,531‌

(3,250,531‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

65,020‌

(65,020‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

7,354,879‌

(7,354,879‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

11,750,391‌

(11,750,391‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

6,986,022‌

(6,986,022‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

202,655,694‌

(202,655,694‌)

–‌

–‌

UBS

AG

............................................

5,323,739‌

(5,323,739‌)

–‌

–‌

UBS

Securities

LLC

....................................

671,047‌

(671,047‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

3,626,020‌

(3,626,020‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

33,556,377‌

(33,556,377‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

1,403,299‌

(1,403,299‌)

–‌

–‌

$

845,510,174‌

$

(845,510,159‌)

$

–‌

$

15‌

Expanded

Tech

Sector

Barclays

Bank

plc

......................................

$

3,780,822‌

$

(3,780,822‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

1,465,554‌

(1,465,554‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

71,728‌

(71,728‌)

–‌

–‌

BNP

Paribas

SA

.......................................

15,222,284‌

(15,222,284‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

681,447‌

(681,447‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

1,001,860‌

(1,001,860‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

84,636‌

(84,636‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

7,333,800‌

(7,333,800‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,337,159‌

(1,337,159‌)

–‌

–‌

Jefferies

LLC

.........................................

107,160‌

(107,160‌)

–‌

–‌

Notes

to

Financial

Statements

(continued)

55

Notes

to

Financial

Statements

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Expanded

Tech

Sector

(continued)

Morgan

Stanley

.......................................

9,113,912‌

(9,113,912‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

12,336‌

(12,191‌)

–‌

145‌

(b)

State

Street

Bank

&

Trust

Co.

..............................

422,058‌

(422,058‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

30,868‌

(30,868‌)

–‌

–‌

UBS

AG

............................................

3,256,682‌

(3,256,682‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

714,921‌

(714,921‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

7,030‌

(7,030‌)

–‌

–‌

$

44,644,257‌

$

(44,644,112‌)

$

–‌

$

145‌

Expanded

Tech-Software

Sector

Barclays

Bank

plc

......................................

$

25,529,593‌

$

(25,529,593‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

7,487,745‌

(7,487,745‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

14,403‌

(14,403‌)

–‌

–‌

BNP

Paribas

SA

.......................................

46,668,364‌

(46,668,364‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

10,615,013‌

(10,615,013‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

23,607,359‌

(23,607,359‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

22,179,576‌

(22,179,576‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

20,717,061‌

(20,717,061‌)

–‌

–‌

HSBC

Bank

plc

.......................................

5,271,869‌

(5,271,869‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

1,521,442‌

(1,521,442‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

14,689,284‌

(14,689,284‌)

–‌

–‌

Jefferies

LLC

.........................................

4,176,675‌

(4,176,675‌)

–‌

–‌

Morgan

Stanley

.......................................

73,677,083‌

(73,677,083‌)

–‌

–‌

National

Financial

Services

LLC

............................

3,299,404‌

(3,299,404‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

16,960‌

(16,960‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

4,886,621‌

(4,886,621‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

3,359,933‌

(3,359,933‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

958,180‌

(958,180‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

149,222,745‌

(149,222,745‌)

–‌

–‌

UBS

AG

............................................

6,190,878‌

(6,190,878‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

438,546‌

(438,546‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

30,263,856‌

(30,263,856‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

258,796‌

(258,796‌)

–‌

–‌

$

455,051,386‌

$

(455,051,386‌)

$

–‌

$

–‌

North

American

Natural

Resources

BNP

Paribas

SA

.......................................

$

813,229‌

$

(780,946‌)

$

–‌

$

32,283‌

(b)

BofA

Securities,

Inc.

....................................

1,355,803‌

(1,355,803‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,759,105‌

(1,759,105‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

428,743‌

(428,743‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

175,701‌

(175,701‌)

–‌

–‌

Jefferies

LLC

.........................................

576,327‌

(576,327‌)

–‌

–‌

Morgan

Stanley

.......................................

421,071‌

(417,840‌)

–‌

3,231‌

(b)

State

Street

Bank

&

Trust

Co.

..............................

1,837,764‌

(1,837,764‌)

–‌

–‌

UBS

AG

............................................

83,853‌

(83,449‌)

–‌

404‌

(b)

UBS

Securities

LLC

....................................

3,588,420‌

(3,527,704‌)

–‌

60,716‌

(b)

Virtu

Americas

LLC

.....................................

433,714‌

(433,714‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

336,634‌

(336,634‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

76,272‌

(76,272‌)

–‌

–‌

$

11,886,636‌

$

(11,790,002‌)

$

–‌

$

96,634‌

Semiconductor

Barclays

Bank

plc

......................................

$

941,618‌

$

(941,618‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

19,745,619‌

(19,612,085‌)

–‌

133,534‌

(b)

Citadel

Clearing

LLC

....................................

9,132,288‌

(9,132,288‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

31,503,891‌

(31,503,891‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

14,373,722‌

(14,373,722‌)

–‌

–‌

Jefferies

LLC

.........................................

563,450‌

(559,640‌)

–‌

3,810‌

(b)

Morgan

Stanley

.......................................

50,572,872‌

(50,572,872‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

38,793,866‌

(38,793,866‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

218,300‌

(216,824‌)

–‌

1,476‌

(b)

Toronto-Dominion

Bank

(The)

..............................

70,270‌

(70,270‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

168,648‌

(168,648‌)

–‌

–‌

$

166,084,544‌

$

(165,945,724‌)

$

–‌

$

138,820‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

56

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

the iShares

Biotechnology

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

each

of

the iShares

Expanded

Tech

Sector

ETF,

iShares

Expanded

Tech-Software

Sector

ETF,

iShares

North

American

Natural

Resources

ETF

and

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on each

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

U.S.

Digital

Infrastructure

and

Real

Estate

J.P.

Morgan

Securities

LLC

...............................

$

92,289‌

$

(92,289‌)

$

–‌

$

–‌

m

(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

March

31,

2024.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.4800%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.4560

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.4332

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.4116

Over

$281

billion

..................................................................................................

0.3910

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

...................................................................................................

0.4800%

Over

$10

billion,

up

to

and

including

$20

billion

..............................................................................

0.4300

Over

$20

billion,

up

to

and

including

$30

billion

..............................................................................

0.3800

Over

$30

billion,

up

to

and

including

$40

billion

..............................................................................

0.3420

Over

$40

billion

...................................................................................................

0.3078

Notes

to

Financial

Statements

(continued)

57

Notes

to

Financial

Statements

For

its

investment

advisory

services

to

the iShares

Semiconductor

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended March

31,

2024,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

During

the

year ended

March

31,

2024,

iShares

Expanded

Tech-Software

Sector

ETF received

a

reimbursement

of $30,621

from

an

affiliate,

which

is

included

in

payment

by

affiliate

in

the

Statements

of

Operations,

related

to

an

operating

event.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$10

billion

...................................................................................................

0.3500%

Over

$10

billion,

up

to

and

including

$20

billion

..............................................................................

0.3500

Over

$20

billion,

up

to

and

including

$30

billion

..............................................................................

0.3500

Over

$30

billion,

up

to

and

including

$40

billion

..............................................................................

0.3420

Over

$40

billion

...................................................................................................

0.3078

iShares

ETF

Amounts

Biotechnology

...........................................................................................................

$

1,415,704‌

Expanded

Tech

Sector

.....................................................................................................

93,385‌

Expanded

Tech-Software

Sector

...............................................................................................

601,180‌

North

American

Natural

Resources

.............................................................................................

22,780‌

Semiconductor

..........................................................................................................

614,073‌

U.S.

Digital

Infrastructure

and

Real

Estate

........................................................................................

4,404‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Biotechnology

........................................................................

$

313,108,190‌

$

239,863,948‌

$

(61,574,413‌)

Expanded

Tech

Sector

..................................................................

510,465,582‌

325,801,516‌

3,291,033‌

Expanded

Tech-Software

Sector

............................................................

254,731,033‌

344,896,186‌

(14,395,136‌)

North

American

Natural

Resources

..........................................................

14,076,118‌

7,211,831‌

(1,449,903‌)

Semiconductor

.......................................................................

559,413,747‌

1,094,634,046‌

23,116,910‌

U.S.

Digital

Infrastructure

and

Real

Estate

.....................................................

29,034,141‌

22,501,818‌

(2,220,375‌)

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

58

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year ended

March

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

March

31,

2024,

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

March

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of March

31,

2024,

permanent

differences

attributable

to

net

investment

loss,

distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

iShares

ETF

Purchases

Sales

Biotechnology

........................................................................................

$

1,616,822,556‌

$

1,623,919,634‌

Expanded

Tech

Sector

..................................................................................

980,911,410‌

984,148,987‌

Expanded

Tech-Software

Sector

............................................................................

1,367,918,647‌

1,357,989,615‌

North

American

Natural

Resources

..........................................................................

55,763,691‌

55,942,516‌

Semiconductor

.......................................................................................

2,635,124,773‌

2,627,504,896‌

U.S.

Digital

Infrastructure

and

Real

Estate

.....................................................................

51,123,277‌

51,702,085‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Biotechnology

........................................................................................

$

4,945,035,919‌

$

5,726,238,406‌

Expanded

Tech

Sector

..................................................................................

596,520,067‌

535,176,627‌

Expanded

Tech-Software

Sector

............................................................................

10,249,482,322‌

10,432,220,519‌

North

American

Natural

Resources

..........................................................................

63,302,331‌

371,326,427‌

Semiconductor

.......................................................................................

21,999,914,752‌

21,340,114,803‌

U.S.

Digital

Infrastructure

and

Real

Estate

.....................................................................

—‌

58,631,553‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Biotechnology

.............................................................................

$

462,499,020‌

$

(462,499,020‌)

Expanded

Tech

Sector

.......................................................................

361,891,079‌

(361,891,079‌)

Expanded

Tech-Software

Sector

.................................................................

1,111,752,810‌

(1,111,752,810‌)

North

American

Natural

Resources

...............................................................

36,235,676‌

(36,235,676‌)

Semiconductor

............................................................................

2,867,801,802‌

(2,867,801,802‌)

U.S.

Digital

Infrastructure

and

Real

Estate

..........................................................

(277,725‌)

277,725‌

—‌

iShares

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Biotechnology

Ordinary

income

...........................................................................................

$

23,105,878‌

$

22,926,845‌

Expanded

Tech

Sector

Ordinary

income

...........................................................................................

$

13,765,021‌

$

15,012,645‌

Expanded

Tech-Software

Sector

Ordinary

income

...........................................................................................

$

451,315‌

$

366,961‌

North

American

Natural

Resources

Ordinary

income

...........................................................................................

$

15,706,447‌

$

29,227,112‌

Semiconductor

Ordinary

income

...........................................................................................

$

73,820,852‌

$

78,660,830‌

U.S.

Digital

Infrastructure

and

Real

Estate

Ordinary

income

...........................................................................................

$

271,131‌

$

390,901‌

Notes

to

Financial

Statements

(continued)

59

Notes

to

Financial

Statements

As

of

March

31,

2024,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

March

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Line

of

Credit

The

iShares

Semiconductor

ETF,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

is

a

party

to

a

$800

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

October

16,

2024.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified in

the

Syndicated Credit

Agreement. The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple Secured

Overnight Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or (b)

the

U.S.

Federal

Funds

rate plus

1.00%

per

annum

on

amounts

borrowed.

The

commitment

fee

is

generally

allocated

to

each

Participating

Fund

based

on

the

lesser

of

a

Participating

Fund’s

relative

exposure

to

certain

target

markets

or

a

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

During

the

year

ended

March

31,

2024, the

Fund did

not

borrow

under

the Syndicated

Credit

Agreement.

10.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Capital

Losses

(c)

Total

Biotechnology

.........................................

$

9,160,795‌

$

(3,357,196,628‌)

$

(2,384,282,651‌)

$

—‌

$

(5,732,318,484‌)

Expanded

Tech

Sector

...................................

445,578‌

(119,536,931‌)

1,316,767,529‌

—‌

1,197,676,176‌

Expanded

Tech-Software

Sector

.............................

—‌

(510,242,505‌)

(612,914,774‌)

(1,125,009‌)

(1,124,282,288‌)

North

American

Natural

Resources

...........................

200,473‌

(510,989,566‌)

(4,047,368‌)

—‌

(514,836,461‌)

Semiconductor

........................................

5,856,053‌

(764,976,61

4‌

)

802,383,22

7‌

—‌

43,262,666‌

U.S.

Digital

Infrastructure

and

Real

Estate

......................

95,165‌

(91,911,669‌)

2,523,547‌

—‌

(89,292,957‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

characterization

of

corporate

actions

and

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies.

(c)

The

Fund

has

elected

to

defer

certain

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Biotechnology

...................................................

$

10,918,782,755‌

$

466,952,229‌

$

(2,851,234,880‌)

$

(2,384,282,651‌)

Expanded

Tech

Sector

..............................................

3,055,853,456‌

1,416,562,911‌

(99,795,382‌)

1,316,767,529‌

Expanded

Tech-Software

Sector

.......................................

8,546,021,598‌

513,740,366‌

(1,126,655,140‌)

(612,914,774‌)

North

American

Natural

Resources

.....................................

577,670,517‌

72,637,527‌

(76,682,309‌)

(4,044,782‌)

Semiconductor

...................................................

12,066,324,136‌

1,377,170,666‌

(574,787,439‌)

802,383,227‌

U.S.

Digital

Infrastructure

and

Real

Estate

.................................

40,807,271‌

4,763,490‌

(2,239,943‌)

2,523,547‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

60

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Each

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the Funds

invest. 

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

11.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Year

Ended

03/31/24

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Biotechnology

Shares

sold

38,000,000‌

$

4,963,306,396‌

47,300,000‌

$

5,905,319,995‌

Shares

redeemed

(44,500,000‌)

(5,745,264,183‌)

(51,300,000‌)

(6,370,788,441‌)

(6,500,000‌)

$

(781,957,787‌)

(4,000,000‌)

$

(465,468,446‌)

Notes

to

Financial

Statements

(continued)

61

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. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

The

Board

authorized

a

stock

split

for

the

following

Funds,

effective

after

the

close

of

trading

on March

6,

2024,

for

the

shareholders

of

record

on

March

4,

2024.

The

impact

of

the

stock

split

was

an

increase

in

the

number

of

shares

outstanding,

while

decreasing

the

NAV

per

share,

resulting

in

no

effect

on

the

net

assets

of

the

Funds.

The

financial

statements

for

the

Funds

have

been

adjusted

to

reflect

the

stock

split.

12.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

03/31/24

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Expanded

Tech

Sector

Shares

sold

7,850,000‌

(a)

$

597,872,471‌

5,700,000‌

(a)

$

292,277,292‌

Shares

redeemed

(7,150,000‌)

(a)

(533,315,554‌)

(25,500,000‌)

(a)

(1,261,444,843‌)

700,000‌

$

64,556,917‌

(19,800,000‌)

$

(969,167,551‌)

Expanded

Tech-Software

Sector

Shares

sold

143,350,000‌

(b)

$

10,340,675,727‌

192,750,000‌

(b)

$

10,559,918,140‌

Shares

redeemed

(144,450,000‌)

(b)

(10,510,203,859‌)

(182,750,000‌)

(b)

(10,019,821,991‌)

(1,100,000‌)

$

(169,528,132‌)

10,000,000‌

$

540,096,149‌

North

American

Natural

Resources

Shares

sold

1,550,000‌

$

63,568,112‌

8,300,000‌

$

339,579,091‌

Shares

redeemed

(9,550,000‌)

(373,071,002‌)

(11,100,000‌)

(422,788,296‌)

(8,000,000‌)

$

(309,502,890‌)

(2,800,000‌)

$

(83,209,205‌)

Semiconductor

Shares

sold

123,900,000‌

(c)

$

22,043,609,910‌

77,400,000‌

(c)

$

9,899,375,994‌

Shares

redeemed

(120,150,000‌)

(c)

(21,383,799,558‌)

(81,750,000‌)

(c)

(10,443,083,276‌)

3,750,000‌

$

659,810,352‌

(4,350,000‌)

$

(543,707,282‌)

U.S.

Digital

Infrastructure

and

Real

Estate

Shares

sold

—‌

$

—‌

300,000‌

$

21,073,892‌

Shares

redeemed

(900,000‌)

(59,406,422‌)

(1,000,000‌)

(67,864,738‌)

(900,000‌)

$

(59,406,422‌)

(700,000‌)

$

(46,790,846‌)

(a)

Share

transactions

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(b)

Share

transactions

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

(c)

Share

transactions

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

March

6,

2024.

IShares

ETF

Forward

Share

Split

Expanded

Tech

Sector

..................................................................................................

6

for

1

Expanded

Tech-Software

Sector

............................................................................................

5

for

1

Semiconductor

.......................................................................................................

3

for

1

Report

of

Independent

Registered

Public

Accounting

Firm

2024

iShares

Annual

Report

To

Shareholders

62

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the six

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed in

the

table

below

(six

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2024,

the

related

statements

of

operations

for

the

year

ended

March

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds listed

in

the

table

below as

of

March

31,

2024,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2024

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

23,

2024 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Biotechnology

ETF

iShares

Expanded

Tech

Sector

ETF

iShares

Expanded

Tech-Software

Sector

ETF

iShares

North

American

Natural

Resources

ETF

iShares

Semiconductor

ETF

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF

Important

Tax

Information

(unaudited)

63

Important

Tax

Information

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Biotechnology

.....................................................................................................

$

43,578,813‌

Expanded

Tech

Sector

...............................................................................................

22,908,413‌

Expanded

Tech-Software

Sector

.........................................................................................

21,383,160‌

North

American

Natural

Resources

.......................................................................................

16,661,795‌

Semiconductor

....................................................................................................

110,709,635‌

U.S.

Digital

Infrastructure

and

Real

Estate

..................................................................................

426,138‌

iShares

ETF

Qualified

Business

Income

U.S.

Digital

Infrastructure

and

Real

Estate

..................................................................................

$

90,123‌

iShares

ETF

Dividends-Received

Deduction

Biotechnology

.....................................................................................................

100

.00‌

%

Expanded

Tech

Sector

...............................................................................................

100

.00‌

North

American

Natural

Resources

.......................................................................................

73

.18‌

Semiconductor

....................................................................................................

100

.00‌

U.S.

Digital

Infrastructure

and

Real

Estate

..................................................................................

100

.00‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

2024

iShares

Annual

Report

to

Shareholders

64

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Biotechnology

ETF,

iShares

Expanded

Tech

Sector

ETF,

iShares

Expanded

Tech-Software

Sector

ETF,

iShares

North

American

Natural

Resources

ETF,

iShares

Semiconductor

ETF

and

iShares

U.S.

Digital

Infrastructure

and

Real

Estate

ETF (the

“Funds”

or

“ETFs”), each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

8,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays,

delays

in

the

repatriation

of

the

local

currency

in

certain

non-U.S.

countries,

the

continued

illiquidity

of

Russian

equity

securities

and

the

suspension

of

select

sanctions

in

Venezuela.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

ETFs

for

which

the

custom

baskets

accepted

by

the

ETF

had

a

significant

change

in

its

liquidity

profile.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

65

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2024

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive,

and

its

United

Kingdom

(“UK”)

equivalent,

(the

“AIFMD”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK,

such

as

BFA

(the

“Company”).

However,

the

Company

is

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

the

AIFMD

because

it

has

registered

the iShares

Biotechnology

ETF (the

“Fund”)

to

be

marketed

to

investors

in

the

EU

and/or

UK. 

Report

on

Remuneration

BlackRock

has

a

clear

and

well-defined

pay-for-performance

philosophy,

and

compensation

programs

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management

and

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund,

a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

clawback

policy.

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.

Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.

No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock's

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

Finance,

Human

Resources

and

Internal

Audit)

each

have

their

own

organizational

structures

which

are

independent

of

the

business

units

and

therefore

staff

members

in

control

functions

are

remunerated

independently

of

the

businesses

they

oversee.

Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock's

independent

remuneration

committee.

The

Company

is

required

under

the

AIFMD

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

BlackRock

bases

its

proportionality

approach

on

a

combination

of

factors

that

it

is

entitled

to

take

into

account

based

on

relevant

guidelines.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Biotechnology

(a)

.......................

$

0.358912‌

$

—‌

$

0.050413‌

$

0.409325‌

88‌%

—‌%

12‌%

100‌%

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

Supplemental

Information

(unaudited)

(continued)

2024

iShares

Annual

Report

to

Shareholders

66

Remuneration

information

at

an

individual

AIF

level

is

not

readily

available.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of

the

Company;

(b)

staff

who

are

senior

management;

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund;

and

(d)

staff

of

companies

to

which

portfolio

management

and

risk

management

has

been

formally

delegated.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

Fund

is

included

in

the

aggregate

figures

disclosed.

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Conversely,

members

of

staff

and

senior

management

of

the

broader

BlackRock

group

may

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

broader

BlackRock

group

and

of

the

Company.

Therefore,

the

figures

disclosed

are

a

sum

of

individuals’

portion

of

remuneration

attributable

to

the

Company

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company

and

the

broader

BlackRock

group.

Accordingly,

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

The

amount

of

the

total

remuneration

awarded

to

the

Company’s

staff

in

respect

of

the

Company’s

financial

year

ending

December

31,

2023

was

USD

5.43m.

This

figure

is

comprised

of

fixed

remuneration

of

USD

0.74m

and

variable

remuneration

of

USD

4.68m.

There

was

a

total

of

8

beneficiaries

of

the

remuneration

described

above.

The

amount

of

the

aggregate

remuneration

awarded

by

the

Company

in

respect

of

the

Company’s

financial

year

ending

December

31,

2023,

to

its

senior

management

was

USD

3.66m,

and

to

other

members

of

its

staff

whose

actions

potentially

have

a

material

impact

on

the

risk

profile

of

the

Company

or

its

funds

was

USD

1.77m.

Disclosures

Under

the

EU

Sustainable

Finance

Disclosure

Regulation

The

iShares

Biotechnology

ETF (the

“Fund”)

is

registered

under

the

Alternative

Investment

Fund

Managers

Directive

to

be

marketed

to

European

Union

(“EU”)

investors,

as

noted

above.

As

a

result,

certain

disclosures

are

required

under

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”).

The

Fund

has

not

been

categorized

under

the

SFDR

as

an

“Article

8”

or

“Article

9”

product.

In

addition,

the Fund’s

investment

strategy

does

not

take

into

account

the

criteria

for

environmentally

sustainable

economic

activities

under

the

EU

sustainable

investment

taxonomy

regulation

or

principal

adverse

impacts

(“PAIs”)

on

sustainability

factors

under

the

SFDR.

PAIs

are

identified

under

the

SFDR

as

the

material

impacts

of

investment

decisions

on

sustainability

factors

relating

to

environmental,

social

and

employee

matters,

respect

for

human

rights,

and

anti-corruption

and

anti-bribery

matters.

Trustee

and

Officer

Information

(unaudited)

67

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of 404

funds

as

of

March

31,

2024.

With

the

exception

of

Stephen

Cohen,

Robert

S.

Kapito

and

Aaron

Wasserman,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito

and

Mr. Wasserman

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

address

of

Mr.

Cohen

is

c/o

BlackRock,

Inc.,

Drapers

Gardens,

12

Throgmorton

Avenue,

London

EC2N

2DL

United

Kingdom.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Stephen

Cohen

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President

of

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Stephen

Cohen

(b)

(1975)

Trustee

(since

2024).

Senior

Managing

Director,

Head

of

Global

Product

Solutions

of

BlackRock,

Inc.

(since

2024);

Senior

Managing

Director,

Head

of

Europe,

Middle

East

and

Africa

Regions

of

BlackRock,

Inc.

(2021-2024);

Head

of

iShares

Index

and

Wealth

in

EMEA

of

BlackRock,

Inc.

(2017-2021);

Global

Head

of

Fixed

Income

Indexing

of

BlackRock,

Inc.

(2016-

2017);

Chief

Investment

Strategist

for

International

Fixed

Income

and

iShares

of

BlackRock,

Inc.

(2011-2015).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022);

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

Trustee

and

Officer

Information

(unaudited)

(continued)

2024

iShares

Annual

Report

to

Shareholders

68

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Director

of

WellBe

Senior

Medical

(since

2023);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-

2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Jessica

Tan

(1980)

President

(since

2024).

Managing

Director

of

BlackRock,

Inc.

(since

2015);

Head

of

Global

Product

Solutions,

Americas

of

BlackRock,

Inc.

(since

2024)

and

Head

of

Sustainable

and

Transition

Solutions

of

BlackRock,

Inc.

(2022-2024);

Global

Head

of

Corporate

Strategy

of

BlackRock,

Inc.

(2019-2022);

Chief

of

Staff

to

the

CEO

of

BlackRock,

Inc.

(2017-2019).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director

of

BlackRock,

Inc.

(since

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021).

Aaron

Wasserman

(1974)

Chief

Compliance

Officer

(since

2023).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Chief

Compliance

Officer

of

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

Exchange-Traded

Fund

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

Exchange-Traded

Fund

Complex

(2014-2023).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2023);

Director

of

BlackRock,

Inc.

(2018-2022).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

of

BlackRock,

Inc.

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

of

BlackRock,

Inc.

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

of

BlackRock,

Inc.

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

of

BlackRock,

Inc.

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

of

BlackRock,

Inc.

(since

2020).

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer.

Effective

February

1,

2024,

Salim

Ramji

resigned

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Stephen

Cohen

replaced

Salim

Ramji

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Dominik

Rohé

resigned

as

President

of

the

Trust.

Effective

March

5,

2024,

Jessica

Tan

replaced

Dominik

Rohé

as

President

of

the

Trust.

Effective

April

8,

2024,

Laura

Fergerson

was

appointed

as

a

Trustee

of

the

Trust.

Effective

April

8,

2024,

James

Lam

was

appointed

as

a

Trustee

of

the

Trust.

Independent

Trustees

(continued)

General

Information

69

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

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Please

contact

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enrolling

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householding

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receiving

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enrolled

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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

2024

iShares

Annual

Report

to

Shareholders

70

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

iS-AR-313-0324

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

NYSE

Group,

Inc.

or

S&P

Dow

Jones

Indices

LLC,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

MARCH

31,

2024

2024

Annual

Report

iShares

Trust

iShares

S&P

Mid-Cap

400

Growth

ETF

|

IJK

|

NYSE

Arca

iShares

S&P

Mid-Cap

400

Value

ETF

|

IJJ

|

NYSE

Arca

iShares

S&P

Small-Cap

600

Growth

ETF

|

IJT

|

NASDAQ

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

March

31,

2024.

Higher

interest

rates

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

has

had

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

second

half

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies,

while

small-capitalization

U.S.

stocks’

advance

was

slower

but

still

robust.

Meanwhile,

international

developed

market

equities

also

gained

strongly,

while

emerging

market

stocks

advanced

at

a

more

modest

pace.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

positive

returns

overall

for

10-

year

U.S.

Treasuries

and

solid

gains

in

shorter-duration

U.S.

Treasuries.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

twice

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

despite

the

market’s

hopes

for

rapid

interest

rate

cuts,

as

reflected

in

the

ongoing

rally.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

Looking

at

developed

market

stocks,

we

have

an

overweight

stance

on

U.S.

stocks

overall,

particularly

given

the

promise

of

emerging

AI

technologies.

We

are

also

overweight

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest,

although

we

maintain

an

underweight

stance

on

European

stocks.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries

and

hard-currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

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

March

31,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

23.48

%

29.88

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.94

19.71

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

16.81

15.32

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

10.42

8.15

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.68

5.24

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.88

(2.44

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

5.99

1.70

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.48

3.13

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.73

11.15

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

11

Disclosure

of Expenses

...................................................................................................

11

Schedules

of

Investments

.................................................................................................

12

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

36

Statements

of

Operations

................................................................................................

37

Statements

of

Changes

in

Net

Assets

........................................................................................

38

Financial

Highlights

.....................................................................................................

40

Notes

to

Financial

Statements

...............................................................................................

43

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

52

Important

Tax

Information

.................................................................................................

53

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

54

Supplemental

Information

.................................................................................................

55

Trustee

and

Officer

Information

..............................................................................................

56

General

Information

.....................................................................................................

58

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

59

Market

Overview

2024

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended March

31,

2024

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

29.29%.

The

economy

showed

notable

resilience

even

as

interest

rates

rose,

and

analysts’

optimism

about

the

economy’s

trajectory

improved.

Meanwhile,

inflation

decelerated

notably,

enabling

a

pause

in

monetary

policy

tightening

and

providing

a

supportive

backdrop

for

equities.

The

U.S.

economy

grew

at

a

robust

pace

in

2023

despite

concerns

about

the

impact

of

higher

interest

rates

on

growth.

The

U.S.

consumer

helped

to

power

the

expansion,

as

consumer

spending

continued

to

grow

in

both

nominal

and

real

(inflation-adjusted)

terms.

A

strong

labor

market

bolstered

consumer

spending,

as

employers

continued

to

add

jobs,

and

average

hourly

wages

increased

notably.

Consumer

spending

was

also

supported

by

higher

asset

values,

as

both

home

prices

and

strong

equity

performance

increased

household

net

worth.

Government

spending

also

stimulated

the

economy,

as

the

federal

deficit

increased

amid

rising

expenditures,

while

state

and

local

governments

also

boosted

spending

to

fill

personnel

vacancies.

Despite

high

spending

and

healthy

household

balance

sheets,

consumer

sentiment

remained

below

pre-pandemic

levels,

as

elevated

inflation

and

high

interest

rates

weighed

on

consumers’

outlook.

While

inflation

declined

early

in

the

reporting

period

-

decreasing

from

4.9%

in

April

2023

to

3%

in

June

2023

-

it

remained

stubbornly

persistent

thereafter,

fluctuating

between

3%

and

4%,

above

the

pre-pandemic

average.

While

improved

supply

chains

eased

goods

inflation,

the

tight

labor

market

kept

labor

costs

near

record

highs,

and

growing

services

inflation

was

a

significant

driver

of

inflation’s

overall

persistence.

To

counteract

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

raised

interest

rates

twice

early

in

the

reporting

period,

reaching

the

highest

level

since

2001.

However,

the

Fed

paused

its

interest

rate

increases

thereafter

as

inflation

edged

down,

keeping

interest

rates

steady

after

its

July

2023

meeting.

The

Fed

also

continued

to

decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

Projections

released

by

the

Fed

late

in

the

reporting

period

included

several

interest

rate

decreases

later

in

2024,

as

it

forecast

inflation

would

continue

to

moderate

despite

the

robust

economy. 

The

strong

economy

supported

corporate

profits,

which

grew

substantially

in

the

last

three

quarters

of

2023.

Despite

higher

input

costs,

companies

were

able

to

raise

prices

sufficiently

to

widen

profit

margins,

as

the

U.S.

consumer

continued

to

spend.

Firms

increasingly

kept

assets

in

short-term

investments

that

earned

higher

yields

due

to

elevated

interest

rates.

This

helped

to

mitigate

the

negative

impact

of

higher

borrowing

costs,

which

drove

a

rise

in

interest

expense.

Innovations

in

computing

also

drove

enthusiasm

for

equities,

as

new

technologies

drove

hopes

for

economy-wide

improvements

in

productivity.

Despite

the

strong

economic

conditions

during

the

reporting

period,

analysts

noted

several

areas

of

caution

about

potential

disruptions

to

markets.

Geopolitical

tensions

were

high

amid

Russia’s

ongoing

invasion

of

Ukraine

and

fighting

in

Gaza

following

Hamas’

terrorist

attack

on

Israel.

Missile

attacks

on

a

major

shipping

lane

in

the

Middle

East

raised

concerns

about

a

wider

conflict

while

disrupting

some

supply

chains.

While

inflation

declined

during

the

reporting

period,

it

remained

more

persistent

than

some

analysts

expected,

raising

concerns

about

the

effect

of

continued

inflation

on

the

Fed’s

interest

rate

policy. 

Fund

Summary

as

of

March

31,

2024

5

Fund

Summary

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Investment

Objective

The

iShares

S&P

Mid-Cap

400

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

S&P

MidCap

400

Growth

Index

TM

(“the

Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29

.11‌

%

11

.84‌

%

10

.19‌

%

29

.11‌

%

75

.01‌

%

163

.97‌

%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29

.01‌

11

.81‌

10

.18‌

29

.01‌

74

.76‌

163

.68‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29

.30‌

12

.04‌

10

.40‌

29

.30‌

76

.51‌

169

.03‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,270.10‌

$

0.96‌

$

1,000.00‌

$

1,024.15‌

$

0.86‌

0

.17‌

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

6

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

mid-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

Growth

stocks

benefited

from

strong

corporate

earnings

and

the

resilience

of

the

U.S.

economy

in

the

face

of

higher

interest

rates.

The

industrials

sector

was

the

largest

contributor

to

the

Index’s

performance.

Strong

economic

growth

led

to

investor

confidence

that

consumer

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

Manufacturing

output

improved

and

suppliers’

delivery

times

shortened

while

moderating

inflation

also

helped

the

sector

by

reducing

cost

pressures

and

allowing

companies

to

maintain

profitability.

The

capital

goods

industry

advanced,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

manufacturing

equipment,

building

products,

and

tools.

The

consumer

discretionary

sector

also

contributed

significantly

to

the

Index’s

performance.

The

specialty

retail

industry

posted

a

notable

advance

amid

signs

of

improving

retail

sales.

An

upscale

home

furnishings

company

drove

gains,

as

the

company

maintained

high

prices,

leading

to

higher

profits,

despite

a

challenging

sales

environment

featuring

the

slowest

pace

of

home

sales

in

nearly

30

years.

The

consumer

durables

industry

also

gained

amid

record

revenues

at

footwear

and

apparel

companies,

helped

by

strong

holiday

sales.

The

information

technology

sector

also

contributed,

led

by

the

technology

hardware

and

equipment

industry.

Investor

enthusiasm

for

artificial

intelligence

(“AI”)

drove

sharp

stock

price

increases

for

companies

involved

in

the

new

technology,

including

manufacturers

of

servers

used

in

processing

generative

AI

applications.

As

utilization

of

AI

tools

increased,

construction

and

planning

for

the

buildout

of

data

centers

surged,

bolstering

the

stocks

of

companies

that

provide

equipment

used

in

data

processing.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

28

.2‌

%

Consumer

Discretionary

............................

17

.8‌

Information

Technology

.............................

11

.7‌

Health

Care

....................................

9

.4‌

Financials

......................................

8

.7‌

Energy

........................................

6

.5‌

Materials

......................................

6

.0‌

Real

Estate

.....................................

4

.7‌

Consumer

Staples

................................

4

.0‌

Utilities

........................................

2

.1‌

Communication

Services

............................

0

.9‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Vistra

Corp.

.....................................

1

.6‌

%

Williams-Sonoma,

Inc.

..............................

1

.4‌

Reliance,

Inc.

....................................

1

.3‌

Carlisle

Cos.,

Inc.

.................................

1

.3‌

GoDaddy,

Inc.

,

Class

A

..............................

1

.2‌

EMCOR

Group,

Inc.

................................

1

.2‌

Graco,

Inc.

......................................

1

.1‌

Lennox

International,

Inc.

............................

1

.1‌

Saia,

Inc.

.......................................

1

.1‌

Pure

Storage,

Inc.

,

Class

A

...........................

1

.1‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

7

Fund

Summary

iShares

®

S&P

Mid-Cap

400

Value

ETF

Investment

Objective

The

iShares

S&P

Mid-Cap

400

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

S&P

MidCap

400

Value

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.03‌%

10.68‌%

8.97‌%

17.03‌%

66.06‌%

136.10‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.08‌

10.66‌

8.97‌

17.08‌

65.97‌

136.02‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17.20‌

10.88‌

9.18‌

17.20‌

67.56‌

140.78‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,182.10‌

$

0.98‌

$

1,000.00‌

$

1,024.10‌

$

0.91‌

0.18‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

8

iShares

®

S&P

Mid-Cap

400

Value

ETF

Portfolio

Management

Commentary

Value-oriented

mid-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

financials

sector

contributed

the

most

to

the

Index’s

return,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

The

investment

banking

and

brokerage

industry

was

the

largest

source

of

strength,

helped

by

higher

revenues

from

wealth

management

and

robust

growth

in

client

assets

under

management.

The

asset

management

and

custody

banks

industry

also

gained,

as

a

change

in

compensation

structure

at

a

prominent

private

equity

group

benefited

investors.

Within

the

insurance

industry,

higher

premiums,

greater

income

from

investments

amid

higher

bond

yields,

and

slowing

inflation

in

claim

costs

benefited

property

and

casualty

insurance

stocks.

While

underwriting

losses

weighed

on

profitability

amid

severe

storms,

this

was

partially

offset

by

premium

growth.

The

industrials

sector

also

contributed

to

the

Index’s

performance.

Strong

economic

growth

bolstered

stocks

in

the

sector,

which

is

sensitive

to

overall

conditions

in

the

broader

economy.

This

supportive

backdrop

led

to

investor

confidence

that

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

The

capital

goods

industry

was

the

leading

source

of

strength,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

building

products,

manufacturing

equipment,

and

tools.

As

the

U.S.

economy

continued

to

expand,

consumers

increased

their

spending

at

a

robust

pace,

driving

substantial

gains

in

the

consumer

discretionary

sector.

Tight

inventories,

strong

demand,

and

loosening

monetary

policy

particularly

benefited

the

homebuilding

industry.

An

upscale

home

furnishings

company

drove

gains

in

the

specialty

retail

industry,

as

the

company

maintained

high

prices,

leading

to

higher

profits.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

......................................

23.8‌

%

Industrials

......................................

15.3‌

Consumer

Discretionary

............................

13.2‌

Real

Estate

.....................................

9.9‌

Materials

......................................

8.3‌

Information

Technology

.............................

6.6‌

Health

Care

....................................

6.4‌

Consumer

Staples

................................

5.5‌

Utilities

........................................

4.8‌

Energy

........................................

4.2‌

Communication

Services

............................

2.0‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Reinsurance

Group

of

America,

Inc.

.....................

1.0‌

%

WP

Carey,

Inc.

...................................

1.0‌

US

Foods

Holding

Corp.

.............................

0.9‌

Fidelity

National

Financial,

Inc.,

Class

A

...................

0.9‌

Regal

Rexnord

Corp.

...............................

0.9‌

Performance

Food

Group

Co.

.........................

0.9‌

Cleveland-Cliffs,

Inc.

...............................

0.9‌

Ally

Financial,

Inc.

.................................

0.9‌

Tenet

Healthcare

Corp.

..............................

0.8‌

BJ's

Wholesale

Club

Holdings,

Inc.

......................

0.8‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

9

Fund

Summary

iShares

®

S&P

Small-Cap

600

Growth

ETF

Investment

Objective

The

iShares

S&P

Small-Cap

600

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

S&P

SmallCap

600

Growth

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

19

.99‌

%

8

.96‌

%

9

.24‌

%

19

.99‌

%

53

.56‌

%

142

.11‌

%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

20

.14‌

8

.95‌

9

.24‌

20

.14‌

53

.50‌

141

.92‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

20

.12‌

9

.19‌

9

.46‌

20

.12‌

55

.19‌

146

.87‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,196.50‌

$

0.99‌

$

1,000.00‌

$

1,024.10‌

$

0.91‌

0

.18‌

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

10

iShares

®

S&P

Small-Cap

600

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

small-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

Growth

stocks

benefited

from

strong

corporate

earnings

and

the

resilience

of

the

U.S.

economy

in

the

face

of

higher

interest

rates.

The

industrials

sector

was

the

largest

contributor

to

the

Index’s

performance.

Strong

economic

growth

bolstered

stocks

in

the

sector,

which

is

sensitive

to

overall

conditions

in

the

broader

economy.

This

supportive

backdrop

led

to

investor

confidence

that

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

A

key

measure

of

confidence

among

purchasing

managers

in

manufacturing

rose

to

its

highest

level

in

nearly

two

years,

as

output

improved

and

suppliers’

delivery

times

shortened.

Moderating

inflation

also

helped

the

sector

by

reducing

cost

pressures

and

allowing

companies

to

maintain

profitability.

The

capital

goods

industry

was

the

leading

source

of

strength,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

manufacturing

equipment,

building

products,

and

tools.

The

financials

sector

was

another

strong

contributor

to

the

Index’s

return,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

Regional

banks

gained

amid

the

Fed’s

monetary

policy

shift,

as

investors

anticipated

that

looser

financial

conditions

would

benefit

regional

banks.

The

financials

services

industry

advanced

as

mortgage

servicing

revenues

rose,

offsetting

weaker

revenues

from

mortgage

originations

amid

higher

mortgage

rates.

The

consumer

discretionary

sector

also

contributed.

Despite

rising

interest

rates

and

higher

borrowing

costs,

consumer

spending

remained

resilient,

supported

by

strong

household

balance

sheets,

higher

wages,

and

elevated

asset

prices.

The

homebuilding

industry

advanced,

benefiting

from

tight

inventories,

strong

demand,

and

loosening

monetary

policy.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

20

.3‌

%

Consumer

Discretionary

............................

16

.8‌

Information

Technology

.............................

14

.5‌

Health

Care

....................................

11

.2‌

Financials

......................................

10

.4‌

Energy

........................................

7

.1‌

Materials

......................................

6

.5‌

Real

Estate

.....................................

5

.3‌

Communication

Services

............................

3

.3‌

Consumer

Staples

................................

2

.9‌

Utilities

........................................

1

.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Ensign

Group,

Inc.

(The)

.............................

1

.2‌

%

Fabrinet

........................................

1

.2‌

SPS

Commerce,

Inc.

...............................

1

.1‌

ATI,

Inc.

........................................

1

.1‌

Meritage

Homes

Corp.

..............................

1

.1‌

Abercrombie

&

Fitch

Co.

,

Class

A

.......................

1

.1‌

Mueller

Industries,

Inc.

..............................

1

.0‌

Boise

Cascade

Co.

................................

1

.0‌

Installed

Building

Products,

Inc.

........................

1

.0‌

AAON,

Inc.

......................................

1

.0‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

11

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, index

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included, index

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.0%

BWX

Technologies,

Inc.

...............

604,298

$

62,013,061

Curtiss-Wright

Corp.

..................

164,139

42,009,736

Hexcel

Corp.

.......................

272,690

19,865,466

Woodward,

Inc.

.....................

398,173

61,366,423

185,254,686

Air

Freight

&

Logistics

—

0.3%

GXO

Logistics,

Inc.

(a)

.................

494,871

26,604,265

Automobile

Components

—

0.9%

Autoliv,

Inc.

........................

291,418

35,095,470

Fox

Factory

Holding

Corp.

(a)

(b)

...........

105,479

5,492,292

Gentex

Corp.

......................

985,770

35,606,012

Visteon

Corp.

(a)

.....................

82,803

9,738,461

85,932,235

Banks

—

1.5%

Bank

OZK

........................

361,290

16,424,243

Commerce

Bancshares,

Inc.

............

320,188

17,034,002

Cullen/Frost

Bankers,

Inc.

..............

178,063

20,044,552

East

West

Bancorp,

Inc.

...............

502,534

39,755,465

First

Financial

Bankshares,

Inc.

..........

340,259

11,163,898

Hancock

Whitney

Corp.

...............

295,349

13,597,868

International

Bancshares

Corp.

..........

152,168

8,542,711

Pinnacle

Financial

Partners,

Inc.

..........

206,412

17,726,662

144,289,401

Beverages

—

1.2%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

......

28,555

8,692,713

Celsius

Holdings,

Inc.

(a)

(b)

...............

979,102

81,187,138

Coca-Cola

Consolidated,

Inc.

............

30,947

26,193,850

116,073,701

Biotechnology

—

2.8%

(a)

Arrowhead

Pharmaceuticals,

Inc.

.........

818,079

23,397,059

Cytokinetics,

Inc.

....................

291,018

20,403,272

Exelixis,

Inc.

.......................

2,002,116

47,510,213

Halozyme

Therapeutics,

Inc.

(b)

...........

872,298

35,485,083

Neurocrine

Biosciences,

Inc.

............

657,086

90,625,301

Roivant

Sciences

Ltd.

.................

1,382,366

14,570,137

United

Therapeutics

Corp.

(b)

.............

139,644

32,079,020

264,070,085

Broadline

Retail

—

0.3%

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

......

406,718

32,362,551

Building

Products

—

6.5%

Advanced

Drainage

Systems,

Inc.

........

451,033

77,685,924

Carlisle

Cos.,

Inc.

...................

320,649

125,646,311

Fortune

Brands

Innovations,

Inc.

.........

333,063

28,200,444

Lennox

International,

Inc.

..............

211,466

103,356,122

Owens

Corning

.....................

586,878

97,891,250

Simpson

Manufacturing

Co.,

Inc.

.........

281,788

57,817,262

Trex

Co.,

Inc.

(a)

(b)

....................

717,098

71,530,525

UFP

Industries,

Inc.

..................

408,177

50,209,853

612,337,691

Capital

Markets

—

2.4%

Carlyle

Group,

Inc.

(The)

...............

685,877

32,174,490

Evercore,

Inc.

,

Class

A

................

157,919

30,413,620

Houlihan

Lokey,

Inc.

,

Class

A

............

344,163

44,118,255

Interactive

Brokers

Group,

Inc.

,

Class

A

(b)

....

416,932

46,575,474

Morningstar,

Inc.

....................

171,999

53,039,332

SEI

Investments

Co.

..................

328,874

23,646,040

229,967,211

Security

Shares

Shares

Value

Chemicals

—

2.5%

Arcadium

Lithium

plc

(a)

(b)

...............

4,143,069

$

17,856,627

Axalta

Coating

Systems

Ltd.

(a)

(b)

..........

1,453,299

49,978,953

Cabot

Corp.

.......................

245,123

22,600,341

NewMarket

Corp.

....................

45,595

28,935,499

Olin

Corp.

.........................

324,828

19,099,886

RPM

International,

Inc.

................

459,537

54,661,926

Scotts

Miracle-Gro

Co.

(The)

............

104,806

7,817,479

Westlake

Corp.

.....................

211,542

32,323,618

233,274,329

Commercial

Services

&

Supplies

—

2.2%

Brink's

Co.

(The)

....................

297,490

27,482,127

Clean

Harbors,

Inc.

(a)

(b)

................

332,152

66,865,519

MSA

Safety,

Inc.

....................

244,012

47,238,283

Tetra

Tech,

Inc.

.....................

353,058

65,213,343

206,799,272

Communications

Equipment

—

0.2%

Ciena

Corp.

(a)

......................

393,882

19,477,465

Construction

&

Engineering

—

2.4%

AECOM

..........................

413,183

40,524,989

Comfort

Systems

USA,

Inc.

.............

235,154

74,710,777

EMCOR

Group,

Inc.

..................

310,651

108,789,980

224,025,746

Construction

Materials

—

0.9%

Eagle

Materials,

Inc.

(b)

.................

227,488

61,819,864

Knife

River

Corp.

(a)

...................

266,003

21,567,523

83,387,387

Consumer

Finance

—

0.5%

FirstCash

Holdings,

Inc.

...............

244,251

31,151,772

SLM

Corp.

........................

582,092

12,683,785

43,835,557

Consumer

Staples

Distribution

&

Retail

—

1.0%

Casey's

General

Stores,

Inc.

............

245,046

78,034,899

Sprouts

Farmers

Market,

Inc.

(a)

(b)

.........

275,429

17,759,662

95,794,561

Containers

&

Packaging

—

0.7%

AptarGroup,

Inc.

....................

257,199

37,008,364

Crown

Holdings,

Inc.

.................

371,505

29,445,486

66,453,850

Diversified

Consumer

Services

—

1.2%

Grand

Canyon

Education,

Inc.

(a)

..........

195,177

26,585,059

H&R

Block,

Inc.

.....................

921,315

45,245,780

Service

Corp.

International

.............

497,567

36,924,447

108,755,286

Diversified

Telecommunication

Services

—

0.1%

Iridium

Communications,

Inc.

............

410,325

10,734,102

Electric

Utilities

—

0.1%

IDACORP,

Inc.

.....................

130,002

12,075,886

Electrical

Equipment

—

1.3%

Acuity

Brands,

Inc.

...................

102,773

27,618,188

EnerSys

..........................

115,149

10,876,975

nVent

Electric

plc

....................

1,095,586

82,607,184

121,102,347

Electronic

Equipment,

Instruments

&

Components

—

1.3%

Cognex

Corp.

......................

499,724

21,198,292

IPG

Photonics

Corp.

(a)

(b)

...............

87,435

7,929,480

Littelfuse,

Inc.

......................

115,111

27,897,151

Novanta,

Inc.

(a)

(b)

....................

137,152

23,970,055

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Vontier

Corp.

.......................

1,019,092

$

46,226,013

127,220,991

Energy

Equipment

&

Services

—

1.2%

ChampionX

Corp.

...................

845,481

30,344,313

Valaris

Ltd.

(a)

.......................

413,679

31,133,482

Weatherford

International

plc

(a)

...........

477,533

55,116,859

116,594,654

Entertainment

—

0.2%

TKO

Group

Holdings,

Inc.

..............

170,368

14,721,499

Financial

Services

—

1.4%

Equitable

Holdings,

Inc.

...............

433,692

16,484,633

Euronet

Worldwide,

Inc.

(a)

..............

156,237

17,175,133

MGIC

Investment

Corp.

...............

684,831

15,312,821

Voya

Financial,

Inc.

..................

271,656

20,080,812

WEX,

Inc.

(a)

(b)

.......................

282,210

67,033,341

136,086,740

Food

Products

—

0.3%

Ingredion,

Inc.

......................

155,341

18,151,596

Lancaster

Colony

Corp.

...............

64,465

13,384,868

31,536,464

Ground

Transportation

—

2.0%

Avis

Budget

Group,

Inc.

...............

121,836

14,920,036

Landstar

System,

Inc.

.................

161,409

31,113,199

Saia,

Inc.

(a)

(b)

.......................

175,307

102,554,595

XPO,

Inc.

(a)

(b)

.......................

360,369

43,975,829

192,563,659

Health

Care

Equipment

&

Supplies

—

2.3%

(a)

Haemonetics

Corp.

(b)

.................

201,197

17,172,164

Lantheus

Holdings,

Inc.

(b)

..............

452,261

28,148,725

LivaNova

plc

.......................

131,168

7,337,538

Masimo

Corp.

(b)

.....................

181,723

26,686,022

Penumbra,

Inc.

(b)

....................

254,865

56,880,771

Shockwave

Medical,

Inc.

(b)

..............

243,646

79,338,447

215,563,667

Health

Care

Providers

&

Services

—

2.0%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

...........

608,940

48,240,227

Amedisys,

Inc.

(a)

....................

90,087

8,302,418

Chemed

Corp.

......................

59,676

38,307,815

Encompass

Health

Corp.

..............

297,870

24,598,104

HealthEquity,

Inc.

(a)

(b)

.................

289,767

23,653,680

Option

Care

Health,

Inc.

(a)

..............

642,968

21,565,147

Progyny,

Inc.

(a)

(b)

....................

550,132

20,987,536

185,654,927

Health

Care

REITs

—

0.2%

Omega

Healthcare

Investors,

Inc.

.........

665,812

21,086,266

Health

Care

Technology

—

0.1%

Doximity,

Inc.

,

Class

A

(a)

(b)

..............

403,106

10,847,582

Hotel

&

Resort

REITs

—

0.3%

Park

Hotels

&

Resorts,

Inc.

.............

1,386,611

24,251,826

Hotels,

Restaurants

&

Leisure

—

5.1%

Boyd

Gaming

Corp.

..................

458,819

30,887,695

Choice

Hotels

International,

Inc.

..........

79,701

10,070,221

Churchill

Downs,

Inc.

(b)

................

448,249

55,470,814

Hilton

Grand

Vacations,

Inc.

(a)

(b)

..........

291,639

13,768,277

Hyatt

Hotels

Corp.

,

Class

A

(b)

............

292,010

46,610,636

Light

&

Wonder,

Inc.

,

Class

A

(a)

(b)

.........

594,618

60,704,552

Planet

Fitness,

Inc.

,

Class

A

(a)

(b)

..........

564,076

35,328,080

Texas

Roadhouse,

Inc.

................

440,996

68,120,652

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Travel

+

Leisure

Co.

..................

334,754

$

16,389,556

Vail

Resorts,

Inc.

....................

165,470

36,871,680

Wendy's

Co.

(The)

...................

598,368

11,273,253

Wingstop,

Inc.

......................

194,239

71,169,170

Wyndham

Hotels

&

Resorts,

Inc.

.........

362,351

27,810,439

484,475,025

Household

Durables

—

2.8%

KB

Home

.........................

243,230

17,240,142

Tempur

Sealy

International,

Inc.

..........

1,137,597

64,638,261

Toll

Brothers,

Inc.

....................

688,664

89,092,462

TopBuild

Corp.

(a)

(b)

...................

208,694

91,977,707

262,948,572

Independent

Power

and

Renewable

Electricity

Producers

—

1.6%

Vistra

Corp.

.......................

2,219,400

154,581,210

Industrial

REITs

—

1.1%

EastGroup

Properties,

Inc.

.............

195,275

35,104,587

First

Industrial

Realty

Trust,

Inc.

..........

419,227

22,026,187

Rexford

Industrial

Realty,

Inc.

...........

542,746

27,300,124

STAG

Industrial,

Inc.

.................

599,494

23,044,549

107,475,447

Insurance

—

2.8%

Erie

Indemnity

Co.

,

Class

A,

NVS

.........

95,528

38,361,179

Kinsale

Capital

Group,

Inc.

(b)

............

145,370

76,281,454

Primerica,

Inc.

......................

231,344

58,520,778

RenaissanceRe

Holdings

Ltd.

...........

191,378

44,979,571

RLI

Corp.

.........................

172,389

25,594,595

Selective

Insurance

Group,

Inc.

..........

220,050

24,022,859

267,760,436

Interactive

Media

&

Services

—

0.1%

ZoomInfo

Technologies,

Inc.

(a)

...........

648,073

10,388,610

IT

Services

—

1.2%

GoDaddy,

Inc.

,

Class

A

(a)

...............

929,926

110,363,618

Leisure

Products

—

0.7%

Brunswick

Corp.

....................

277,184

26,753,800

Mattel,

Inc.

(a)

(b)

......................

1,025,242

20,310,044

YETI

Holdings,

Inc.

(a)

(b)

................

366,788

14,139,677

61,203,521

Life

Sciences

Tools

&

Services

—

2.0%

Azenta,

Inc.

(a)

(b)

.....................

235,985

14,225,176

Bruker

Corp.

.......................

367,421

34,515,529

Medpace

Holdings,

Inc.

(a)

..............

153,986

62,233,442

Repligen

Corp.

(a)

(b)

...................

342,874

63,061,386

Sotera

Health

Co.

(a)

..................

824,471

9,901,896

183,937,429

Machinery

—

6.7%

Chart

Industries,

Inc.

(a)

(b)

...............

277,271

45,672,079

Crane

Co.

.........................

322,649

43,599,559

Donaldson

Co.,

Inc.

..................

452,185

33,769,176

Esab

Corp.

........................

374,115

41,365,896

Flowserve

Corp.

....................

389,892

17,810,267

Graco,

Inc.

........................

1,114,577

104,168,366

ITT,

Inc.

..........................

542,140

73,747,304

Lincoln

Electric

Holdings,

Inc.

...........

377,715

96,483,520

Middleby

Corp.

(The)

(a)

(b)

...............

176,981

28,456,775

RBC

Bearings,

Inc.

(a)

(b)

................

191,433

51,753,912

Terex

Corp.

........................

247,345

15,929,018

Timken

Co.

(The)

....................

167,060

14,606,056

Toro

Co.

(The)

......................

330,904

30,320,733

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Watts

Water

Technologies,

Inc.

,

Class

A

.....

180,722

$

38,412,461

636,095,122

Marine

Transportation

—

0.2%

Kirby

Corp.

(a)

.......................

163,910

15,623,901

Media

—

0.5%

New

York

Times

Co.

(The)

,

Class

A

........

1,080,490

46,698,778

Metals

&

Mining

—

1.7%

MP

Materials

Corp.

,

Class

A

(a)

(b)

..........

379,380

5,425,134

Reliance,

Inc.

......................

379,505

126,822,981

Royal

Gold,

Inc.

.....................

225,572

27,476,925

159,725,040

Office

REITs

—

0.1%

COPT

Defense

Properties

..............

289,147

6,988,683

Oil,

Gas

&

Consumable

Fuels

—

5.2%

Antero

Midstream

Corp.

...............

1,304,477

18,340,947

Chord

Energy

Corp.

..................

272,576

48,583,946

Civitas

Resources,

Inc.

................

566,656

43,014,857

CNX

Resources

Corp.

(a)

(b)

..............

1,001,991

23,767,227

DT

Midstream,

Inc.

...................

403,414

24,648,595

Equitrans

Midstream

Corp.

.............

1,172,041

14,638,792

Matador

Resources

Co.

...............

731,629

48,850,868

Murphy

Oil

Corp.

....................

411,062

18,785,533

Ovintiv,

Inc.

........................

1,668,545

86,597,486

Permian

Resources

Corp.

,

Class

A

........

3,039,457

53,676,811

Range

Resources

Corp.

...............

1,593,437

54,862,036

Southwestern

Energy

Co.

(a)

.............

7,272,314

55,124,140

490,891,238

Paper

&

Forest

Products

—

0.2%

Louisiana-Pacific

Corp.

................

275,469

23,114,604

Personal

Care

Products

—

1.4%

(a)

BellRing

Brands,

Inc.

(b)

................

458,402

27,059,470

Coty,

Inc.

,

Class

A

...................

2,482,692

29,692,996

elf

Beauty,

Inc.

(b)

....................

366,536

71,852,052

128,604,518

Pharmaceuticals

—

0.2%

Jazz

Pharmaceuticals

plc

(a)

.............

174,562

21,020,756

Professional

Services

—

2.5%

CACI

International,

Inc.

,

Class

A

(a)

........

54,357

20,592,062

ExlService

Holdings,

Inc.

(a)

.............

619,637

19,704,457

Exponent,

Inc.

......................

170,359

14,086,986

FTI

Consulting,

Inc.

(a)

(b)

................

229,971

48,360,602

Insperity,

Inc.

.......................

116,590

12,779,430

KBR,

Inc.

.........................

410,084

26,105,947

Maximus,

Inc.

......................

294,199

24,683,296

Paylocity

Holding

Corp.

(a)

(b)

.............

286,422

49,224,485

Science

Applications

International

Corp.

....

120,639

15,730,119

231,267,384

Residential

REITs

—

1.0%

American

Homes

4

Rent

,

Class

A

.........

1,260,132

46,347,655

Equity

LifeStyle

Properties,

Inc.

..........

787,871

50,738,892

97,086,547

Retail

REITs

—

0.4%

Brixmor

Property

Group,

Inc.

............

872,211

20,453,348

NNN

REIT,

Inc.

.....................

446,945

19,102,429

39,555,777

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

3.8%

Allegro

MicroSystems,

Inc.

(a)

(b)

...........

164,880

$

4,445,165

Cirrus

Logic,

Inc.

(a)

(b)

..................

203,008

18,790,420

Lattice

Semiconductor

Corp.

(a)

(b)

..........

911,456

71,303,203

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

.........................

227,686

21,775,889

MKS

Instruments,

Inc.

(b)

...............

203,412

27,053,796

Onto

Innovation,

Inc.

(a)

(b)

...............

324,102

58,688,390

Power

Integrations,

Inc.

...............

187,492

13,415,053

Rambus,

Inc.

(a)

(b)

....................

709,927

43,880,588

Silicon

Laboratories,

Inc.

(a)

(b)

.............

210,629

30,271,600

Synaptics,

Inc.

(a)

(b)

...................

106,533

10,393,359

Universal

Display

Corp.

...............

287,707

48,464,244

Wolfspeed,

Inc.

(a)

(b)

...................

391,995

11,563,853

360,045,560

Software

—

4.1%

Appfolio,

Inc.

,

Class

A

(a)

...............

135,013

33,313,108

Aspen

Technology,

Inc.

(a)

(b)

..............

92,321

19,690,223

Blackbaud,

Inc.

(a)

(b)

...................

172,051

12,755,861

CommVault

Systems,

Inc.

(a)

.............

172,839

17,531,060

Dolby

Laboratories,

Inc.

,

Class

A

.........

223,713

18,740,438

Dropbox,

Inc.

,

Class

A

(a)

...............

1,691,676

41,107,727

Dynatrace,

Inc.

(a)

....................

1,583,229

73,525,155

Manhattan

Associates,

Inc.

(a)

............

406,546

101,730,005

Qualys,

Inc.

(a)

(b)

.....................

242,907

40,533,891

Teradata

Corp.

(a)

(b)

...................

645,814

24,973,627

383,901,095

Specialized

REITs

—

1.5%

CubeSmart

........................

816,668

36,929,727

EPR

Properties

.....................

308,856

13,110,937

Gaming

&

Leisure

Properties,

Inc.

........

758,183

34,929,491

Lamar

Advertising

Co.

,

Class

A

..........

335,422

40,052,741

National

Storage

Affiliates

Trust

..........

250,400

9,805,664

Rayonier,

Inc.

......................

341,165

11,340,325

146,168,885

Specialty

Retail

—

5.3%

Burlington

Stores,

Inc.

(a)

(b)

..............

253,333

58,821,389

Dick's

Sporting

Goods,

Inc.

.............

203,598

45,781,046

Five

Below,

Inc.

(a)

(b)

...................

364,462

66,106,118

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

703,726

91,216,964

Murphy

USA,

Inc.

...................

125,212

52,488,871

RH

(a)

(b)

...........................

45,509

15,848,964

Valvoline,

Inc.

(a)

.....................

856,126

38,157,536

Williams-Sonoma,

Inc.

................

423,576

134,498,087

502,918,975

Technology

Hardware,

Storage

&

Peripherals

—

1.1%

Pure

Storage,

Inc.

,

Class

A

(a)

............

1,961,311

101,968,559

Textiles,

Apparel

&

Luxury

Goods

—

1.5%

Capri

Holdings

Ltd.

(a)

.................

370,484

16,782,925

Columbia

Sportswear

Co.

..............

108,934

8,843,262

Crocs,

Inc.

(a)

.......................

399,949

57,512,666

Skechers

USA,

Inc.

,

Class

A

(a)

...........

882,190

54,042,960

137,181,813

Trading

Companies

&

Distributors

—

2.2%

Applied

Industrial

Technologies,

Inc.

.......

255,347

50,443,800

Core

&

Main,

Inc.

,

Class

A

(a)

.............

642,054

36,757,592

GATX

Corp.

.......................

87,074

11,670,528

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

.....

163,251

15,841,877

Watsco,

Inc.

.......................

206,535

89,216,924

203,930,721

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Water

Utilities

—

0.3%

Essential

Utilities,

Inc.

.................

796,961

$

29,527,405

Total

Long-Term

Investments

—

99

.6

%

(Cost:

$

7,060,489,136

)

............................

9,404,185,118

Short-Term

Securities

Money

Market

Funds

—

5.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

..................

472,449,268

472,685,493

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

31,639,348

31,639,348

Total

Short-Term

Securities

—

5

.3

%

(Cost:

$

504,036,200

)

..............................

504,324,841

Total

Investments

—

104

.9

%

(Cost:

$

7,564,525,336

)

............................

9,908,509,959

Liabilities

in

Excess

of

Other

Assets

—

(

4.9

)

%

.............

(

467,136,740

)

Net

Assets

—

100.0%

...............................

$

9,441,373,219

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

464,469,730

$

8,149,430

(a)

$

—

$

48,688

$

17,645

$

472,685,493

472,449,268

$

1,091,148

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

8,491,759

23,147,589

(a)

—

—

—

31,639,348

31,639,348

1,199,082

—

$

48,688

$

17,645

$

504,324,841

$

2,290,230

$

—

—

—

(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.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

16

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

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

.................................................

30

06/21/24

$

9,232

$

289,197

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

HSBC

Bank

plc

(b)

02/10/28

$

20,252,227

$

2,577,968

(c)

$

22,876,699

0

.2

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

04/10/24

2,200,521

173,980

(e)

2,379,046

0

.0

$

2,751,948

$

25,255,745

(b)

(d)

Range:

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

HSBC

(c)

Amount

includes

$(46,504)

of

net

dividends

and

financing

fees.

(d)

JPMChase

(e)

Amount

includes

$(4,545)

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Financial

Services

$

Equitable

Holdings,

Inc.

.....

601,860

$

22,876,699

100

.0

%

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

22,876,699

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

April

10,

2024:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Financial

Services

$

Equitable

Holdings,

Inc.

.....

62,590

$

2,379,046

100

.0

%

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

2,379,046

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

2,751,948

$

—

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

Schedules

of

Investments

17

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

—

Offsetting

as

of

Period

End

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

289,197

$

—

$

—

$

—

$

289,197

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

2,751,948

—

—

—

2,751,948

$

—

$

—

$

3,041,145

$

—

$

—

$

—

$

3,041,145

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

1,815,834

$

—

$

—

$

—

$

1,815,834

Swaps

..............................

—

—

1,817,628

—

—

—

1,817,628

$

—

$

—

$

3,633,462

$

—

$

—

$

—

$

3,633,462

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

5,803

)

$

—

$

—

$

—

$

(

5,803

)

Swaps

..............................

—

—

2,731,319

—

—

—

2,731,319

$

—

$

—

$

2,725,516

$

—

$

—

$

—

$

2,725,516

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

12,380,860

Total

return

swaps

Average

notional

value

...............................................................................................

$

18,482,983

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

70

$

—

Swaps

—

OTC

(a)

....................................................................................

2,751,948

—

Total

d

erivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

2,752,018

$

—

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

(

70

)

—

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

2,751,948

$

—

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Growth

ETF

18

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.

The

following

table

presents

the

Fund's

derivative

assets

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)

HSBC

Bank

plc

.................................

$

2,577,968

$

—

$

—

$

(

2,260,000

)

$

317,968

JPMorgan

Chase

Bank

NA

.........................

$

173,980

$

—

$

—

$

—

$

173,980

$

2,751,948

$

—

$

—

$

(

2,260,000

)

$

491,948

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

9,404,185,118

$

—

$

—

$

9,404,185,118

Short-Term

Securities

Money

Market

Funds

......................................

504,324,841

—

—

504,324,841

$

9,908,509,959

$

—

$

—

$

9,908,509,959

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

289,197

$

2,751,948

$

—

$

3,041,145

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.5%

Curtiss-Wright

Corp.

..................

78,524

$

20,097,433

Hexcel

Corp.

.......................

252,492

18,394,042

38,491,475

Air

Freight

&

Logistics

—

0.2%

GXO

Logistics,

Inc.

(a)

(b)

................

258,201

13,880,886

Automobile

Components

—

1.9%

Adient

plc

(b)

........................

535,425

17,626,191

Autoliv,

Inc.

........................

172,608

20,787,181

Fox

Factory

Holding

Corp.

(a)

(b)

...........

154,051

8,021,436

Gentex

Corp.

......................

492,696

17,796,180

Goodyear

Tire

&

Rubber

Co.

(The)

(b)

.......

1,663,504

22,839,910

Lear

Corp.

........................

334,699

48,491,191

Visteon

Corp.

(b)

.....................

89,741

10,554,439

146,116,528

Automobiles

—

0.9%

Harley-Davidson,

Inc.

.................

743,526

32,521,827

Thor

Industries,

Inc.

..................

312,833

36,707,824

69,229,651

Banks

—

9.4%

Associated

Banc-Corp.

................

872,643

18,770,551

Bank

OZK

........................

296,280

13,468,889

Cadence

Bank

.....................

1,068,868

30,997,172

Columbia

Banking

System,

Inc.

..........

1,223,699

23,678,576

Commerce

Bancshares,

Inc.

............

410,040

21,814,128

Cullen/Frost

Bankers,

Inc.

..............

218,471

24,593,280

East

West

Bancorp,

Inc.

...............

380,328

30,087,748

First

Financial

Bankshares,

Inc.

..........

452,081

14,832,778

First

Horizon

Corp.

...................

3,278,850

50,494,290

FNB

Corp.

........................

2,104,628

29,675,255

Glacier

Bancorp,

Inc.

.................

650,525

26,203,147

Hancock

Whitney

Corp.

...............

242,609

11,169,718

Home

BancShares,

Inc.

...............

1,099,541

27,015,722

International

Bancshares

Corp.

..........

178,475

10,019,586

New

York

Community

Bancorp,

Inc.

(a)

......

4,221,969

13,594,740

Old

National

Bancorp

.................

1,716,933

29,891,804

Pinnacle

Financial

Partners,

Inc.

..........

263,262

22,608,941

Prosperity

Bancshares,

Inc.

.............

549,843

36,168,673

SouthState

Corp.

....................

445,548

37,884,946

Synovus

Financial

Corp.

...............

857,445

34,349,247

Texas

Capital

Bancshares,

Inc.

(a)

(b)

........

277,138

17,057,844

UMB

Financial

Corp.

.................

256,233

22,289,709

United

Bankshares,

Inc.

...............

789,746

28,265,009

Valley

National

Bancorp

...............

2,502,062

19,916,413

Webster

Financial

Corp.

...............

1,009,329

51,243,633

Wintrust

Financial

Corp.

...............

358,967

37,472,565

Zions

Bancorp

NA

...................

869,152

37,721,197

721,285,561

Beverages

—

0.1%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(b)

......

29,816

9,076,587

Biotechnology

—

0.8%

(b)

Cytokinetics,

Inc.

....................

316,359

22,179,929

Roivant

Sciences

Ltd.

.................

752,738

7,933,859

United

Therapeutics

Corp.

(a)

.............

151,636

34,833,822

64,947,610

Broadline

Retail

—

0.6%

Macy's,

Inc.

.......................

1,607,917

32,142,261

Nordstrom,

Inc.

.....................

570,028

11,554,467

43,696,728

Security

Shares

Shares

Value

Building

Products

—

0.5%

Fortune

Brands

Innovations,

Inc.

.........

443,860

$

37,581,626

Capital

Markets

—

3.4%

Affiliated

Managers

Group,

Inc.

..........

198,237

33,198,750

Carlyle

Group,

Inc.

(The)

...............

660,410

30,979,833

Evercore,

Inc.

,

Class

A

................

63,042

12,141,259

Federated

Hermes,

Inc.

,

Class

B

.........

479,395

17,315,748

Interactive

Brokers

Group,

Inc.

,

Class

A

(a)

....

257,410

28,755,271

Janus

Henderson

Group

plc

............

777,499

25,571,942

Jefferies

Financial

Group,

Inc.

...........

995,151

43,886,159

SEI

Investments

Co.

..................

292,443

21,026,652

Stifel

Financial

Corp.

.................

598,636

46,795,376

259,670,990

Chemicals

—

2.3%

Arcadium

Lithium

plc

(a)

(b)

...............

2,356,404

10,156,101

Ashland,

Inc.

.......................

293,836

28,610,811

Avient

Corp.

.......................

534,819

23,211,145

Cabot

Corp.

.......................

107,245

9,887,989

Chemours

Co.

(The)

..................

870,912

22,870,149

Olin

Corp.

.........................

416,058

24,464,210

RPM

International,

Inc.

................

347,787

41,369,264

Scotts

Miracle-Gro

Co.

(The)

............

152,639

11,385,343

171,955,012

Commercial

Services

&

Supplies

—

0.4%

Stericycle,

Inc.

(a)

(b)

...................

542,809

28,633,175

Communications

Equipment

—

0.6%

(b)

Ciena

Corp.

.......................

501,970

24,822,416

Lumentum

Holdings,

Inc.

(a)

.............

395,825

18,742,314

43,564,730

Construction

&

Engineering

—

2.3%

AECOM

..........................

430,468

42,220,302

Fluor

Corp.

(b)

.......................

999,547

42,260,847

MasTec,

Inc.

(b)

......................

355,228

33,125,011

MDU

Resources

Group,

Inc.

............

1,194,693

30,106,264

Valmont

Industries,

Inc.

................

122,562

27,978,453

175,690,877

Construction

Materials

—

0.1%

Knife

River

Corp.

(b)

...................

96,386

7,814,977

Consumer

Finance

—

1.1%

Ally

Financial,

Inc.

...................

1,592,628

64,644,770

SLM

Corp.

........................

775,482

16,897,753

81,542,523

Consumer

Staples

Distribution

&

Retail

—

3.1%

(b)

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

782,513

59,197,108

Grocery

Outlet

Holding

Corp.

(a)

...........

582,397

16,761,386

Performance

Food

Group

Co.

...........

912,784

68,130,198

Sprouts

Farmers

Market,

Inc.

............

351,513

22,665,558

US

Foods

Holding

Corp.

(a)

..............

1,326,963

71,616,193

238,370,443

Containers

&

Packaging

—

2.8%

AptarGroup,

Inc.

....................

158,790

22,848,293

Berry

Global

Group,

Inc.

...............

679,956

41,123,739

Crown

Holdings,

Inc.

.................

372,195

29,500,176

Graphic

Packaging

Holding

Co.

..........

1,795,552

52,394,207

Greif,

Inc.

,

Class

A,

NVS

...............

149,452

10,319,661

Silgan

Holdings,

Inc.

..................

474,826

23,057,550

Sonoco

Products

Co.

.................

574,683

33,239,665

212,483,291

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Value

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Consumer

Services

—

0.6%

Graham

Holdings

Co.

,

Class

B

...........

21,004

$

16,124,351

Service

Corp.

International

.............

424,723

31,518,694

47,643,045

Diversified

REITs

—

0.9%

WP

Carey,

Inc.

.....................

1,282,893

72,406,481

Diversified

Telecommunication

Services

—

0.5%

Frontier

Communications

Parent,

Inc.

(a)

(b)

....

1,297,784

31,795,708

Iridium

Communications,

Inc.

............

363,307

9,504,111

41,299,819

Electric

Utilities

—

1.6%

ALLETE,

Inc.

......................

337,210

20,111,205

IDACORP,

Inc.

.....................

181,153

16,827,302

OGE

Energy

Corp.

...................

1,175,033

40,303,632

PNM

Resources,

Inc.

.................

503,605

18,955,692

Portland

General

Electric

Co.

............

593,333

24,919,986

121,117,817

Electrical

Equipment

—

1.8%

Acuity

Brands,

Inc.

...................

87,728

23,575,146

EnerSys

..........................

135,140

12,765,324

Regal

Rexnord

Corp.

.................

388,965

70,052,597

Sensata

Technologies

Holding

plc

.........

887,961

32,623,687

139,016,754

Electronic

Equipment,

Instruments

&

Components

—

3.5%

Arrow

Electronics,

Inc.

(b)

...............

315,696

40,870,004

Avnet,

Inc.

........................

530,143

26,284,490

Belden,

Inc.

(a)

......................

244,538

22,646,664

Cognex

Corp.

......................

565,580

23,991,904

Coherent

Corp.

(b)

....................

775,142

46,989,108

Crane

NXT

Co.

.....................

283,266

17,534,166

IPG

Photonics

Corp.

(b)

................

95,386

8,650,556

Littelfuse,

Inc.

......................

43,831

10,622,443

Novanta,

Inc.

(a)

(b)

....................

88,239

15,421,530

TD

SYNNEX

Corp.

...................

335,024

37,891,214

Vishay

Intertechnology,

Inc.

.............

740,573

16,796,196

267,698,275

Energy

Equipment

&

Services

—

0.8%

ChampionX

Corp.

...................

369,973

13,278,331

NOV,

Inc.

.........................

2,312,272

45,135,549

58,413,880

Entertainment

—

0.2%

TKO

Group

Holdings,

Inc.

..............

200,335

17,310,947

Financial

Services

—

1.8%

Equitable

Holdings,

Inc.

...............

298,094

11,330,553

Essent

Group

Ltd.

...................

624,883

37,186,787

Euronet

Worldwide,

Inc.

(a)

(b)

.............

118,247

12,998,893

MGIC

Investment

Corp.

...............

991,165

22,162,449

Voya

Financial,

Inc.

..................

362,566

26,800,879

Western

Union

Co.

(The)

..............

1,945,540

27,198,649

137,678,210

Food

Products

—

2.0%

Darling

Ingredients,

Inc.

(b)

..............

935,934

43,530,290

Flowers

Foods,

Inc.

..................

1,127,115

26,768,981

Ingredion,

Inc.

......................

244,741

28,597,986

Lancaster

Colony

Corp.

...............

62,122

12,898,391

Pilgrim's

Pride

Corp.

(a)

(b)

...............

236,570

8,119,083

Post

Holdings,

Inc.

(b)

..................

295,340

31,388,735

151,303,466

Security

Shares

Shares

Value

Gas

Utilities

—

2.0%

National

Fuel

Gas

Co.

................

540,387

$

29,029,590

New

Jersey

Resources

Corp.

............

576,486

24,737,014

ONE

Gas,

Inc.

......................

325,365

20,995,803

Southwest

Gas

Holdings,

Inc.

...........

352,460

26,832,780

Spire,

Inc.

.........................

322,577

19,796,551

UGI

Corp.

.........................

1,229,383

30,169,059

151,560,797

Ground

Transportation

—

2.1%

Hertz

Global

Holdings,

Inc.

(a)

(b)

...........

768,408

6,016,635

Knight-Swift

Transportation

Holdings,

Inc.

...

946,827

52,094,421

Landstar

System,

Inc.

.................

67,485

13,008,409

Ryder

System,

Inc.

...................

260,026

31,252,525

Werner

Enterprises,

Inc.

...............

372,224

14,561,403

XPO,

Inc.

(a)

(b)

.......................

361,219

44,079,554

161,012,947

Health

Care

Equipment

&

Supplies

—

2.1%

(b)

Enovis

Corp.

(a)

......................

291,469

18,202,239

Envista

Holdings

Corp.

(a)

...............

1,006,378

21,516,362

Globus

Medical,

Inc.

,

Class

A

............

676,313

36,277,429

Haemonetics

Corp.

(a)

.................

119,167

10,170,903

Integra

LifeSciences

Holdings

Corp.

.......

399,090

14,147,741

LivaNova

plc

.......................

199,114

11,138,437

Masimo

Corp.

(a)

.....................

98,942

14,529,633

Neogen

Corp.

(a)

.....................

1,156,071

18,242,800

QuidelOrtho

Corp.

(a)

..................

290,159

13,910,223

158,135,767

Health

Care

Providers

&

Services

—

2.3%

Amedisys,

Inc.

(b)

....................

111,043

10,233,723

Chemed

Corp.

......................

35,351

22,692,867

Encompass

Health

Corp.

..............

323,476

26,712,648

HealthEquity,

Inc.

(b)

...................

246,715

20,139,345

Option

Care

Health,

Inc.

(b)

..............

467,641

15,684,679

R1

RCM,

Inc.

(b)

.....................

1,156,329

14,893,518

Tenet

Healthcare

Corp.

(b)

...............

595,780

62,622,436

172,979,216

Health

Care

REITs

—

1.0%

Healthcare

Realty

Trust,

Inc.

,

Class

A

......

2,234,491

31,618,048

Omega

Healthcare

Investors,

Inc.

.........

849,014

26,888,273

Sabra

Health

Care

REIT,

Inc.

............

1,356,659

20,037,853

78,544,174

Health

Care

Technology

—

0.1%

Doximity,

Inc.

,

Class

A

(a)

(b)

..............

358,355

9,643,333

Hotels,

Restaurants

&

Leisure

—

1.9%

Aramark

..........................

1,540,137

50,085,255

Choice

Hotels

International,

Inc.

(a)

.........

73,952

9,343,835

Hilton

Grand

Vacations,

Inc.

(b)

...........

159,101

7,511,158

Marriott

Vacations

Worldwide

Corp.

........

193,787

20,876,674

Penn

Entertainment,

Inc.

(a)

(b)

............

874,103

15,917,416

Travel

+

Leisure

Co.

..................

127,691

6,251,751

Vail

Resorts,

Inc.

....................

75,750

16,879,373

Wendy's

Co.

(The)

...................

450,881

8,494,598

Wyndham

Hotels

&

Resorts,

Inc.

.........

165,526

12,704,120

148,064,180

Household

Durables

—

1.6%

Helen

of

Troy

Ltd.

(a)

(b)

.................

139,314

16,054,545

KB

Home

.........................

215,591

15,281,090

Leggett

&

Platt,

Inc.

..................

782,639

14,987,537

Taylor

Morrison

Home

Corp.

(b)

...........

631,046

39,232,130

Whirlpool

Corp.

.....................

322,671

38,601,132

124,156,434

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Ormat

Technologies,

Inc.

...............

315,144

$

20,859,381

Industrial

REITs

—

1.3%

EastGroup

Properties,

Inc.

.............

106,352

19,118,899

First

Industrial

Realty

Trust,

Inc.

..........

403,575

21,203,830

Rexford

Industrial

Realty,

Inc.

...........

753,586

37,905,376

STAG

Industrial,

Inc.

.................

532,632

20,474,374

98,702,479

Insurance

—

6.7%

American

Financial

Group,

Inc.

..........

382,740

52,236,355

Brighthouse

Financial,

Inc.

(b)

............

376,674

19,413,778

CNO

Financial

Group,

Inc.

..............

639,096

17,562,358

Erie

Indemnity

Co.

,

Class

A,

NVS

.........

61,463

24,681,697

Fidelity

National

Financial,

Inc.

,

Class

A

.....

1,324,770

70,345,287

First

American

Financial

Corp.

...........

605,336

36,955,763

Hanover

Insurance

Group,

Inc.

(The)

......

210,030

28,599,785

Kemper

Corp.

......................

354,669

21,961,105

Old

Republic

International

Corp.

..........

1,530,354

47,012,475

Reinsurance

Group

of

America,

Inc.

.......

386,653

74,577,631

RenaissanceRe

Holdings

Ltd.

...........

139,114

32,695,963

RLI

Corp.

.........................

82,471

12,244,469

Selective

Insurance

Group,

Inc.

..........

160,096

17,477,680

Unum

Group

.......................

1,001,482

53,739,524

509,503,870

Interactive

Media

&

Services

—

0.5%

(a)(b)

Ziff

Davis,

Inc.

......................

269,787

17,007,372

ZoomInfo

Technologies,

Inc.

............

1,164,632

18,669,051

35,676,423

IT

Services

—

0.4%

Kyndryl

Holdings,

Inc.

(b)

................

1,349,956

29,375,043

Leisure

Products

—

1.0%

Brunswick

Corp.

....................

157,424

15,194,564

Mattel,

Inc.

(a)

(b)

......................

1,160,675

22,992,972

Polaris,

Inc.

........................

311,434

31,180,772

YETI

Holdings,

Inc.

(a)

(b)

................

183,410

7,070,456

76,438,764

Life

Sciences

Tools

&

Services

—

0.4%

Azenta,

Inc.

(a)

(b)

.....................

117,780

7,099,778

Bruker

Corp.

.......................

217,635

20,444,632

27,544,410

Machinery

—

2.9%

AGCO

Corp.

.......................

364,621

44,855,675

Donaldson

Co.,

Inc.

..................

303,076

22,633,716

Flowserve

Corp.

....................

423,381

19,340,044

Middleby

Corp.

(The)

(a)

(b)

...............

157,238

25,282,298

Oshkosh

Corp.

.....................

383,907

47,877,042

Terex

Corp.

........................

172,955

11,138,302

Timken

Co.

(The)

....................

232,287

20,308,852

Toro

Co.

(The)

......................

318,412

29,176,092

220,612,021

Marine

Transportation

—

0.3%

Kirby

Corp.

(b)

.......................

201,100

19,168,852

Media

—

0.8%

Cable

One,

Inc.

.....................

26,696

11,295,879

Nexstar

Media

Group,

Inc.

..............

189,111

32,581,934

TEGNA,

Inc.

.......................

1,155,597

17,264,619

61,142,432

Security

Shares

Shares

Value

Metals

&

Mining

—

2.9%

Alcoa

Corp.

........................

1,047,050

$

35,379,820

Cleveland-Cliffs,

Inc.

(a)

(b)

...............

2,923,335

66,476,638

Commercial

Metals

Co.

................

683,463

40,167,121

MP

Materials

Corp.

,

Class

A

(a)

(b)

..........

507,004

7,250,157

Royal

Gold,

Inc.

.....................

184,994

22,534,119

United

States

Steel

Corp.

..............

1,312,567

53,526,482

225,334,337

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.2%

Annaly

Capital

Management,

Inc.

.........

2,933,843

57,767,369

Starwood

Property

Trust,

Inc.

............

1,745,737

35,490,833

93,258,202

Multi-Utilities

—

0.5%

Black

Hills

Corp.

....................

398,914

21,780,704

Northwestern

Energy

Group,

Inc.

.........

359,321

18,300,219

40,080,923

Office

REITs

—

1.1%

COPT

Defense

Properties

..............

401,557

9,705,633

Cousins

Properties,

Inc.

...............

887,265

21,329,850

Kilroy

Realty

Corp.

...................

626,414

22,820,262

Vornado

Realty

Trust

.................

937,957

26,985,023

80,840,768

Oil,

Gas

&

Consumable

Fuels

—

3.4%

Antero

Midstream

Corp.

...............

839,256

11,799,939

Antero

Resources

Corp.

(a)

(b)

.............

1,658,130

48,085,770

Chesapeake

Energy

Corp.

(a)

............

652,240

57,938,479

DT

Midstream,

Inc.

...................

210,507

12,861,978

Equitrans

Midstream

Corp.

.............

1,499,425

18,727,818

HF

Sinclair

Corp.

....................

915,199

55,250,564

Murphy

Oil

Corp.

....................

485,139

22,170,852

PBF

Energy,

Inc.

,

Class

A

..............

638,061

36,733,172

263,568,572

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

................

131,792

11,058,667

Personal

Care

Products

—

0.3%

BellRing

Brands,

Inc.

(a)

(b)

...............

361,209

21,322,167

Pharmaceuticals

—

0.7%

Jazz

Pharmaceuticals

plc

(b)

.............

214,244

25,799,263

Perrigo

Co.

plc

.....................

794,986

25,590,599

51,389,862

Professional

Services

—

3.0%

ASGN,

Inc.

(b)

.......................

276,910

29,009,092

CACI

International,

Inc.

,

Class

A

(a)

(b)

.......

82,331

31,189,453

Concentrix

Corp.

....................

275,853

18,266,986

ExlService

Holdings,

Inc.

(b)

.............

416,166

13,234,079

Exponent,

Inc.

......................

145,526

12,033,545

Genpact

Ltd.

.......................

968,802

31,922,026

Insperity,

Inc.

.......................

103,916

11,390,233

KBR,

Inc.

.........................

427,699

27,227,318

ManpowerGroup,

Inc.

.................

286,350

22,232,214

Maximus,

Inc.

......................

96,457

8,092,742

Science

Applications

International

Corp.

....

198,545

25,888,282

230,485,970

Real

Estate

Management

&

Development

—

0.7%

Jones

Lang

LaSalle,

Inc.

(b)

..............

279,099

54,449,424

Residential

REITs

—

1.3%

American

Homes

4

Rent

,

Class

A

.........

746,369

27,451,452

Apartment

Income

REIT

Corp.

...........

847,645

27,523,033

Equity

LifeStyle

Properties,

Inc.

..........

393,794

25,360,333

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Value

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Residential

REITs

(continued)

Independence

Realty

Trust,

Inc.

..........

1,316,691

$

21,238,226

101,573,044

Retail

REITs

—

1.5%

Agree

Realty

Corp.

..................

588,223

33,599,298

Brixmor

Property

Group,

Inc.

............

987,655

23,160,510

Kite

Realty

Group

Trust

................

1,287,088

27,904,068

NNN

REIT,

Inc.

.....................

674,282

28,818,812

113,482,688

Semiconductors

&

Semiconductor

Equipment

—

1.5%

Allegro

MicroSystems,

Inc.

(a)

(b)

...........

272,062

7,334,792

Amkor

Technology,

Inc.

................

605,592

19,524,286

Cirrus

Logic,

Inc.

(b)

...................

136,070

12,594,639

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

.........................

118,895

11,371,118

MKS

Instruments,

Inc.

(a)

...............

188,077

25,014,241

Power

Integrations,

Inc.

...............

166,808

11,935,112

Synaptics,

Inc.

(a)

(b)

...................

135,954

13,263,672

Wolfspeed,

Inc.

(a)

(b)

...................

392,332

11,573,794

112,611,654

Software

—

0.6%

Aspen

Technology,

Inc.

(a)

(b)

..............

82,025

17,494,292

Blackbaud,

Inc.

(b)

....................

93,649

6,943,137

CommVault

Systems,

Inc.

(b)

.............

102,465

10,393,025

Dolby

Laboratories,

Inc.

,

Class

A

.........

150,111

12,574,798

47,405,252

Specialized

REITs

—

1.9%

CubeSmart

........................

593,654

26,845,034

EPR

Properties

.....................

168,238

7,141,703

Gaming

&

Leisure

Properties,

Inc.

........

892,914

41,136,548

Lamar

Advertising

Co.

,

Class

A

..........

215,807

25,769,514

National

Storage

Affiliates

Trust

..........

231,116

9,050,503

PotlatchDeltic

Corp.

..................

465,614

21,893,170

Rayonier,

Inc.

......................

496,213

16,494,120

148,330,592

Specialty

Retail

—

3.1%

AutoNation,

Inc.

(a)

(b)

..................

152,170

25,196,309

Burlington

Stores,

Inc.

(b)

...............

150,048

34,839,645

Dick's

Sporting

Goods,

Inc.

.............

160,407

36,069,118

GameStop

Corp.

,

Class

A

(a)

(b)

............

1,575,205

19,721,567

Gap,

Inc.

(The)

.....................

1,261,838

34,763,637

Lithia

Motors,

Inc.

,

Class

A

.............

161,490

48,585,881

Penske

Automotive

Group,

Inc.

..........

114,355

18,524,366

RH

(a)

(b)

...........................

49,380

17,197,079

234,897,602

Textiles,

Apparel

&

Luxury

Goods

—

1.4%

Capri

Holdings

Ltd.

(b)

.................

355,498

16,104,059

Carter's,

Inc.

.......................

216,079

18,297,570

Columbia

Sportswear

Co.

..............

105,221

8,541,841

PVH

Corp.

........................

349,967

49,208,860

Under

Armour,

Inc.

,

Class

A

(a)

(b)

..........

1,107,676

8,174,649

Under

Armour,

Inc.

,

Class

C,

NVS

(a)

(b)

......

1,119,550

7,993,587

108,320,566

Trading

Companies

&

Distributors

—

1.3%

Core

&

Main,

Inc.

,

Class

A

(b)

.............

430,323

24,635,992

GATX

Corp.

.......................

131,215

17,586,746

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

.....

123,291

11,964,159

WESCO

International,

Inc.

..............

257,405

44,088,328

98,275,225

Security

Shares

Shares

Value

Water

Utilities

—

0.4%

Essential

Utilities,

Inc.

.................

767,058

$

28,419,499

Total

Long-Term

Investments

—

99

.3

%

(Cost:

$

7,012,109,903

)

............................

7,586,146,901

Short-Term

Securities

Money

Market

Funds

—

4.0%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

..................

253,427,540

253,554,253

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

52,737,987

52,737,987

Total

Short-Term

Securities

—

4

.0

%

(Cost:

$

306,144,901

)

..............................

306,292,240

Total

Investments

—

103

.3

%

(Cost:

$

7,318,254,804

)

............................

7,892,439,141

Liabilities

in

Excess

of

Other

Assets

—

(

3.3

)

%

.............

(

249,481,004

)

Net

Assets

—

100.0%

...............................

$

7,642,958,137

(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

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

23

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

621,271,900

$

—

$

(

367,822,396

)

(a)

$

138,669

$

(

33,920

)

$

253,554,253

253,427,540

$

1,891,388

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

24,164,805

28,573,182

(a)

—

—

—

52,737,987

52,737,987

1,830,462

—

$

138,669

$

(

33,920

)

$

306,292,240

$

3,721,850

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

56

06/21/24

$

17,233

$

563,404

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

7,711,054

$

657,165

(c)

$

8,303,014

0

.1

%

Monthly

HSBC

Bank

plc

(d)

02/10/28

20,529,901

2,579,195

(e)

23,099,567

0

.3

Monthly

JPMorgan

Chase

Bank

NA

(f)

04/10/24

5,325,123

541,291

(g)

5,528,914

0

.1

$

3,777,651

$

36,931,495

(b)

(d)

(f)

Range:

40

basis

points

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$65,205

of

net

dividends

and

financing

fees.

(d)

HSBC

(e)

Amount

includes

$9,529

of

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$337,500

of

net

dividends

and

financing

fees.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Value

ETF

24

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Insurance

$

Fidelity

National

Financial,

Inc.

154,944

$

8,227,526

99

.1

%

Financial

Services

Equitable

Holdings,

Inc.

.....

1,986

75,488

0

.9

Total

Reference

Entity

—

Long

............

8,303,014

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

8,303,014

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Insurance

$

Fidelity

National

Financial,

Inc.

29,307

1,556,202

6

.7

Financial

Services

Equitable

Holdings,

Inc.

.....

564,624

21,461,358

92

.9

Western

Union

Co.

(The)

....

5,866

82,007

0

.4

21,543,365

Total

Reference

Entity

—

Long

............

23,099,567

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

23,099,567

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

April

10,

2024:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

$

Cadence

Bank

...........

2,781

80,649

1

.5

New

York

Community

Bancorp,

Inc.

.................

23,199

74,701

1

.3

155,350

Financial

Services

Western

Union

Co.

(The)

....

104,889

1,466,348

26

.5

Insurance

Fidelity

National

Financial,

Inc.

7,827

415,614

7

.5

Unum

Group

............

65,069

3,491,602

63

.2

3,907,216

Total

Reference

Entity

—

Long

............

5,528,914

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

5,528,914

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Value

ETF

Schedules

of

Investments

25

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.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

3,777,651

$

—

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

563,404

$

—

$

—

$

—

$

563,404

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

3,777,651

—

—

—

3,777,651

$

—

$

—

$

4,341,055

$

—

$

—

$

—

$

4,341,055

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

1,886,823

$

—

$

—

$

—

$

1,886,823

Swaps

..............................

—

—

3,551,984

—

—

—

3,551,984

$

—

$

—

$

5,438,807

$

—

$

—

$

—

$

5,438,807

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

37,223

$

—

$

—

$

—

$

37,223

Swaps

..............................

—

—

3,793,740

—

—

—

3,793,740

$

—

$

—

$

3,830,963

$

—

$

—

$

—

$

3,830,963

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

16,247,700

Total

return

swaps

Average

notional

value

...............................................................................................

$

36,584,294

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Mid-Cap

400

Value

ETF

26

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

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.

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

59

Swaps

—

OTC

(a)

....................................................................................

3,777,651

—

Total

d

erivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

3,777,651

$

59

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

—

(

59

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

3,777,651

$

—

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents

the

Fund's

derivative

assets

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)

Goldman

Sachs

Bank

USA

.........................

$

657,165

$

—

$

—

$

—

$

657,165

HSBC

Bank

plc

.................................

$

2,579,195

$

—

$

—

$

(

2,170,000

)

$

409,195

JPMorgan

Chase

Bank

NA

.........................

541,291

—

—

(

410,000

)

131,291

$

3,777,651

$

—

$

—

$

(

2,580,000

)

$

1,197,651

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

7,586,146,901

$

—

$

—

$

7,586,146,901

Short-Term

Securities

Money

Market

Funds

......................................

306,292,240

—

—

306,292,240

$

7,892,439,141

$

—

$

—

$

7,892,439,141

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

563,404

$

3,777,651

$

—

$

4,341,055

$

563,404

$

3,777,651

$

—

$

4,341,055

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2024

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.7%

AAR

Corp.

(a)(b)

......................

233,553

$

13,982,818

AeroVironment,

Inc.

(a)(b)

................

273,998

41,998,413

Moog,

Inc.

,

Class

A

..................

281,074

44,873,464

National

Presto

Industries,

Inc.

...........

22,497

1,885,249

102,739,944

Automobile

Components

—

1.4%

Dorman

Products,

Inc.

(b)

...............

191,740

18,481,819

Gentherm,

Inc.

(a)(b)

...................

147,468

8,491,207

LCI

Industries

......................

156,446

19,252,245

Patrick

Industries,

Inc.

................

203,381

24,297,928

XPEL,

Inc.

(a)(b)(c)

.....................

207,959

11,233,945

81,757,144

Automobiles

—

0.2%

Winnebago

Industries,

Inc.

.............

160,051

11,843,774

Banks

—

4.0%

Axos

Financial,

Inc.

(b)

.................

310,133

16,759,587

BancFirst

Corp.

.....................

87,820

7,730,795

Bancorp,

Inc.

(The)

(a)(b)

................

511,373

17,110,541

Bank

of

Hawaii

Corp.

.................

151,179

9,432,058

Berkshire

Hills

Bancorp,

Inc.

............

199,743

4,578,109

Cathay

General

Bancorp

...............

324,646

12,281,358

City

Holding

Co.

....................

84,612

8,818,263

Customers

Bancorp,

Inc.

(b)

..............

276,300

14,660,478

First

BanCorp

......................

1,605,798

28,165,697

First

Commonwealth

Financial

Corp.

.......

446,594

6,216,588

Lakeland

Financial

Corp.

...............

113,648

7,537,135

OFG

Bancorp

......................

451,204

16,608,819

Park

National

Corp.

..................

57,487

7,809,609

Pathward

Financial,

Inc.

...............

247,558

12,496,728

Preferred

Bank

.....................

118,813

9,121,274

S&T

Bancorp,

Inc.

...................

192,672

6,180,918

ServisFirst

Bancshares,

Inc.

............

220,295

14,618,776

Southside

Bancshares,

Inc.

.............

109,430

3,198,639

Triumph

Financial,

Inc.

(a)(b)

..............

210,717

16,714,072

Westamerica

BanCorp

................

154,558

7,554,795

WSFS

Financial

Corp.

................

248,334

11,209,797

238,804,036

Beverages

—

0.2%

MGP

Ingredients,

Inc.

(a)

................

88,623

7,633,099

National

Beverage

Corp.

(b)

..............

126,673

6,011,900

13,644,999

Biotechnology

—

2.0%

(b)

Alkermes

plc

.......................

1,044,021

28,261,649

Arcus

Biosciences,

Inc.

(a)

...............

218,895

4,132,738

Catalyst

Pharmaceuticals,

Inc.

(a)

..........

1,093,243

17,426,293

Dynavax

Technologies

Corp.

(a)

...........

1,263,544

15,680,581

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

....

765,533

6,667,792

Myriad

Genetics,

Inc.

(a)

................

424,065

9,041,066

REGENXBIO,

Inc.

(a)

..................

172,267

3,629,666

Vericel

Corp.

(a)

......................

466,517

24,268,214

Xencor,

Inc.

.......................

309,430

6,847,686

115,955,685

Building

Products

—

3.4%

AAON,

Inc.

(a)

.......................

659,168

58,072,701

American

Woodmark

Corp.

(b)

............

87,727

8,918,327

Apogee

Enterprises,

Inc.

...............

98,015

5,802,488

Armstrong

World

Industries,

Inc.

..........

431,866

53,646,394

AZZ,

Inc.

.........................

245,886

19,009,447

Gibraltar

Industries,

Inc.

(b)

..............

297,515

23,958,883

Security

Shares

Shares

Value

Building

Products

(continued)

Griffon

Corp.

.......................

254,784

$

18,685,858

Insteel

Industries,

Inc.

.................

121,155

4,630,544

Quanex

Building

Products

Corp.

..........

224,607

8,631,647

201,356,289

Capital

Markets

—

1.7%

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

............................

371,237

16,991,517

BGC

Group,

Inc.

,

Class

A

..............

1,506,616

11,706,406

Brightsphere

Investment

Group,

Inc.

.......

192,283

4,391,744

Donnelley

Financial

Solutions,

Inc.

(b)

.......

241,856

14,997,491

Moelis

&

Co.

,

Class

A

.................

207,041

11,753,718

Piper

Sandler

Cos.

...................

73,039

14,497,511

PJT

Partners,

Inc.

,

Class

A

.............

93,639

8,826,412

Virtus

Investment

Partners,

Inc.

..........

41,593

10,314,232

WisdomTree,

Inc.

....................

1,079,366

9,919,373

103,398,404

Chemicals

—

2.1%

Balchem

Corp.

.....................

176,866

27,405,387

Hawkins,

Inc.

......................

186,689

14,337,715

HB

Fuller

Co.

......................

259,645

20,704,092

Innospec,

Inc.

......................

153,582

19,802,863

Koppers

Holdings,

Inc.

................

108,907

6,008,399

Minerals

Technologies,

Inc.

.............

159,061

11,974,112

Quaker

Chemical

Corp.

...............

70,393

14,448,163

Sensient

Technologies

Corp.

............

177,587

12,287,245

126,967,976

Commercial

Services

&

Supplies

—

1.2%

Brady

Corp.

,

Class

A,

NVS

.............

285,587

16,929,597

HNI

Corp.

.........................

273,188

12,328,974

Liquidity

Services,

Inc.

(b)

...............

221,792

4,125,331

Matthews

International

Corp.

,

Class

A

......

192,434

5,980,849

UniFirst

Corp.

(a)

.....................

60,562

10,503,268

Vestis

Corp.

(a)

......................

683,732

13,175,516

Viad

Corp.

(b)

.......................

204,485

8,075,113

71,118,648

Communications

Equipment

—

0.4%

(b)

Calix,

Inc.

.........................

280,788

9,310,930

Extreme

Networks,

Inc.

................

755,010

8,712,816

Harmonic,

Inc.

(a)

.....................

593,346

7,974,570

25,998,316

Construction

&

Engineering

—

1.1%

Arcosa,

Inc.

.......................

281,893

24,203,333

Granite

Construction,

Inc.

..............

219,018

12,512,498

MYR

Group,

Inc.

(a)(b)

..................

163,344

28,871,052

65,586,883

Consumer

Finance

—

0.3%

PROG

Holdings,

Inc.

.................

437,165

15,055,963

World

Acceptance

Corp.

(b)

..............

32,826

4,759,113

19,815,076

Consumer

Staples

Distribution

&

Retail

—

0.2%

Andersons,

Inc.

(The)

.................

163,142

9,359,456

Containers

&

Packaging

—

0.3%

Myers

Industries,

Inc.

.................

178,875

4,144,534

Sealed

Air

Corp.

....................

298,981

11,122,093

15,266,627

Diversified

Consumer

Services

—

1.5%

Adtalem

Global

Education,

Inc.

(b)

.........

384,195

19,747,623

Frontdoor,

Inc.

(b)

.....................

778,315

25,357,503

Mister

Car

Wash,

Inc.

(a)(b)

...............

415,266

3,218,311

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Small-Cap

600

Growth

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Consumer

Services

(continued)

Perdoceo

Education

Corp.

..............

357,592

$

6,279,316

Strategic

Education,

Inc.

...............

87,183

9,077,494

Stride,

Inc.

(a)(b)

......................

389,026

24,528,089

88,208,336

Diversified

REITs

—

0.4%

Armada

Hoffler

Properties,

Inc.

..........

282,729

2,940,382

Essential

Properties

Realty

Trust,

Inc.

......

793,078

21,143,459

24,083,841

Diversified

Telecommunication

Services

—

0.6%

(a)

Cogent

Communications

Holdings,

Inc.

.....

411,788

26,902,110

Shenandoah

Telecommunications

Co.

......

491,339

8,534,558

35,436,668

Electric

Utilities

—

0.9%

MGE

Energy,

Inc.

....................

194,423

15,304,978

Otter

Tail

Corp.

.....................

407,730

35,227,872

50,532,850

Electrical

Equipment

—

1.0%

Encore

Wire

Corp.

(a)

..................

154,214

40,524,355

Powell

Industries,

Inc.

.................

90,131

12,825,641

Vicor

Corp.

(b)

.......................

118,115

4,516,718

57,866,714

Electronic

Equipment,

Instruments

&

Components

—

4.6%

Advanced

Energy

Industries,

Inc.

(a)

........

225,945

23,041,871

Arlo

Technologies,

Inc.

(a)(b)

..............

925,009

11,701,364

Badger

Meter,

Inc.

...................

287,232

46,477,010

CTS

Corp.

(a)

.......................

170,563

7,980,643

ePlus,

Inc.

(a)(b)

......................

158,875

12,478,043

Fabrinet

(b)

.........................

355,222

67,144,062

Insight

Enterprises,

Inc.

(a)(b)

.............

176,256

32,699,013

Itron,

Inc.

(b)

........................

217,903

20,160,386

Knowles

Corp.

(b)

....................

357,067

5,748,779

OSI

Systems,

Inc.

(b)

..................

153,299

21,894,163

Plexus

Corp.

(b)

......................

119,327

11,314,586

Rogers

Corp.

(a)(b)

....................

109,734

13,024,328

273,664,248

Energy

Equipment

&

Services

—

2.5%

Archrock,

Inc.

......................

1,342,428

26,405,559

Core

Laboratories,

Inc.

(a)

...............

204,031

3,484,849

Helix

Energy

Solutions

Group,

Inc.

(b)

.......

1,384,826

15,011,514

Helmerich

&

Payne,

Inc.

...............

523,046

21,999,315

Liberty

Energy,

Inc.

,

Class

A

............

1,482,696

30,721,461

Oceaneering

International,

Inc.

(a)(b)

........

984,598

23,039,593

Patterson-UTI

Energy,

Inc.

.............

1,727,454

20,625,801

RPC,

Inc.

.........................

831,644

6,436,924

147,725,016

Entertainment

—

0.9%

Cinemark

Holdings,

Inc.

(a)(b)

.............

1,040,189

18,692,197

Madison

Square

Garden

Sports

Corp.

(b)

.....

163,225

30,118,277

Marcus

Corp.

(The)

..................

127,278

1,814,984

50,625,458

Financial

Services

—

1.2%

EVERTEC,

Inc.

.....................

631,777

25,207,903

NMI

Holdings,

Inc.

,

Class

A

(b)

............

516,991

16,719,489

Payoneer

Global,

Inc.

(b)

................

927,878

4,509,487

Radian

Group,

Inc.

...................

294,094

9,843,326

Walker

&

Dunlop,

Inc.

.................

140,603

14,209,339

70,489,544

Security

Shares

Shares

Value

Food

Products

—

1.2%

Cal-Maine

Foods,

Inc.

.................

397,345

$

23,383,753

J

&

J

Snack

Foods

Corp.

...............

151,555

21,908,791

John

B

Sanfilippo

&

Son,

Inc.

............

46,933

4,971,143

Simply

Good

Foods

Co.

(The)

(a)(b)

.........

561,082

19,093,621

Tootsie

Roll

Industries,

Inc.

.............

107,531

3,444,218

72,801,526

Gas

Utilities

—

0.2%

Chesapeake

Utilities

Corp.

.............

97,806

10,494,584

Ground

Transportation

—

0.9%

ArcBest

Corp.

......................

231,300

32,960,250

Heartland

Express,

Inc.

(a)

..............

250,085

2,986,015

Marten

Transport

Ltd.

.................

267,760

4,948,205

RXO,

Inc.

(a)(b)

.......................

526,214

11,508,300

52,402,770

Health

Care

Equipment

&

Supplies

—

3.5%

Artivion,

Inc.

(b)

......................

208,468

4,411,183

CONMED

Corp.

.....................

300,607

24,072,609

Glaukos

Corp.

(a)(b)

....................

477,028

44,978,970

Inari

Medical,

Inc.

(b)

..................

285,640

13,705,007

Integer

Holdings

Corp.

(a)(b)

..............

325,774

38,011,310

LeMaitre

Vascular,

Inc.

................

193,684

12,852,870

Merit

Medical

Systems,

Inc.

(a)(b)

...........

333,061

25,229,371

OraSure

Technologies,

Inc.

(a)(b)

...........

725,179

4,459,851

STAAR

Surgical

Co.

(a)(b)

................

291,016

11,140,092

Tandem

Diabetes

Care,

Inc.

(a)(b)

..........

293,219

10,382,885

UFP

Technologies,

Inc.

(b)

...............

68,930

17,384,146

206,628,294

Health

Care

Providers

&

Services

—

3.6%

Addus

HomeCare

Corp.

(b)

..............

65,711

6,790,575

AMN

Healthcare

Services,

Inc.

(b)

..........

199,473

12,469,057

Astrana

Health,

Inc.

(a)(b)

................

411,641

17,284,806

CorVel

Corp.

(a)(b)

.....................

88,561

23,288,001

Ensign

Group,

Inc.

(The)

...............

549,906

68,419,305

National

HealthCare

Corp.

..............

62,550

5,911,600

NeoGenomics,

Inc.

(a)(b)

................

1,249,831

19,647,343

Privia

Health

Group,

Inc.

(a)(b)

.............

1,007,043

19,727,972

RadNet,

Inc.

(b)

......................

638,060

31,048,000

US

Physical

Therapy,

Inc.

..............

80,574

9,094,387

213,681,046

Health

Care

REITs

—

0.5%

CareTrust

REIT,

Inc.

..................

806,091

19,644,438

Community

Healthcare

Trust,

Inc.

.........

94,768

2,516,090

LTC

Properties,

Inc.

..................

175,728

5,712,917

Universal

Health

Realty

Income

Trust

......

59,550

2,186,081

30,059,526

Health

Care

Technology

—

0.4%

Certara,

Inc.

(a)(b)

.....................

607,191

10,856,575

HealthStream,

Inc.

...................

125,720

3,351,695

Schrodinger,

Inc.

(a)(b)

..................

299,409

8,084,043

Simulations

Plus,

Inc.

(a)

................

93,249

3,837,197

26,129,510

Hotel

&

Resort

REITs

—

1.5%

Apple

Hospitality

REIT,

Inc.

.............

2,083,584

34,129,106

DiamondRock

Hospitality

Co.

............

2,055,193

19,750,405

Summit

Hotel

Properties,

Inc.

............

538,420

3,505,114

Sunstone

Hotel

Investors,

Inc.

...........

2,008,243

22,371,827

Xenia

Hotels

&

Resorts,

Inc.

............

606,727

9,106,972

88,863,424

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

—

2.6%

Bloomin'

Brands,

Inc.

.................

415,823

$

11,925,804

Brinker

International,

Inc.

(a)(b)

............

181,577

9,020,745

Cheesecake

Factory,

Inc.

(The)

..........

210,038

7,592,874

Chuy's

Holdings,

Inc.

(a)(b)

...............

98,131

3,309,959

Dave

&

Buster's

Entertainment,

Inc.

(a)(b)

.....

315,233

19,733,586

Dine

Brands

Global,

Inc.

...............

64,913

3,017,156

Golden

Entertainment,

Inc.

.............

129,203

4,758,546

Jack

in

the

Box,

Inc.

..................

191,170

13,091,322

Monarch

Casino

&

Resort,

Inc.

...........

130,473

9,784,170

Papa

John's

International,

Inc.

...........

150,489

10,022,567

Sabre

Corp.

(a)(b)

.....................

1,984,816

4,803,255

Shake

Shack,

Inc.

,

Class

A

(a)(b)

...........

367,072

38,186,500

Six

Flags

Entertainment

Corp.

(b)

..........

708,975

18,660,222

153,906,706

Household

Durables

—

4.7%

Cavco

Industries,

Inc.

(a)(b)

...............

75,882

30,281,471

Century

Communities,

Inc.

.............

140,984

13,604,956

Ethan

Allen

Interiors,

Inc.

..............

93,164

3,220,679

Green

Brick

Partners,

Inc.

(b)

.............

248,403

14,961,313

Installed

Building

Products,

Inc.

..........

229,388

59,349,557

La-Z-Boy,

Inc.

......................

225,818

8,495,273

LGI

Homes,

Inc.

(b)

...................

120,238

13,992,096

M/I

Homes,

Inc.

(b)

....................

272,227

37,101,818

Meritage

Homes

Corp.

................

356,641

62,576,230

TRI

Pointe

Homes,

Inc.

(b)

...............

578,703

22,372,658

Worthington

Enterprises,

Inc.

............

205,695

12,800,400

278,756,451

Household

Products

—

0.7%

Energizer

Holdings,

Inc.

...............

301,794

8,884,816

WD-40

Co.

(a)

.......................

132,572

33,581,813

42,466,629

Industrial

REITs

—

0.3%

Innovative

Industrial

Properties,

Inc.

.......

150,753

15,608,966

Insurance

—

2.1%

Ambac

Financial

Group,

Inc.

(b)

...........

441,788

6,905,147

American

Equity

Investment

Life

Holding

Co.

(b)

402,773

22,643,898

AMERISAFE,

Inc.

...................

81,617

4,094,725

Assured

Guaranty

Ltd.

................

318,810

27,816,173

Goosehead

Insurance,

Inc.

,

Class

A

(a)(b)

.....

239,000

15,922,180

HCI

Group,

Inc.

.....................

66,635

7,734,991

Palomar

Holdings,

Inc.

(b)

...............

241,746

20,265,567

SiriusPoint

Ltd.

(a)(b)

...................

884,585

11,243,075

Trupanion,

Inc.

(a)(b)

...................

169,304

4,674,483

121,300,239

Interactive

Media

&

Services

—

1.5%

Cargurus,

Inc.

,

Class

A

(a)(b)

..............

840,069

19,388,793

Cars.com,

Inc.

(a)(b)

...................

602,079

10,343,717

Shutterstock,

Inc.

....................

119,287

5,464,538

TripAdvisor,

Inc.

(b)

...................

1,056,836

29,369,472

Yelp,

Inc.

(b)

........................

669,330

26,371,602

90,938,122

IT

Services

—

0.2%

Perficient,

Inc.

(a)(b)

....................

207,338

11,671,056

Life

Sciences

Tools

&

Services

—

0.1%

(b)

BioLife

Solutions,

Inc.

(a)

................

209,964

3,894,832

OmniAb,

Inc.,

12.50

Earnout

Shares

,

NVS

(d)

..

76,503

1

OmniAb,

Inc.,

15.00

Earnout

Shares

,

NVS

(d)

..

76,503

1

3,894,834

Security

Shares

Shares

Value

Machinery

—

6.5%

Alamo

Group,

Inc.

...................

100,982

$

23,057,220

Albany

International

Corp.

,

Class

A

........

146,393

13,689,209

Enerpac

Tool

Group

Corp.

,

Class

A

........

354,508

12,641,755

Enpro,

Inc.

........................

91,967

15,521,271

ESCO

Technologies,

Inc.

..............

252,179

26,995,762

Federal

Signal

Corp.

.................

596,279

50,606,199

Franklin

Electric

Co.,

Inc.

..............

387,780

41,418,782

John

Bean

Technologies

Corp.

...........

187,298

19,645,687

Lindsay

Corp.

......................

53,241

6,264,336

Mueller

Industries,

Inc.

................

1,109,762

59,849,465

Proto

Labs,

Inc.

(b)

....................

165,406

5,913,264

SPX

Technologies,

Inc.

(a)(b)

..............

446,698

55,001,925

Standex

International

Corp.

.............

116,039

21,144,627

Tennant

Co.

.......................

182,599

22,205,864

Trinity

Industries,

Inc.

.................

400,151

11,144,205

385,099,571

Marine

Transportation

—

0.6%

Matson,

Inc.

.......................

341,495

38,384,038

Media

—

0.1%

TechTarget,

Inc.

(a)(b)

..................

147,845

4,890,713

Metals

&

Mining

—

4.0%

Alpha

Metallurgical

Resources,

Inc.

.......

115,570

38,273,317

Arch

Resources,

Inc.

,

Class

A

...........

123,896

19,921,238

ATI,

Inc.

(a)(b)

........................

1,248,229

63,871,878

Carpenter

Technology

Corp.

............

483,007

34,496,360

Haynes

International,

Inc.

..............

69,287

4,165,534

Materion

Corp.

.....................

201,777

26,584,120

Metallus,

Inc.

(a)(b)

....................

216,266

4,811,919

Olympic

Steel,

Inc.

...................

47,684

3,379,842

Warrior

Met

Coal,

Inc.

.................

508,490

30,865,343

Worthington

Steel,

Inc.

................

205,477

7,366,350

233,735,901

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.9%

Apollo

Commercial

Real

Estate

Finance,

Inc.

.

795,711

8,864,221

ARMOUR

Residential

REIT,

Inc.

(a)

........

330,465

6,533,293

Ellington

Financial,

Inc.

................

779,641

9,207,560

New

York

Mortgage

Trust,

Inc.

...........

886,440

6,382,368

Redwood

Trust,

Inc.

..................

1,285,429

8,188,183

Two

Harbors

Investment

Corp.

...........

1,008,851

13,357,187

52,532,812

Multi-Utilities

—

0.1%

Unitil

Corp.

........................

71,782

3,757,788

Oil,

Gas

&

Consumable

Fuels

—

4.5%

California

Resources

Corp.

.............

630,520

34,741,652

Comstock

Resources,

Inc.

..............

463,912

4,305,103

CONSOL

Energy,

Inc.

.................

260,435

21,814,036

CVR

Energy,

Inc.

....................

158,259

5,643,516

Dorian

LPG

Ltd.

.....................

333,315

12,819,295

Magnolia

Oil

&

Gas

Corp.

,

Class

A

........

1,810,578

46,984,499

Northern

Oil

&

Gas,

Inc.

...............

892,223

35,403,409

Par

Pacific

Holdings,

Inc.

(b)

.............

545,686

20,223,123

Peabody

Energy

Corp.

................

484,415

11,751,908

REX

American

Resources

Corp.

(b)

........

148,862

8,739,688

SM

Energy

Co.

.....................

1,132,170

56,438,674

Vital

Energy,

Inc.

(a)(b)

..................

117,389

6,167,618

265,032,521

Passenger

Airlines

—

0.3%

(b)

SkyWest,

Inc.

......................

216,125

14,929,915

Sun

Country

Airlines

Holdings,

Inc.

........

171,091

2,581,763

17,511,678

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Small-Cap

600

Growth

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Personal

Care

Products

—

0.4%

Inter

Parfums,

Inc.

...................

175,068

$

24,598,805

Pharmaceuticals

—

1.5%

(b)

Amphastar

Pharmaceuticals,

Inc.

(a)

........

365,271

16,039,050

ANI

Pharmaceuticals,

Inc.

..............

147,365

10,187,342

Collegium

Pharmaceutical,

Inc.

(a)

.........

318,778

12,374,962

Corcept

Therapeutics,

Inc.

(a)

............

576,366

14,518,659

Harmony

Biosciences

Holdings,

Inc.

(a)

......

139,297

4,677,593

Innoviva,

Inc.

(a)

.....................

278,478

4,244,005

Prestige

Consumer

Healthcare,

Inc.

(a)

......

233,761

16,961,698

Supernus

Pharmaceuticals,

Inc.

(a)

.........

213,616

7,286,442

86,289,751

Professional

Services

—

1.1%

CSG

Systems

International,

Inc.

..........

135,419

6,979,495

Korn

Ferry

........................

298,772

19,647,247

Verra

Mobility

Corp.

,

Class

A

(a)(b)

..........

1,628,056

40,652,558

67,279,300

Real

Estate

Management

&

Development

—

0.5%

eXp

World

Holdings,

Inc.

(a)

..............

751,704

7,765,102

Marcus

&

Millichap,

Inc.

...............

96,665

3,303,043

St.

Joe

Co.

(The)

....................

348,062

20,177,154

31,245,299

Residential

REITs

—

0.1%

Veris

Residential,

Inc.

.................

316,733

4,817,509

Retail

REITs

—

1.5%

Getty

Realty

Corp.

...................

206,369

5,644,192

Phillips

Edison

&

Co.,

Inc.

..............

608,328

21,820,725

Saul

Centers,

Inc.

...................

61,796

2,378,528

SITE

Centers

Corp.

..................

827,038

12,116,107

Tanger,

Inc.

........................

1,052,613

31,083,662

Urban

Edge

Properties

................

678,482

11,717,384

Whitestone

REIT

....................

229,532

2,880,627

87,641,225

Semiconductors

&

Semiconductor

Equipment

—

3.4%

Axcelis

Technologies,

Inc.

(a)(b)

............

319,498

35,630,417

CEVA,

Inc.

(b)

.......................

98,823

2,244,270

Cohu,

Inc.

(b)

.......................

192,214

6,406,493

Diodes,

Inc.

(a)(b)

.....................

274,761

19,370,651

FormFactor,

Inc.

(a)(b)

..................

760,917

34,720,643

Kulicke

&

Soffa

Industries,

Inc.

...........

348,143

17,515,074

MaxLinear,

Inc.

(b)

....................

454,115

8,478,327

PDF

Solutions,

Inc.

(b)

.................

299,205

10,074,232

Photronics,

Inc.

(a)(b)

...................

428,381

12,131,750

Semtech

Corp.

(b)

....................

284,987

7,834,293

SiTime

Corp.

(a)(b)

....................

99,597

9,285,428

SMART

Global

Holdings,

Inc.

(b)

...........

210,067

5,528,963

SolarEdge

Technologies,

Inc.

(a)(b)

.........

216,583

15,373,061

Veeco

Instruments,

Inc.

(a)(b)

.............

552,422

19,428,682

204,022,284

Software

—

5.6%

A10

Networks,

Inc.

...................

323,519

4,428,975

ACI

Worldwide,

Inc.

(b)

.................

669,554

22,235,888

Adeia,

Inc.

........................

423,057

4,619,783

Agilysys,

Inc.

(b)

.....................

197,227

16,618,347

Alarm.com

Holdings,

Inc.

(b)

.............

488,641

35,411,813

BlackLine,

Inc.

(a)(b)

...................

333,058

21,508,886

Box,

Inc.

,

Class

A

(a)(b)

.................

856,207

24,247,782

DoubleVerify

Holdings,

Inc.

(a)(b)

...........

1,362,539

47,906,871

Envestnet,

Inc.

(a)(b)

...................

127,316

7,372,870

InterDigital,

Inc.

.....................

251,250

26,748,075

LiveRamp

Holdings,

Inc.

(a)(b)

.............

648,201

22,362,935

Security

Shares

Shares

Value

Software

(continued)

N-able,

Inc.

(a)(b)

.....................

439,034

$

5,738,174

Progress

Software

Corp.

...............

429,928

22,919,462

SPS

Commerce,

Inc.

(a)(b)

...............

359,046

66,387,606

Xperi,

Inc.

(b)

........................

212,016

2,556,913

331,064,380

Specialized

REITs

—

0.4%

Four

Corners

Property

Trust,

Inc.

.........

389,526

9,531,701

Outfront

Media,

Inc.

..................

596,309

10,012,028

Uniti

Group,

Inc.

....................

1,213,185

7,157,792

26,701,521

Specialty

Retail

—

4.9%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)(b)

.......

493,206

61,813,508

American

Eagle

Outfitters,

Inc.

...........

1,815,101

46,811,455

Asbury

Automotive

Group,

Inc.

(a)(b)

.........

98,810

23,297,422

Boot

Barn

Holdings,

Inc.

(a)(b)

.............

296,198

28,183,240

Buckle,

Inc.

(The)

...................

177,046

7,129,642

Group

1

Automotive,

Inc.

...............

129,816

37,936,130

Guess?,

Inc.

.......................

269,698

8,487,396

Signet

Jewelers

Ltd.

..................

433,790

43,409,365

Upbound

Group,

Inc.

.................

243,718

8,581,311

Urban

Outfitters,

Inc.

(b)

................

553,255

24,022,332

289,671,801

Textiles,

Apparel

&

Luxury

Goods

—

1.3%

Kontoor

Brands,

Inc.

..................

488,760

29,447,790

Oxford

Industries,

Inc.

................

144,092

16,195,941

Steven

Madden

Ltd.

..................

686,935

29,043,612

74,687,343

Tobacco

—

0.1%

Vector

Group

Ltd.

...................

583,031

6,390,020

Trading

Companies

&

Distributors

—

2.1%

Air

Lease

Corp.

,

Class

A

...............

211,957

10,903,068

Boise

Cascade

Co.

..................

386,997

59,353,730

GMS,

Inc.

(b)

........................

389,831

37,946,149

Rush

Enterprises,

Inc.

,

Class

A

..........

270,963

14,501,940

122,704,887

Water

Utilities

—

0.6%

American

States

Water

Co.

.............

191,592

13,840,606

California

Water

Service

Group

..........

225,655

10,488,444

Middlesex

Water

Co.

.................

80,833

4,243,733

SJW

Group

........................

122,143

6,912,072

35,484,855

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.

(a)(b)

......................

283,552

2,489,587

Telephone

&

Data

Systems,

Inc.

..........

481,816

7,718,692

10,208,279

Total

Long-Term

Investments

—

98.5%

(Cost:

$4,728,443,585)

............................

5,825,601,896

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.2%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.50%

(g)

..................

309,234,407

$

309,389,024

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.29%

...................

54,872,058

54,872,058

Total

Short-Term

Securities

—

6.2%

(Cost:

$364,008,329)

..............................

364,261,082

Total

Investments

—

104.7%

(Cost:

$5,092,451,914

)

............................

6,189,862,978

Liabilities

in

Excess

of

Other

Assets

—

(4.7)%

.............

(278,173,459)

Net

Assets

—

100.0%

...............................

$

5,911,689,519

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(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)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

306,866,627

$

2,438,707

(a)

$

—

$

28,022

$

55,668

$

309,389,024

309,234,407

$

937,570

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

32,602,986

22,269,072

(a)

—

—

—

54,872,058

54,872,058

2,248,523

—

$

28,022

$

55,668

$

364,261,082

$

3,186,093

$

—

—

—

(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

....................................................

335

06/21/24

$

35,944

$

277,333

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Small-Cap

600

Growth

ETF

32

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

9,754,707

$

579,789

(c)

$

10,295,163

0.2

%

Monthly

HSBC

Bank

plc

(d)

02/10/28

30,744,215

2,380,940

(e)

33,033,422

0.5

Monthly

JPMorgan

Chase

Bank

NA

(f)

05/10/24

5,204,989

41,760

(g)

5,239,946

0.1

$

3,002,489

$

48,568,531

(b)

(d)

(f)

Range:

0-40

basis

points

40

basis

points

40

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$39,333

of

net

dividends

and

financing

fees.

(d)

HSBC

(e)

Amount

includes

$91,733

of

net

dividends

and

financing

fees.

(f)

JPMChase

(g)

Amount

includes

$6,803

of

net

dividends

and

financing

fees.

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

33

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

$

Bank

of

Hawaii

Corp.

.......

4,325

$

269,837

2.6

%

City

Holding

Co.

..........

2,272

236,788

2.3

Preferred

Bank

...........

769

59,036

0.6

WSFS

Financial

Corp.

......

1,294

58,411

0.6

624,072

Capital

Markets

Moelis

&

Co.,

Class

A

......

144,996

8,231,423

79.9

PJT

Partners,

Inc.,

Class

A

...

3,788

357,057

3.5

8,588,480

Financial

Services

Payoneer

Global,

Inc.

......

57,604

279,955

2.7

Radian

Group,

Inc.

........

21,957

734,901

7.1

1,014,856

Software

Envestnet,

Inc.

...........

1,170

67,755

0.7

Total

Reference

Entity

—

Long

............

10,295,163

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

.........................

$

10,295,163

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

$

Bancorp,

Inc.

(The)

........

1,220

40,821

0.1

Berkshire

Hills

Bancorp,

Inc.

..

205

4,699

0.0

Cathay

General

Bancorp

....

333

12,597

0.1

58,117

Financial

Services

Payoneer

Global,

Inc.

......

33,715

163,855

0.5

Radian

Group,

Inc.

........

507,650

16,991,046

51.4

17,154,901

Software

Envestnet,

Inc.

...........

69,227

4,008,936

12.1

Capital

Markets

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.

2,207

101,014

0.3

PJT

Partners,

Inc.,

Class

A

...

27,344

2,577,445

7.8

2,678,459

Containers

&

Packaging

Sealed

Air

Corp.

..........

245,511

9,133,009

27.7

Total

Reference

Entity

—

Long

............

33,033,422

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

33,033,422

The

following

table

represents

the

individual

long

positions

and

related

values

of

the

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

May

10,

2024:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Banks

$

Axos

Financial,

Inc.

........

1,787

$

96,569

1.8

%

Bancorp,

Inc.

(The)

........

13,167

440,568

8.4

Berkshire

Hills

Bancorp,

Inc.

..

5,536

126,885

2.4

Cathay

General

Bancorp

....

9,138

345,691

6.6

First

BanCorp

............

40,715

714,141

13.6

First

Commonwealth

Financial

Corp.

...............

12,834

178,649

3.4

Lakeland

Financial

Corp.

....

3,266

216,601

4.1

OFG

Bancorp

............

8,952

329,523

6.3

Pathward

Financial,

Inc.

.....

1,669

84,251

1.6

Preferred

Bank

...........

3,415

262,170

5.0

S&T

Bancorp,

Inc.

.........

5,537

177,627

3.4

Westamerica

Bancorp

......

4,442

217,125

4.2

WSFS

Financial

Corp.

......

18,977

856,622

16.4

4,046,422

Containers

&

Packaging

Sealed

Air

Corp.

..........

20,371

757,801

14.5

Software

Envestnet,

Inc.

...........

6,525

377,863

7.2

Diversified

Consumer

Services

Perdoceo

Education

Corp.

...

3,295

57,860

1.1

Total

Reference

Entity

—

Long

............

5,239,946

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

..........................

$

5,239,946

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Small-Cap

600

Growth

ETF

34

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.

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

3,002,489

$

—

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

277,333

$

—

$

—

$

—

$

277,333

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

3,002,489

—

—

—

3,002,489

$

—

$

—

$

3,279,822

$

—

$

—

$

—

$

3,279,822

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

2,618,973

$

—

$

—

$

—

$

2,618,973

Swaps

..............................

—

—

3,830,153

—

—

—

3,830,153

$

—

$

—

$

6,449,126

$

—

$

—

$

—

$

6,449,126

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(58,968)

$

—

$

—

$

—

$

(58,968)

Swaps

..............................

—

—

3,616,477

—

—

—

3,616,477

$

—

$

—

$

3,557,509

$

—

$

—

$

—

$

3,557,509

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

20,147,621

Total

return

swaps

Average

notional

value

...............................................................................................

$

41,009,038

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

S&P

Small-Cap

600

Growth

ETF

Schedules

of

Investments

35

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

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.

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

125

Swaps

—

OTC

(a)

....................................................................................

3,002,489

—

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

3,002,489

$

125

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

.........................................

—

(125)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

3,002,489

$

—

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

table

presents

the

Fund's

derivative

assets

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)

Goldman

Sachs

Bank

USA

.........................

$

579,789

$

—

$

—

$

—

$

579,789

HSBC

Bank

plc

.................................

$

2,380,940

$

—

$

—

$

(1,580,000)

$

800,940

JPMorgan

Chase

Bank

NA

.........................

41,760

—

—

—

41,760

$

3,002,489

$

—

$

—

$

(1,580,000)

$

1,422,489

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

5,825,601,894

$

—

$

2

$

5,825,601,896

Short-Term

Securities

Money

Market

Funds

......................................

364,261,082

—

—

364,261,082

$

6,189,862,976

$

—

$

2

$

6,189,862,978

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

277,333

$

3,002,489

$

—

$

3,279,822

$

277,333

$

3,002,489

$

—

$

3,279,822

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2024

2024

iShares

Annual

Report

to

Shareholders

36

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

9,404,185,118‌

$

7,586,146,901‌

$

5,825,601,896‌

Investments,

at

value

—

affiliated

(c)

............................................................

504,324,841‌

306,292,240‌

364,261,082‌

Cash

...............................................................................

2,256,215‌

3,255,685‌

22,495,709‌

Cash

pledged:

Collateral

—

OTC

derivatives

..............................................................

—‌

530,000‌

—‌

Futures

contracts

......................................................................

503,470‌

939,510‌

2,420,000‌

Receivables:

–‌

–‌

–‌

Investment

s

sold

......................................................................

46,022,326‌

23,010,651‌

19,049,764‌

Securities

lending

income

—

affiliated

........................................................

69,554‌

56,097‌

51,718‌

Swaps  

............................................................................

30,910‌

—‌

—‌

Dividends

—

unaffiliated

.................................................................

4,996,402‌

12,240,889‌

4,151,685‌

Dividends

—

affiliated

...................................................................

139,341‌

230,083‌

273,066‌

Variation

margin

on

futures

contracts

.........................................................

70‌

—‌

—‌

Unrealized

appreciation

on:

–‌

–‌

–‌

OTC

swaps

..........................................................................

2,751,948‌

3,777,651‌

3,002,489‌

Total

a

ssets

...........................................................................

9,965,280,195‌

7,936,479,707‌

6,241,307,409‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

..............................................................

2,260,000‌

2,580,000‌

1,580,000‌

Collateral

on

securities

loaned

...............................................................

472,459,466‌

253,413,081‌

309,104,447‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

47,895,372‌

35,648,254‌

17,656,948‌

Swaps  

............................................................................

—‌

748,504‌

401,046‌

Investment

advisory

fees

.................................................................

1,292,138‌

1,131,672‌

875,324‌

Variation

margin

on

futures

contracts

.........................................................

—‌

59‌

125‌

Total

li

abilities

..........................................................................

523,906,976‌

293,521,570‌

329,617,890‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

NET

ASSETS

..........................................................................

$

9,441,373,219‌

$

7,642,958,137‌

$

5,911,689,519‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

7,928,090,677‌

$

8,355,184,912‌

$

5,453,341,684‌

Accumulated

earnings

(loss)

................................................................

1,513,282,542‌

(

712,226,775‌

)

458,347,835‌

NET

ASSETS

..........................................................................

$

9,441,373,219‌

$

7,642,958,137‌

$

5,911,689,519‌

NET

ASSET

VALUE

Shares

outstanding

......................................................................

103,350,000‌

64,600,000‌

45,200,000‌

Net

asset

value

.........................................................................

$

91.35‌

$

118.31‌

$

130.79‌

Shares

authorized

.......................................................................

Unlimited

Unlimited

Unlimited

Par

value

.............................................................................

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.....................................................

$

7,060,489,136‌

$

7,012,109,903‌

$

4,728,443,585‌

(b)

  Securities

loaned,

at

value

..........................................................

$

458,915,197‌

$

244,252,789‌

$

304,362,746‌

(c)

  Investments,

at

cost

—

affiliated

.......................................................

$

504,036,200‌

$

306,144,901‌

$

364,008,329‌

Statements

of

Operations

Year

Ended

March

31,

2024

37

Financial

Statements

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

.................................................................

$

100,481,256‌

$

135,075,971‌

$

69,242,744‌

Dividends

—

affiliated

...................................................................

1,199,082‌

1,830,462‌

2,248,523‌

Interest

—

unaffiliated

...................................................................

28,500‌

36,941‌

40,316‌

Securities

lending

income

—

affiliated

—

net

...................................................

1,091,148‌

1,891,388‌

937,570‌

Foreign

taxes

withheld

..................................................................

—‌

—‌

(

175,924‌

)

Total

investment

income

...................................................................

102,799,986‌

138,834,762‌

72,293,229‌

EXPENSES

Investment

advisory

....................................................................

13,164,471‌

12,707,391‌

9,273,615‌

Interest

expense

......................................................................

281‌

323‌

—‌

Total

expenses

.........................................................................

13,164,752‌

12,707,714‌

9,273,615‌

Net

investment

income

....................................................................

89,635,234‌

126,127,048‌

63,019,614‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

2,026,453,384‌

$

1,015,784,107‌

$

907,410,057‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

$

36,207,918‌

$

(

449,122,310‌

)

$

38,065,980‌

Investments

—

affiliated

...............................................................

48,688‌

138,669‌

28,022‌

Futures

contracts

....................................................................

1,815,834‌

1,886,823‌

2,618,973‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................................

646,928,603‌

541,448,864‌

87,550,313‌

Swaps  

..........................................................................

1,817,628‌

3,551,984‌

3,830,153‌

686,818,671‌

97,904,030‌

132,093,441‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

1,336,891,554‌

914,083,034‌

771,703,441‌

Investments

—

affiliated

...............................................................

17,645‌

(

33,920‌

)

55,668‌

Futures

contracts

....................................................................

(

5,803‌

)

37,223‌

(

58,968‌

)

Swaps  

..........................................................................

2,731,319‌

3,793,740‌

3,616,477‌

1,339,634,715‌

917,880,077‌

775,316,618‌

Net

realized

and

unrealized

gain

.............................................................

2,026,453,386‌

1,015,784,107‌

907,410,059‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................................

$

2,116,088,620‌

$

1,141,911,155‌

$

970,429,673‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2024

iShares

Annual

Report

to

Shareholders

38

See

notes

to

financial

statements.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

89,635,234‌

$

74,860,328‌

$

126,127,048‌

$

138,470,868‌

Net

realized

gain

(loss)

............................................

686,818,671‌

(

412,080,142‌

)

97,904,030‌

440,227,925‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

1,339,634,715‌

(

137,051,972‌

)

917,880,077‌

(

1,006,216,115‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

2,116,088,620‌

(474,271,786‌)

1,141,911,155‌

(427,517,322‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(87,145,578‌)

(78,339,399‌)

(120,010,335‌)

(146,561,202‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

36,678,166‌

387,654,126‌

(844,650,673‌)

(366,336,297‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

2,065,621,208‌

(

164,957,059‌

)

177,250,147‌

(

940,414,821‌

)

Beginning

of

year

..................................................

7,375,752,011‌

7,540,709,070‌

7,465,707,990‌

8,406,122,811‌

End

of

year

......................................................

$

9,441,373,219‌

$

7,375,752,011‌

$

7,642,958,137‌

$

7,465,707,990‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

39

Financial

Statements

See

notes

to

financial

statements.

iShares

S&P

Small-Cap

600

Growth

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

63,019,614‌

$

60,173,179‌

Net

realized

gain

(loss)

..............................................................................

132,093,441‌

(

154,854,229‌

)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

775,316,618‌

(

544,051,549‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

970,429,673‌

(638,732,599‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(53,500,032‌)

(57,057,739‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(10,501,859‌)

62,317,079‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

906,427,782‌

(

633,473,259‌

)

Beginning

of

year

....................................................................................

5,005,261,737‌

5,638,734,996‌

End

of

year

........................................................................................

$

5,911,689,519‌

$

5,005,261,737‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

40

iShares

S&P

Mid-Cap

400

Growth

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Net

asset

value,

beginning

of

year

................................

$

71.54

‌

$

77.42

‌

$

78.31

‌

$

44.65

‌

$

54.76

‌

Net

investment

income

(b)

.......................................

0

.87

‌

0

.75

‌

0

.46

‌

0

.44

‌

0

.57

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

19.78

‌

(5.85

)

(0.87

)

33.69

‌

(10.05

)

Net

increase

(decrease)

from

investment

operations

......................

20.65

‌

(5.10

)

(0.41

)

34.13

‌

(9.48

)

Distributions

from

net

investment

income

(d)

..........................

(0.84

)

(0.78

)

(0.48

)

(0.47

)

(0.63

)

Net

asset

value,

end

of

year

.....................................

$

91.35

‌

$

71.54

‌

$

77.42

‌

$

78.31

‌

$

44.65

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

........................................

29.11

%

(6.51

)%

(0.54

)%

76.68

%

(17.49

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...............................................

0.17

%

0.17

%

0.17

%

0.20

%

0.24

%

Net

investment

income

..........................................

1.14

%

1.08

%

0.57

%

0.70

%

1.01

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

9,441,373

‌

$

7,375,752

‌

$

7,540,709

‌

$

8,007,285

‌

$

5,260,096

‌

Portfolio

turnover

rate

(g)

..........................................

50

%

54

%

45

%

50

%

51

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

41

Financial

Highlights

iShares

S&P

Mid-Cap

400

Value

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Net

asset

value,

beginning

of

year

.................................

$

102.83

‌

$

109.53

‌

$

101.82

‌

$

54.92

‌

$

78.47

‌

Net

investment

income

(b)

........................................

1

.89

‌

1

.89

‌

1

.73

‌

1

.36

‌

1

.51

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

15.42

‌

(6.56

)

7.80

‌

46.95

‌

(23.42

)

Net

increase

(decrease)

from

investment

operations

.......................

17.31

‌

(4.67

)

9.53

‌

48.31

‌

(21.91

)

Distributions

from

net

investment

income

(d)

...........................

(1.83

)

(2.03

)

(1.82

)

(1.41

)

(1.64

)

Net

asset

value,

end

of

year

......................................

$

118.31

‌

$

102.83

‌

$

109.53

‌

$

101.82

‌

$

54.92

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.........................................

17.03

%

(4.14

)%

9.42

%

88.83

%

(28.36

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

................................................

0.18

%

0.18

%

0.18

%

0.21

%

0.25

%

Net

investment

income

...........................................

1.79

%

1.85

%

1.61

%

1.78

%

1.90

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

7,642,958

‌

$

7,465,708

‌

$

8,406,123

‌

$

8,109,620

‌

$

3,811,032

‌

Portfolio

turnover

rate

(g)

...........................................

42

%

41

%

38

%

43

%

46

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

42

iShares

S&P

Small-Cap

600

Growth

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Net

asset

value,

beginning

of

year

................................

$

110.13

‌

$

125.31

‌

$

127.93

‌

$

69.20

‌

$

89.29

‌

Net

investment

income

(b)

.......................................

1

.41

‌

1

.30

‌

0

.98

‌

0

.72

‌

0

.81

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

20.45

‌

(15.24

)

(2.67

)

58.76

‌

(20.00

)

Net

increase

(decrease)

from

investment

operations

......................

21.86

‌

(13.94

)

(1.69

)

59.48

‌

(19.19

)

Distributions

from

net

investment

income

(d)

..........................

(1.20

)

(1.24

)

(0.93

)

(0.75

)

(0.90

)

Net

asset

value,

end

of

year

.....................................

$

130.79

‌

$

110.13

‌

$

125.31

‌

$

127.93

‌

$

69.20

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

........................................

19.99

%

(11.09

)%

(1.35

)%

86.30

%

(21.68

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...............................................

0.18

%

0.18

%

0.18

%

0.21

%

0.25

%

Net

investment

income

..........................................

1.22

%

1.16

%

0.75

%

0.73

%

0.89

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

5,911,690

‌

$

5,005,262

‌

$

5,638,735

‌

$

6,191,623

‌

$

3,515,154

‌

Portfolio

turnover

rate

(g)

..........................................

55

%

54

%

44

%

52

%

64

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

October

16,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

43

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

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

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 

March

31,

2024

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Bank

Overdraft:

Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

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

iShares

ETF

Diversification

Classification

S&P

Mid-Cap

400

Growth

...............................................................................................

Diversified

S&P

Mid-Cap

400

Value

................................................................................................

Diversified

S&P

Small-Cap

600

Growth

..............................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

44

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent

pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

45

Notes

to

Financial

Statements

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

S&P

Mid-Cap

400

Growth

Barclays

Bank

plc

......................................

$

27,482,493‌

$

(27,482,493‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

17,110,668‌

(17,110,668‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

61,272,914‌

(61,272,914‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

5,420,848‌

(5,420,848‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

13,704,026‌

(13,704,026‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

123,953,723‌

(123,953,723‌)

–‌

–‌

HSBC

Bank

plc

.......................................

26,442,359‌

(26,442,359‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

43,281,505‌

(43,281,505‌)

–‌

–‌

Jefferies

LLC

.........................................

610,655‌

(610,655‌)

–‌

–‌

Morgan

Stanley

.......................................

9,354,483‌

(9,354,483‌)

–‌

–‌

National

Financial

Services

LLC

............................

14,630,917‌

(14,630,917‌)

–‌

–‌

Natixis

SA

...........................................

20,034‌

(20,034‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

40,928‌

(40,928‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

30,442,234‌

(30,442,234‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

23,611,244‌

(23,611,244‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

3,547,963‌

(3,547,963‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

35,793,276‌

(35,793,276‌)

–‌

–‌

UBS

AG

............................................

10,539,931‌

(10,539,931‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

6,961,756‌

(6,961,756‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

334,336‌

(334,336‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

4,358,904‌

(4,358,904‌)

–‌

–‌

$

458,915,197‌

$

(458,915,197‌)

$

–‌

$

–‌

S&P

Mid-Cap

400

Value

Barclays

Bank

plc

......................................

$

16,406,733‌

$

(16,406,733‌)

$

–‌

$

–‌

BMO

Capital

Markets

Corp.

...............................

9,393‌

(9,393‌)

–‌

–‌

BNP

Paribas

SA

.......................................

428,604‌

(428,604‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

7,002,365‌

(7,002,365‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

8,678,097‌

(8,678,097‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

12,275,052‌

(12,206,282‌)

–‌

68,770‌

(b)

Deutsche

Bank

Securities,

Inc.

.............................

858,000‌

(858,000‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

28,866,824‌

(28,866,824‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

34,822,973‌

(34,822,973‌)

–‌

–‌

Jefferies

LLC

.........................................

753,698‌

(753,698‌)

–‌

–‌

Morgan

Stanley

.......................................

57,454,781‌

(57,454,781‌)

–‌

–‌

National

Financial

Services

LLC

............................

4,570,196‌

(4,570,196‌)

–‌

–‌

Natixis

SA

...........................................

2,641,293‌

(2,641,293‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

3,593‌

(3,593‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

1,381,280‌

(1,381,280‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

942,956‌

(942,956‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

56,006,015‌

(56,006,015‌)

–‌

–‌

UBS

AG

............................................

3,963,291‌

(3,963,291‌)

–‌

–‌

UBS

Securities

LLC

....................................

1,290,723‌

(1,290,723‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

422,136‌

(422,136‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

1,599,636‌

(1,599,636‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

3,875,150‌

(3,875,150‌)

–‌

–‌

$

244,252,789‌

$

(244,184,019‌)

$

–‌

$

68,770‌

S&P

Small-Cap

600

Growth

Barclays

Bank

plc

......................................

$

22,900,343‌

$

(22,900,343‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

11,668‌

(11,668‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

41,604‌

(41,604‌)

–‌

–‌

BNP

Paribas

SA

.......................................

28,272,779‌

(28,272,779‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

7,572,118‌

(7,572,118‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

2,722,057‌

(2,722,057‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

9,665,702‌

(9,665,702‌)

–‌

–‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

46

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

Total

return

swaps

are

entered

into by

the iShares

S&P

Mid-Cap

400

Growth

ETF,

iShares

S&P

Mid-Cap

400

Value

ETF

and

iShares

S&P

Small-Cap

600

Growth

ETF to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-

income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

S&P

Small-Cap

600

Growth

(continued)

Credit

Suisse

Securities

(USA)

LLC

..........................

2,151,766‌

(2,151,766‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

53,610,675‌

(53,610,675‌)

–‌

–‌

HSBC

Bank

plc

.......................................

14,936‌

(14,068‌)

–‌

868‌

J.P.

Morgan

Securities

LLC

...............................

60,663,388‌

(60,663,388‌)

–‌

–‌

Jefferies

LLC

.........................................

2,723,276‌

(2,723,276‌)

–‌

–‌

Morgan

Stanley

.......................................

13,313,513‌

(13,313,513‌)

–‌

–‌

National

Financial

Services

LLC

............................

8,598,616‌

(8,598,616‌)

–‌

–‌

Natixis

SA

...........................................

7,022,534‌

(6,993,729‌)

–‌

28,805‌

(b)

Nomura

Securities

International,

Inc.

.........................

116,318‌

(116,318‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

69,444,793‌

(69,444,793‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

348,732‌

(348,732‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,784,100‌

(1,784,100‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

4,130,926‌

(4,130,926‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

5,482,007‌

(5,482,007‌)

–‌

–‌

UBS

AG

............................................

2,425,940‌

(2,425,940‌)

–‌

–‌

UBS

Securities

LLC

....................................

21,226‌

(21,226‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

133,950‌

(133,950‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

928,564‌

(928,564‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

261,215‌

(261,215‌)

–‌

–‌

$

304,362,746‌

$

(304,333,073‌)

$

–‌

$

29,673‌

(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

March

31,

2024.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

47

Notes

to

Financial

Statements

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

or

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instruments

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Fund

receives

payment

from

or

makes

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

the

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Fund

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Fund

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the iShares

S&P

Mid-Cap

400

Growth

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.1800%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.1710

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.1624

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.1543

Over

$281

billion

..................................................................................................

0.1465

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

48

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,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended March

31,

2024,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

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.

iShares

ETF

Investment

Advisory

Fees

S&P

Mid-Cap

400

Value

.............................................................................................

0.18‌

%

S&P

Small-Cap

600

Growth

...........................................................................................

0.18‌

iShares

ETF

Amounts

S&P

Mid-Cap

400

Growth

...................................................................................................

$

448,618‌

S&P

Mid-Cap

400

Value

....................................................................................................

600,439‌

S&P

Small-Cap

600

Growth

..................................................................................................

359,918‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

S&P

Mid-Cap

400

Growth

................................................................

$

1,483,171,719‌

$

2,292,640,312‌

$

(33,016,505‌)

S&P

Mid-Cap

400

Value

.................................................................

1,775,787,012‌

1,511,981,157‌

(267,110,247‌)

S&P

Small-Cap

600

Growth

...............................................................

1,846,246,018‌

1,742,135,380‌

(24,510,535‌)

Notes

to

Financial

Statements

(continued)

49

Notes

to

Financial

Statements

7.

Purchases

and

Sales

For

the year ended

March

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

March

31,

2024,

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

March

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of March

31,

2024,

permanent

differences

attributable

to

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2024,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

For

the

year

ended

March

31,

2024,

the

Funds

listed

below

utilized

the

following

amount

of their

respective

capital

loss

carryforwards:

iShares

ETF

Purchases

Sales

S&P

Mid-Cap

400

Growth

................................................................................

$

3,931,106,624‌

$

3,949,699,729‌

S&P

Mid-Cap

400

Value

.................................................................................

2,959,877,413‌

2,949,177,038‌

S&P

Small-Cap

600

Growth

...............................................................................

2,834,500,031‌

2,861,112,584‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

S&P

Mid-Cap

400

Growth

................................................................................

$

1,446,298,655‌

$

1,394,796,386‌

S&P

Mid-Cap

400

Value

.................................................................................

1,756,959,760‌

2,607,372,191‌

S&P

Small-Cap

600

Growth

...............................................................................

321,303,852‌

326,852,833‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

S&P

Mid-Cap

400

Growth

.....................................................................

$

646,355,133‌

$

(646,355,133‌)

S&P

Mid-Cap

400

Value

......................................................................

538,535,912‌

(538,535,912‌)

S&P

Small-Cap

600

Growth

....................................................................

87,419,793‌

(87,419,793‌)

—‌

iShares

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

S&P

Mid-Cap

400

Growth

Ordinary

income

...........................................................................................

$

87,145,578‌

$

78,339,399‌

S&P

Mid-Cap

400

Value

Ordinary

income

...........................................................................................

$

120,010,335‌

$

146,561,202‌

S&P

Small-Cap

600

Growth

Ordinary

income

...........................................................................................

$

53,500,032‌

$

57,057,739‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

S&P

Mid-Cap

400

Growth

.................................................

$

10,706,399‌

$

(829,998,730‌)

$

2,332,574,873‌

$

1,513,282,542‌

S&P

Mid-Cap

400

Value

..................................................

13,462,437‌

(1,184,056,618‌)

458,367,406‌

(712,226,775‌)

S&P

Small-Cap

600

Growth

................................................

13,101,779‌

(640,814,612‌)

1,086,060,668‌

458,347,835‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

accounting

for

swap

agreements

and

the

characterization

of

corporate

actions.

iShares

ETF

Amount

Utilized

S&P

Mid-Cap

400

Growth

..........................................................................................

$

10,255,845‌

S&P

Small-Cap

600

Growth

.........................................................................................

18,397,352‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

50

As

of

March

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Each

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

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

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

S&P

Mid-Cap

400

Growth

...........................................

$

7,575,935,086‌

$

2,507,529,060‌

$

(174,954,187‌)

$

2,332,574,873‌

S&P

Mid-Cap

400

Value

.............................................

7,434,071,735‌

998,711,054‌

(540,343,648‌)

458,367,406‌

S&P

Small-Cap

600

Growth

..........................................

5,103,802,310‌

1,252,283,133‌

(166,222,465‌)

1,086,060,668‌

Notes

to

Financial

Statements

(continued)

51

Notes

to

Financial

Statements

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:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

03/31/24

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

S&P

Mid-Cap

400

Growth

Shares

sold

18,200,000‌

$

1,455,945,184‌

12,450,000‌

$

859,514,551‌

Shares

redeemed

(17,950,000‌)

(1,419,267,018‌)

(6,750,000‌)

(471,860,425‌)

250,000‌

$

36,678,166‌

5,700,000‌

$

387,654,126‌

S&P

Mid-Cap

400

Value

Shares

sold

16,350,000‌

$

1,800,568,048‌

54,750,000‌

$

5,605,015,121‌

Shares

redeemed

(24,350,000‌)

(2,645,218,721‌)

(58,900,000‌)

(5,971,351,418‌)

(8,000,000‌)

$

(844,650,673‌)

(4,150,000‌)

$

(366,336,297‌)

S&P

Small-Cap

600

Growth

Shares

sold

2,900,000‌

$

346,524,142‌

10,100,000‌

$

1,134,905,279‌

Shares

redeemed

(3,150,000‌)

(357,026,001‌)

(9,650,000‌)

(1,072,588,200‌)

(250,000‌)

$

(10,501,859‌)

450,000‌

$

62,317,079‌

Report

of

Independent

Registered

Public

Accounting

Firm

2024

ISHARES

ANNUAL

REPORT

TO

SHAREHOLDERS

52

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the three

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed in

the

table

below

(three

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2024,

the

related

statements

of

operations

for

the

year

ended

March

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds listed

in

the

table

below as

of

March

31,

2024,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2024

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

23,

2024 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

S&P

Mid-Cap

400

Growth

ETF

iShares

S&P

Mid-Cap

400

Value

ETF

iShares

S&P

Small-Cap

600

Growth

ETF

Important

Tax

Information

(unaudited)

53

Important

Tax

Information

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

S&P

Mid-Cap

400

Growth

.............................................................................................

$

76,697,379‌

S&P

Mid-Cap

400

Value

..............................................................................................

98,667,878‌

S&P

Small-Cap

600

Growth

............................................................................................

53,522,445‌

iShares

ETF

Qualified

Business

Income

S&P

Mid-Cap

400

Growth

.............................................................................................

$

15,783,567‌

S&P

Mid-Cap

400

Value

..............................................................................................

31,238,348‌

S&P

Small-Cap

600

Growth

............................................................................................

8,870,267‌

iShares

ETF

Dividends-Received

Deduction

S&P

Mid-Cap

400

Growth

.............................................................................................

80

.51‌

%

S&P

Mid-Cap

400

Value

..............................................................................................

72

.93‌

S&P

Small-Cap

600

Growth

............................................................................................

80

.13‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

2024

iShares

Annual

Report

to

Shareholders

54

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

S&P

Mid-Cap

400

Growth

ETF,

iShares

S&P

Mid-Cap

400

Value

ETF

and

iShares

S&P

Small-Cap

600

Growth

ETF (the

“Funds”

or

“ETFs”), each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

8,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays,

delays

in

the

repatriation

of

the

local

currency

in

certain

non-U.S.

countries,

the

continued

illiquidity

of

Russian

equity

securities

and

the

suspension

of

select

sanctions

in

Venezuela.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

ETFs

for

which

the

custom

baskets

accepted

by

the

ETF

had

a

significant

change

in

its

liquidity

profile.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

55

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2024

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

S&P

Mid-Cap

400

Value

(a)

................

$

1.811076‌

$

—‌

$

0.022036‌

$

1.833112‌

99‌%

—‌%

1‌%

100‌%

S&P

Small-Cap

600

Growth

...............

1.201608‌

—‌

—‌

1.201608‌

100‌

—‌

—‌

100‌

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

Trustee

and

Officer

Information

(unaudited)

2024

iShares

Annual

Report

to

Shareholders

56

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of 404

funds

as

of

March

31,

2024.

With

the

exception

of

Stephen

Cohen,

Robert

S.

Kapito

and

Aaron

Wasserman,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito

and

Mr. Wasserman

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

address

of

Mr.

Cohen

is

c/o

BlackRock,

Inc.,

Drapers

Gardens,

12

Throgmorton

Avenue,

London

EC2N

2DL

United

Kingdom.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Stephen

Cohen

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President

of

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Stephen

Cohen

(b)

(1975)

Trustee

(since

2024).

Senior

Managing

Director,

Head

of

Global

Product

Solutions

of

BlackRock,

Inc.

(since

2024);

Senior

Managing

Director,

Head

of

Europe,

Middle

East

and

Africa

Regions

of

BlackRock,

Inc.

(2021-2024);

Head

of

iShares

Index

and

Wealth

in

EMEA

of

BlackRock,

Inc.

(2017-2021);

Global

Head

of

Fixed

Income

Indexing

of

BlackRock,

Inc.

(2016-

2017);

Chief

Investment

Strategist

for

International

Fixed

Income

and

iShares

of

BlackRock,

Inc.

(2011-2015).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022);

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

Trustee

and

Officer

Information

(unaudited)

(continued)

57

Trustee

and

Officer

Information

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Director

of

WellBe

Senior

Medical

(since

2023);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-

2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Jessica

Tan

(1980)

President

(since

2024).

Managing

Director

of

BlackRock,

Inc.

(since

2015);

Head

of

Global

Product

Solutions,

Americas

of

BlackRock,

Inc.

(since

2024)

and

Head

of

Sustainable

and

Transition

Solutions

of

BlackRock,

Inc.

(2022-2024);

Global

Head

of

Corporate

Strategy

of

BlackRock,

Inc.

(2019-2022);

Chief

of

Staff

to

the

CEO

of

BlackRock,

Inc.

(2017-2019).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director

of

BlackRock,

Inc.

(since

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021).

Aaron

Wasserman

(1974)

Chief

Compliance

Officer

(since

2023).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Chief

Compliance

Officer

of

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

Exchange-Traded

Fund

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

Exchange-Traded

Fund

Complex

(2014-2023).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2023);

Director

of

BlackRock,

Inc.

(2018-2022).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

of

BlackRock,

Inc.

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

of

BlackRock,

Inc.

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

of

BlackRock,

Inc.

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

of

BlackRock,

Inc.

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

of

BlackRock,

Inc.

(since

2020).

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer.

Effective

February

1,

2024,

Salim

Ramji

resigned

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Stephen

Cohen

replaced

Salim

Ramji

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Dominik

Rohé

resigned

as

President

of

the

Trust.

Effective

March

5,

2024,

Jessica

Tan

replaced

Dominik

Rohé

as

President

of

the

Trust.

Effective

April

8,

2024,

Laura

Fergerson

was

appointed

as

a

Trustee

of

the

Trust.

Effective

April

8,

2024,

James

Lam

was

appointed

as

a

Trustee

of

the

Trust.

Independent

Trustees

(continued)

General

Information

2024

iShares

Annual

Report

to

Shareholders

58

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

59

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

NVS

Non-Voting

Shares

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

iS-AR-321-0324

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by S&P

Dow

Jones

Indices

LLC,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

MARCH

31,

2024

2024

Annual

Report

iShares

Trust

iShares

Core

S&P

500

ETF

|

IVV

|

NYSE

Arca

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

|

ITOT

|

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

March

31,

2024.

Higher

interest

rates

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

has

had

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

second

half

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies,

while

small-capitalization

U.S.

stocks’

advance

was

slower

but

still

robust.

Meanwhile,

international

developed

market

equities

also

gained

strongly,

while

emerging

market

stocks

advanced

at

a

more

modest

pace.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

positive

returns

overall

for

10-

year

U.S.

Treasuries

and

solid

gains

in

shorter-duration

U.S.

Treasuries.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

twice

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

despite

the

market’s

hopes

for

rapid

interest

rate

cuts,

as

reflected

in

the

ongoing

rally.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

Looking

at

developed

market

stocks,

we

have

an

overweight

stance

on

U.S.

stocks

overall,

particularly

given

the

promise

of

emerging

AI

technologies.

We

are

also

overweight

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest,

although

we

maintain

an

underweight

stance

on

European

stocks.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries

and

hard-currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

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

March

31,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

23.48

%

29.88

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.94

19.71

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

16.81

15.32

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

10.42

8.15

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.68

5.24

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.88

(2.44

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

5.99

1.70

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.48

3.13

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.73

11.15

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

9

Disclosure

of Expenses

...................................................................................................

9

Schedules

of

Investments

.................................................................................................

10

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

41

Statements

of

Operations

................................................................................................

42

Statements

of

Changes

in

Net

Assets

........................................................................................

43

Financial

Highlights

.....................................................................................................

44

Notes

to

Financial

Statements

...............................................................................................

46

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

54

Important

Tax

Information

.................................................................................................

55

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

56

Supplemental

Information

.................................................................................................

57

Trustee

and

Officer

Information

..............................................................................................

59

General

Information

.....................................................................................................

61

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

62

Market

Overview

2024

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended 

March

31,

2024

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

29.29%

.

The

economy

showed

notable

resilience

even

as

interest

rates

rose,

and

analysts’

optimism

about

the

economy’s

trajectory

improved.

Meanwhile,

inflation

decelerated

notably,

enabling

a

pause

in

monetary

policy

tightening

and

providing

a

supportive

backdrop

for

equities.

The

U.S.

economy

grew

at

a

robust

pace

in

2023

despite

concerns

about

the

impact

of

higher

interest

rates

on

growth.

The

U.S.

consumer

helped

to

power

the

expansion,

as

consumer

spending

continued

to

grow

in

both

nominal

and

real

(inflation-adjusted)

terms.

A

strong

labor

market

bolstered

consumer

spending,

as

employers

continued

to

add

jobs,

and

average

hourly

wages

increased

notably.

Consumer

spending

was

also

supported

by

higher

asset

values,

as

both

home

prices

and

strong

equity

performance

increased

household

net

worth.

Government

spending

also

stimulated

the

economy,

as

the

federal

deficit

increased

amid

rising

expenditures,

while

state

and

local

governments

also

boosted

spending

to

fill

personnel

vacancies.

Despite

high

spending

and

healthy

household

balance

sheets,

consumer

sentiment

remained

below

pre-pandemic

levels,

as

elevated

inflation

and

high

interest

rates

weighed

on

consumers’

outlook.

While

inflation

declined

early

in

the

reporting

period

-

decreasing

from

4.9%

in

April

2023

to

3%

in

June

2023

-

it

remained

stubbornly

persistent

thereafter,

fluctuating

between

3%

and

4%,

above

the

pre-pandemic

average.

While

improved

supply

chains

eased

goods

inflation,

the

tight

labor

market

kept

labor

costs

near

record

highs,

and

growing

services

inflation

was

a

significant

driver

of

inflation’s

overall

persistence.

To

counteract

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

raised

interest

rates

twice

early

in

the

reporting

period,

reaching

the

highest

level

since

2001.

However,

the

Fed

paused

its

interest

rate

increases

thereafter

as

inflation

edged

down,

keeping

interest

rates

steady

after

its

July

2023

meeting.

The

Fed

also

continued

to

decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

Projections

released

by

the

Fed

late

in

the

reporting

period

included

several

interest

rate

decreases

later

in

2024,

as

it

forecast

inflation

would

continue

to

moderate

despite

the

robust

economy. 

The

strong

economy

supported

corporate

profits,

which

grew

substantially

in

the

last

three

quarters

of

2023.

Despite

higher

input

costs,

companies

were

able

to

raise

prices

sufficiently

to

widen

profit

margins,

as

the

U.S.

consumer

continued

to

spend.

Firms

increasingly

kept

assets

in

short-term

investments

that

earned

higher

yields

due

to

elevated

interest

rates.

This

helped

to

mitigate

the

negative

impact

of

higher

borrowing

costs,

which

drove

a

rise

in

interest

expense.

Innovations

in

computing

also

drove

enthusiasm

for

equities,

as

new

technologies

drove

hopes

for

economy-wide

improvements

in

productivity.

Despite

the

strong

economic

conditions

during

the

reporting

period,

analysts

noted

several

areas

of

caution

about

potential

disruptions

to

markets.

Geopolitical

tensions

were

high

amid

Russia’s

ongoing

invasion

of

Ukraine

and

fighting

in

Gaza

following

Hamas’

terrorist

attack

on

Israel.

Missile

attacks

on

a

major

shipping

lane

in

the

Middle

East

raised

concerns

about

a

wider

conflict

while

disrupting

some

supply

chains.

While

inflation

declined

during

the

reporting

period,

it

remained

more

persistent

than

some

analysts

expected,

raising

concerns

about

the

effect

of

continued

inflation

on

the

Fed’s

interest

rate

policy. 

Fund

Summary

as

of

March

31,

2024

5

Fund

Summary

iShares

®

Core

S&P

500

ETF

Investment

Objective

The

iShares

Core

S&P

500

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-capitalization

U.S.

equities,

as

represented

by

the

S&P

500

®

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29.85‌%

15.02‌%

12.92‌%

29.85‌%

101.28‌%

237.03‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29.82‌

15.01‌

12.91‌

29.82‌

101.19‌

236.75‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29.88‌

15.05‌

12.96‌

29.88‌

101.57‌

238.26‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,234.60‌

$

0.17‌

$

1,000.00‌

$

1,024.85‌

$

0.15‌

0.03‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

to

Shareholders

6

iShares

®

Core

S&P

500

ETF

Portfolio

Management

Commentary

Large-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

information

technology

sector

contributed

the

most

to

the

Index’s

return

amid

notable

innovations

in

artificial

intelligence

(“AI”)

technology.

Rapid

advances

in

generative

AI,

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

The

semiconductors

industry

gained

the

most,

as

companies

invested

significantly

in

the

specialized

chips

used

to

provide

computing

capacity

for

AI

applications,

which

require

significant

processing

power.

Consequently,

industry

revenues

and

earnings

grew

rapidly,

driving

strong

equity

performance.

Additionally,

the

semiconductors

industry

continued

to

invest

in

building

the

next

generation

of

processors

for

AI

applications,

further

supporting

stock

prices.

The

software

and

services

industry

also

advanced,

driven

by

strength

among

systems

software

companies.

Enthusiasm

for

generative

AI

products

benefited

a

large

company

in

the

industry

with

a

significant

investment

in

a

prominent

consumer-facing

AI

platform,

a

chatbot

that

grew

its

user

base

more

rapidly

than

any

other

consumer

application

in

history.

Integration

of

AI

into

already

existing

productivity

software

also

propelled

gains.

The

financials

sector

was

a

solid

contributor

to

the

Index’s

return,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

The

financial

services

industry

advanced,

as

growth

in

consumer

spending

and

cross-border

transactions

bolstered

earnings

at

transaction

and

payment

processing

services

firms.

The

communication

services

sector

also

contributed

to

the

Index’s

performance,

led

by

the

interactive

media

and

services

industry.

Growth

in

the

online

advertising

market

drove

large

increases

in

both

revenue

and

income,

and

cost

cutting

efforts

boosted

profitability.

Strong

sales

of

cloud

computing

products

further

bolstered

earnings.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

29.4‌

%

Financials

......................................

13.2‌

Health

Care

....................................

12.4‌

Consumer

Discretionary

............................

10.3‌

Communication

Services

............................

9.0‌

Industrials

......................................

8.8‌

Consumer

Staples

................................

6.0‌

Energy

........................................

4.0‌

Materials

......................................

2.4‌

Real

Estate

.....................................

2.3‌

Utilities

........................................

2.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

...................................

7.1‌

%

Apple,

Inc.

......................................

5.6‌

NVIDIA

Corp.

....................................

5.1‌

Amazon.com,

Inc.

.................................

3.7‌

Meta

Platforms,

Inc.,

Class

A

..........................

2.4‌

Alphabet,

Inc.,

Class

A

..............................

2.0‌

Berkshire

Hathaway,

Inc.,

Class

B

......................

1.7‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.7‌

Eli

Lilly

&

Co.

....................................

1.4‌

Broadcom,

Inc.

...................................

1.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

7

Fund

Summary

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Investment

Objective

The

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

a

broad-based

index

composed

of

U.S.

equities,

as

represented

by

the

S&P

Total

Market

Index

TM

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

December

20,

2015

reflects

the

performance

of

the

S&P

Composite

1500

®

.

Index

performance

beginning

on

December

21,

2015

reflects

the

performance

of

the

S&P

Total

Market

Index

TM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29.36‌%

14.22‌%

12.37‌%

29.36‌%

94.43‌%

221.05‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29.25‌

14.21‌

12.36‌

29.25‌

94.29‌

220.73‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

29.35‌

14.23‌

12.39‌

29.35‌

94.49‌

221.44‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,233.90‌

$

0.17‌

$

1,000.00‌

$

1,024.85‌

$

0.15‌

0.03‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

8

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Portfolio

Management

Commentary

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

information

technology

sector

contributed

the

most

to

the

Index’s

return

amid

notable

innovations

in

artificial

intelligence

(“AI”)

technology.

Rapid

advances

in

generative

AI,

which

allows

users

to

generate

outputs

using

simple

natural

language

queries,

drove

a

surge

in

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

The

semiconductors

industry

gained

the

most,

as

companies

invested

significantly

in

the

specialized

chips

used

to

provide

computing

capacity

for

AI

applications,

which

require

significant

processing

power.

Consequently,

industry

revenues

and

earnings

grew

rapidly,

driving

strong

equity

performance.

Additionally,

the

semiconductors

industry

continued

to

invest

in

building

the

next

generation

of

processors

for

AI

applications,

further

supporting

stock

prices.

The

software

and

services

industry

also

advanced,

driven

by

strength

among

systems

software

companies.

Enthusiasm

for

generative

AI

products

benefited

a

large

company

in

the

industry

with

a

significant

investment

in

a

prominent

consumer-facing

AI

platform,

a

chatbot

that

grew

its

user

base

more

rapidly

than

any

other

consumer

application

in

history.

Integration

of

AI

into

already

existing

productivity

software

also

propelled

gains.

The

financials

sector

was

a

solid

contributor

to

the

Index’s

return,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

The

financial

services

industry

advanced,

as

growth

in

consumer

spending

and

cross-border

transactions

bolstered

earnings

at

transaction

and

payment

processing

services

firms.

The

communication

services

sector

also

contributed

significantly

to

the

Index’s

performance,

led

by

the

interactive

media

and

services

industry.

Growth

in

the

online

advertising

market

drove

large

increases

in

both

revenue

and

income,

and

cost

cutting

efforts

boosted

profitability.

Strong

sales

of

cloud

computing

products

further

increased

earnings.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

28.2‌

%

Financials

......................................

13.8‌

Health

Care

....................................

12.3‌

Consumer

Discretionary

............................

10.5‌

Industrials

......................................

10.0‌

Communication

Services

............................

8.2‌

Consumer

Staples

................................

5.6‌

Energy

........................................

4.0‌

Real

Estate

.....................................

2.7‌

Materials

......................................

2.6‌

Utilities

........................................

2.1‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

...................................

6.1‌

%

Apple,

Inc.

......................................

4.9‌

NVIDIA

Corp.

....................................

4.4‌

Amazon.com,

Inc.

.................................

3.2‌

Meta

Platforms,

Inc.,

Class

A

..........................

2.1‌

Alphabet,

Inc.,

Class

A

..............................

1.7‌

Berkshire

Hathaway,

Inc.,

Class

B

......................

1.5‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.5‌

Eli

Lilly

&

Co.

....................................

1.2‌

Broadcom,

Inc.

...................................

1.1‌

(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, index

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included, index

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

Core

S&P

500

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

Axon

Enterprise,

Inc.

(a)

................

730,224

$

228,472,485

Boeing

Co.

(The)

(a)

(b)

..................

5,945,067

1,147,338,480

General

Dynamics

Corp.

...............

2,353,414

664,815,921

Howmet

Aerospace,

Inc.

(b)

..............

4,054,912

277,477,628

Huntington

Ingalls

Industries,

Inc.

.........

410,680

119,700,900

L3Harris

Technologies,

Inc.

.............

1,964,933

418,727,222

Lockheed

Martin

Corp.

................

2,229,385

1,014,080,355

Northrop

Grumman

Corp.

..............

1,462,027

699,813,844

RTX

Corp.

........................

13,754,326

1,341,459,415

Textron,

Inc.

(b)

......................

2,032,046

194,934,173

TransDigm

Group,

Inc.

................

576,366

709,852,365

6,816,672,788

Air

Freight

&

Logistics

—

0.4%

CH

Robinson

Worldwide,

Inc.

...........

1,208,937

92,048,463

Expeditors

International

of

Washington,

Inc.

..

1,507,426

183,257,779

FedEx

Corp.

.......................

2,383,317

690,542,267

United

Parcel

Service,

Inc.

,

Class

B

.......

7,497,752

1,114,390,880

2,080,239,389

Automobile

Components

—

0.1%

Aptiv

plc

(a)

.........................

2,892,476

230,385,713

BorgWarner,

Inc.

....................

2,382,102

82,754,224

313,139,937

Automobiles

—

1.3%

Ford

Motor

Co.

.....................

40,457,026

537,269,305

General

Motors

Co.

..................

11,967,005

542,703,677

Tesla,

Inc.

(a)

(b)

......................

28,722,211

5,049,077,472

6,129,050,454

Banks

—

3.4%

Bank

of

America

Corp.

................

71,371,375

2,706,402,540

Citigroup,

Inc.

......................

19,728,086

1,247,604,159

Citizens

Financial

Group,

Inc.

...........

4,833,295

175,400,276

Comerica,

Inc.

......................

1,368,823

75,271,577

Fifth

Third

Bancorp

..................

7,060,400

262,717,484

Huntington

Bancshares,

Inc.

............

15,013,530

209,438,743

JPMorgan

Chase

&

Co.

...............

29,968,924

6,002,775,477

KeyCorp

..........................

9,708,969

153,498,800

M&T

Bank

Corp.

....................

1,722,408

250,507,019

PNC

Financial

Services

Group,

Inc.

(The)

...

4,126,095

666,776,952

Regions

Financial

Corp.

...............

9,578,375

201,529,010

Truist

Financial

Corp.

.................

13,825,947

538,935,414

US

Bancorp

.......................

16,140,448

721,478,026

Wells

Fargo

&

Co.

...................

37,306,470

2,162,283,001

15,374,618,478

Beverages

—

1.4%

Brown-Forman

Corp.

,

Class

B,

NVS

.......

1,874,660

96,769,949

Coca-Cola

Co.

(The)

.................

40,335,634

2,467,734,088

Constellation

Brands,

Inc.

,

Class

A

........

1,667,678

453,208,173

Keurig

Dr

Pepper,

Inc.

................

10,796,400

331,125,588

Molson

Coors

Beverage

Co.

,

Class

B

......

1,919,335

129,075,279

Monster

Beverage

Corp.

(a)

(b)

.............

7,657,850

453,957,348

PepsiCo,

Inc.

......................

14,247,545

2,493,462,851

6,425,333,276

Biotechnology

—

1.9%

AbbVie,

Inc.

.......................

18,301,999

3,332,794,018

Amgen,

Inc.

.......................

5,545,645

1,576,737,786

Biogen,

Inc.

(a)

......................

1,501,897

323,854,050

Gilead

Sciences,

Inc.

.................

12,916,521

946,135,163

Incyte

Corp.

(a)

(b)

.....................

1,928,408

109,861,404

Moderna,

Inc.

(a)

(b)

....................

3,438,360

366,391,642

Security

Shares

Shares

Value

Biotechnology

(continued)

Regeneron

Pharmaceuticals,

Inc.

(a)

(b)

.......

1,095,207

$

1,054,125,786

Vertex

Pharmaceuticals,

Inc.

(a)

...........

2,671,115

1,116,552,781

8,826,452,630

Broadline

Retail

—

3.8%

Amazon.com,

Inc.

(a)

..................

94,757,165

17,092,297,423

eBay,

Inc.

.........................

5,380,109

283,962,153

Etsy,

Inc.

(a)

(b)

.......................

1,242,658

85,395,458

17,461,655,034

Building

Products

—

0.5%

A

O

Smith

Corp.

....................

1,273,199

113,900,382

Allegion

plc

........................

909,876

122,569,396

Builders

FirstSource,

Inc.

(a)

.............

1,278,358

266,601,561

Carrier

Global

Corp.

..................

8,660,546

503,437,539

Johnson

Controls

International

plc

........

7,064,768

461,470,646

Masco

Corp.

.......................

2,278,260

179,709,149

Trane

Technologies

plc

................

2,358,609

708,054,422

2,355,743,095

Capital

Markets

—

2.8%

Ameriprise

Financial,

Inc.

..............

1,038,922

455,504,962

Bank

of

New

York

Mellon

Corp.

(The)

......

7,871,542

453,558,250

BlackRock,

Inc.

(c)

....................

1,449,406

1,208,369,782

Blackstone,

Inc.

,

Class

A

...............

7,456,884

979,610,851

CBOE

Global

Markets,

Inc.

.............

1,094,327

201,060,700

Charles

Schwab

Corp.

(The)

............

15,427,257

1,116,007,771

CME

Group,

Inc.

,

Class

A

..............

3,731,551

803,365,615

FactSet

Research

Systems,

Inc.

..........

395,014

179,490,411

Franklin

Resources,

Inc.

...............

3,111,527

87,465,024

Goldman

Sachs

Group,

Inc.

(The)

........

3,380,465

1,411,986,426

Intercontinental

Exchange,

Inc.

..........

5,935,960

815,778,983

Invesco

Ltd.

.......................

4,665,736

77,404,560

MarketAxess

Holdings,

Inc.

.............

393,124

86,192,437

Moody's

Corp.

......................

1,631,643

641,284,648

Morgan

Stanley

.....................

12,986,882

1,222,844,809

MSCI,

Inc.

........................

819,830

459,473,724

Nasdaq,

Inc.

.......................

3,938,680

248,530,708

Northern

Trust

Corp.

..................

2,126,330

189,073,264

Raymond

James

Financial,

Inc.

..........

1,950,169

250,440,703

S&P

Global,

Inc.

....................

3,330,498

1,416,960,374

State

Street

Corp.

...................

3,130,201

242,027,141

T.

Rowe

Price

Group,

Inc.

..............

2,320,809

282,953,033

12,829,384,176

Chemicals

—

1.6%

Air

Products

&

Chemicals,

Inc.

...........

2,304,203

558,239,261

Albemarle

Corp.

....................

1,216,604

160,275,411

Celanese

Corp.

.....................

1,038,388

178,457,362

CF

Industries

Holdings,

Inc.

.............

1,980,719

164,815,628

Corteva,

Inc.

.......................

7,275,012

419,549,942

Dow,

Inc.

.........................

7,280,110

421,736,772

DuPont

de

Nemours,

Inc.

..............

4,458,596

341,840,555

Eastman

Chemical

Co.

................

1,216,074

121,874,936

Ecolab,

Inc.

.......................

2,630,661

607,419,625

FMC

Corp.

........................

1,291,929

82,295,877

International

Flavors

&

Fragrances,

Inc.

.....

2,646,321

227,557,143

Linde

plc

.........................

5,026,733

2,334,012,667

LyondellBasell

Industries

NV

,

Class

A

......

2,653,100

271,359,068

Mosaic

Co.

(The)

....................

3,388,342

109,985,581

PPG

Industries,

Inc.

..................

2,444,116

354,152,409

Sherwin-Williams

Co.

(The)

.............

2,441,004

847,833,919

7,201,406,156

Commercial

Services

&

Supplies

—

0.6%

Cintas

Corp.

.......................

893,034

613,541,149

Copart,

Inc.

(a)

(b)

.....................

9,058,017

524,640,345

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Republic

Services,

Inc.

................

2,120,212

$

405,893,385

Rollins,

Inc.

........................

2,910,152

134,652,733

Veralto

Corp.

.......................

2,273,571

201,574,805

Waste

Management,

Inc.

...............

3,799,365

809,834,650

2,690,137,067

Communications

Equipment

—

0.8%

Arista

Networks,

Inc.

(a)

(b)

...............

2,612,210

757,488,656

Cisco

Systems,

Inc.

..................

42,123,049

2,102,361,376

F5,

Inc.

(a)

.........................

609,597

115,573,495

Juniper

Networks,

Inc.

................

3,337,216

123,677,225

Motorola

Solutions,

Inc.

...............

1,720,599

610,778,233

3,709,878,985

Construction

&

Engineering

—

0.1%

Quanta

Services,

Inc.

.................

1,505,737

391,190,473

Construction

Materials

—

0.2%

Martin

Marietta

Materials,

Inc.

(b)

..........

640,838

393,436,082

Vulcan

Materials

Co.

.................

1,377,341

375,903,905

769,339,987

Consumer

Finance

—

0.5%

American

Express

Co.

................

5,927,755

1,349,690,536

Capital

One

Financial

Corp.

.............

3,943,034

587,078,332

Discover

Financial

Services

.............

2,592,265

339,820,019

Synchrony

Financial

..................

4,217,321

181,850,882

2,458,439,769

Consumer

Staples

Distribution

&

Retail

—

1.9%

Costco

Wholesale

Corp.

...............

4,599,698

3,369,876,746

Dollar

General

Corp.

.................

2,275,580

355,127,015

Dollar

Tree,

Inc.

(a)

(b)

..................

2,145,440

285,665,336

Kroger

Co.

(The)

....................

6,861,104

391,974,871

Sysco

Corp.

.......................

5,160,408

418,921,921

Target

Corp.

.......................

4,785,809

848,093,213

Walgreens

Boots

Alliance,

Inc.

...........

7,419,823

160,935,961

Walmart,

Inc.

.......................

44,374,152

2,669,992,726

8,500,587,789

Containers

&

Packaging

—

0.2%

Amcor

plc

.........................

14,982,557

142,484,117

Avery

Dennison

Corp.

.................

834,846

186,379,369

Ball

Corp.

.........................

3,268,694

220,179,228

International

Paper

Co.

................

3,586,900

139,960,838

Packaging

Corp.

of

America

............

922,143

175,004,299

WestRock

Co.

......................

2,663,816

131,725,701

995,733,552

Distributors

—

0.1%

Genuine

Parts

Co.

...................

1,453,012

225,115,149

LKQ

Corp.

........................

2,773,788

148,148,017

Pool

Corp.

........................

400,943

161,780,501

535,043,667

Diversified

Telecommunication

Services

—

0.7%

AT&T,

Inc.

.........................

74,119,130

1,304,496,688

Verizon

Communications,

Inc.

...........

43,582,698

1,828,730,008

3,133,226,696

Electric

Utilities

—

1.5%

Alliant

Energy

Corp.

..................

2,645,321

133,324,179

American

Electric

Power

Co.,

Inc.

.........

5,451,330

469,359,513

Constellation

Energy

Corp.

.............

3,310,704

611,983,634

Duke

Energy

Corp.

..................

7,992,409

772,945,874

Edison

International

..................

3,975,955

281,219,297

Entergy

Corp.

......................

2,192,263

231,678,354

Evergy,

Inc.

........................

2,381,512

127,125,111

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Eversource

Energy

..................

3,621,221

$

216,440,379

Exelon

Corp.

.......................

10,319,236

387,693,697

FirstEnergy

Corp.

...................

5,353,211

206,741,009

NextEra

Energy,

Inc.

.................

21,268,285

1,359,256,094

NRG

Energy,

Inc.

....................

2,340,064

158,398,932

PG&E

Corp.

.......................

22,116,437

370,671,484

Pinnacle

West

Capital

Corp.

............

1,176,784

87,941,068

PPL

Corp.

........................

7,641,343

210,366,173

Southern

Co.

(The)

..................

11,305,482

811,055,279

Xcel

Energy,

Inc.

....................

5,720,607

307,482,626

6,743,682,703

Electrical

Equipment

—

0.7%

AMETEK,

Inc.

......................

2,392,260

437,544,354

Eaton

Corp.

plc

.....................

4,139,451

1,294,323,539

Emerson

Electric

Co.

.................

5,926,183

672,147,676

Generac

Holdings,

Inc.

(a)

(b)

..............

636,867

80,334,403

Hubbell,

Inc.

.......................

555,961

230,751,613

Rockwell

Automation,

Inc.

..............

1,187,762

346,030,703

3,061,132,288

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.

,

Class

A

..............

6,218,195

717,268,793

CDW

Corp.

........................

1,388,828

355,234,426

Corning,

Inc.

.......................

7,959,753

262,353,459

Jabil,

Inc.

(b)

........................

1,322,226

177,112,173

Keysight

Technologies,

Inc.

(a)

(b)

...........

1,810,685

283,154,920

TE

Connectivity

Ltd.

..................

3,201,212

464,944,031

Teledyne

Technologies,

Inc.

(a)

(b)

..........

489,079

209,971,396

Trimble,

Inc.

(a)

(b)

.....................

2,578,720

165,966,419

Zebra

Technologies

Corp.

,

Class

A

(a)

(b)

......

532,677

160,570,155

2,796,575,772

Energy

Equipment

&

Services

—

0.3%

Baker

Hughes

Co.

,

Class

A

.............

10,375,492

347,578,982

Halliburton

Co.

.....................

9,227,118

363,732,991

Schlumberger

NV

...................

14,796,927

811,019,569

1,522,331,542

Entertainment

—

1.3%

Electronic

Arts,

Inc.

..................

2,522,109

334,608,201

Live

Nation

Entertainment,

Inc.

(a)

(b)

........

1,470,521

155,537,006

Netflix,

Inc.

(a)

.......................

4,486,358

2,724,699,804

Take-Two

Interactive

Software,

Inc.

(a)

(b)

.....

1,643,461

244,037,524

Walt

Disney

Co.

(The)

................

19,014,878

2,326,660,472

Warner

Bros

Discovery,

Inc.

(a)

(b)

..........

23,003,690

200,822,214

5,986,365,221

Financial

Services

—

4.3%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.......

18,860,744

7,931,320,067

Corpay,

Inc.

(a)

......................

748,499

230,941,881

Fidelity

National

Information

Services,

Inc.

...

6,142,025

455,615,415

Fiserv,

Inc.

(a)

(b)

......................

6,221,504

994,320,769

Global

Payments,

Inc.

................

2,699,267

360,784,027

Jack

Henry

&

Associates,

Inc.

...........

755,109

131,185,087

Mastercard,

Inc.

,

Class

A

...............

8,552,370

4,118,564,821

PayPal

Holdings,

Inc.

(a)

(b)

...............

11,109,945

744,255,216

Visa,

Inc.

,

Class

A

(b)

..................

16,395,489

4,575,653,070

19,542,640,353

Food

Products

—

0.8%

Archer-Daniels-Midland

Co.

.............

5,529,488

347,307,141

Bunge

Global

SA

....................

1,505,767

154,371,233

Campbell

Soup

Co.

..................

2,039,453

90,653,686

Conagra

Brands,

Inc.

.................

4,955,422

146,878,708

General

Mills,

Inc.

...................

5,886,853

411,903,104

Hershey

Co.

(The)

...................

1,553,585

302,172,283

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

500

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Hormel

Foods

Corp.

..................

3,004,707

$

104,834,227

J

M

Smucker

Co.

(The)

................

1,100,205

138,482,803

Kellanova

.........................

2,734,011

156,631,490

Kraft

Heinz

Co.

(The)

.................

8,264,760

304,969,644

Lamb

Weston

Holdings,

Inc.

............

1,496,639

159,436,953

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

...

2,606,712

200,221,549

Mondelez

International,

Inc.

,

Class

A

.......

13,958,212

977,074,840

Tyson

Foods,

Inc.

,

Class

A

.............

2,967,966

174,308,643

3,669,246,304

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

..................

1,563,781

185,886,648

Ground

Transportation

—

1.1%

CSX

Corp.

........................

20,484,825

759,372,463

JB

Hunt

Transport

Services,

Inc.

.........

845,591

168,484,007

Norfolk

Southern

Corp.

................

2,341,244

596,712,858

Old

Dominion

Freight

Line,

Inc.

(b)

.........

1,854,820

406,780,574

Uber

Technologies,

Inc.

(a)

(b)

.............

21,332,248

1,642,369,773

Union

Pacific

Corp.

..................

6,321,117

1,554,552,304

5,128,271,979

Health

Care

Equipment

&

Supplies

—

2.6%

Abbott

Laboratories

..................

17,996,760

2,045,511,742

Align

Technology,

Inc.

(a)

................

738,091

242,034,801

Baxter

International,

Inc.

...............

5,264,070

224,986,352

Becton

Dickinson

&

Co.

...............

2,994,828

741,070,189

Boston

Scientific

Corp.

(a)

(b)

..............

15,186,313

1,040,110,577

Cooper

Cos.,

Inc.

(The)

(b)

..............

2,059,989

209,006,484

Dentsply

Sirona,

Inc.

.................

2,199,301

72,994,800

Dexcom,

Inc.

(a)

(b)

....................

3,996,679

554,339,377

Edwards

Lifesciences

Corp.

(a)

(b)

..........

6,287,106

600,795,849

GE

HealthCare

Technologies,

Inc.

(b)

.......

4,385,437

398,680,078

Hologic,

Inc.

(a)

(b)

.....................

2,433,468

189,713,165

IDEXX

Laboratories,

Inc.

(a)

..............

860,640

464,685,355

Insulet

Corp.

(a)

......................

724,126

124,115,196

Intuitive

Surgical,

Inc.

(a)

................

3,652,481

1,457,668,642

Medtronic

plc

......................

13,783,828

1,201,260,610

ResMed,

Inc.

......................

1,525,041

302,003,869

STERIS

plc

........................

1,024,446

230,315,950

Stryker

Corp.

......................

3,505,100

1,254,370,137

Teleflex,

Inc.

(b)

......................

487,159

110,180,751

Zimmer

Biomet

Holdings,

Inc.

...........

2,166,080

285,879,239

11,749,723,163

Health

Care

Providers

&

Services

—

2.6%

Cardinal

Health,

Inc.

..................

2,521,554

282,161,893

Cencora,

Inc.

......................

1,716,621

417,121,737

Centene

Corp.

(a)

(b)

...................

5,540,486

434,817,341

Cigna

Group

(The)

...................

3,032,078

1,101,220,409

CVS

Health

Corp.

...................

13,045,326

1,040,495,202

DaVita,

Inc.

(a)

(b)

.....................

557,755

76,998,078

Elevance

Health,

Inc.

.................

2,435,738

1,263,027,582

HCA

Healthcare,

Inc.

.................

2,053,301

684,837,482

Henry

Schein,

Inc.

(a)

(b)

.................

1,346,730

101,705,050

Humana,

Inc.

......................

1,267,160

439,349,715

Laboratory

Corp.

of

America

Holdings

......

880,384

192,328,689

McKesson

Corp.

....................

1,362,075

731,229,964

Molina

Healthcare,

Inc.

(a)

(b)

..............

601,539

247,130,267

Quest

Diagnostics,

Inc.

................

1,150,612

153,157,963

UnitedHealth

Group,

Inc.

...............

9,588,272

4,743,318,158

Universal

Health

Services,

Inc.

,

Class

B

(b)

...

632,221

115,355,044

12,024,254,574

Health

Care

REITs

—

0.2%

Healthpeak

Properties,

Inc.

.............

7,338,125

137,589,844

Ventas,

Inc.

.......................

4,171,492

181,626,761

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

Welltower,

Inc.

......................

5,737,104

$

536,074,998

855,291,603

Hotel

&

Resort

REITs

—

0.0%

Host

Hotels

&

Resorts,

Inc.

.............

7,312,781

151,228,311

Hotels,

Restaurants

&

Leisure

—

2.0%

Airbnb,

Inc.

,

Class

A

(a)

(b)

................

4,514,901

744,778,069

Booking

Holdings,

Inc.

................

361,823

1,312,650,425

Caesars

Entertainment,

Inc.

(a)

(b)

..........

2,235,842

97,795,729

Carnival

Corp.

(a)

(b)

....................

10,444,177

170,657,852

Chipotle

Mexican

Grill,

Inc.

(a)

(b)

...........

284,054

825,679,646

Darden

Restaurants,

Inc.

..............

1,237,798

206,897,936

Domino's

Pizza,

Inc.

..................

361,733

179,737,893

Expedia

Group,

Inc.

(a)

(b)

................

1,355,647

186,740,374

Hilton

Worldwide

Holdings,

Inc.

(b)

.........

2,613,881

557,566,956

Las

Vegas

Sands

Corp.

...............

3,828,117

197,913,649

Marriott

International,

Inc.

,

Class

A

........

2,557,459

645,272,480

McDonald's

Corp.

...................

7,519,216

2,120,042,951

MGM

Resorts

International

(a)

(b)

...........

2,832,965

133,744,278

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

....

4,414,856

92,402,936

Royal

Caribbean

Cruises

Ltd.

(a)

(b)

.........

2,445,216

339,909,476

Starbucks

Corp.

.....................

11,736,677

1,072,614,911

Wynn

Resorts

Ltd.

...................

987,993

101,002,524

Yum!

Brands,

Inc.

...................

2,912,730

403,850,015

9,389,258,100

Household

Durables

—

0.4%

DR

Horton,

Inc.

.....................

3,095,883

509,427,548

Garmin

Ltd.

........................

1,586,643

236,203,543

Lennar

Corp.

,

Class

A

.................

2,562,054

440,622,047

Mohawk

Industries,

Inc.

(a)

(b)

.............

548,926

71,848,924

NVR,

Inc.

(a)

(b)

.......................

33,181

268,764,773

PulteGroup,

Inc.

....................

2,198,622

265,197,786

1,792,064,621

Household

Products

—

1.2%

Church

&

Dwight

Co.,

Inc.

..............

2,554,276

266,436,530

Clorox

Co.

(The)

....................

1,286,595

196,990,560

Colgate-Palmolive

Co.

................

8,535,175

768,592,509

Kimberly-Clark

Corp.

.................

3,492,514

451,756,686

Procter

&

Gamble

Co.

(The)

............

24,392,178

3,957,630,880

5,641,407,165

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

....................

6,941,781

124,466,133

Industrial

Conglomerates

—

0.9%

3M

Co.

...........................

5,729,416

607,719,155

General

Electric

Co.

..................

11,282,019

1,980,332,795

Honeywell

International,

Inc.

............

6,833,661

1,402,608,920

3,990,660,870

Industrial

REITs

—

0.3%

Prologis,

Inc.

.......................

9,578,085

1,247,258,229

Insurance

—

2.2%

Aflac,

Inc.

.........................

5,456,728

468,514,666

Allstate

Corp.

(The)

..................

2,720,962

470,753,636

American

International

Group,

Inc.

........

7,277,581

568,888,507

Aon

plc

,

Class

A

....................

2,075,355

692,587,471

Arch

Capital

Group

Ltd.

(a)

..............

3,846,020

355,526,089

Arthur

J

Gallagher

&

Co.

...............

2,247,378

561,934,395

Assurant,

Inc.

......................

519,256

97,744,749

Brown

&

Brown,

Inc.

..................

2,448,944

214,380,558

Chubb

Ltd.

........................

4,200,965

1,088,596,060

Cincinnati

Financial

Corp.

..............

1,627,195

202,048,803

Everest

Group

Ltd.

...................

449,999

178,874,602

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Globe

Life,

Inc.

.....................

887,121

$

103,234,271

Hartford

Financial

Services

Group,

Inc.

(The)

.

3,094,531

318,891,420

Loews

Corp.

(b)

......................

1,888,473

147,848,551

Marsh

&

McLennan

Cos.,

Inc.

...........

5,100,264

1,050,552,379

MetLife,

Inc.

.......................

6,363,286

471,583,125

Principal

Financial

Group,

Inc.

...........

2,274,001

196,269,026

Progressive

Corp.

(The)

...............

6,067,105

1,254,798,656

Prudential

Financial,

Inc.

...............

3,742,269

439,342,381

Travelers

Cos.,

Inc.

(The)

..............

2,365,686

544,438,976

Willis

Towers

Watson

plc

...............

1,048,386

288,306,150

WR

Berkley

Corp.

(b)

..................

2,101,163

185,826,856

9,900,941,327

Interactive

Media

&

Services

—

6.1%

Alphabet,

Inc.

,

Class

A

(a)

...............

61,088,300

9,220,057,119

Alphabet,

Inc.

,

Class

C,

NVS

(a)

...........

51,144,674

7,787,288,063

Match

Group,

Inc.

(a)

(b)

.................

2,820,738

102,336,375

Meta

Platforms,

Inc.

,

Class

A

............

22,806,492

11,074,376,385

28,184,057,942

IT

Services

—

1.2%

Accenture

plc

,

Class

A

................

6,499,409

2,252,760,154

Akamai

Technologies,

Inc.

(a)

(b)

............

1,563,701

170,068,121

Cognizant

Technology

Solutions

Corp.

,

Class

A

5,162,108

378,330,895

EPAM

Systems,

Inc.

(a)

.................

597,920

165,121,587

Gartner,

Inc.

(a)

......................

807,764

385,036,866

International

Business

Machines

Corp.

.....

9,485,469

1,811,345,160

VeriSign,

Inc.

(a)

.....................

913,276

173,074,935

5,335,737,718

Leisure

Products

—

0.0%

Hasbro,

Inc.

.......................

1,351,001

76,358,577

Life

Sciences

Tools

&

Services

—

1.4%

Agilent

Technologies,

Inc.

..............

3,037,437

441,977,458

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

.....

216,666

74,938,269

Bio-Techne

Corp.

(b)

...................

1,629,763

114,719,018

Charles

River

Laboratories

International,

Inc.

(a)

(b)

531,921

144,123,995

Danaher

Corp.

.....................

6,817,634

1,702,499,562

Illumina,

Inc.

(a)

......................

1,646,459

226,091,750

IQVIA

Holdings,

Inc.

(a)

(b)

................

1,892,073

478,486,341

Mettler-Toledo

International,

Inc.

(a)

(b)

.......

222,790

296,598,099

Revvity,

Inc.

(b)

......................

1,278,958

134,290,590

Thermo

Fisher

Scientific,

Inc.

............

4,005,218

2,327,872,754

Waters

Corp.

(a)

(b)

....................

612,806

210,946,209

West

Pharmaceutical

Services,

Inc.

.......

766,974

303,499,282

6,456,043,327

Machinery

—

1.8%

Caterpillar,

Inc.

.....................

5,277,267

1,933,748,947

Cummins,

Inc.

......................

1,413,918

416,610,939

Deere

&

Co.

.......................

2,699,284

1,108,703,910

Dover

Corp.

.......................

1,450,012

256,927,626

Fortive

Corp.

(b)

......................

3,635,606

312,734,828

IDEX

Corp.

........................

783,950

191,299,479

Illinois

Tool

Works,

Inc.

................

2,818,765

756,359,212

Ingersoll

Rand,

Inc.

(b)

.................

4,196,237

398,432,703

Nordson

Corp.

......................

562,291

154,371,371

Otis

Worldwide

Corp.

.................

4,202,815

417,213,445

PACCAR,

Inc.

......................

5,422,098

671,743,721

Parker-Hannifin

Corp.

.................

1,330,844

739,669,787

Pentair

plc

........................

1,713,262

146,381,105

Snap-on,

Inc.

......................

546,873

161,994,720

Stanley

Black

&

Decker,

Inc.

............

1,589,075

155,618,115

Westinghouse

Air

Brake

Technologies

Corp.

..

1,857,432

270,590,694

Security

Shares

Shares

Value

Machinery

(continued)

Xylem,

Inc.

........................

2,499,390

$

323,021,164

8,415,421,766

Media

—

0.6%

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

...

1,023,836

297,557,457

Comcast

Corp.

,

Class

A

...............

41,075,500

1,780,622,925

Fox

Corp.

,

Class

A,

NVS

...............

2,480,296

77,558,856

Fox

Corp.

,

Class

B

...................

1,364,619

39,055,396

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

3,970,307

129,551,117

News

Corp.

,

Class

A,

NVS

.............

3,939,275

103,130,219

News

Corp.

,

Class

B

(b)

................

1,188,243

32,153,856

Omnicom

Group,

Inc.

.................

2,052,540

198,603,770

Paramount

Global

,

Class

B,

NVS

.........

4,994,145

58,781,087

2,717,014,683

Metals

&

Mining

—

0.4%

Freeport-McMoRan,

Inc.

...............

14,865,209

698,962,127

Newmont

Corp.

.....................

11,946,981

428,179,799

Nucor

Corp.

.......................

2,548,198

504,288,384

Steel

Dynamics,

Inc.

..................

1,577,068

233,768,790

1,865,199,100

Multi-Utilities

—

0.6%

Ameren

Corp.

......................

2,726,060

201,619,398

CenterPoint

Energy,

Inc.

...............

6,543,578

186,426,537

CMS

Energy

Corp.

...................

3,052,093

184,163,292

Consolidated

Edison,

Inc.

..............

3,578,961

325,005,448

Dominion

Energy,

Inc.

.................

8,674,347

426,691,129

DTE

Energy

Co.

....................

2,140,216

240,003,822

NiSource,

Inc.

......................

4,285,493

118,536,736

Public

Service

Enterprise

Group,

Inc.

......

5,165,896

344,978,535

Sempra

..........................

6,524,003

468,619,136

WEC

Energy

Group,

Inc.

...............

3,270,034

268,535,192

2,764,579,225

Office

REITs

—

0.1%

Alexandria

Real

Estate

Equities,

Inc.

.......

1,632,555

210,452,665

Boston

Properties,

Inc.

................

1,498,357

97,857,696

308,310,361

Oil,

Gas

&

Consumable

Fuels

—

3.6%

APA

Corp.

........................

3,739,442

128,562,016

Chevron

Corp.

......................

17,980,055

2,836,173,876

ConocoPhillips

.....................

12,212,309

1,554,382,690

Coterra

Energy,

Inc.

..................

7,797,561

217,396,001

Devon

Energy

Corp.

..................

6,641,411

333,266,004

Diamondback

Energy,

Inc.

..............

1,855,693

367,742,682

EOG

Resources,

Inc.

.................

6,044,991

772,791,649

EQT

Corp.

........................

4,264,048

158,068,259

Exxon

Mobil

Corp.

...................

41,164,446

4,784,955,203

Hess

Corp.

........................

2,853,538

435,564,040

Kinder

Morgan,

Inc.

..................

20,046,266

367,648,518

Marathon

Oil

Corp.

...................

6,066,575

171,926,735

Marathon

Petroleum

Corp.

.............

3,814,729

768,667,893

Occidental

Petroleum

Corp.

.............

6,823,040

443,429,370

ONEOK,

Inc.

.......................

6,039,003

484,146,871

Phillips

66

.........................

4,457,497

728,087,560

Pioneer

Natural

Resources

Co.

..........

2,421,732

635,704,650

Targa

Resources

Corp.

................

2,311,601

258,876,196

Valero

Energy

Corp.

..................

3,529,445

602,440,967

Williams

Cos.,

Inc.

(The)

...............

12,610,433

491,428,574

16,541,259,754

Passenger

Airlines

—

0.2%

American

Airlines

Group,

Inc.

(a)

...........

6,782,035

104,104,237

Delta

Air

Lines,

Inc.

..................

6,637,972

317,759,720

Southwest

Airlines

Co.

................

6,185,064

180,542,018

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

500

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Passenger

Airlines

(continued)

United

Airlines

Holdings,

Inc.

(a)

(b)

..........

3,400,130

$

162,798,225

765,204,200

Personal

Care

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

.....

2,414,843

372,248,048

Kenvue,

Inc.

.......................

17,866,200

383,408,652

755,656,700

Pharmaceuticals

—

3.9%

Bristol-Myers

Squibb

Co.

...............

21,092,632

1,143,853,434

Catalent,

Inc.

(a)

(b)

....................

1,873,838

105,778,155

Eli

Lilly

&

Co.

......................

8,266,435

6,430,955,773

Johnson

&

Johnson

..................

24,954,447

3,947,543,971

Merck

&

Co.,

Inc.

....................

26,268,655

3,466,149,027

Pfizer,

Inc.

........................

58,531,975

1,624,262,306

Viatris,

Inc.

........................

12,435,999

148,485,828

Zoetis,

Inc.

,

Class

A

..................

4,759,096

805,286,634

17,672,315,128

Professional

Services

—

0.7%

Automatic

Data

Processing,

Inc.

..........

4,258,669

1,063,559,996

Broadridge

Financial

Solutions,

Inc.

.......

1,220,793

250,091,654

Dayforce,

Inc.

(a)

(b)

....................

1,618,496

107,160,620

Equifax,

Inc.

(b)

......................

1,277,888

341,860,598

Jacobs

Solutions,

Inc.

.................

1,302,661

200,258,075

Leidos

Holdings,

Inc.

.................

1,425,518

186,871,155

Paychex,

Inc.

......................

3,319,946

407,689,369

Paycom

Software,

Inc.

................

498,335

99,173,648

Robert

Half,

Inc.

....................

1,079,531

85,585,218

Verisk

Analytics,

Inc.

..................

1,502,758

354,245,143

3,096,495,476

Real

Estate

Management

&

Development

—

0.1%

(a)(b)

CBRE

Group,

Inc.

,

Class

A

.............

3,082,685

299,760,290

CoStar

Group,

Inc.

...................

4,233,127

408,920,068

708,680,358

Residential

REITs

—

0.3%

AvalonBay

Communities,

Inc.

...........

1,470,167

272,804,188

Camden

Property

Trust

................

1,107,093

108,937,951

Equity

Residential

...................

3,577,660

225,786,123

Essex

Property

Trust,

Inc.

..............

665,412

162,899,512

Invitation

Homes,

Inc.

.................

5,962,818

212,335,949

Mid-America

Apartment

Communities,

Inc.

...

1,209,587

159,157,457

UDR,

Inc.

.........................

3,136,868

117,350,232

1,259,271,412

Retail

REITs

—

0.3%

Federal

Realty

Investment

Trust

..........

760,934

77,706,580

Kimco

Realty

Corp.

..................

6,905,713

135,421,032

Realty

Income

Corp.

..................

8,621,001

466,396,154

Regency

Centers

Corp.

...............

1,703,075

103,138,222

Simon

Property

Group,

Inc.

.............

3,378,476

528,697,709

1,311,359,697

Semiconductors

&

Semiconductor

Equipment

—

10.2%

Advanced

Micro

Devices,

Inc.

(a)

..........

16,749,735

3,023,159,670

Analog

Devices,

Inc.

..................

5,139,894

1,016,619,634

Applied

Materials,

Inc.

................

8,625,151

1,778,764,891

Broadcom,

Inc.

.....................

4,561,714

6,046,141,353

Enphase

Energy,

Inc.

(a)

(b)

...............

1,407,433

170,271,244

First

Solar,

Inc.

(a)

(b)

...................

1,107,823

187,000,522

Intel

Corp.

........................

43,828,592

1,935,908,909

KLA

Corp.

.........................

1,402,184

979,523,677

Lam

Research

Corp.

.................

1,359,026

1,320,388,891

Microchip

Technology,

Inc.

..............

5,601,990

502,554,523

Micron

Technology,

Inc.

................

11,443,305

1,349,051,226

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Monolithic

Power

Systems,

Inc.

..........

498,127

$

337,441,192

NVIDIA

Corp.

......................

25,604,394

23,135,106,243

NXP

Semiconductors

NV

..............

2,671,745

661,978,259

ON

Semiconductor

Corp.

(a)

(b)

............

4,429,554

325,793,697

Qorvo,

Inc.

(a)

.......................

1,000,523

114,890,056

QUALCOMM,

Inc.

...................

11,568,522

1,958,550,775

Skyworks

Solutions,

Inc.

...............

1,660,686

179,885,507

Teradyne,

Inc.

(b)

.....................

1,584,785

178,811,292

Texas

Instruments,

Inc.

................

9,425,716

1,642,053,984

46,843,895,545

Software

—

10.7%

Adobe,

Inc.

(a)

.......................

4,685,495

2,364,300,777

ANSYS,

Inc.

(a)

......................

901,169

312,849,830

Autodesk,

Inc.

(a)

(b)

....................

2,217,267

577,420,672

Cadence

Design

Systems,

Inc.

(a)

(b)

........

2,820,304

877,904,229

Fair

Isaac

Corp.

(a)

(b)

..................

257,751

322,088,227

Fortinet,

Inc.

(a)

(b)

.....................

6,606,804

451,310,781

Gen

Digital,

Inc.

.....................

5,810,273

130,150,115

Intuit,

Inc.

(b)

........................

2,902,122

1,886,379,300

Microsoft

Corp.

.....................

77,025,602

32,406,211,274

Oracle

Corp.

.......................

16,527,612

2,076,033,343

Palo

Alto

Networks,

Inc.

(a)

(b)

.............

3,268,684

928,731,185

PTC,

Inc.

(a)

(b)

.......................

1,239,208

234,135,960

Roper

Technologies,

Inc.

...............

1,107,603

621,188,067

Salesforce,

Inc.

(b)

....................

10,034,373

3,022,152,460

ServiceNow,

Inc.

(a)

...................

2,125,071

1,620,154,130

Synopsys,

Inc.

(a)

....................

1,581,206

903,659,229

Tyler

Technologies,

Inc.

(a)

(b)

.............

436,623

185,569,141

48,920,238,720

Specialized

REITs

—

1.0%

American

Tower

Corp.

................

4,832,715

954,896,157

Crown

Castle,

Inc.

...................

4,495,616

475,771,041

Digital

Realty

Trust,

Inc.

...............

3,139,250

452,177,570

Equinix,

Inc.

.......................

973,289

803,284,610

Extra

Space

Storage,

Inc.

..............

2,190,313

321,976,011

Iron

Mountain,

Inc.

...................

3,026,969

242,793,184

Public

Storage

......................

1,640,335

475,795,570

SBA

Communications

Corp.

............

1,118,250

242,324,775

VICI

Properties,

Inc.

..................

10,724,308

319,477,135

Weyerhaeuser

Co.

...................

7,564,525

271,642,093

4,560,138,146

Specialty

Retail

—

2.1%

AutoZone,

Inc.

(a)

(b)

...................

179,072

564,372,269

Bath

&

Body

Works,

Inc.

...............

2,342,482

117,170,950

Best

Buy

Co.,

Inc.

...................

1,987,172

163,007,719

CarMax,

Inc.

(a)

(b)

.....................

1,637,051

142,603,513

Home

Depot,

Inc.

(The)

...............

10,316,837

3,957,538,673

Lowe's

Cos.,

Inc.

....................

5,961,543

1,518,583,848

O'Reilly

Automotive,

Inc.

(a)

(b)

.............

612,266

691,174,842

Ross

Stores,

Inc.

....................

3,489,696

512,147,785

TJX

Cos.,

Inc.

(The)

..................

11,813,906

1,198,166,346

Tractor

Supply

Co.

...................

1,120,491

293,254,905

Ulta

Beauty,

Inc.

(a)

(b)

..................

503,465

263,251,779

9,421,272,629

Technology

Hardware,

Storage

&

Peripherals

—

6.0%

Apple,

Inc.

........................

150,470,054

25,802,604,860

Hewlett

Packard

Enterprise

Co.

..........

13,476,211

238,933,221

HP,

Inc.

..........................

9,039,237

273,165,742

NetApp,

Inc.

.......................

2,135,998

224,215,710

Seagate

Technology

Holdings

plc

.........

2,019,831

187,945,275

Super

Micro

Computer,

Inc.

(a)

(b)

...........

521,938

527,173,038

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

500

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.

(a)

(b)

...............

3,361,160

$

229,365,558

27,483,403,404

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

Deckers

Outdoor

Corp.

(a)

(b)

..............

265,909

250,289,505

Lululemon

Athletica,

Inc.

(a)

..............

1,190,150

464,932,098

NIKE,

Inc.

,

Class

B

..................

12,618,311

1,185,868,868

Ralph

Lauren

Corp.

,

Class

A

............

404,592

75,966,194

Tapestry,

Inc.

.......................

2,377,963

112,905,683

VF

Corp.

.........................

3,420,630

52,472,464

2,142,434,812

Tobacco

—

0.5%

Altria

Group,

Inc.

....................

18,280,634

797,401,255

Philip

Morris

International,

Inc.

...........

16,093,050

1,474,445,241

2,271,846,496

Trading

Companies

&

Distributors

—

0.3%

Fastenal

Co.

.......................

5,932,131

457,604,585

United

Rentals,

Inc.

..................

696,533

502,276,912

WW

Grainger,

Inc.

...................

457,740

465,658,902

1,425,540,399

Water

Utilities

—

0.0%

American

Water

Works

Co.,

Inc.

..........

2,018,429

246,672,208

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.2%

T-Mobile

US,

Inc.

....................

5,413,560

$

883,601,263

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

383,420,751,843

)

...........................

456,931,969,350

Short-Term

Securities

Money

Market

Funds

—

0.5%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

..................

1,577,313,605

1,578,102,262

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

646,704,959

646,704,959

Total

Short-Term

Securities

—

0

.5

%

(Cost:

$

2,223,260,323

)

............................

2,224,807,221

Total

Investments

—

100

.3

%

(Cost:

$

385,644,012,166

)

...........................

459,156,776,571

Liabilities

in

Excess

of

Other

Assets

—

(

0.3

)

%

.............

(

1,151,249,840

)

Net

Assets

—

100.0%

...............................

$

458,005,526,731

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

2,493,216,128

$

—

$

(

915,673,258

)

(a)

$

597,207

$

(

37,815

)

$

1,578,102,262

1,577,313,605

$

6,645,894

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

528,291,394

118,413,565

(a)

—

—

—

646,704,959

646,704,959

35,679,462

—

BlackRock,

Inc.

..........

889,552,216

423,861,176

(

334,491,255

)

62,271,370

167,176,275

1,208,369,782

1,449,406

27,941,574

—

$

62,868,577

$

167,138,460

$

3,433,177,003

$

70,266,930

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

.......................................................

3,972

06/21/24

$

1,054,268

$

21,038,164

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

500

ETF

16

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.

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

21,038,164

$

—

$

—

$

—

$

21,038,164

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

240,285,855

$

—

$

—

$

—

$

240,285,855

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

20,020,970

)

$

—

$

—

$

—

$

(

20,020,970

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

959,329,103

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

456,931,969,350

$

—

$

—

$

456,931,969,350

Short-Term

Securities

Money

Market

Funds

......................................

2,224,807,221

—

—

2,224,807,221

$

459,156,776,571

$

—

$

—

$

459,156,776,571

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

21,038,164

$

—

$

—

$

21,038,164

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

AAR

Corp.

(a)

.......................

36,786

$

2,202,378

AeroVironment,

Inc.

(a)

.................

30,411

4,661,398

AerSale

Corp.

(a)(b)

....................

33,808

242,741

Air

Industries

Group

(a)

.................

2

9

Archer

Aviation,

Inc.

,

Class

A

(a)(b)

..........

209,500

967,890

Astronics

Corp.

(a)

....................

35,719

680,090

Axon

Enterprise,

Inc.

(a)

................

75,026

23,474,135

Boeing

Co.

(The)

(a)

...................

610,673

117,853,782

BWX

Technologies,

Inc.

...............

97,648

10,020,638

Cadre

Holdings,

Inc.

..................

25,713

930,811

Curtiss-Wright

Corp.

..................

40,881

10,463,083

Ducommun,

Inc.

(a)

...................

14,746

756,470

General

Dynamics

Corp.

...............

240,105

67,827,261

HEICO

Corp.

(b)

.....................

39,418

7,528,838

HEICO

Corp.

,

Class

A

.................

80,717

12,425,575

Hexcel

Corp.

.......................

91,673

6,678,378

Howmet

Aerospace,

Inc.

...............

418,358

28,628,238

Huntington

Ingalls

Industries,

Inc.

.........

42,015

12,246,112

Kaman

Corp.

......................

27,895

1,279,544

Kratos

Defense

&

Security

Solutions,

Inc.

(a)(b)

.

167,189

3,072,934

L3Harris

Technologies,

Inc.

.............

202,433

43,138,472

Leonardo

DRS,

Inc.

(a)(b)

................

48,977

1,081,902

Lockheed

Martin

Corp.

................

227,473

103,470,643

Mercury

Systems,

Inc.

(a)(b)

..............

60,706

1,790,827

Moog,

Inc.

,

Class

A

..................

29,941

4,780,081

National

Presto

Industries,

Inc.

...........

8,526

714,479

Northrop

Grumman

Corp.

..............

149,799

71,702,789

Parsons

Corp.

(a)

.....................

44,188

3,665,395

Rocket

Lab

USA,

Inc.

(a)(b)

...............

314,612

1,293,055

RTX

Corp.

........................

1,414,289

137,935,606

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

..

121,222

4,372,478

Textron,

Inc.

.......................

210,102

20,155,085

TransDigm

Group,

Inc.

................

59,280

73,009,248

Triumph

Group,

Inc.

(a)

.................

97,550

1,467,152

V2X,

Inc.

(a)

........................

13,900

649,269

Virgin

Galactic

Holdings,

Inc.

,

Class

C

(a)(b)

....

438,378

648,799

Woodward,

Inc.

.....................

63,757

9,826,229

791,641,814

Air

Freight

&

Logistics

—

0.4%

Air

Transport

Services

Group,

Inc.

(a)(b)

......

58,906

810,546

CH

Robinson

Worldwide,

Inc.

...........

123,285

9,386,920

Expeditors

International

of

Washington,

Inc.

..

153,801

18,697,588

FedEx

Corp.

.......................

244,237

70,765,228

Forward

Air

Corp.

...................

28,889

898,737

GXO

Logistics,

Inc.

(a)

.................

125,911

6,768,975

Hub

Group,

Inc.

,

Class

A

...............

68,362

2,954,606

United

Parcel

Service,

Inc.

,

Class

B

.......

770,252

114,482,555

224,765,155

Automobile

Components

—

0.2%

Adient

plc

(a)

........................

99,284

3,268,429

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

149,526

1,100,511

Aptiv

plc

(a)

.........................

300,339

23,922,001

Atmus

Filtration

Technologies,

Inc.

(a)

.......

66,290

2,137,853

Autoliv,

Inc.

........................

78,877

9,499,157

BorgWarner,

Inc.

....................

243,679

8,465,409

Dana,

Inc.

.........................

142,326

1,807,540

Dorman

Products,

Inc.

(a)

...............

31,239

3,011,127

Fox

Factory

Holding

Corp.

(a)

.............

45,001

2,343,202

Garrett

Motion,

Inc.

(a)(b)

................

166,425

1,654,265

Gentex

Corp.

......................

251,037

9,067,457

Gentherm

,

Inc.

(a)

....................

34,785

2,002,920

Goodyear

Tire

&

Rubber

Co.

(The)

(a)(b)

......

306,882

4,213,490

Security

Shares

Shares

Value

Automobile

Components

(continued)

LCI

Industries

......................

26,198

$

3,223,926

Lear

Corp.

........................

60,228

8,725,833

Luminar

Technologies,

Inc.

,

Class

A

(a)(b)

.....

306,363

603,535

Mobileye

Global,

Inc.

,

Class

A

(a)(b)

.........

80,500

2,588,075

Modine

Manufacturing

Co.

(a)(b)

...........

56,226

5,352,153

Patrick

Industries,

Inc.

................

24,238

2,895,714

Phinia

,

Inc.

........................

49,040

1,884,607

QuantumScape

Corp.

,

Class

A

(a)(b)

........

405,001

2,547,456

Solid

Power,

Inc.

,

Class

A

(a)(b)

............

214,298

435,025

Standard

Motor

Products,

Inc.

...........

26,177

878,238

Stoneridge,

Inc.

(a)

....................

28,017

516,634

Visteon

Corp.

(a)

.....................

29,435

3,461,850

XPEL,

Inc.

(a)(c)

......................

24,043

1,298,803

106,905,210

Automobiles

—

1.2%

Ford

Motor

Co.

.....................

4,174,128

55,432,420

General

Motors

Co.

..................

1,223,933

55,505,362

Harley-Davidson,

Inc.

.................

137,257

6,003,621

Lucid

Group,

Inc.

(a)(b)

..................

968,209

2,759,396

Rivian

Automotive,

Inc.

,

Class

A

(a)(b)

........

723,696

7,924,471

Tesla,

Inc.

(a)

........................

2,944,804

517,667,095

Thor

Industries,

Inc.

..................

56,756

6,659,749

Winnebago

Industries,

Inc.

.............

31,883

2,359,342

654,311,456

Banks

—

3.6%

1st

Source

Corp.

....................

23,292

1,220,967

Amalgamated

Financial

Corp.

...........

28,336

680,064

Amerant

Bancorp,

Inc.

,

Class

A

..........

30,368

707,271

American

National

Bankshares

,

Inc.

.......

19,773

944,358

Ameris

Bancorp

.....................

67,547

3,267,924

Arrow

Financial

Corp.

.................

30,329

758,832

Associated

Banc-Corp.

................

157,918

3,396,816

Atlantic

Union

Bankshares

Corp.

.........

76,767

2,710,643

Axos

Financial,

Inc.

(a)

.................

55,023

2,973,443

Banc

of

California,

Inc.

................

142,071

2,160,900

BancFirst

Corp.

.....................

19,277

1,696,954

Bancorp,

Inc.

(The)

(a)

.................

56,639

1,895,141

Bank

First

Corp.

....................

9,405

815,131

Bank

of

America

Corp.

................

7,305,924

277,040,638

Bank

of

Hawaii

Corp.

.................

40,870

2,549,879

Bank

of

Marin

Bancorp

................

29,271

490,875

Bank

OZK

........................

107,068

4,867,311

BankUnited,

Inc.

....................

54,710

1,531,880

Banner

Corp.

......................

19,279

925,392

Bar

Harbor

Bankshares

...............

26,281

695,921

BayCom

Corp.

.....................

27,294

562,529

Berkshire

Hills

Bancorp,

Inc.

............

41,358

947,925

BOK

Financial

Corp.

..................

30,716

2,825,872

Bridgewater

Bancshares,

Inc.

(a)

..........

51,911

604,244

Brookline

Bancorp,

Inc.

................

55,340

551,186

Business

First

Bancshares,

Inc.

..........

25,842

575,760

Byline

Bancorp,

Inc.

..................

46,785

1,016,170

Cadence

Bank

.....................

126,472

3,667,688

Cambridge

Bancorp

..................

11,765

801,902

Camden

National

Corp.

...............

27,058

906,984

Capital

City

Bank

Group,

Inc.

............

16,028

443,976

Capitol

Federal

Financial,

Inc.

...........

136,303

812,366

Capstar

Financial

Holdings,

Inc.

..........

37,760

758,976

Carter

Bankshares

,

Inc.

(a)

..............

44,051

556,805

Cathay

General

Bancorp

...............

76,391

2,889,872

CB

Financial

Services,

Inc.

.............

34,984

756,354

Citigroup,

Inc.

......................

2,024,781

128,047,150

Citizens

Financial

Group,

Inc.

...........

497,428

18,051,662

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

City

Holding

Co.

....................

11,974

$

1,247,930

CNB

Financial

Corp.

..................

34,294

699,255

Coastal

Financial

Corp.

(a)

..............

16,212

630,160

Colony

Bankcorp

,

Inc.

................

68,821

791,441

Columbia

Banking

System,

Inc.

..........

232,289

4,494,792

Columbia

Financial,

Inc.

(a)(b)

.............

34,621

595,827

Comerica,

Inc.

......................

141,571

7,784,989

Commerce

Bancshares,

Inc.

............

131,756

7,009,419

Community

Bank

System,

Inc.

...........

43,616

2,094,876

Community

Trust

Bancorp,

Inc.

..........

19,592

835,599

ConnectOne

Bancorp,

Inc.

.............

54,425

1,061,287

CrossFirst

Bankshares

,

Inc.

(a)(b)

..........

73,402

1,015,884

Cullen/Frost

Bankers,

Inc.

..............

69,970

7,876,523

Customers

Bancorp,

Inc.

(a)

..............

30,744

1,631,277

CVB

Financial

Corp.

..................

134,503

2,399,534

Dime

Community

Bancshares,

Inc.

........

43,789

843,376

Eagle

Bancorp

Montana,

Inc.

............

45,399

582,923

Eagle

Bancorp,

Inc.

..................

21,374

502,075

East

West

Bancorp,

Inc.

...............

149,889

11,857,719

Eastern

Bankshares

,

Inc.

..............

180,215

2,483,363

Enterprise

Financial

Services

Corp.

.......

46,516

1,886,689

Equity

Bancshares,

Inc.

,

Class

A

.........

26,812

921,528

Esquire

Financial

Holdings,

Inc.

..........

17,889

849,191

Evans

Bancorp,

Inc.

..................

23,793

710,459

Farmers

National

Banc

Corp.

............

71,550

955,908

FB

Financial

Corp.

...................

37,189

1,400,538

Fifth

Third

Bancorp

..................

728,927

27,123,374

First

BanCorp

......................

175,966

4,019,921

First

Bancshares,

Inc.

(The)

.............

31,470

816,646

First

Busey

Corp.

....................

80,038

1,924,914

First

Citizens

BancShares

,

Inc.

,

Class

A

.....

12,693

20,753,055

First

Commonwealth

Financial

Corp.

.......

43,678

607,998

First

Community

Bankshares

,

Inc.

........

18,175

629,400

First

Financial

Bancorp

................

65,607

1,470,909

First

Financial

Bankshares

,

Inc.

..........

145,815

4,784,190

First

Financial

Corp.

..................

18,550

711,022

First

Foundation,

Inc.

.................

73,782

557,054

First

Hawaiian,

Inc.

..................

135,531

2,976,261

First

Horizon

Corp.

...................

601,003

9,255,446

First

Interstate

BancSystem

,

Inc.

,

Class

A

...

92,938

2,528,843

First

Merchants

Corp.

.................

63,094

2,201,981

First

Mid

Bancshares,

Inc.

..............

25,904

846,543

First

of

Long

Island

Corp.

(The)

..........

46,493

515,607

First

Savings

Financial

Group,

Inc.

........

32,262

540,388

First

Western

Financial,

Inc.

(a)(b)

..........

26,270

383,017

Flushing

Financial

Corp.

...............

43,228

545,105

FNB

Corp.

........................

415,572

5,859,565

Franklin

Financial

Services

Corp.

.........

27,290

714,998

Fulton

Financial

Corp.

.................

170,324

2,706,448

German

American

Bancorp,

Inc.

..........

44,297

1,534,448

Glacier

Bancorp,

Inc.

(b)

................

121,375

4,888,985

Great

Southern

Bancorp,

Inc.

............

9,463

518,762

Hancock

Whitney

Corp.

...............

91,148

4,196,454

HarborOne

Bancorp,

Inc.

..............

68,323

728,323

Heartland

Financial

USA,

Inc.

...........

47,354

1,664,493

Heritage

Commerce

Corp.

..............

79,009

677,897

Heritage

Financial

Corp.

...............

33,844

656,235

Hilltop

Holdings,

Inc.

..................

52,721

1,651,222

Hingham

Institution

for

Savings

(The)

(b)

.....

2,445

426,555

Home

BancShares

,

Inc.

...............

217,085

5,333,778

HomeTrust

Bancshares,

Inc.

............

23,195

634,151

Hope

Bancorp,

Inc.

..................

84,573

973,435

Horizon

Bancorp,

Inc.

.................

66,748

856,377

Huntington

Bancshares,

Inc.

............

1,537,808

21,452,422

Independent

Bank

Corp.

...............

64,966

2,563,029

Security

Shares

Shares

Value

Banks

(continued)

Independent

Bank

Group,

Inc.

...........

37,004

$

1,689,233

International

Bancshares

Corp.

..........

58,951

3,309,509

John

Marshall

Bancorp,

Inc.

............

25,742

461,297

JPMorgan

Chase

&

Co.

...............

3,072,999

615,521,700

Kearny

Financial

Corp.

................

84,345

543,182

KeyCorp

..........................

1,014,365

16,037,111

Lakeland

Bancorp,

Inc.

................

122,764

1,485,444

Lakeland

Financial

Corp.

...............

24,588

1,630,676

Live

Oak

Bancshares,

Inc.

..............

37,469

1,555,338

M&T

Bank

Corp.

....................

176,790

25,712,338

Macatawa

Bank

Corp.

................

61,635

603,407

Mercantile

Bank

Corp.

................

18,242

702,135

Metropolitan

Bank

Holding

Corp.

(a)

........

13,227

509,240

Mid

Penn

Bancorp,

Inc.

................

27,152

543,312

Midland

States

Bancorp,

Inc.

............

25,878

650,314

MidWestOne

Financial

Group,

Inc.

........

28,367

664,922

National

Bank

Holdings

Corp.

,

Class

A

.....

38,048

1,372,391

NB

Bancorp,

Inc.

(a)

...................

54,386

742,913

NBT

Bancorp,

Inc.

...................

59,867

2,195,922

New

York

Community

Bancorp,

Inc.

.......

788,157

2,537,866

Nicolet

Bankshares

,

Inc.

...............

14,442

1,241,868

Northeast

Bank

(b)

....................

16,337

904,090

Northeast

Community

Bancorp,

Inc.

.......

48,710

766,208

Northfield

Bancorp,

Inc.

...............

41,652

404,857

Northwest

Bancshares,

Inc.

.............

93,874

1,093,632

Norwood

Financial

Corp.

...............

22,335

607,735

OceanFirst

Financial

Corp.

.............

101,479

1,665,270

OFG

Bancorp

......................

35,152

1,293,945

Ohio

Valley

Banc

Corp.

................

21,833

533,817

Old

National

Bancorp

.................

320,607

5,581,768

Old

Second

Bancorp,

Inc.

..............

43,393

600,559

Origin

Bancorp,

Inc.

..................

37,378

1,167,689

Pacific

Premier

Bancorp,

Inc.

............

80,736

1,937,664

Park

National

Corp.

..................

15,199

2,064,784

Pathward

Financial,

Inc.

...............

25,864

1,305,615

PCB

Bancorp

......................

40,167

655,927

Peapack-Gladstone

Financial

Corp.

.......

38,671

940,865

Peoples

Bancorp

of

North

Carolina,

Inc.

....

27,391

762,839

Peoples

Bancorp,

Inc.

................

36,770

1,088,760

Pinnacle

Financial

Partners,

Inc.

..........

83,701

7,188,242

PNC

Financial

Services

Group,

Inc.

(The)

...

421,674

68,142,518

Ponce

Financial

Group,

Inc.

(a)(b)

..........

82,608

735,211

Popular,

Inc.

.......................

76,152

6,708,230

Premier

Financial

Corp.

...............

44,737

908,161

Princeton

Bancorp,

Inc.

................

18,686

575,155

Prosperity

Bancshares,

Inc.

.............

100,186

6,590,235

Provident

Financial

Services,

Inc.

.........

61,853

901,198

QCR

Holdings,

Inc.

..................

25,118

1,525,667

Red

River

Bancshares,

Inc.

.............

10,603

527,923

Regions

Financial

Corp.

...............

1,006,088

21,168,092

Renasant

Corp.

.....................

43,769

1,370,845

Republic

Bancorp,

Inc.

,

Class

A

..........

13,050

665,550

S&T

Bancorp,

Inc.

...................

18,799

603,072

Sandy

Spring

Bancorp,

Inc.

.............

54,130

1,254,733

Seacoast

Banking

Corp.

of

Florida

........

87,963

2,233,381

ServisFirst

Bancshares,

Inc.

............

50,154

3,328,219

Shore

Bancshares,

Inc.

................

67,757

779,205

Simmons

First

National

Corp.

,

Class

A

.....

111,564

2,171,035

SmartFinancial

,

Inc.

..................

36,350

765,894

Sound

Financial

Bancorp,

Inc.

...........

16,299

654,731

South

Plains

Financial,

Inc.

.............

36,275

970,719

Southern

Missouri

Bancorp,

Inc.

..........

13,719

599,657

Southside

Bancshares,

Inc.

.............

31,755

928,199

SouthState

Corp.

....................

81,292

6,912,259

Stellar

Bancorp,

Inc.

..................

53,999

1,315,416

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Stock

Yards

Bancorp,

Inc.

..............

31,749

$

1,552,844

Synovus

Financial

Corp.

...............

160,339

6,423,180

Texas

Capital

Bancshares,

Inc.

(a)

.........

57,392

3,532,478

TFS

Financial

Corp.

..................

66,041

829,475

Tompkins

Financial

Corp.

..............

12,961

651,809

Towne

Bank

.......................

80,425

2,256,726

TriCo

Bancshares

...................

37,361

1,374,138

Triumph

Financial,

Inc.

(a)

...............

21,547

1,709,108

Truist

Financial

Corp.

.................

1,421,066

55,393,153

Trustmark

Corp.

....................

60,597

1,703,382

UMB

Financial

Corp.

.................

46,312

4,028,681

United

Bankshares

,

Inc.

...............

137,946

4,937,087

United

Community

Banks,

Inc.

...........

95,857

2,522,956

Univest

Financial

Corp.

................

33,418

695,763

US

Bancorp

.......................

1,664,453

74,401,049

Valley

National

Bancorp

...............

469,234

3,735,103

Veritex

Holdings,

Inc.

.................

32,548

666,909

Virginia

National

Bankshares

Corp.

........

12,579

378,628

WaFd

,

Inc.

........................

66,475

1,929,769

Washington

Trust

Bancorp,

Inc.

..........

24,898

669,258

Webster

Financial

Corp.

...............

187,623

9,525,620

Wells

Fargo

&

Co.

...................

3,834,490

222,247,040

WesBanco

,

Inc.

.....................

72,938

2,174,282

Westamerica

BanCorp

................

18,607

909,510

Western

Alliance

Bancorp

..............

114,600

7,356,174

Wintrust

Financial

Corp.

...............

69,294

7,233,601

WSFS

Financial

Corp.

................

60,818

2,745,325

Zions

Bancorp

NA

...................

161,811

7,022,597

1,951,714,908

Beverages

—

1.3%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

......

10,112

3,078,295

Brown-Forman

Corp.

,

Class

A

...........

57,292

3,033,611

Brown-Forman

Corp.

,

Class

B,

NVS

.......

193,609

9,994,097

Celsius

Holdings,

Inc.

(a)

................

160,405

13,300,783

Coca-Cola

Co.

(The)

.................

4,123,006

252,245,507

Coca-Cola

Consolidated,

Inc.

............

5,039

4,265,060

Constellation

Brands,

Inc.

,

Class

A

........

170,977

46,464,709

Duckhorn

Portfolio,

Inc.

(The)

(a)(b)

.........

53,415

497,294

Keurig

Dr

Pepper,

Inc.

................

1,100,592

33,755,157

MGP

Ingredients,

Inc.

(b)

................

16,139

1,390,052

Molson

Coors

Beverage

Co.

,

Class

B

......

194,506

13,080,528

Monster

Beverage

Corp.

(a)

..............

785,072

46,539,068

National

Beverage

Corp.

(a)

..............

24,481

1,161,868

PepsiCo,

Inc.

......................

1,453,383

254,356,559

Vita

Coco

Co.,

Inc.

(The)

(a)(b)

............

35,099

857,469

684,020,057

Biotechnology

—

2.4%

2seventy

bio,

Inc.

(a)(b)

.................

174,753

934,929

4D

Molecular

Therapeutics,

Inc.

(a)

.........

43,695

1,392,123

89bio,

Inc.

(a)(b)

......................

95,716

1,114,134

AbbVie,

Inc.

.......................

1,877,096

341,819,182

Abeona

Therapeutics,

Inc.

(a)

.............

46,219

335,088

Absci

Corp.

(a)

......................

119,546

679,021

ACADIA

Pharmaceuticals,

Inc.

(a)

..........

131,581

2,432,933

ACELYRIN,

Inc.

(a)(b)

..................

54,046

364,811

ADMA

Biologics,

Inc.

(a)

................

251,788

1,661,801

Adverum

Biotechnologies,

Inc.

(a)(b)

.........

34,067

481,712

Agenus,

Inc.

(a)(b)

.....................

388,037

225,061

Agios

Pharmaceuticals,

Inc.

(a)

...........

70,937

2,074,198

Akero

Therapeutics,

Inc.

(a)

..............

60,483

1,527,801

Aldeyra

Therapeutics,

Inc.

(a)

.............

77,074

252,032

Alector

,

Inc.

(a)

......................

95,500

574,910

Alkermes

plc

(a)

......................

179,279

4,853,083

Security

Shares

Shares

Value

Biotechnology

(continued)

Allogene

Therapeutics,

Inc.

(a)(b)

...........

177,174

$

791,968

Alnylam

Pharmaceuticals,

Inc.

(a)

..........

135,615

20,267,662

Alpine

Immune

Sciences,

Inc.

(a)(b)

.........

49,201

1,950,328

Altimmune

,

Inc.

(a)(b)

...................

68,246

694,744

Amgen,

Inc.

.......................

565,157

160,685,438

Amicus

Therapeutics,

Inc.

(a)

.............

288,573

3,399,390

AnaptysBio

,

Inc.

(a)(b)

..................

25,811

581,264

Anavex

Life

Sciences

Corp.

(a)(b)

..........

87,889

447,355

Anika

Therapeutics,

Inc.

(a)

..............

39,572

1,005,129

Apellis

Pharmaceuticals,

Inc.

(a)(b)

..........

110,251

6,480,554

Apogee

Therapeutics,

Inc.

(a)

.............

22,615

1,502,767

Arbutus

Biopharma

Corp.

(a)

.............

337,231

870,056

Arcellx

,

Inc.

(a)(b)

.....................

37,177

2,585,660

Arcturus

Therapeutics

Holdings,

Inc.

(a)(b)

.....

24,663

832,870

Arcus

Biosciences,

Inc.

(a)

...............

65,058

1,228,295

Arcutis

Biotherapeutics,

Inc.

(a)

...........

107,072

1,061,084

Ardelyx

,

Inc.

(a)(b)

.....................

252,842

1,845,747

Arrowhead

Pharmaceuticals,

Inc.

(a)

........

136,049

3,891,001

ARS

Pharmaceuticals,

Inc.

(a)(b)

...........

66,672

681,388

Astria

Therapeutics,

Inc.

(a)(b)

.............

57,976

816,012

Aura

Biosciences,

Inc.

(a)

...............

57,085

448,117

Avid

Bioservices

,

Inc.

(a)(b)

...............

66,623

446,374

Avidity

Biosciences,

Inc.

(a)(b)

.............

72,806

1,858,009

Avita

Medical,

Inc.

(a)(b)

.................

36,088

578,491

Beam

Therapeutics,

Inc.

(a)(b)

.............

71,732

2,370,025

BioCryst

Pharmaceuticals,

Inc.

(a)

..........

270,906

1,376,202

Biogen,

Inc.

(a)

......................

154,508

33,316,560

Biohaven

Ltd.

(a)(b)

....................

76,090

4,161,362

BioMarin

Pharmaceutical,

Inc.

(a)

..........

201,579

17,605,910

Biomea

Fusion,

Inc.

(a)(b)

................

36,747

549,368

Bluebird

Bio,

Inc.

(a)

...................

334,733

428,458

Blueprint

Medicines

Corp.

(a)(b)

............

67,097

6,364,821

Bridgebio

Pharma,

Inc.

(a)(b)

..............

139,635

4,317,514

C4

Therapeutics,

Inc.

(a)(b)

...............

73,204

598,077

Cabaletta

Bio,

Inc.

(a)

..................

44,251

754,922

CareDx

,

Inc.

(a)

......................

75,761

802,309

Cargo

Therapeutics,

Inc.

(a)(b)

.............

23,635

527,533

Caribou

Biosciences,

Inc.

(a)(b)

............

127,116

653,376

Catalyst

Pharmaceuticals,

Inc.

(a)

..........

106,949

1,704,767

Celldex

Therapeutics,

Inc.

(a)(b)

............

71,451

2,998,798

Cerevel

Therapeutics

Holdings,

Inc.

(a)(b)

.....

96,378

4,073,898

CG

oncology,

Inc.

(a)(b)

.................

23,946

1,051,229

Cogent

Biosciences,

Inc.

(a)(b)

............

100,684

676,596

Coherus

Biosciences,

Inc.

(a)(b)

............

136,887

327,160

Corbus

Pharmaceuticals

Holdings,

Inc.

(a)

....

14,098

553,206

Crinetics

Pharmaceuticals,

Inc.

(a)

.........

61,549

2,881,109

CRISPR

Therapeutics

AG

(a)(b)

............

85,648

5,837,768

Cullinan

Oncology,

Inc.

(a)

...............

52,021

886,438

Cytokinetics,

Inc.

(a)

...................

105,684

7,409,505

Day

One

Biopharmaceuticals,

Inc.

(a)

.......

68,340

1,128,977

Deciphera

Pharmaceuticals,

Inc.

(a)

........

71,291

1,121,407

Denali

Therapeutics,

Inc.

(a)

.............

145,128

2,978,027

Dianthus

Therapeutics,

Inc.

(a)(b)

...........

10,828

324,840

Disc

Medicine,

Inc.

(a)

..................

15,885

989,000

Dynavax

Technologies

Corp.

(a)(b)

..........

142,193

1,764,615

Dyne

Therapeutics,

Inc.

(a)

..............

61,994

1,760,010

Editas

Medicine,

Inc.

(a)(b)

...............

125,064

927,975

Enanta

Pharmaceuticals,

Inc.

(a)

..........

39,148

683,524

Erasca

,

Inc.

(a)

......................

205,919

424,193

Exact

Sciences

Corp.

(a)(b)

...............

195,599

13,508,067

Exelixis

,

Inc.

(a)

......................

329,012

7,807,455

Fate

Therapeutics,

Inc.

(a)(b)

..............

118,842

872,300

Geron

Corp.

(a)(b)

.....................

572,695

1,889,894

Gilead

Sciences,

Inc.

.................

1,324,277

97,003,290

Gyre

Therapeutics,

Inc.

(a)(b)

.............

14,797

258,652

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Halozyme

Therapeutics,

Inc.

(a)

...........

141,627

$

5,761,386

Heron

Therapeutics,

Inc.

(a)

..............

253,943

703,422

HilleVax

,

Inc.

(a)(b)

....................

35,488

590,165

Ideaya

Biosciences

,

Inc.

(a)(b)

.............

80,527

3,533,525

ImmunityBio

,

Inc.

(a)(b)

..................

226,310

1,215,285

Immunome,

Inc.

(a)

...................

42,935

1,059,636

Immunovant

,

Inc.

(a)

...................

62,897

2,032,202

Incyte

Corp.

(a)

......................

198,030

11,281,769

Inhibrx

,

Inc.

(a)(b)

.....................

34,413

1,203,078

Insmed

,

Inc.

(a)(b)

.....................

151,865

4,120,097

Intellia

Therapeutics,

Inc.

(a)

.............

106,675

2,934,629

Ionis

Pharmaceuticals,

Inc.

(a)(b)

...........

157,690

6,835,861

Iovance

Biotherapeutics,

Inc.

(a)(b)

..........

266,953

3,956,243

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

(a)(b)

..

161,224

1,404,261

iTeos

Therapeutics,

Inc.

(a)

..............

43,957

599,573

Janux

Therapeutics,

Inc.

(a)(b)

.............

29,042

1,093,431

KalVista

Pharmaceuticals

,

Inc.

(a)(b)

.........

43,712

518,424

Keros

Therapeutics,

Inc.

(a)(b)

.............

30,205

1,999,571

Kiniksa

Pharmaceuticals

Ltd.

,

Class

A

(a)

.....

40,120

791,568

Krystal

Biotech

,

Inc.

(a)(b)

................

26,772

4,763,542

Kura

Oncology,

Inc.

(a)(b)

................

88,297

1,883,375

Kymera

Therapeutics,

Inc.

(a)(b)

...........

48,806

1,962,001

Kyverna

Therapeutics,

Inc.

(a)

............

19,824

492,428

Larimar

Therapeutics,

Inc.

(a)

.............

70,537

535,376

Lexicon

Pharmaceuticals

,

Inc.

(a)(b)

.........

219,082

525,797

Lyell

Immunopharma

,

Inc.

(a)(b)

............

275,563

614,505

MacroGenics

,

Inc.

(a)

..................

74,915

1,102,749

Madrigal

Pharmaceuticals

,

Inc.

(a)(b)

........

16,845

4,498,289

MannKind

Corp.

(a)(b)

..................

300,819

1,362,710

Mersana

Therapeutics,

Inc.

(a)

............

154,865

693,795

MiMedx

Group,

Inc.

(a)

.................

126,015

970,315

Mirum

Pharmaceuticals,

Inc.

(a)(b)

..........

41,077

1,031,854

Moderna,

Inc.

(a)

.....................

354,873

37,815,267

Morphic

Holding,

Inc.

(a)

................

44,704

1,573,581

Myriad

Genetics,

Inc.

(a)

................

102,067

2,176,068

Natera

,

Inc.

(a)

......................

121,799

11,139,737

Neurocrine

Biosciences,

Inc.

(a)

...........

105,333

14,527,527

Nkarta

,

Inc.

(a)

.......................

50,552

546,467

Novavax,

Inc.

(a)(b)

....................

130,022

621,505

Nurix

Therapeutics,

Inc.

(a)(b)

.............

79,026

1,161,682

Nuvalent

,

Inc.

,

Class

A

(a)(b)

..............

34,740

2,608,627

Olema

Pharmaceuticals,

Inc.

(a)(b)

..........

52,163

590,485

ORIC

Pharmaceuticals,

Inc.

(a)(b)

..........

66,775

918,156

PDL

BioPharma

,

Inc.

(a)(d)

...............

135,868

1

Perspective

Therapeutics,

Inc.

(a)

..........

531,481

632,462

Praxis

Precision

Medicines,

Inc.

(a)(b)

........

17,743

1,082,678

Prime

Medicine,

Inc.

(a)(b)

...............

52,827

369,789

Protagonist

Therapeutics,

Inc.

(a)(b)

.........

58,857

1,702,733

Prothena

Corp.

plc

(a)

..................

42,849

1,061,370

PTC

Therapeutics,

Inc.

(a)(b)

..............

84,430

2,456,069

RAPT

Therapeutics,

Inc.

(a)(b)

.............

31,803

285,591

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(a)(b)

.

186,010

1,854,520

Regeneron

Pharmaceuticals,

Inc.

(a)

........

112,378

108,162,701

REGENXBIO,

Inc.

(a)

..................

54,285

1,143,785

Relay

Therapeutics,

Inc.

(a)(b)

.............

128,215

1,064,185

Replimune

Group,

Inc.

(a)(b)

..............

66,947

546,957

REVOLUTION

Medicines,

Inc.

(a)

..........

138,214

4,454,637

Rhythm

Pharmaceuticals,

Inc.

(a)(b)

.........

58,484

2,534,112

Rocket

Pharmaceuticals,

Inc.

(a)

...........

78,788

2,122,549

Roivant

Sciences

Ltd.

(a)

................

367,168

3,869,951

Sage

Therapeutics,

Inc.

(a)(b)

.............

64,687

1,212,234

Sana

Biotechnology,

Inc.

(a)(b)

............

139,728

1,397,280

Sarepta

Therapeutics,

Inc.

(a)

............

100,971

13,071,706

Savara

,

Inc.

(a)

......................

138,724

690,846

Scholar

Rock

Holding

Corp.

(a)(b)

..........

53,794

955,381

Security

Shares

Shares

Value

Biotechnology

(continued)

Soleno

Therapeutics,

Inc.

(a)(b)

............

18,263

$

781,656

SpringWorks

Therapeutics,

Inc.

(a)(b)

........

71,405

3,514,554

Spyre

Therapeutics,

Inc.

(a)(b)

.............

35,823

1,358,766

Summit

Therapeutics,

Inc.

(a)(b)

............

172,118

712,569

Sutro

Biopharma,

Inc.

(a)

................

103,246

583,340

Syndax

Pharmaceuticals,

Inc.

(a)

..........

98,628

2,347,346

Tango

Therapeutics,

Inc.

(a)

..............

58,549

464,879

TG

Therapeutics,

Inc.

(a)(b)

...............

153,021

2,327,449

Tourmaline

Bio,

Inc.

..................

21,706

497,067

Travere

Therapeutics,

Inc.

(a)

.............

94,022

724,910

Twist

Bioscience

Corp.

(a)(b)

..............

65,685

2,253,652

Ultragenyx

Pharmaceutical,

Inc.

(a)

.........

92,320

4,310,421

uniQure

NV

(a)(b)

.....................

71,399

371,275

United

Therapeutics

Corp.

(a)

.............

50,160

11,522,755

Vaxcyte

,

Inc.

(a)(b)

.....................

102,304

6,988,386

Vera

Therapeutics,

Inc.

,

Class

A

(a)

.........

43,948

1,895,038

Veracyte

,

Inc.

(a)(b)

....................

93,489

2,071,716

Vericel

Corp.

(a)

......................

53,560

2,786,191

Vertex

Pharmaceuticals,

Inc.

(a)

...........

273,762

114,435,254

Verve

Therapeutics,

Inc.

(a)(b)

.............

64,167

852,138

Viking

Therapeutics,

Inc.

(a)(b)

.............

113,101

9,274,282

Vir

Biotechnology,

Inc.

(a)

...............

110,123

1,115,546

Viridian

Therapeutics,

Inc.

(a)(b)

............

58,041

1,016,298

Xencor

,

Inc.

(a)

......................

68,223

1,509,775

Y-

mAbs

Therapeutics,

Inc.

(a)(b)

...........

44,472

723,115

Zentalis

Pharmaceuticals,

Inc.

(a)(b)

.........

71,168

1,121,608

1,283,323,146

Broadline

Retail

—

3.3%

Amazon.com,

Inc.

(a)

..................

9,710,139

1,751,514,873

Dillard's,

Inc.

,

Class

A

(b)

................

3,515

1,657,815

eBay,

Inc.

.........................

552,801

29,176,837

Etsy,

Inc.

(a)

........................

130,190

8,946,657

Groupon,

Inc.

(a)(b)

....................

21,019

280,393

Kohl's

Corp.

.......................

123,304

3,594,312

Macy's,

Inc.

.......................

285,451

5,706,165

Nordstrom,

Inc.

.....................

114,693

2,324,827

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

.....

65,072

5,177,779

Savers

Value

Village,

Inc.

(a)(b)

............

28,164

543,002

1,808,922,660

Building

Products

—

0.7%

A

O

Smith

Corp.

....................

131,866

11,796,732

AAON,

Inc.

(b)

.......................

70,709

6,229,463

Advanced

Drainage

Systems,

Inc.

(b)

.......

73,580

12,673,419

Allegion

plc

........................

91,985

12,391,299

American

Woodmark

Corp.

(a)(b)

...........

18,362

1,866,681

Apogee

Enterprises,

Inc.

...............

26,950

1,595,440

Armstrong

World

Industries,

Inc.

..........

46,121

5,729,151

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

..........

161,828

8,127,002

AZZ,

Inc.

.........................

26,550

2,052,581

Builders

FirstSource

,

Inc.

(a)

.............

130,746

27,267,078

Carlisle

Cos.,

Inc.

...................

51,243

20,079,570

Carrier

Global

Corp.

..................

887,650

51,599,095

CSW

Industrials,

Inc.

.................

17,082

4,007,437

Fortune

Brands

Innovations,

Inc.

.........

132,654

11,231,814

Gibraltar

Industries,

Inc.

(a)

..............

35,331

2,845,205

Griffon

Corp.

.......................

43,244

3,171,515

Hayward

Holdings,

Inc.

(a)

...............

146,573

2,244,033

Insteel

Industries,

Inc.

.................

21,993

840,572

Janus

International

Group,

Inc.

(a)

.........

123,052

1,861,777

JELD-WEN

Holding,

Inc.

(a)

..............

90,196

1,914,861

Johnson

Controls

International

plc

........

725,938

47,418,270

Lennox

International,

Inc.

..............

33,511

16,378,836

Masco

Corp.

.......................

233,207

18,395,368

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

(continued)

Masonite

International

Corp.

(a)

...........

24,079

$

3,165,185

Masterbrand,

Inc.

(a)

..................

139,402

2,612,393

Owens

Corning

.....................

94,685

15,793,458

Quanex

Building

Products

Corp.

..........

36,919

1,418,797

Resideo

Technologies,

Inc.

(a)

............

154,461

3,463,016

Simpson

Manufacturing

Co.,

Inc.

.........

45,391

9,313,325

Tecnoglass

,

Inc.

.....................

21,020

1,093,671

Trane

Technologies

plc

................

241,472

72,489,894

Trex

Co.,

Inc.

(a)(b)

....................

115,418

11,512,946

UFP

Industries,

Inc.

..................

65,269

8,028,740

Zurn

Elkay

Water

Solutions

Corp.

.........

156,100

5,224,667

405,833,291

Capital

Markets

—

3.0%

Affiliated

Managers

Group,

Inc.

..........

34,519

5,780,897

Ameriprise

Financial,

Inc.

..............

105,799

46,386,513

Ares

Management

Corp.

,

Class

A

.........

179,311

23,844,777

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

............................

67,569

3,092,633

AssetMark

Financial

Holdings,

Inc.

(a)

.......

33,508

1,186,518

B

Riley

Financial,

Inc.

(b)

................

17,647

373,587

Bank

of

New

York

Mellon

Corp.

(The)

......

812,051

46,790,379

BGC

Group,

Inc.

,

Class

A

(b)

.............

433,248

3,366,337

BlackRock,

Inc.

(e)

....................

148,721

123,988,698

Blackstone,

Inc.

,

Class

A

...............

765,545

100,569,647

Blue

Owl

Capital,

Inc.

,

Class

A

...........

449,528

8,478,098

Bridge

Investment

Group

Holdings,

Inc.

,

Class

A

............................

62,779

430,036

Brightsphere

Investment

Group,

Inc.

.......

53,719

1,226,942

Carlyle

Group,

Inc.

(The)

...............

232,762

10,918,865

CBOE

Global

Markets,

Inc.

.............

112,315

20,635,635

Charles

Schwab

Corp.

(The)

............

1,580,567

114,338,217

CME

Group,

Inc.

,

Class

A

..............

382,539

82,356,821

Cohen

&

Steers,

Inc.

.................

31,364

2,411,578

Coinbase

Global,

Inc.

,

Class

A

(a)(b)

.........

181,684

48,168,062

Diamond

Hill

Investment

Group,

Inc.

.......

5,481

845,006

Donnelley

Financial

Solutions,

Inc.

(a)

.......

27,886

1,729,211

Evercore,

Inc.

,

Class

A

................

37,469

7,216,155

FactSet

Research

Systems,

Inc.

..........

40,014

18,181,961

Federated

Hermes,

Inc.

,

Class

B

.........

94,912

3,428,221

Franklin

Resources,

Inc.

...............

309,913

8,711,654

GCM

Grosvenor,

Inc.

,

Class

A

...........

66,701

644,332

Goldman

Sachs

Group,

Inc.

(The)

........

345,029

144,115,163

Hamilton

Lane,

Inc.

,

Class

A

............

40,923

4,614,477

Houlihan

Lokey,

Inc.

,

Class

A

............

52,782

6,766,125

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

110,730

12,369,648

Intercontinental

Exchange,

Inc.

..........

607,589

83,500,956

Invesco

Ltd.

.......................

476,153

7,899,378

Janus

Henderson

Group

plc

............

139,003

4,571,809

Jefferies

Financial

Group,

Inc.

...........

181,875

8,020,687

KKR

&

Co.,

Inc.

.....................

705,459

70,955,066

Lazard,

Inc.

.......................

120,326

5,038,050

LPL

Financial

Holdings,

Inc.

.............

79,318

20,955,816

MarketAxess

Holdings,

Inc.

.............

39,604

8,683,177

Moelis

&

Co.

,

Class

A

.................

67,479

3,830,783

Moody's

Corp.

......................

167,425

65,803,048

Morgan

Stanley

.....................

1,328,849

125,124,422

Morningstar,

Inc.

....................

27,445

8,463,215

MSCI,

Inc.

........................

84,007

47,081,723

Nasdaq,

Inc.

.......................

403,456

25,458,074

Northern

Trust

Corp.

..................

216,863

19,283,458

Open

Lending

Corp.

,

Class

A

(a)

...........

101,819

637,387

P10,

Inc.

,

Class

A

...................

72,177

607,730

Perella

Weinberg

Partners

,

Class

C

.......

68,538

968,442

Piper

Sandler

Cos.

...................

16,747

3,324,112

Security

Shares

Shares

Value

Capital

Markets

(continued)

PJT

Partners,

Inc.

,

Class

A

.............

24,553

$

2,314,366

Raymond

James

Financial,

Inc.

..........

199,612

25,634,173

Robinhood

Markets,

Inc.

,

Class

A

(a)(b)

.......

560,239

11,277,611

S&P

Global,

Inc.

....................

342,755

145,825,115

SEI

Investments

Co.

..................

107,193

7,707,177

State

Street

Corp.

...................

319,185

24,679,384

StepStone

Group,

Inc.

,

Class

A

..........

62,932

2,249,190

Stifel

Financial

Corp.

.................

106,916

8,357,624

StoneX

Group,

Inc.

(a)

.................

27,177

1,909,456

T.

Rowe

Price

Group,

Inc.

..............

239,798

29,236,172

TPG,

Inc.

,

Class

A

...................

83,099

3,714,525

Tradeweb

Markets,

Inc.

,

Class

A

(b)

........

121,485

12,655,092

Victory

Capital

Holdings,

Inc.

,

Class

A

......

38,738

1,643,653

Virtu

Financial,

Inc.

,

Class

A

.............

94,675

1,942,731

Virtus

Investment

Partners,

Inc.

..........

8,182

2,028,972

WisdomTree,

Inc.

....................

120,851

1,110,621

1,645,459,388

Chemicals

—

1.6%

AdvanSix

,

Inc.

......................

28,856

825,282

Air

Products

&

Chemicals,

Inc.

...........

236,598

57,320,597

Albemarle

Corp.

....................

125,329

16,510,842

American

Vanguard

Corp.

..............

43,207

559,531

Arcadium

Lithium

plc

(a)

................

1,119,112

4,823,373

Ashland,

Inc.

.......................

55,029

5,358,174

Aspen

Aerogels,

Inc.

(a)(b)

...............

67,128

1,181,453

Avient

Corp.

.......................

100,397

4,357,230

Axalta

Coating

Systems

Ltd.

(a)

...........

237,403

8,164,289

Balchem

Corp.

.....................

35,188

5,452,381

Cabot

Corp.

.......................

58,832

5,424,310

Celanese

Corp.

.....................

104,897

18,027,598

CF

Industries

Holdings,

Inc.

.............

203,788

16,957,199

Chemours

Co.

(The)

..................

158,137

4,152,678

Corteva,

Inc.

.......................

745,556

42,996,214

Dow,

Inc.

.........................

755,691

43,777,180

DuPont

de

Nemours,

Inc.

..............

457,013

35,039,187

Eastman

Chemical

Co.

................

124,736

12,501,042

Ecolab,

Inc.

.......................

270,041

62,352,467

Ecovyst

,

Inc.

(a)(b)

.....................

127,429

1,420,833

Element

Solutions,

Inc.

................

235,621

5,885,813

FMC

Corp.

........................

136,437

8,691,037

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)(b)

..

1,480,240

1,717,078

Hawkins,

Inc.

......................

18,894

1,451,059

HB

Fuller

Co.

......................

56,752

4,525,404

Huntsman

Corp.

....................

185,118

4,818,622

Ingevity

Corp.

(a)

.....................

36,864

1,758,413

Innospec,

Inc.

......................

27,419

3,535,406

International

Flavors

&

Fragrances,

Inc.

.....

272,494

23,431,759

Koppers

Holdings,

Inc.

................

19,069

1,052,037

Linde

plc

.........................

511,226

237,372,456

LSB

Industries,

Inc.

(a)

.................

71,293

625,953

LyondellBasell

Industries

NV

,

Class

A

......

271,695

27,788,965

Mativ

Holdings,

Inc.

..................

54,154

1,015,387

Minerals

Technologies,

Inc.

.............

37,266

2,805,384

Mosaic

Co.

(The)

....................

349,632

11,349,055

NewMarket

Corp.

....................

6,873

4,361,743

Olin

Corp.

.........................

129,129

7,592,785

Orion

SA

.........................

64,437

1,515,558

Perimeter

Solutions

SA

(a)

...............

154,521

1,146,546

PPG

Industries,

Inc.

..................

248,301

35,978,815

PureCycle

Technologies,

Inc.

(a)(b)

..........

150,110

933,684

Quaker

Chemical

Corp.

...............

15,241

3,128,215

RPM

International,

Inc.

................

135,769

16,149,723

Scotts

Miracle-Gro

Co.

(The)

............

45,656

3,405,481

Sensient

Technologies

Corp.

............

46,843

3,241,067

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

Sherwin-Williams

Co.

(The)

.............

249,484

$

86,653,278

Stepan

Co.

........................

23,817

2,144,483

Trinseo

plc

........................

56,721

214,405

Tronox

Holdings

plc

..................

128,455

2,228,694

Westlake

Corp.

.....................

35,115

5,365,572

859,085,737

Commercial

Services

&

Supplies

—

0.7%

ABM

Industries,

Inc.

..................

73,142

3,263,596

ACCO

Brands

Corp.

..................

104,334

585,314

ACV

Auctions,

Inc.

,

Class

A

(a)(b)

...........

155,729

2,923,033

Brady

Corp.

,

Class

A,

NVS

.............

48,563

2,878,815

BrightView

Holdings,

Inc.

(a)

.............

55,465

660,033

Brink's

Co.

(The)

....................

48,595

4,489,206

Casella

Waste

Systems,

Inc.

,

Class

A

(a)(b)

....

60,380

5,969,771

CECO

Environmental

Corp.

(a)(b)

..........

25,714

591,936

Cimpress

plc

(a)(b)

....................

19,810

1,753,383

Cintas

Corp.

.......................

91,013

62,528,661

Clean

Harbors,

Inc.

(a)

.................

52,339

10,536,364

Copart,

Inc.

(a)(b)

.....................

928,170

53,759,606

CoreCivic

,

Inc.

(a)

....................

140,722

2,196,670

Deluxe

Corp.

.......................

47,607

980,228

Driven

Brands

Holdings,

Inc.

(a)

...........

66,166

1,044,761

Ennis,

Inc.

........................

27,655

567,204

Enviri

Corp.

(a)

......................

84,103

769,542

GEO

Group,

Inc.

(The)

(a)

...............

149,387

2,109,344

Healthcare

Services

Group,

Inc.

(a)

.........

75,688

944,586

HNI

Corp.

.........................

57,151

2,579,225

Interface,

Inc.

......................

79,530

1,337,695

LanzaTech

Global,

Inc.

(a)(b)

..............

85,869

265,765

Liquidity

Services,

Inc.

(a)

...............

34,773

646,778

Matthews

International

Corp.

,

Class

A

......

37,996

1,180,916

MillerKnoll

,

Inc.

.....................

87,833

2,174,745

Montrose

Environmental

Group,

Inc.

(a)(b)

.....

33,551

1,314,193

MSA

Safety,

Inc.

....................

39,763

7,697,719

OPENLANE,

Inc.

(a)

...................

124,439

2,152,795

RB

Global,

Inc.

.....................

192,931

14,695,554

Republic

Services,

Inc.

................

209,971

40,196,848

Rollins,

Inc.

........................

299,888

13,875,818

SP

Plus

Corp.

(a)

.....................

22,639

1,182,209

Steelcase,

Inc.

,

Class

A

...............

102,397

1,339,353

Stericycle,

Inc.

(a)(b)

...................

98,136

5,176,674

Tetra

Tech,

Inc.

.....................

55,884

10,322,334

UniFirst

Corp.

......................

15,152

2,627,811

Veralto

Corp.

.......................

234,122

20,757,256

Vestis

Corp.

.......................

137,154

2,642,958

Viad

Corp.

(a)

.......................

29,989

1,184,266

VSE

Corp.

(b)

.......................

15,875

1,270,000

Waste

Management,

Inc.

...............

381,327

81,279,850

374,452,815

Communications

Equipment

—

0.8%

ADTRAN

Holdings,

Inc.

...............

79,348

431,653

Applied

Optoelectronics,

Inc.

(a)(b)

..........

36,992

512,709

Arista

Networks,

Inc.

(a)

................

267,224

77,489,616

Aviat

Networks,

Inc.

(a)

.................

15,362

588,979

Calix,

Inc.

(a)

........................

64,483

2,138,256

Ciena

Corp.

(a)

......................

155,310

7,680,080

Cisco

Systems,

Inc.

..................

4,316,701

215,446,547

Clearfield,

Inc.

(a)(b)

....................

17,263

532,391

CommScope

Holding

Co.,

Inc.

(a)

..........

213,872

280,172

Digi

International,

Inc.

(a)(b)

..............

45,934

1,466,673

Extreme

Networks,

Inc.

(a)

...............

138,210

1,594,943

F5,

Inc.

(a)

.........................

62,350

11,820,936

Harmonic,

Inc.

(a)(b)

...................

117,990

1,585,786

Security

Shares

Shares

Value

Communications

Equipment

(continued)

Infinera

Corp.

(a)(b)

....................

226,879

$

1,368,080

Juniper

Networks,

Inc.

................

339,760

12,591,506

Lumentum

Holdings,

Inc.

(a)(b)

............

71,980

3,408,253

Motorola

Solutions,

Inc.

...............

175,605

62,336,263

NETGEAR,

Inc.

(a)

....................

58,335

919,943

NetScout

Systems,

Inc.

(a)

..............

88,279

1,928,013

Ribbon

Communications,

Inc.

(a)

..........

167,163

534,922

Ubiquiti,

Inc.

.......................

4,888

566,275

Viasat

,

Inc.

(a)(b)

......................

80,679

1,459,483

Viavi

Solutions,

Inc.

(a)

.................

236,361

2,148,521

408,830,000

Construction

&

Engineering

—

0.3%

AECOM

..........................

146,348

14,353,812

Ameresco,

Inc.

,

Class

A

(a)(b)

.............

39,020

941,553

API

Group

Corp.

(a)

...................

230,301

9,043,920

Arcosa

,

Inc.

.......................

51,552

4,426,255

Argan,

Inc.

........................

18,895

954,953

Comfort

Systems

USA,

Inc.

.............

37,235

11,829,932

Construction

Partners,

Inc.

,

Class

A

(a)(b)

.....

48,104

2,701,040

Dycom

Industries,

Inc.

(a)

...............

29,983

4,303,460

EMCOR

Group,

Inc.

..................

49,740

17,418,948

Fluor

Corp.

(a)

.......................

183,873

7,774,150

Granite

Construction,

Inc.

..............

46,049

2,630,779

Great

Lakes

Dredge

&

Dock

Corp.

(a)

.......

96,799

846,991

IES

Holdings,

Inc.

(a)

..................

9,443

1,148,647

Limbach

Holdings,

Inc.

(a)

...............

12,824

531,170

MasTec

,

Inc.

(a)

......................

63,652

5,935,549

MDU

Resources

Group,

Inc.

............

215,597

5,433,044

MYR

Group,

Inc.

(a)

...................

17,615

3,113,451

Northwest

Pipe

Co.

(a)

.................

14,542

504,317

Primoris

Services

Corp.

...............

62,194

2,647,599

Quanta

Services,

Inc.

.................

154,470

40,131,306

Sterling

Infrastructure,

Inc.

(a)

............

31,606

3,486,458

Tutor

Perini

Corp.

(a)

..................

80,670

1,166,488

Valmont

Industries,

Inc.

................

22,804

5,205,697

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......

207,794

9,662,421

156,191,940

Construction

Materials

—

0.2%

Eagle

Materials,

Inc.

..................

36,285

9,860,449

Knife

River

Corp.

(a)

...................

61,025

4,947,907

Martin

Marietta

Materials,

Inc.

...........

65,738

40,359,188

Summit

Materials,

Inc.

,

Class

A

(a)(b)

........

125,378

5,588,097

United

States

Lime

&

Minerals,

Inc.

........

3,133

934,072

Vulcan

Materials

Co.

.................

140,576

38,366,002

100,055,715

Consumer

Finance

—

0.6%

Ally

Financial,

Inc.

...................

288,019

11,690,691

American

Express

Co.

................

607,941

138,422,086

Bread

Financial

Holdings,

Inc.

...........

48,318

1,799,362

Capital

One

Financial

Corp.

.............

404,606

60,241,787

Credit

Acceptance

Corp.

(a)(b)

.............

6,859

3,783,082

Discover

Financial

Services

.............

265,173

34,761,529

Encore

Capital

Group,

Inc.

(a)(b)

...........

24,561

1,120,227

Enova

International,

Inc.

(a)

..............

30,703

1,929,070

EZCORP,

Inc.

,

Class

A,

NVS

(a)(b)

..........

55,972

634,163

FirstCash

Holdings,

Inc.

...............

39,256

5,006,710

Green

Dot

Corp.

,

Class

A

(a)

.............

39,323

366,884

LendingClub

Corp.

(a)

..................

116,450

1,023,596

LendingTree,

Inc.

(a)

...................

16,095

681,462

Moneylion

,

Inc.

(a)

....................

8,611

614,137

Navient

Corp.

......................

99,071

1,723,835

Nelnet,

Inc.

,

Class

A

..................

18,824

1,781,692

NerdWallet,

Inc.

,

Class

A

(a)(b)

............

56,769

834,504

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

OneMain

Holdings,

Inc.

................

127,961

$

6,537,528

PRA

Group,

Inc.

(a)

...................

46,780

1,220,022

PROG

Holdings,

Inc.

.................

50,734

1,747,279

SLM

Corp.

........................

247,098

5,384,265

SoFi

Technologies,

Inc.

(a)(b)

.............

1,044,692

7,626,252

Synchrony

Financial

..................

430,475

18,562,082

Upstart

Holdings,

Inc.

(a)(b)

...............

75,061

2,018,390

World

Acceptance

Corp.

(a)

..............

3,884

563,102

310,073,737

Consumer

Staples

Distribution

&

Retail

—

1.7%

Albertsons

Cos.,

Inc.

,

Class

A

...........

411,780

8,828,563

Andersons,

Inc.

(The)

.................

34,041

1,952,932

BJ's

Wholesale

Club

Holdings,

Inc.

(a)(b)

......

142,291

10,764,314

Casey's

General

Stores,

Inc.

............

39,408

12,549,478

Chefs'

Warehouse,

Inc.

(The)

(a)

..........

30,262

1,139,667

Costco

Wholesale

Corp.

...............

470,588

344,766,887

Dollar

General

Corp.

.................

233,601

36,455,772

Dollar

Tree,

Inc.

(a)(b)

..................

219,797

29,265,971

Grocery

Outlet

Holding

Corp.

(a)

...........

100,737

2,899,211

Ingles

Markets,

Inc.

,

Class

A

............

15,096

1,157,561

Kroger

Co.

(The)

....................

700,664

40,028,934

Performance

Food

Group

Co.

(a)

..........

167,225

12,481,674

PriceSmart

,

Inc.

.....................

27,680

2,325,120

SpartanNash

Co.

....................

44,186

892,999

Sprouts

Farmers

Market,

Inc.

(a)(b)

.........

107,713

6,945,334

Sysco

Corp.

.......................

530,843

43,093,835

Target

Corp.

.......................

491,234

87,051,577

United

Natural

Foods,

Inc.

(a)

.............

60,831

698,948

US

Foods

Holding

Corp.

(a)

..............

244,237

13,181,471

Walgreens

Boots

Alliance,

Inc.

...........

764,833

16,589,228

Walmart,

Inc.

.......................

4,541,346

273,252,789

Weis

Markets,

Inc.

...................

17,543

1,129,769

947,452,034

Containers

&

Packaging

—

0.3%

Amcor

plc

.........................

1,604,166

15,255,619

AptarGroup,

Inc.

....................

68,292

9,826,536

Avery

Dennison

Corp.

.................

84,781

18,927,358

Ball

Corp.

.........................

337,476

22,732,383

Berry

Global

Group,

Inc.

...............

120,054

7,260,866

Crown

Holdings,

Inc.

.................

127,187

10,080,842

Graphic

Packaging

Holding

Co.

..........

329,281

9,608,419

Greif,

Inc.

,

Class

A,

NVS

...............

20,863

1,440,590

Greif,

Inc.

,

Class

B

...................

9,332

648,761

International

Paper

Co.

................

365,994

14,281,086

Myers

Industries,

Inc.

.................

43,869

1,016,445

O-I

Glass,

Inc.

(a)

.....................

160,159

2,657,038

Packaging

Corp.

of

America

............

94,607

17,954,516

Pactiv

Evergreen,

Inc.

................

52,361

749,809

Sealed

Air

Corp.

....................

150,300

5,591,160

Silgan

Holdings,

Inc.

..................

87,522

4,250,068

Sonoco

Products

Co.

.................

100,651

5,821,654

TriMas

Corp.

.......................

57,574

1,538,953

WestRock

Co.

......................

274,355

13,566,855

163,208,958

Distributors

—

0.1%

Genuine

Parts

Co.

...................

149,662

23,187,134

LKQ

Corp.

........................

289,300

15,451,513

Pool

Corp.

........................

40,858

16,486,203

55,124,850

Diversified

Consumer

Services

—

0.1%

ADT,

Inc.

.........................

239,507

1,609,487

Adtalem

Global

Education,

Inc.

(a)

.........

45,785

2,353,349

Security

Shares

Shares

Value

Diversified

Consumer

Services

(continued)

Bright

Horizons

Family

Solutions,

Inc.

(a)(b)

....

61,394

$

6,959,624

Carriage

Services,

Inc.

................

18,572

502,187

Chegg,

Inc.

(a)(b)

.....................

130,614

988,748

Coursera,

Inc.

(a)

.....................

120,732

1,692,662

Duolingo,

Inc.

,

Class

A

(a)

...............

38,734

8,543,946

European

Wax

Center,

Inc.

,

Class

A

(a)

......

36,245

470,460

Frontdoor

,

Inc.

(a)

.....................

84,843

2,764,185

Graham

Holdings

Co.

,

Class

B

...........

3,708

2,846,557

Grand

Canyon

Education,

Inc.

(a)

..........

30,581

4,165,438

H&R

Block,

Inc.

.....................

147,145

7,226,291

Laureate

Education,

Inc.

...............

148,932

2,169,939

Mister

Car

Wash,

Inc.

(a)(b)

...............

82,758

641,374

OneSpaWorld

Holdings

Ltd.

(a)

...........

112,625

1,490,029

Perdoceo

Education

Corp.

..............

66,393

1,165,861

Service

Corp.

International

.............

159,299

11,821,579

Strategic

Education,

Inc.

(b)

..............

25,289

2,633,091

Stride,

Inc.

(a)

.......................

41,843

2,638,201

Udemy,

Inc.

(a)

......................

102,548

1,125,977

Universal

Technical

Institute,

Inc.

(a)

........

52,106

830,570

WW

International,

Inc.

(a)

...............

93,180

172,383

64,811,938

Diversified

REITs

—

0.1%

Alexander

&

Baldwin,

Inc.

..............

115,918

1,909,169

American

Assets

Trust,

Inc.

.............

54,702

1,198,521

Armada

Hoffler

Properties,

Inc.

..........

65,745

683,748

Broadstone

Net

Lease,

Inc.

.............

202,974

3,180,603

CTO

Realty

Growth,

Inc.

...............

30,501

516,992

Empire

State

Realty

Trust,

Inc.

,

Class

A

.....

130,571

1,322,684

Essential

Properties

Realty

Trust,

Inc.

......

160,659

4,283,169

Gladstone

Commercial

Corp.

............

54,788

758,266

Global

Net

Lease,

Inc.

................

204,917

1,592,205

One

Liberty

Properties,

Inc.

.............

33,488

756,494

WP

Carey,

Inc.

.....................

228,981

12,923,688

29,125,539

Diversified

Telecommunication

Services

—

0.6%

Anterix

,

Inc.

(a)(b)

.....................

27,732

932,073

AST

SpaceMobile

,

Inc.

,

Class

A

(a)(b)

........

132,232

383,473

AT&T,

Inc.

.........................

7,591,474

133,609,942

ATN

International,

Inc.

................

19,102

601,809

Bandwidth,

Inc.

,

Class

A

(a)

..............

25,951

473,865

Cogent

Communications

Holdings,

Inc.

.....

44,917

2,934,428

EchoStar

Corp.

,

Class

A

(a)(b)

.............

139,223

1,983,928

Frontier

Communications

Parent,

Inc.

(a)(b)

....

233,394

5,718,153

Globalstar

,

Inc.

(a)(b)

...................

783,668

1,151,992

IDT

Corp.

,

Class

B

...................

21,403

809,247

Iridium

Communications,

Inc.

............

131,511

3,440,328

Liberty

Global

Ltd.

,

Class

A

(a)

............

182,214

3,083,061

Liberty

Global

Ltd.

,

Class

C

(a)(b)

...........

200,034

3,528,600

Liberty

Latin

America

Ltd.

,

Class

A

(a)(b)

......

55,500

386,835

Liberty

Latin

America

Ltd.

,

Class

C,

NVS

(a)

...

157,860

1,103,441

Lumen

Technologies,

Inc.

(a)

.............

1,246,290

1,944,212

Ooma

,

Inc.

(a)

.......................

45,849

391,092

Shenandoah

Telecommunications

Co.

......

59,298

1,030,006

Verizon

Communications,

Inc.

...........

4,467,014

187,435,907

350,942,392

Electric

Utilities

—

1.3%

ALLETE,

Inc.

......................

64,619

3,853,877

Alliant

Energy

Corp.

..................

258,088

13,007,635

American

Electric

Power

Co.,

Inc.

.........

555,932

47,865,745

Avangrid,

Inc.

......................

76,686

2,794,438

Constellation

Energy

Corp.

.............

339,714

62,796,133

Duke

Energy

Corp.

..................

805,577

77,907,352

Edison

International

..................

408,714

28,908,341

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Entergy

Corp.

......................

217,728

$

23,009,495

Evergy

,

Inc.

........................

245,961

13,129,398

Eversource

Energy

..................

377,037

22,535,502

Exelon

Corp.

.......................

1,053,127

39,565,981

FirstEnergy

Corp.

...................

551,164

21,285,954

Genie

Energy

Ltd.

,

Class

B

.............

20,508

309,261

Hawaiian

Electric

Industries,

Inc.

.........

129,075

1,454,675

IDACORP,

Inc.

.....................

50,568

4,697,262

MGE

Energy,

Inc.

....................

38,459

3,027,492

NextEra

Energy,

Inc.

.................

2,182,288

139,470,026

NRG

Energy,

Inc.

....................

242,903

16,442,104

OGE

Energy

Corp.

...................

211,940

7,269,542

Otter

Tail

Corp.

.....................

44,052

3,806,093

PG&E

Corp.

.......................

2,272,217

38,082,357

Pinnacle

West

Capital

Corp.

............

118,408

8,848,630

PNM

Resources,

Inc.

.................

92,649

3,487,308

Portland

General

Electric

Co.

............

100,469

4,219,698

PPL

Corp.

........................

782,693

21,547,538

Southern

Co.

(The)

..................

1,152,969

82,713,996

Xcel

Energy,

Inc.

....................

587,501

31,578,179

723,614,012

Electrical

Equipment

—

0.8%

Acuity

Brands,

Inc.

...................

32,862

8,831,005

Allient

,

Inc.

........................

20,157

719,202

American

Superconductor

Corp.

(a)(b)

.......

50,594

683,525

AMETEK,

Inc.

......................

245,916

44,978,036

Array

Technologies,

Inc.

(a)(b)

.............

149,333

2,226,555

Atkore,

Inc.

(b)

.......................

39,914

7,598,029

Bloom

Energy

Corp.

,

Class

A

(a)(b)

.........

236,382

2,656,934

ChargePoint

Holdings,

Inc.

,

Class

A

(a)(b)

.....

370,613

704,165

Eaton

Corp.

plc

.....................

424,639

132,776,123

Emerson

Electric

Co.

.................

606,660

68,807,377

Encore

Wire

Corp.

(b)

..................

16,956

4,455,698

EnerSys

..........................

44,053

4,161,246

Enovix

Corp.

(a)(b)

.....................

147,980

1,185,320

Fluence

Energy,

Inc.

,

Class

A

(a)(b)

.........

61,172

1,060,723

FuelCell

Energy,

Inc.

(a)(b)

...............

600,337

714,401

Generac

Holdings,

Inc.

(a)(b)

..............

66,102

8,338,106

GrafTech

International

Ltd.

.............

225,609

311,340

Hubbell,

Inc.

.......................

56,028

23,254,421

LSI

Industries,

Inc.

...................

31,932

482,812

NEXTracker,

Inc.

,

Class

A

(a)(b)

............

129,608

7,293,042

NuScale

Power

Corp.

,

Class

A

(a)(b)

.........

90,372

479,875

nVent

Electric

plc

....................

179,977

13,570,266

Plug

Power,

Inc.

(a)(b)

..................

575,126

1,978,433

Powell

Industries,

Inc.

.................

9,441

1,343,454

Preformed

Line

Products

Co.

............

3,377

434,519

Regal

Rexnord

Corp.

.................

70,808

12,752,521

Rockwell

Automation,

Inc.

..............

121,745

35,467,971

Sensata

Technologies

Holding

plc

.........

160,219

5,886,446

SES

AI

Corp.

,

Class

A

(a)

...............

214,525

360,402

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)(b)

.

180,963

2,023,166

Stem,

Inc.

(a)(b)

......................

155,666

340,909

SunPower

Corp.

(a)(b)

..................

85,035

255,105

Sunrun,

Inc.

(a)(b)

.....................

226,666

2,987,458

Thermon

Group

Holdings,

Inc.

(a)

..........

35,672

1,167,188

Vertiv

Holdings

Co.

,

Class

A

............

375,703

30,683,664

Vicor

Corp.

(a)

.......................

25,627

979,976

431,949,413

Electronic

Equipment,

Instruments

&

Components

—

0.8%

Advanced

Energy

Industries,

Inc.

(b)

........

39,913

4,070,328

Amphenol

Corp.

,

Class

A

..............

636,762

73,450,497

Arlo

Technologies,

Inc.

(a)

...............

101,434

1,283,140

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Arrow

Electronics,

Inc.

(a)

...............

55,648

$

7,204,190

Avnet,

Inc.

........................

93,241

4,622,889

Badger

Meter,

Inc.

...................

30,638

4,957,535

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

14,649

883,481

Belden,

Inc.

.......................

46,288

4,286,732

Benchmark

Electronics,

Inc.

............

47,847

1,435,888

CDW

Corp.

........................

142,859

36,540,475

Cognex

Corp.

......................

186,664

7,918,287

Coherent

Corp.

(a)

....................

141,161

8,557,180

Corning,

Inc.

.......................

820,761

27,052,283

Crane

NXT

Co.

.....................

49,917

3,089,862

CTS

Corp.

........................

39,921

1,867,904

Daktronics,

Inc.

(a)(b)

...................

57,576

573,457

ePlus

,

Inc.

(a)

.......................

28,120

2,208,545

Evolv

Technologies

Holdings,

Inc.

(a)

........

102,420

455,769

Fabrinet

(a)

.........................

38,654

7,306,379

Insight

Enterprises,

Inc.

(a)(b)

.............

29,164

5,410,505

IPG

Photonics

Corp.

(a)

................

33,595

3,046,731

Itron

,

Inc.

(a)

........................

47,512

4,395,810

Jabil,

Inc.

(b)

........................

135,156

18,104,146

Keysight

Technologies,

Inc.

(a)

............

185,605

29,024,910

Kimball

Electronics,

Inc.

(a)

..............

30,199

653,808

Knowles

Corp.

(a)

....................

107,885

1,736,949

Lightwave

Logic,

Inc.

(a)(b)

...............

122,043

571,161

Littelfuse

,

Inc.

......................

26,573

6,439,967

Methode

Electronics,

Inc.

..............

37,790

460,282

MicroVision

,

Inc.

(a)(b)

..................

284,525

523,526

Mirion

Technologies,

Inc.

,

Class

A

(a)

.......

222,120

2,525,504

M-Tron

Industries,

Inc.

(a)(b)

..............

5,471

164,130

Napco

Security

Technologies,

Inc.

........

32,383

1,300,501

nLight

,

Inc.

(a)(b)

......................

66,720

867,360

Novanta

,

Inc.

(a)(b)

....................

38,327

6,698,410

OSI

Systems,

Inc.

(a)

..................

16,861

2,408,088

PAR

Technology

Corp.

(a)(b)

..............

33,686

1,527,997

PC

Connection,

Inc.

..................

16,925

1,115,865

Plexus

Corp.

(a)

......................

27,983

2,653,348

Rogers

Corp.

(a)

.....................

18,366

2,179,861

Sanmina

Corp.

(a)

....................

59,142

3,677,450

ScanSource,

Inc.

(a)

...................

29,582

1,302,791

SmartRent

,

Inc.

,

Class

A

(a)(b)

.............

257,396

689,821

TD

SYNNEX

Corp.

...................

59,496

6,728,998

TE

Connectivity

Ltd.

..................

326,437

47,411,710

Teledyne

Technologies,

Inc.

(a)(b)

..........

50,240

21,569,037

Trimble,

Inc.

(a)(b)

.....................

266,990

17,183,476

TTM

Technologies,

Inc.

(a)

...............

118,169

1,849,345

Vishay

Intertechnology

,

Inc.

.............

132,627

3,007,980

Vishay

Precision

Group,

Inc.

(a)

...........

16,059

567,364

Vontier

Corp.

.......................

168,577

7,646,653

Vuzix

Corp.

(a)(b)

.....................

168,321

203,668

Zebra

Technologies

Corp.

,

Class

A

(a)(b)

......

54,621

16,464,954

417,876,927

Energy

Equipment

&

Services

—

0.5%

Archrock

,

Inc.

......................

141,198

2,777,365

Atlas

Energy

Solutions,

Inc.

.............

52,122

1,179,000

Baker

Hughes

Co.

,

Class

A

.............

1,064,537

35,661,989

Bristow

Group,

Inc.

(a)

.................

27,771

755,371

Cactus,

Inc.

,

Class

A

.................

67,656

3,388,889

ChampionX

Corp.

...................

208,649

7,488,413

Core

Laboratories,

Inc.

................

59,548

1,017,080

Diamond

Offshore

Drilling,

Inc.

(a)

..........

123,290

1,681,676

DMC

Global,

Inc.

(a)

...................

23,633

460,607

Dril

-Quip,

Inc.

(a)(b)

....................

36,005

811,193

Expro

Group

Holdings

NV

(a)

.............

100,914

2,015,253

Halliburton

Co.

.....................

949,803

37,441,234

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Helix

Energy

Solutions

Group,

Inc.

(a)

.......

169,795

$

1,840,578

Helmerich

&

Payne,

Inc.

...............

108,971

4,583,320

Kodiak

Gas

Services,

Inc.

..............

30,351

829,796

Liberty

Energy,

Inc.

,

Class

A

............

154,430

3,199,790

Nabors

Industries

Ltd.

(a)

...............

11,654

1,003,759

Newpark

Resources,

Inc.

(a)

.............

104,687

755,840

Noble

Corp.

plc

.....................

116,520

5,650,055

NOV,

Inc.

.........................

426,928

8,333,635

Oceaneering

International,

Inc.

(a)

.........

111,964

2,619,958

Oil

States

International,

Inc.

(a)

............

73,238

451,146

Patterson-UTI

Energy,

Inc.

.............

361,672

4,318,364

ProPetro

Holding

Corp.

(a)

...............

86,176

696,302

RPC,

Inc.

.........................

86,895

672,567

Schlumberger

NV

...................

1,509,941

82,759,866

SEACOR

Marine

Holdings,

Inc.

(a)

.........

47,494

662,066

Select

Water

Solutions,

Inc.

,

Class

A

.......

104,071

960,575

Solaris

Oilfield

Infrastructure,

Inc.

,

Class

A

...

53,335

462,414

TechnipFMC

plc

.....................

471,129

11,830,049

TETRA

Technologies,

Inc.

(a)

.............

139,561

618,255

Tidewater,

Inc.

(a)

....................

50,286

4,626,312

Transocean

Ltd.

(a)(b)

..................

786,659

4,940,219

US

Silica

Holdings,

Inc.

(a)(b)

.............

89,484

1,110,496

Valaris

Ltd.

(a)

.......................

64,166

4,829,133

Weatherford

International

plc

(a)

...........

73,401

8,471,943

250,904,508

Entertainment

—

1.3%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)(b)

260,827

970,276

Atlanta

Braves

Holdings,

Inc.

,

Class

A

(a)(b)

....

13,454

563,723

Atlanta

Braves

Holdings,

Inc.

,

Class

C,

NVS

(a)

44,202

1,726,530

Cinemark

Holdings,

Inc.

(a)(b)

.............

123,451

2,218,414

Electronic

Arts,

Inc.

..................

256,267

33,998,943

Endeavor

Group

Holdings,

Inc.

,

Class

A

.....

200,497

5,158,788

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

...........................

25,133

1,476,313

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C,

NVS

(a)

.......................

218,264

14,318,118

Liberty

Media

Corp.-Liberty

Live

,

Class

A

(a)

...

28,811

1,220,146

Liberty

Media

Corp.-Liberty

Live

,

Class

C,

NVS

(a)(b)

........................

50,718

2,222,463

Lions

Gate

Entertainment

Corp.

,

Class

A

(a)(b)

..

59,235

589,388

Lions

Gate

Entertainment

Corp.

,

Class

B,

NVS

(a)

.........................

146,917

1,367,797

Live

Nation

Entertainment,

Inc.

(a)(b)

........

151,006

15,971,905

Madison

Square

Garden

Entertainment

Corp.

(a)

49,069

1,923,995

Madison

Square

Garden

Sports

Corp.

(a)

.....

17,303

3,192,749

Marcus

Corp.

(The)

(b)

.................

59,956

854,973

Netflix,

Inc.

(a)

.......................

460,172

279,476,261

Playtika

Holding

Corp.

................

89,698

632,371

ROBLOX

Corp.

,

Class

A

(a)

..............

528,174

20,165,683

Roku,

Inc.

,

Class

A

(a)(b)

................

133,422

8,695,112

Sphere

Entertainment

Co.

,

Class

A

(a)

.......

26,943

1,322,362

Take-Two

Interactive

Software,

Inc.

(a)

.......

168,087

24,959,239

TKO

Group

Holdings,

Inc.

..............

64,071

5,536,375

Vivid

Seats,

Inc.

,

Class

A

(a)(b)

............

92,276

552,733

Walt

Disney

Co.

(The)

................

1,950,569

238,671,623

Warner

Bros

Discovery,

Inc.

(a)

...........

2,355,242

20,561,263

Warner

Music

Group

Corp.

,

Class

A

.......

144,449

4,769,706

693,117,249

Financial

Services

—

4.1%

Affirm

Holdings,

Inc.

,

Class

A

(a)(b)

..........

252,097

9,393,134

Alerus

Financial

Corp.

................

27,505

600,434

A-Mark

Precious

Metals,

Inc.

............

21,322

654,372

Apollo

Global

Management,

Inc.

..........

464,507

52,233,812

Security

Shares

Shares

Value

Financial

Services

(continued)

AvidXchange

Holdings,

Inc.

(a)

............

208,466

$

2,741,328

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

.......

1,930,865

811,967,350

Block,

Inc.

,

Class

A

(a)

.................

589,592

49,867,691

Cannae

Holdings,

Inc.

(a)(b)

..............

84,805

1,886,063

Cantaloupe,

Inc.

(a)

...................

88,070

566,290

Cass

Information

Systems,

Inc.

..........

18,466

889,507

Corpay

,

Inc.

(a)

......................

77,031

23,767,145

Enact

Holdings,

Inc.

..................

38,848

1,211,281

Equitable

Holdings,

Inc.

...............

334,792

12,725,444

Essent

Group

Ltd.

...................

116,743

6,947,376

Euronet

Worldwide,

Inc.

(a)

..............

47,468

5,218,157

EVERTEC,

Inc.

.....................

73,304

2,924,830

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

..........................

9,847

1,938,677

Fidelity

National

Information

Services,

Inc.

...

635,151

47,115,501

Fiserv,

Inc.

(a)

.......................

640,722

102,400,190

Flywire

Corp.

(a)

.....................

114,885

2,850,297

Global

Payments,

Inc.

................

275,989

36,888,690

I3

Verticals,

Inc.

,

Class

A

(a)

..............

26,257

601,023

International

Money

Express,

Inc.

(a)

........

40,447

923,405

Jack

Henry

&

Associates,

Inc.

...........

77,154

13,403,964

Jackson

Financial,

Inc.

,

Class

A

..........

57,529

3,804,968

Marqeta

,

Inc.

,

Class

A

(a)

...............

461,465

2,750,331

Mastercard,

Inc.

,

Class

A

...............

876,335

422,016,646

Merchants

Bancorp

..................

31,666

1,367,338

MGIC

Investment

Corp.

...............

310,572

6,944,390

Mr

Cooper

Group,

Inc.

(a)

...............

70,079

5,462,658

NCR

Atleos

Corp.

(a)

..................

74,902

1,479,315

NewtekOne

,

Inc.

....................

33,135

364,485

NMI

Holdings,

Inc.

,

Class

A

(a)

............

91,715

2,966,063

Paymentus

Holdings,

Inc.

,

Class

A

(a)(b)

......

22,300

507,325

Payoneer

Global,

Inc.

(a)

................

201,006

976,889

PayPal

Holdings,

Inc.

(a)

................

1,141,642

76,478,598

PennyMac

Financial

Services,

Inc.

........

33,331

3,036,121

Radian

Group,

Inc.

...................

161,239

5,396,669

Remitly

Global,

Inc.

(a)(b)

................

143,119

2,968,288

Repay

Holdings

Corp.

,

Class

A

(a)

.........

93,981

1,033,791

Rocket

Cos.,

Inc.

,

Class

A

(a)(b)

............

152,844

2,223,880

Shift4

Payments,

Inc.

,

Class

A

(a)(b)

.........

60,172

3,975,564

Toast,

Inc.

,

Class

A

(a)(b)

................

405,579

10,107,029

UWM

Holdings

Corp.

,

Class

A

...........

95,605

694,092

Velocity

Financial,

Inc.

(a)

...............

55,137

992,466

Visa,

Inc.

,

Class

A

...................

1,679,133

468,612,438

Voya

Financial,

Inc.

..................

108,396

8,012,632

Walker

&

Dunlop,

Inc.

.................

37,902

3,830,376

Waterstone

Financial,

Inc.

..............

44,934

546,847

Western

Union

Co.

(The)

..............

288,726

4,036,390

WEX,

Inc.

(a)(b)

.......................

45,471

10,800,727

2,241,102,277

Food

Products

—

0.8%

Alico

,

Inc.

.........................

21,203

620,824

Archer-Daniels-Midland

Co.

.............

567,087

35,618,735

B&G

Foods,

Inc.

....................

82,899

948,365

Beyond

Meat,

Inc.

(a)(b)

.................

87,337

723,150

Bunge

Global

SA

....................

153,335

15,719,904

Calavo

Growers,

Inc.

.................

20,212

562,096

Cal-Maine

Foods,

Inc.

.................

41,458

2,439,803

Campbell

Soup

Co.

..................

211,276

9,391,218

Conagra

Brands,

Inc.

.................

513,300

15,214,212

Darling

Ingredients,

Inc.

(a)(b)

.............

169,361

7,876,980

Flowers

Foods,

Inc.

..................

214,435

5,092,831

Fresh

Del

Monte

Produce,

Inc.

...........

42,946

1,112,731

Freshpet

,

Inc.

(a)

.....................

52,601

6,094,352

General

Mills,

Inc.

...................

604,796

42,317,576

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Hain

Celestial

Group,

Inc.

(The)

(a)

.........

94,279

$

741,033

Hershey

Co.

(The)

...................

159,924

31,105,218

Hormel

Foods

Corp.

..................

309,253

10,789,837

Ingredion,

Inc.

......................

67,538

7,891,815

J

&

J

Snack

Foods

Corp.

...............

17,431

2,519,825

J

M

Smucker

Co.

(The)

................

112,075

14,106,880

John

B

Sanfilippo

&

Son,

Inc.

............

10,348

1,096,060

Kellanova

.........................

275,465

15,781,390

Kraft

Heinz

Co.

(The)

.................

841,013

31,033,380

Lamb

Weston

Holdings,

Inc.

............

152,801

16,277,891

Lancaster

Colony

Corp.

...............

21,132

4,387,637

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

...

269,001

20,661,967

Mission

Produce,

Inc.

(a)(b)

...............

53,552

635,662

Mondelez

International,

Inc.

,

Class

A

.......

1,427,999

99,959,930

Pilgrim's

Pride

Corp.

(a)

................

46,805

1,606,348

Post

Holdings,

Inc.

(a)

..................

51,264

5,448,338

Seaboard

Corp.

.....................

260

838,219

Simply

Good

Foods

Co.

(The)

(a)

..........

93,849

3,193,682

Tootsie

Roll

Industries,

Inc.

.............

19,669

629,998

TreeHouse

Foods,

Inc.

(a)

...............

52,816

2,057,183

Tyson

Foods,

Inc.

,

Class

A

.............

305,975

17,969,912

Utz

Brands,

Inc.

,

Class

A

(b)

.............

77,326

1,425,891

Vital

Farms,

Inc.

(a)

...................

42,909

997,634

WK

Kellogg

Co.

.....................

68,885

1,295,038

436,183,545

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

..................

154,778

18,398,461

Chesapeake

Utilities

Corp.

.............

23,666

2,539,362

National

Fuel

Gas

Co.

................

97,040

5,212,989

New

Jersey

Resources

Corp.

............

111,387

4,779,616

Northwest

Natural

Holding

Co.

...........

38,910

1,448,230

ONE

Gas,

Inc.

......................

59,894

3,864,960

Southwest

Gas

Holdings,

Inc.

...........

64,710

4,926,372

Spire,

Inc.

.........................

60,978

3,742,220

UGI

Corp.

.........................

223,417

5,482,653

50,394,863

Ground

Transportation

—

1.1%

ArcBest

Corp.

......................

25,249

3,597,983

Avis

Budget

Group,

Inc.

...............

20,167

2,469,651

Covenant

Logistics

Group,

Inc.

,

Class

A

.....

10,344

479,548

CSX

Corp.

........................

2,094,146

77,629,992

FTAI

Infrastructure,

Inc.

................

159,303

1,000,423

Heartland

Express,

Inc.

................

49,343

589,155

Hertz

Global

Holdings,

Inc.

(a)(b)

...........

148,119

1,159,772

JB

Hunt

Transport

Services,

Inc.

.........

85,825

17,100,631

Knight-Swift

Transportation

Holdings,

Inc.

...

171,667

9,445,118

Landstar

System,

Inc.

.................

37,018

7,135,590

Lyft,

Inc.

,

Class

A

(a)

...................

372,221

7,202,476

Marten

Transport

Ltd.

.................

68,271

1,261,648

Norfolk

Southern

Corp.

................

240,736

61,356,384

Old

Dominion

Freight

Line,

Inc.

..........

189,308

41,517,137

RXO,

Inc.

(a)(b)

.......................

123,789

2,707,265

Ryder

System,

Inc.

...................

45,990

5,527,538

Saia,

Inc.

(a)

........................

28,069

16,420,365

Schneider

National,

Inc.

,

Class

B

.........

47,298

1,070,827

Uber

Technologies,

Inc.

(a)(b)

.............

2,189,921

168,602,018

U-Haul

Holding

Co.

(a)

.................

10,015

676,413

U-Haul

Holding

Co.

,

NVS

(b)

.............

106,932

7,130,226

Union

Pacific

Corp.

..................

648,130

159,394,611

Werner

Enterprises,

Inc.

...............

71,224

2,786,283

XPO,

Inc.

(a)

........................

123,823

15,110,121

611,371,175

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

—

2.5%

Abbott

Laboratories

..................

1,846,234

$

209,842,956

Align

Technology,

Inc.

(a)

................

75,960

24,908,803

Alphatec

Holdings,

Inc.

(a)

...............

103,832

1,431,843

AngioDynamics

,

Inc.

(a)(b)

...............

68,903

404,461

Artivion

,

Inc.

(a)(b)

.....................

56,032

1,185,637

Aspira

Women's

Health,

Inc.

(a)

...........

1

3

AtriCure

,

Inc.

(a)

.....................

53,624

1,631,242

Atrion

Corp.

.......................

1,560

723,138

Avanos

Medical,

Inc.

(a)

................

53,140

1,058,017

Axonics

,

Inc.

(a)

......................

57,474

3,963,982

Baxter

International,

Inc.

...............

537,206

22,960,184

Becton

Dickinson

&

Co.

...............

306,942

75,952,798

Boston

Scientific

Corp.

(a)(b)

..............

1,543,737

105,730,547

Cerus

Corp.

(a)

......................

284,926

538,510

CONMED

Corp.

.....................

34,813

2,787,825

Cooper

Cos.,

Inc.

(The)

...............

212,521

21,562,381

Dentsply

Sirona,

Inc.

.................

231,694

7,689,924

Dexcom,

Inc.

(a)(b)

....................

408,903

56,714,846

Edwards

Lifesciences

Corp.

(a)(b)

..........

644,969

61,633,238

Embecta

Corp.

.....................

58,696

778,896

Enovis

Corp.

(a)(b)

.....................

55,229

3,449,051

Envista

Holdings

Corp.

(a)(b)

..............

189,675

4,055,252

GE

HealthCare

Technologies,

Inc.

........

450,028

40,912,046

Glaukos

Corp.

(a)(b)

....................

51,943

4,897,706

Globus

Medical,

Inc.

,

Class

A

(a)

..........

125,810

6,748,448

Haemonetics

Corp.

(a)

.................

55,283

4,718,404

Hologic,

Inc.

(a)

......................

252,094

19,653,248

ICU

Medical,

Inc.

(a)

...................

23,540

2,526,313

IDEXX

Laboratories,

Inc.

(a)

..............

87,966

47,495,482

Impact

BioMedical

,

Inc.

,

NVS

,

(Acquired

07/07/23,

cost

$2)

(a)(f)

...............

360

2

Inari

Medical,

Inc.

(a)

..................

55,121

2,644,706

Inspire

Medical

Systems,

Inc.

(a)(b)

.........

32,174

6,910,653

Insulet

Corp.

(a)

......................

74,688

12,801,523

Integer

Holdings

Corp.

(a)

...............

35,593

4,152,991

Integra

LifeSciences

Holdings

Corp.

(a)(b)

.....

74,436

2,638,756

Intuitive

Surgical,

Inc.

(a)

................

374,566

149,485,545

iRhythm

Technologies,

Inc.

(a)(b)

...........

32,621

3,784,036

Lantheus

Holdings,

Inc.

(a)

..............

72,800

4,531,072

LeMaitre

Vascular,

Inc.

................

22,558

1,496,949

LivaNova

plc

(a)

......................

57,460

3,214,312

Masimo

Corp.

(a)(b)

....................

47,779

7,016,346

Medtronic

plc

......................

1,412,199

123,073,143

Merit

Medical

Systems,

Inc.

(a)

............

62,642

4,745,132

Neogen

Corp.

(a)(b)

....................

212,957

3,360,461

Nevro

Corp.

(a)(b)

.....................

39,247

566,727

Novocure

Ltd.

(a)(b)

....................

110,083

1,720,597

Omnicell,

Inc.

(a)

.....................

48,142

1,407,191

OraSure

Technologies,

Inc.

(a)(b)

...........

100,504

618,100

Orthofix

Medical,

Inc.

(a)

................

42,683

619,757

OrthoPediatrics

Corp.

(a)

................

16,418

478,749

Paragon

28,

Inc.

(a)(b)

..................

62,124

767,231

Penumbra,

Inc.

(a)

....................

41,526

9,267,773

PROCEPT

BioRobotics

Corp.

(a)(b)

.........

51,939

2,566,825

Pulmonx

Corp.

(a)(b)

...................

56,210

521,067

QuidelOrtho

Corp.

(a)

..................

53,308

2,555,586

ResMed,

Inc.

......................

156,434

30,978,625

RxSight

,

Inc.

(a)

......................

27,868

1,437,431

Senseonics

Holdings,

Inc.

(a)(b)

............

847,057

449,872

Shockwave

Medical,

Inc.

(a)

..............

39,366

12,818,751

SI-BONE,

Inc.

(a)(b)

....................

46,660

763,824

Silk

Road

Medical,

Inc.

(a)

...............

44,831

821,304

STAAR

Surgical

Co.

(a)(b)

................

52,577

2,012,648

STERIS

plc

........................

104,732

23,545,848

Stryker

Corp.

......................

359,367

128,606,668

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Surmodics

,

Inc.

(a)

....................

14,678

$

430,653

Tandem

Diabetes

Care,

Inc.

(a)(b)

..........

70,887

2,510,109

Teleflex,

Inc.

.......................

50,294

11,374,994

TransMedics

Group,

Inc.

(a)(b)

.............

34,218

2,530,079

Treace

Medical

Concepts,

Inc.

(a)

..........

60,061

783,796

UFP

Technologies,

Inc.

(a)

...............

7,662

1,932,356

Varex

Imaging

Corp.

(a)(b)

...............

42,924

776,924

Zimmer

Biomet

Holdings,

Inc.

...........

222,967

29,427,185

Zimvie

,

Inc.

(a)

.......................

35,549

586,203

1,338,687,681

Health

Care

Providers

&

Services

—

2.5%

23andMe

Holding

Co.

,

Class

A

(a)(b)

........

522,310

277,869

Acadia

Healthcare

Co.,

Inc.

(a)

............

99,657

7,894,828

Accolade,

Inc.

(a)(b)

....................

74,230

777,930

AdaptHealth

Corp.

(a)

..................

79,707

917,428

Addus

HomeCare

Corp.

(a)

..............

17,105

1,767,631

Agiliti

,

Inc.

(a)

.......................

53,612

542,553

agilon

health,

Inc.

(a)(b)

.................

323,174

1,971,361

Alignment

Healthcare,

Inc.

(a)

............

135,810

673,618

Amedisys,

Inc.

(a)

....................

35,656

3,286,057

AMN

Healthcare

Services,

Inc.

(a)

..........

38,643

2,415,574

Astrana

Health,

Inc.

(a)(b)

................

45,434

1,907,774

BrightSpring

Health

Services,

Inc.

(a)

.......

62,238

676,527

Brookdale

Senior

Living,

Inc.

(a)(b)

..........

195,608

1,292,969

Cardinal

Health,

Inc.

..................

258,387

28,913,505

Castle

Biosciences,

Inc.

(a)

..............

28,514

631,585

Cencora

,

Inc.

......................

172,837

41,997,663

Centene

Corp.

(a)

....................

569,412

44,687,454

Chemed

Corp.

......................

16,065

10,312,605

Cigna

Group

(The)

...................

310,433

112,746,161

Clover

Health

Investments

Corp.

(a)(b)

.......

501,864

398,480

Community

Health

Systems,

Inc.

(a)

........

166,664

583,324

CorVel

Corp.

(a)

......................

9,545

2,509,953

Cross

Country

Healthcare,

Inc.

(a)(b)

........

36,764

688,222

CVS

Health

Corp.

...................

1,336,599

106,607,136

DaVita,

Inc.

(a)

.......................

56,442

7,791,818

DocGo

,

Inc.

(a)(b)

.....................

102,455

413,918

Elevance

Health,

Inc.

.................

249,804

129,533,366

Encompass

Health

Corp.

..............

104,841

8,657,770

Enhabit

,

Inc.

(a)

......................

52,263

608,864

Ensign

Group,

Inc.

(The)

...............

59,471

7,399,382

Fulgent

Genetics,

Inc.

(a)(b)

..............

30,942

671,441

Guardant

Health,

Inc.

(a)

................

129,133

2,664,014

HCA

Healthcare,

Inc.

.................

209,907

70,010,282

HealthEquity,

Inc.

(a)

...................

90,815

7,413,229

Henry

Schein,

Inc.

(a)(b)

.................

138,469

10,457,179

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

........

152,607

2,360,830

Humana,

Inc.

......................

130,256

45,162,360

Laboratory

Corp.

of

America

Holdings

......

89,832

19,624,699

LifeStance

Health

Group,

Inc.

(a)(b)

.........

100,388

619,394

McKesson

Corp.

....................

138,971

74,606,581

ModivCare

,

Inc.

(a)

....................

17,778

416,894

Molina

Healthcare,

Inc.

(a)

...............

61,397

25,223,730

National

HealthCare

Corp.

..............

16,020

1,514,050

National

Research

Corp.

...............

20,110

796,557

NeoGenomics

,

Inc.

(a)

.................

140,389

2,206,915

OPKO

Health,

Inc.

(a)(b)

.................

575,068

690,082

Option

Care

Health,

Inc.

(a)

..............

195,226

6,547,880

Owens

&

Minor,

Inc.

(a)(b)

................

86,347

2,392,675

Patterson

Cos.,

Inc.

..................

87,528

2,420,149

Pediatrix

Medical

Group,

Inc.

(a)(b)

..........

94,461

947,444

Pennant

Group,

Inc.

(The)

(a)

.............

38,813

761,899

PetIQ

,

Inc.

,

Class

A

(a)(b)

................

31,979

584,576

Premier,

Inc.

,

Class

A

.................

133,045

2,940,295

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Privia

Health

Group,

Inc.

(a)(b)

.............

116,359

$

2,279,473

Progyny,

Inc.

(a)(b)

....................

90,902

3,467,911

Quest

Diagnostics,

Inc.

................

117,353

15,620,858

R1

RCM,

Inc.

(a)

.....................

211,759

2,727,456

RadNet

,

Inc.

(a)

......................

69,869

3,399,826

Select

Medical

Holdings

Corp.

...........

115,435

3,480,365

Surgery

Partners,

Inc.

(a)(b)

..............

74,874

2,233,491

Talkspace

,

Inc.

(a)(b)

...................

177,488

633,632

Tenet

Healthcare

Corp.

(a)

...............

107,330

11,281,456

UnitedHealth

Group,

Inc.

...............

982,817

486,199,570

Universal

Health

Services,

Inc.

,

Class

B

(b)

...

64,777

11,819,211

US

Physical

Therapy,

Inc.

..............

16,819

1,898,361

1,354,958,090

Health

Care

REITs

—

0.2%

American

Healthcare

REIT,

Inc.

..........

53,496

789,066

CareTrust

REIT,

Inc.

..................

143,012

3,485,202

Community

Healthcare

Trust,

Inc.

.........

41,782

1,109,312

Diversified

Healthcare

Trust

.............

272,953

671,464

Global

Medical

REIT,

Inc.

..............

56,080

490,700

Healthcare

Realty

Trust,

Inc.

,

Class

A

......

413,787

5,855,086

Healthpeak

Properties,

Inc.

.............

753,591

14,129,831

LTC

Properties,

Inc.

..................

53,405

1,736,197

Medical

Properties

Trust,

Inc.

(b)

...........

638,947

3,003,051

National

Health

Investors,

Inc.

...........

46,342

2,911,668

Omega

Healthcare

Investors,

Inc.

.........

262,873

8,325,188

Sabra

Health

Care

REIT,

Inc.

............

261,858

3,867,643

Universal

Health

Realty

Income

Trust

......

12,592

462,252

Ventas,

Inc.

.......................

427,887

18,630,200

Welltower,

Inc.

......................

587,420

54,888,525

120,355,385

Health

Care

Technology

—

0.1%

American

Well

Corp.

,

Class

A

(a)

..........

407,604

330,445

Certara,

Inc.

(a)(b)

.....................

119,261

2,132,387

Definitive

Healthcare

Corp.

,

Class

A

(a)

......

80,776

651,862

Doximity

,

Inc.

,

Class

A

(a)(b)

..............

138,200

3,718,962

Evolent

Health,

Inc.

,

Class

A

(a)(b)

..........

125,220

4,105,964

GoodRx

Holdings,

Inc.

,

Class

A

(a)(b)

........

103,090

731,939

Health

Catalyst,

Inc.

(a)

.................

69,151

520,707

HealthStream,

Inc.

...................

27,454

731,924

LifeMD

,

Inc.

(a)(b)

.....................

33,622

345,634

Multiplan

Corp.

,

Class

A

(a)(b)

.............

345,180

280,010

Phreesia,

Inc.

(a)(b)

....................

55,941

1,338,668

Schrodinger,

Inc.

(a)(b)

..................

57,978

1,565,406

Simulations

Plus,

Inc.

.................

20,129

828,308

Teladoc

Health,

Inc.

(a)(b)

................

190,088

2,870,329

Veeva

Systems,

Inc.

,

Class

A

(a)

..........

155,680

36,069,499

56,222,044

Hotel

&

Resort

REITs

—

0.1%

Apple

Hospitality

REIT,

Inc.

.............

234,913

3,847,875

Chatham

Lodging

Trust

................

96,897

979,629

DiamondRock

Hospitality

Co.

............

221,854

2,132,017

Host

Hotels

&

Resorts,

Inc.

.............

752,432

15,560,294

Park

Hotels

&

Resorts,

Inc.

.............

237,465

4,153,263

Pebblebrook

Hotel

Trust

(b)

..............

136,736

2,107,102

RLJ

Lodging

Trust

...................

178,315

2,107,683

Ryman

Hospitality

Properties,

Inc.

........

62,630

7,240,654

Service

Properties

Trust

...............

181,448

1,230,218

Summit

Hotel

Properties,

Inc.

............

136,008

885,412

Sunstone

Hotel

Investors,

Inc.

...........

234,081

2,607,662

Xenia

Hotels

&

Resorts,

Inc.

............

105,015

1,576,275

44,428,084

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

—

2.2%

Accel

Entertainment,

Inc.

,

Class

A

(a)(b)

......

65,250

$

769,297

Airbnb,

Inc.

,

Class

A

(a)

.................

463,259

76,419,205

Aramark

..........................

281,331

9,148,884

Bally's

Corp.

(a)(b)

.....................

41,221

574,621

BJ's

Restaurants,

Inc.

(a)

................

27,442

992,852

Bloomin'

Brands,

Inc.

.................

92,380

2,649,458

Booking

Holdings,

Inc.

................

37,038

134,369,419

Bowlero

Corp.

,

Class

A

(b)

...............

54,765

750,280

Boyd

Gaming

Corp.

..................

72,019

4,848,319

Brinker

International,

Inc.

(a)

.............

49,185

2,443,511

Caesars

Entertainment,

Inc.

(a)(b)

..........

235,178

10,286,686

Carnival

Corp.

(a)

.....................

1,074,488

17,557,134

Cava

Group,

Inc.

(a)(b)

..................

15,109

1,058,385

Cheesecake

Factory,

Inc.

(The)

..........

56,798

2,053,248

Chipotle

Mexican

Grill,

Inc.

(a)

............

29,141

84,706,185

Choice

Hotels

International,

Inc.

(b)

.........

23,996

3,031,895

Churchill

Downs,

Inc.

.................

71,947

8,903,441

Chuy's

Holdings,

Inc.

(a)

................

24,310

819,976

Cracker

Barrel

Old

Country

Store,

Inc.

......

25,582

1,860,579

Darden

Restaurants,

Inc.

..............

130,499

21,812,908

Dave

&

Buster's

Entertainment,

Inc.

(a)(b)

.....

38,768

2,426,877

Denny's

Corp.

(a)

.....................

67,152

601,682

Dine

Brands

Global,

Inc.

...............

18,561

862,715

Domino's

Pizza,

Inc.

..................

36,832

18,301,084

DoorDash

,

Inc.

,

Class

A

(a)(b)

.............

323,805

44,594,425

DraftKings,

Inc.

,

Class

A

(a)

..............

495,798

22,514,187

Dutch

Bros,

Inc.

,

Class

A

(a)(b)

............

71,261

2,351,613

Everi

Holdings,

Inc.

(a)

.................

111,791

1,123,500

Expedia

Group,

Inc.

(a)

.................

139,373

19,198,631

First

Watch

Restaurant

Group,

Inc.

(a)(b)

......

38,180

939,992

Golden

Entertainment,

Inc.

.............

22,980

846,353

Hilton

Grand

Vacations,

Inc.

(a)

...........

72,817

3,437,691

Hilton

Worldwide

Holdings,

Inc.

..........

266,188

56,780,562

Hyatt

Hotels

Corp.

,

Class

A

.............

47,922

7,649,310

Jack

in

the

Box,

Inc.

..................

21,930

1,501,766

Krispy

Kreme,

Inc.

(b)

..................

104,554

1,592,880

Kura

Sushi

USA,

Inc.

,

Class

A

(a)(b)

.........

8,002

921,510

Las

Vegas

Sands

Corp.

...............

397,733

20,562,796

Life

Time

Group

Holdings,

Inc.

(a)(b)

.........

58,455

907,222

Light

&

Wonder,

Inc.

,

Class

A

(a)

...........

97,855

9,990,017

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

.....

54,454

508,056

Marriott

International,

Inc.

,

Class

A

........

260,695

65,775,955

Marriott

Vacations

Worldwide

Corp.

........

35,320

3,805,024

McDonald's

Corp.

...................

769,728

217,024,810

MGM

Resorts

International

(a)

............

288,971

13,642,321

Monarch

Casino

&

Resort,

Inc.

...........

13,842

1,038,012

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

......

452,058

9,461,574

Papa

John's

International,

Inc.

...........

36,909

2,458,139

Penn

Entertainment,

Inc.

(a)

..............

161,354

2,938,256

Planet

Fitness,

Inc.

,

Class

A

(a)

...........

89,973

5,635,009

Playa

Hotels

&

Resorts

NV

(a)

............

144,144

1,398,197

Portillo's,

Inc.

,

Class

A

(a)(b)

..............

50,480

715,806

RCI

Hospitality

Holdings,

Inc.

............

9,546

553,668

Red

Rock

Resorts,

Inc.

,

Class

A

..........

51,107

3,057,221

Royal

Caribbean

Cruises

Ltd.

(a)

..........

250,772

34,859,816

Rush

Street

Interactive,

Inc.

,

Class

A

(a)

.....

90,022

586,043

Sabre

Corp.

(a)

......................

419,293

1,014,689

Shake

Shack,

Inc.

,

Class

A

(a)

............

40,573

4,220,809

Six

Flags

Entertainment

Corp.

(a)

..........

76,835

2,022,297

Soho

House

&

Co.,

Inc.

,

Class

A

(a)(b)

.......

67,842

384,664

Starbucks

Corp.

.....................

1,202,301

109,878,288

Sweetgreen,

Inc.

,

Class

A

(a)(b)

............

110,577

2,793,175

Target

Hospitality

Corp.

(a)(b)

.............

31,675

344,307

Texas

Roadhouse,

Inc.

................

69,953

10,805,640

Travel

+

Leisure

Co.

..................

82,850

4,056,336

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

United

Parks

&

Resorts,

Inc.

(a)(b)

..........

41,194

$

2,315,515

Vail

Resorts,

Inc.

....................

39,991

8,911,195

Wendy's

Co.

(The)

...................

189,063

3,561,947

Wingstop

,

Inc.

......................

31,241

11,446,702

Wyndham

Hotels

&

Resorts,

Inc.

.........

87,463

6,712,785

Wynn

Resorts

Ltd.

...................

101,320

10,357,944

Xponential

Fitness,

Inc.

,

Class

A

(a)

........

26,636

440,559

Yum!

Brands,

Inc.

...................

294,888

40,886,221

1,185,772,076

Household

Durables

—

0.6%

Beazer

Homes

USA,

Inc.

(a)(b)

............

30,168

989,510

Cavco

Industries,

Inc.

(a)

................

9,262

3,696,094

Century

Communities,

Inc.

.............

29,684

2,864,506

Cricut,

Inc.

,

Class

A

..................

60,463

287,804

DR

Horton,

Inc.

.....................

315,981

51,994,674

Dream

Finders

Homes,

Inc.

,

Class

A

(a)

......

24,831

1,085,860

Ethan

Allen

Interiors,

Inc.

..............

30,064

1,039,312

Garmin

Ltd.

........................

164,414

24,476,312

GoPro,

Inc.

,

Class

A

(a)

.................

234,137

522,126

Green

Brick

Partners,

Inc.

(a)

.............

29,707

1,789,253

Helen

of

Troy

Ltd.

(a)(b)

.................

24,857

2,864,521

Hovnanian

Enterprises,

Inc.

,

Class

A

(a)

......

5,151

808,398

Installed

Building

Products,

Inc.

..........

24,414

6,316,634

iRobot

Corp.

(a)(b)

.....................

33,758

295,720

KB

Home

.........................

80,625

5,714,700

La-Z-Boy,

Inc.

......................

47,802

1,798,311

Leggett

&

Platt,

Inc.

..................

141,283

2,705,569

Lennar

Corp.

,

Class

A

.................

248,315

42,705,213

Lennar

Corp.

,

Class

B

(b)

...............

21,365

3,294,056

LGI

Homes,

Inc.

(a)(b)

..................

21,675

2,522,320

M/I

Homes,

Inc.

(a)

....................

28,652

3,904,981

MDC

Holdings,

Inc.

..................

64,034

4,028,379

Meritage

Homes

Corp.

................

37,578

6,593,436

Mohawk

Industries,

Inc.

(a)

..............

55,268

7,234,029

Newell

Brands,

Inc.

..................

421,372

3,383,617

NVR,

Inc.

(a)

........................

3,338

27,037,666

PulteGroup,

Inc.

....................

228,226

27,528,620

Skyline

Champion

Corp.

(a)(b)

.............

57,176

4,860,532

Sonos,

Inc.

(a)

.......................

149,424

2,848,021

Taylor

Morrison

Home

Corp.

(a)

...........

113,549

7,059,341

Tempur

Sealy

International,

Inc.

..........

185,793

10,556,758

Toll

Brothers,

Inc.

....................

112,038

14,494,356

TopBuild

Corp.

(a)

....................

33,479

14,755,200

TRI

Pointe

Homes,

Inc.

(a)

...............

109,813

4,245,371

Vizio

Holding

Corp.

,

Class

A

(a)(b)

..........

123,117

1,346,900

Whirlpool

Corp.

.....................

59,825

7,156,865

Worthington

Enterprises,

Inc.

............

33,217

2,067,094

306,872,059

Household

Products

—

1.1%

Central

Garden

&

Pet

Co.

,

Class

A,

NVS

(a)

...

71,066

2,623,757

Church

&

Dwight

Co.,

Inc.

..............

264,732

27,614,195

Clorox

Co.

(The)

....................

131,743

20,171,171

Colgate-Palmolive

Co.

................

867,242

78,095,142

Energizer

Holdings,

Inc.

...............

79,544

2,341,775

Kimberly-Clark

Corp.

.................

350,617

45,352,309

Procter

&

Gamble

Co.

(The)

............

2,500,895

405,770,214

Reynolds

Consumer

Products,

Inc.

........

67,792

1,936,139

Spectrum

Brands

Holdings,

Inc.

..........

32,546

2,896,919

WD-40

Co.

........................

14,409

3,649,944

590,451,565

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

....................

724,987

12,999,017

Altus

Power,

Inc.

,

Class

A

(a)(b)

............

81,864

391,310

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Clearway

Energy,

Inc.

,

Class

A

...........

36,988

$

795,612

Clearway

Energy,

Inc.

,

Class

C

..........

90,371

2,083,051

Montauk

Renewables

,

Inc.

(a)(b)

...........

82,143

341,715

Ormat

Technologies,

Inc.

...............

59,875

3,963,126

Sunnova

Energy

International,

Inc.

(a)(b)

......

110,481

677,249

Vistra

Corp.

.......................

344,994

24,028,832

45,279,912

Industrial

Conglomerates

—

0.8%

3M

Co.

...........................

590,005

62,581,830

General

Electric

Co.

..................

1,159,370

203,504,216

Honeywell

International,

Inc.

............

699,352

143,541,998

409,628,044

Industrial

REITs

—

0.3%

Americold

Realty

Trust,

Inc.

.............

278,186

6,932,395

EastGroup

Properties,

Inc.

.............

47,082

8,463,931

First

Industrial

Realty

Trust,

Inc.

..........

133,608

7,019,764

Innovative

Industrial

Properties,

Inc.

.......

29,601

3,064,887

LXP

Industrial

Trust

..................

307,245

2,771,350

Plymouth

Industrial

REIT,

Inc.

...........

38,086

856,935

Prologis,

Inc.

.......................

982,091

127,887,890

Rexford

Industrial

Realty,

Inc.

...........

217,909

10,960,823

STAG

Industrial,

Inc.

.................

176,598

6,788,427

Terreno

Realty

Corp.

.................

88,579

5,881,646

180,628,048

Insurance

—

2.3%

Aflac,

Inc.

.........................

567,681

48,741,091

Allstate

Corp.

(The)

..................

279,563

48,367,195

Ambac

Financial

Group,

Inc.

(a)

...........

45,365

709,055

American

Equity

Investment

Life

Holding

Co.

(a)

71,434

4,016,019

American

Financial

Group,

Inc.

..........

72,842

9,941,476

American

International

Group,

Inc.

........

747,959

58,467,955

AMERISAFE,

Inc.

...................

20,081

1,007,464

Aon

plc

,

Class

A

....................

213,409

71,218,851

Arch

Capital

Group

Ltd.

(a)

..............

393,177

36,345,282

Arthur

J

Gallagher

&

Co.

...............

231,786

57,955,771

Assurant,

Inc.

......................

56,119

10,563,841

Assured

Guaranty

Ltd.

................

61,326

5,350,693

Axis

Capital

Holdings

Ltd.

..............

94,085

6,117,407

Brighthouse

Financial,

Inc.

(a)

............

68,187

3,514,358

Brown

&

Brown,

Inc.

..................

253,449

22,186,925

BRP

Group,

Inc.

,

Class

A

(a)(b)

............

69,336

2,006,584

Chubb

Ltd.

........................

429,632

111,330,540

Cincinnati

Financial

Corp.

..............

168,617

20,937,173

CNA

Financial

Corp.

..................

27,937

1,268,899

CNO

Financial

Group,

Inc.

..............

133,556

3,670,119

Donegal

Group,

Inc.

,

Class

A

............

46,224

653,607

Employers

Holdings,

Inc.

...............

20,055

910,296

Enstar

Group

Ltd.

(a)

..................

14,948

4,645,240

Erie

Indemnity

Co.

,

Class

A,

NVS

.........

26,339

10,576,952

Everest

Group

Ltd.

...................

46,253

18,385,567

F&G

Annuities

&

Life,

Inc.

..............

19,597

794,658

Fidelity

National

Financial,

Inc.

,

Class

A

.....

259,376

13,772,866

First

American

Financial

Corp.

...........

108,236

6,607,808

Genworth

Financial,

Inc.

,

Class

A

(a)

........

408,937

2,629,465

Globe

Life,

Inc.

.....................

91,961

10,701,502

Goosehead

Insurance,

Inc.

,

Class

A

(a)(b)

.....

27,105

1,805,735

Hanover

Insurance

Group,

Inc.

(The)

......

39,561

5,387,021

Hartford

Financial

Services

Group,

Inc.

(The)

.

316,996

32,666,438

HCI

Group,

Inc.

.....................

9,479

1,100,322

Horace

Mann

Educators

Corp.

...........

20,403

754,707

James

River

Group

Holdings

Ltd.

.........

51,126

475,472

Kemper

Corp.

......................

66,231

4,101,024

Security

Shares

Shares

Value

Insurance

(continued)

Kinsale

Capital

Group,

Inc.

(b)

............

23,744

$

12,459,427

Lemonade,

Inc.

(a)(b)

...................

79,319

1,301,625

Lincoln

National

Corp.

................

164,472

5,251,591

Loews

Corp.

.......................

192,416

15,064,249

Markel

Group,

Inc.

(a)

..................

13,899

21,147,051

Marsh

&

McLennan

Cos.,

Inc.

...........

517,509

106,596,504

MBIA,

Inc.

(a)

.......................

56,284

380,480

Mercury

General

Corp.

................

35,384

1,825,814

MetLife,

Inc.

.......................

665,479

49,318,649

National

Western

Life

Group,

Inc.

,

Class

A

...

2,793

1,374,044

Old

Republic

International

Corp.

..........

282,379

8,674,683

Oscar

Health,

Inc.

,

Class

A

(a)

............

159,085

2,365,594

Palomar

Holdings,

Inc.

(a)

...............

25,839

2,166,083

Primerica,

Inc.

......................

38,951

9,853,045

Principal

Financial

Group,

Inc.

...........

233,285

20,134,828

ProAssurance

Corp.

(a)

.................

35,192

452,569

Progressive

Corp.

(The)

...............

616,442

127,492,534

Prudential

Financial,

Inc.

...............

384,263

45,112,476

Reinsurance

Group

of

America,

Inc.

.......

70,979

13,690,430

RenaissanceRe

Holdings

Ltd.

...........

55,322

13,002,330

RLI

Corp.

.........................

42,493

6,308,936

Root,

Inc.

,

Class

A

(a)(b)

.................

12,214

746,031

Ryan

Specialty

Holdings,

Inc.

,

Class

A

......

110,480

6,131,640

Safety

Insurance

Group,

Inc.

............

11,552

949,459

Selective

Insurance

Group,

Inc.

..........

65,262

7,124,653

SiriusPoint

Ltd.

(a)

....................

111,669

1,419,313

Skyward

Specialty

Insurance

Group,

Inc.

(a)

...

40,440

1,512,860

Stewart

Information

Services

Corp.

........

16,242

1,056,704

Tiptree,

Inc.

.......................

36,827

636,371

Travelers

Cos.,

Inc.

(The)

..............

243,706

56,086,499

Trupanion

,

Inc.

(a)(b)

...................

35,580

982,364

United

Fire

Group,

Inc.

................

22,335

486,233

Universal

Insurance

Holdings,

Inc.

........

30,833

626,527

Unum

Group

.......................

165,559

8,883,896

White

Mountains

Insurance

Group

Ltd.

.....

2,725

4,889,467

Willis

Towers

Watson

plc

...............

110,080

30,272,000

WR

Berkley

Corp.

(b)

..................

216,742

19,168,662

1,244,630,999

Interactive

Media

&

Services

—

5.4%

Alphabet,

Inc.

,

Class

A

(a)

...............

6,248,004

943,011,244

Alphabet,

Inc.

,

Class

C,

NVS

(a)

...........

5,244,293

798,496,052

Bumble,

Inc.

,

Class

A

(a)

................

125,854

1,428,443

Cargurus

,

Inc.

,

Class

A

(a)(b)

..............

95,804

2,211,156

Cars.com,

Inc.

(a)

.....................

74,973

1,288,036

Eventbrite,

Inc.

,

Class

A

(a)(b)

.............

105,289

576,984

fuboTV

,

Inc.

(a)(b)

.....................

329,498

520,607

IAC,

Inc.

(a)

.........................

76,270

4,068,242

Match

Group,

Inc.

(a)(b)

.................

288,315

10,460,068

MediaAlpha

,

Inc.

,

Class

A

(a)

.............

26,984

549,664

Meta

Platforms,

Inc.

,

Class

A

............

2,334,123

1,133,403,446

Nextdoor

Holdings,

Inc.

,

Class

A

(a)

........

271,508

610,893

Pinterest,

Inc.

,

Class

A

(a)

...............

635,961

22,048,768

QuinStreet

,

Inc.

(a)

....................

66,071

1,166,814

Rumble,

Inc.

,

Class

A

(a)(b)

...............

97,212

785,473

Shutterstock,

Inc.

....................

25,155

1,152,350

Snap,

Inc.

,

Class

A,

NVS

(a)

.............

1,096,899

12,592,400

TripAdvisor,

Inc.

(a)

...................

121,058

3,364,202

Vimeo,

Inc.

(a)

.......................

160,176

655,120

Yelp,

Inc.

(a)

........................

76,292

3,005,905

Ziff

Davis,

Inc.

(a)(b)

....................

50,606

3,190,202

ZipRecruiter,

Inc.

,

Class

A

(a)

.............

92,271

1,060,194

ZoomInfo

Technologies,

Inc.

(a)

...........

316,720

5,077,022

2,950,723,285

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

—

1.3%

Accenture

plc

,

Class

A

................

664,093

$

230,181,275

Akamai

Technologies,

Inc.

(a)

.............

158,919

17,284,031

Backblaze

,

Inc.

,

Class

A

(a)

..............

49,513

506,518

BigCommerce

Holdings,

Inc.

(a)

...........

91,147

628,003

Cloudflare,

Inc.

,

Class

A

(a)

..............

317,820

30,774,511

Cognizant

Technology

Solutions

Corp.

,

Class

A

528,340

38,722,039

Couchbase,

Inc.

(a)

...................

37,943

998,280

DigitalOcean

Holdings,

Inc.

(a)(b)

...........

58,940

2,250,329

DXC

Technology

Co.

(a)(b)

...............

211,386

4,483,497

EPAM

Systems,

Inc.

(a)

.................

61,308

16,930,817

Fastly,

Inc.

,

Class

A

(a)(b)

................

128,492

1,666,541

Gartner,

Inc.

(a)

......................

82,621

39,382,952

GoDaddy,

Inc.

,

Class

A

(a)

...............

148,720

17,650,090

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(a)

.....

66,352

815,466

Hackett

Group,

Inc.

(The)

..............

27,548

669,416

International

Business

Machines

Corp.

.....

965,132

184,301,607

Kyndryl

Holdings,

Inc.

(a)

................

248,858

5,415,150

MongoDB,

Inc.

,

Class

A

(a)(b)

.............

76,805

27,545,345

Okta,

Inc.

,

Class

A

(a)

..................

169,045

17,685,488

Perficient,

Inc.

(a)

.....................

37,401

2,105,302

Snowflake,

Inc.

,

Class

A

(a)

..............

350,517

56,643,547

Squarespace,

Inc.

,

Class

A

(a)

............

62,469

2,276,370

Thoughtworks

Holding,

Inc.

(a)(b)

...........

145,323

367,667

Twilio,

Inc.

,

Class

A

(a)

.................

193,051

11,805,069

VeriSign,

Inc.

(a)

.....................

91,332

17,308,327

XTI

Aerospace,

Inc.

(a)

.................

1

—

728,397,637

Leisure

Products

—

0.1%

Acushnet

Holdings

Corp.

...............

30,785

2,030,271

Brunswick

Corp.

....................

71,405

6,892,011

Hasbro,

Inc.

.......................

138,387

7,821,633

Johnson

Outdoors,

Inc.

,

Class

A

..........

8,722

402,171

Malibu

Boats,

Inc.

,

Class

A

(a)(b)

...........

22,036

953,718

MasterCraft

Boat

Holdings,

Inc.

(a)

.........

27,712

657,329

Mattel,

Inc.

(a)

.......................

375,919

7,446,955

Peloton

Interactive,

Inc.

,

Class

A

(a)(b)

.......

391,658

1,678,255

Polaris,

Inc.

........................

55,979

5,604,617

Smith

&

Wesson

Brands,

Inc.

............

56,055

973,115

Sturm

Ruger

&

Co.,

Inc.

...............

22,985

1,060,758

Topgolf

Callaway

Brands

Corp.

(a)(b)

........

161,664

2,614,107

Vista

Outdoor,

Inc.

(a)

..................

68,396

2,242,021

YETI

Holdings,

Inc.

(a)(b)

................

90,973

3,507,009

43,883,970

Life

Sciences

Tools

&

Services

—

1.4%

10X

Genomics,

Inc.

,

Class

A

(a)(b)

..........

112,846

4,235,110

Adaptive

Biotechnologies

Corp.

(a)(b)

........

112,360

360,676

Agilent

Technologies,

Inc.

..............

312,835

45,520,621

Avantor,

Inc.

(a)

......................

720,903

18,433,490

Azenta

,

Inc.

(a)(b)

.....................

62,590

3,772,925

BioLife

Solutions,

Inc.

(a)

................

38,987

723,209

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

.......

22,386

7,742,646

Bio-Techne

Corp.

....................

170,270

11,985,305

Bruker

Corp.

.......................

100,220

9,414,667

Charles

River

Laboratories

International,

Inc.

(a)

55,474

15,030,680

CryoPort

,

Inc.

(a)(b)

....................

52,460

928,542

Cytek

Biosciences,

Inc.

(a)(b)

.............

97,964

657,338

Danaher

Corp.

.....................

699,349

174,641,432

Fortrea

Holdings,

Inc.

(a)

................

92,995

3,732,819

Illumina,

Inc.

(a)

......................

169,846

23,323,253

IQVIA

Holdings,

Inc.

(a)

.................

193,758

48,999,461

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

123,565

1,071,309

MaxCyte,

Inc.

(a)

.....................

176,097

737,846

Medpace

Holdings,

Inc.

(a)

..............

24,945

10,081,522

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Mesa

Laboratories,

Inc.

...............

5,311

$

582,776

Mettler-Toledo

International,

Inc.

(a)

........

22,961

30,567,750

Nautilus

Biotechnology,

Inc.

(a)(b)

..........

131,658

387,075

OmniAb

,

Inc.

(a)(b)

....................

107,463

582,449

OmniAb

,

Inc.,

12.50

Earnout

Shares

,

NVS

(a)(d)

.

7,100

—

OmniAb

,

Inc.,

15.00

Earnout

Shares

,

NVS

(a)(d)

.

7,100

—

Pacific

Biosciences

of

California,

Inc.

(a)(b)

....

280,580

1,052,175

Quanterix

Corp.

(a)

....................

41,877

986,622

Repligen

Corp.

(a)(b)

...................

55,709

10,245,999

Revvity

,

Inc.

.......................

132,159

13,876,695

Sotera

Health

Co.

(a)(b)

.................

128,366

1,541,676

Standard

BioTools

,

Inc.

(a)(b)

..............

274,381

743,573

Thermo

Fisher

Scientific,

Inc.

............

410,650

238,673,886

Waters

Corp.

(a)

.....................

62,547

21,530,554

West

Pharmaceutical

Services,

Inc.

.......

78,240

30,960,350

733,124,431

Machinery

—

2.1%

3D

Systems

Corp.

(a)

..................

155,283

689,457

AGCO

Corp.

.......................

65,130

8,012,293

Alamo

Group,

Inc.

...................

10,738

2,451,808

Albany

International

Corp.

,

Class

A

........

36,420

3,405,634

Allison

Transmission

Holdings,

Inc.

........

94,887

7,701,029

Astec

Industries,

Inc.

.................

22,806

996,850

Barnes

Group,

Inc.

...................

53,639

1,992,689

Blue

Bird

Corp.

(a)

....................

24,539

940,825

Caterpillar,

Inc.

.....................

540,843

198,181,100

Chart

Industries,

Inc.

(a)(b)

...............

44,018

7,250,645

CNH

Industrial

NV

...................

1,022,290

13,248,878

Columbus

McKinnon

Corp.

.............

37,674

1,681,391

Crane

Co.

(b)

.......................

53,022

7,164,863

Cummins,

Inc.

......................

146,498

43,165,636

Deere

&

Co.

.......................

275,971

113,352,329

Desktop

Metal,

Inc.

,

Class

A

(a)(b)

..........

343,880

302,614

Donaldson

Co.,

Inc.

..................

124,257

9,279,513

Douglas

Dynamics,

Inc.

...............

26,856

647,767

Dover

Corp.

.......................

150,148

26,604,724

Energy

Recovery,

Inc.

(a)

...............

67,074

1,059,098

Enerpac

Tool

Group

Corp.

,

Class

A

........

59,578

2,124,551

Enpro

,

Inc.

........................

22,640

3,820,953

Esab

Corp.

........................

62,153

6,872,257

ESCO

Technologies,

Inc.

..............

28,169

3,015,491

Federal

Signal

Corp.

.................

65,170

5,530,978

Flowserve

Corp.

....................

142,917

6,528,449

Fortive

Corp.

.......................

373,294

32,110,750

Franklin

Electric

Co.,

Inc.

..............

42,515

4,541,027

Gates

Industrial

Corp.

plc

(a)

.............

182,792

3,237,246

Gorman-Rupp

Co.

(The)

...............

31,392

1,241,554

Graco,

Inc.

........................

176,844

16,527,840

Greenbrier

Cos.,

Inc.

(The)

.............

37,137

1,934,838

Helios

Technologies,

Inc.

...............

37,680

1,683,919

Hillenbrand,

Inc.

....................

75,821

3,813,038

Hillman

Solutions

Corp.

(a)

..............

206,246

2,194,457

Hyster-Yale

Materials

Handling,

Inc.

.......

10,785

692,073

IDEX

Corp.

........................

80,466

19,635,313

Illinois

Tool

Works,

Inc.

................

286,057

76,757,675

Ingersoll

Rand,

Inc.

..................

430,359

40,862,587

ITT,

Inc.

..........................

86,544

11,772,580

John

Bean

Technologies

Corp.

...........

35,022

3,673,458

Kadant

,

Inc.

(b)

......................

13,555

4,447,395

Kennametal,

Inc.

....................

85,000

2,119,900

Lincoln

Electric

Holdings,

Inc.

...........

60,180

15,372,379

Lindsay

Corp.

......................

13,179

1,550,641

Luxfer

Holdings

plc

..................

50,061

519,133

Manitowoc

Co.,

Inc.

(The)

(a)

.............

45,971

650,030

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Middleby

Corp.

(The)

(a)

................

57,023

$

9,168,728

Miller

Industries,

Inc.

.................

13,200

661,320

Mueller

Industries,

Inc.

................

117,214

6,321,351

Mueller

Water

Products,

Inc.

,

Class

A

......

168,700

2,714,383

Nikola

Corp.

(a)(b)

.....................

971,676

1,010,543

Nordson

Corp.

......................

57,313

15,734,711

Omega

Flex,

Inc.

....................

5,464

387,562

Oshkosh

Corp.

.....................

69,207

8,630,805

Otis

Worldwide

Corp.

.................

428,428

42,530,048

PACCAR,

Inc.

......................

558,366

69,175,964

Parker-Hannifin

Corp.

.................

136,325

75,768,072

Pentair

plc

........................

172,732

14,758,222

Proto

Labs,

Inc.

(a)

....................

28,029

1,002,037

RBC

Bearings,

Inc.

(a)(b)

................

30,652

8,286,768

REV

Group,

Inc.

....................

47,595

1,051,374

Shyft

Group,

Inc.

(The)

................

37,345

463,825

Snap-on,

Inc.

......................

55,202

16,351,936

SPX

Technologies,

Inc.

(a)

...............

47,365

5,832,052

Standex

International

Corp.

.............

14,723

2,682,825

Stanley

Black

&

Decker,

Inc.

............

165,629

16,220,048

Symbotic

,

Inc.

,

Class

A

(a)(b)

..............

36,554

1,644,930

Tennant

Co.

.......................

19,950

2,426,119

Terex

Corp.

........................

76,024

4,895,946

Timken

Co.

(The)

....................

68,418

5,981,786

Titan

International,

Inc.

(a)

...............

62,842

783,011

Toro

Co.

(The)

......................

109,216

10,007,462

Trinity

Industries,

Inc.

.................

93,812

2,612,664

Wabash

National

Corp.

................

49,786

1,490,593

Watts

Water

Technologies,

Inc.

,

Class

A

.....

28,243

6,003,050

Westinghouse

Air

Brake

Technologies

Corp.

..

189,854

27,657,931

Xylem,

Inc.

........................

255,919

33,074,972

1,116,690,693

Marine

Transportation

—

0.0%

Eagle

Bulk

Shipping,

Inc.

..............

11,491

717,843

Genco

Shipping

&

Trading

Ltd.

...........

52,245

1,062,141

Kirby

Corp.

(a)

.......................

64,416

6,140,133

Matson,

Inc.

.......................

36,954

4,153,629

12,073,746

Media

—

0.7%

Altice

USA,

Inc.

,

Class

A

(a)

..............

294,800

769,428

AMC

Networks,

Inc.

,

Class

A

(a)

...........

43,278

524,962

Boston

Omaha

Corp.

,

Class

A

(a)(b)

.........

47,195

729,635

Cable

One,

Inc.

.....................

5,229

2,212,547

Cardlytics,

Inc.

(a)(b)

...................

39,314

569,660

Charter

Communications,

Inc.

,

Class

A

(a)

....

104,911

30,490,284

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

.....

438,177

722,992

Comcast

Corp.

,

Class

A

...............

4,217,064

182,809,724

Daily

Journal

Corp.

(a)

.................

2,524

912,704

EW

Scripps

Co.

(The)

,

Class

A,

NVS

(a)

.....

88,057

346,064

Fox

Corp.

,

Class

A,

NVS

...............

249,999

7,817,469

Fox

Corp.

,

Class

B

...................

140,609

4,024,229

Gannett

Co.,

Inc.

(a)(b)

..................

189,404

462,146

Gray

Television,

Inc.

..................

86,812

548,652

iHeartMedia,

Inc.

,

Class

A

(a)(b)

............

145,473

304,039

Integral

Ad

Science

Holding

Corp.

(a)

.......

70,167

699,565

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

407,530

13,297,704

John

Wiley

&

Sons,

Inc.

,

Class

A

.........

46,982

1,791,424

Liberty

Broadband

Corp.

,

Class

A

(a)(b)

.......

18,843

1,076,312

Liberty

Broadband

Corp.

,

Class

C,

NVS

(a)(b)

..

119,355

6,830,687

Liberty

Media

Corp.-Liberty

SiriusXM

,

NVS

(a)(b)

165,982

4,931,325

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A,

NVS

(a)

.........................

78,100

2,319,570

Magnite

,

Inc.

(a)(b)

.....................

131,750

1,416,312

Security

Shares

Shares

Value

Media

(continued)

National

CineMedia

,

Inc.

(a)(b)

.............

117,083

$

602,977

New

York

Times

Co.

(The)

,

Class

A

........

170,966

7,389,151

News

Corp.

,

Class

A,

NVS

.............

399,701

10,464,172

News

Corp.

,

Class

B

.................

121,290

3,282,108

Nexstar

Media

Group,

Inc.

..............

34,674

5,973,983

Omnicom

Group,

Inc.

.................

208,587

20,182,878

Paramount

Global

,

Class

B,

NVS

.........

534,314

6,288,876

PubMatic,

Inc.

,

Class

A

(a)(b)

..............

49,288

1,169,111

Scholastic

Corp.

,

NVS

................

31,913

1,203,439

Sinclair,

Inc.

,

Class

A

(b)

................

46,090

620,832

Sirius

XM

Holdings,

Inc.

(b)

..............

683,833

2,653,272

Stagwell

,

Inc.

,

Class

A

(a)(b)

..............

116,691

725,818

TechTarget,

Inc.

(a)

....................

29,281

968,615

TEGNA,

Inc.

.......................

217,907

3,255,531

Thryv

Holdings,

Inc.

(a)

.................

32,268

717,318

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

.........

474,900

41,515,758

WideOpenWest

,

Inc.

(a)

................

73,831

267,268

372,888,541

Metals

&

Mining

—

0.5%

Alcoa

Corp.

........................

200,910

6,788,749

Alpha

Metallurgical

Resources,

Inc.

.......

12,304

4,074,716

Arch

Resources,

Inc.

,

Class

A

...........

19,817

3,186,375

ATI,

Inc.

(a)(b)

........................

138,734

7,099,019

Carpenter

Technology

Corp.

............

53,899

3,849,467

Century

Aluminum

Co.

(a)

...............

54,801

843,387

Cleveland-Cliffs,

Inc.

(a)

................

538,091

12,236,189

Coeur

Mining,

Inc.

(a)(b)

.................

374,955

1,413,580

Commercial

Metals

Co.

................

115,717

6,800,688

Compass

Minerals

International,

Inc.

.......

38,070

599,222

Freeport-McMoRan,

Inc.

...............

1,533,526

72,106,393

Haynes

International,

Inc.

..............

20,634

1,240,516

Hecla

Mining

Co.

(b)

...................

665,148

3,199,362

Kaiser

Aluminum

Corp.

................

19,530

1,745,201

Materion

Corp.

.....................

22,764

2,999,157

Metallus

,

Inc.

(a)

.....................

53,884

1,198,919

MP

Materials

Corp.

,

Class

A

(a)(b)

..........

161,597

2,310,837

Newmont

Corp.

.....................

1,230,626

44,105,636

Nucor

Corp.

.......................

260,253

51,504,069

Olympic

Steel,

Inc.

...................

9,950

705,256

Piedmont

Lithium,

Inc.

(a)(b)

..............

18,170

242,024

Radius

Recycling,

Inc.

,

Class

A

..........

28,088

593,499

Ramaco

Resources,

Inc.

,

Class

A

.........

43,381

730,536

Reliance,

Inc.

......................

60,330

20,161,079

Royal

Gold,

Inc.

.....................

68,681

8,366,033

Ryerson

Holding

Corp.

................

31,917

1,069,219

Steel

Dynamics,

Inc.

..................

161,137

23,885,338

SunCoke

Energy,

Inc.

.................

103,629

1,167,899

United

States

Steel

Corp.

(b)

.............

235,313

9,596,064

Warrior

Met

Coal,

Inc.

.................

56,764

3,445,575

Worthington

Steel,

Inc.

................

33,217

1,190,829

298,454,833

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

AGNC

Investment

Corp.

...............

753,521

7,459,858

Annaly

Capital

Management,

Inc.

.........

523,203

10,301,867

Apollo

Commercial

Real

Estate

Finance,

Inc.

.

134,066

1,493,495

Arbor

Realty

Trust,

Inc.

(b)

...............

190,696

2,526,722

Ares

Commercial

Real

Estate

Corp.

.......

56,825

423,346

ARMOUR

Residential

REIT,

Inc.

..........

51,891

1,025,885

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

....

162,759

3,240,532

BrightSpire

Capital,

Inc.

,

Class

A

.........

193,866

1,335,737

Chimera

Investment

Corp.

..............

266,724

1,229,598

Claros

Mortgage

Trust,

Inc.

.............

127,455

1,243,961

Dynex

Capital,

Inc.

...................

94,487

1,176,363

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Ellington

Financial,

Inc.

................

87,864

$

1,037,674

Franklin

BSP

Realty

Trust,

Inc.

...........

94,550

1,263,188

Granite

Point

Mortgage

Trust,

Inc.

........

120,026

572,524

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

.....................

119,618

3,397,151

Invesco

Mortgage

Capital,

Inc.

...........

60,844

588,970

KKR

Real

Estate

Finance

Trust,

Inc.

.......

68,446

688,567

Ladder

Capital

Corp.

,

Class

A

...........

118,348

1,317,213

MFA

Financial,

Inc.

...................

107,847

1,230,534

New

York

Mortgage

Trust,

Inc.

...........

97,281

700,423

Orchid

Island

Capital,

Inc.

(b)

.............

59,925

535,130

PennyMac

Mortgage

Investment

Trust

......

91,314

1,340,490

Ready

Capital

Corp.

..................

168,346

1,536,999

Redwood

Trust,

Inc.

..................

165,377

1,053,451

Rithm

Capital

Corp.

..................

518,406

5,785,411

Starwood

Property

Trust,

Inc.

............

294,915

5,995,622

TPG

RE

Finance

Trust,

Inc.

.............

73,282

565,737

Two

Harbors

Investment

Corp.

...........

112,424

1,488,494

60,554,942

Multi-Utilities

—

0.5%

Ameren

Corp.

......................

275,359

20,365,552

Avista

Corp.

.......................

82,843

2,901,162

Black

Hills

Corp.

....................

68,584

3,744,686

CenterPoint

Energy,

Inc.

...............

686,271

19,551,861

CMS

Energy

Corp.

...................

310,867

18,757,715

Consolidated

Edison,

Inc.

..............

360,458

32,733,191

Dominion

Energy,

Inc.

.................

888,638

43,712,103

DTE

Energy

Co.

....................

214,949

24,104,381

NiSource,

Inc.

......................

451,142

12,478,588

Northwestern

Energy

Group,

Inc.

.........

76,095

3,875,518

Public

Service

Enterprise

Group,

Inc.

......

527,037

35,195,531

Sempra

..........................

666,834

47,898,686

Unitil

Corp.

........................

22,569

1,181,487

WEC

Energy

Group,

Inc.

...............

338,199

27,772,902

294,273,363

Office

REITs

—

0.1%

Alexandria

Real

Estate

Equities,

Inc.

.......

169,421

21,840,061

Boston

Properties,

Inc.

................

150,069

9,801,006

Brandywine

Realty

Trust

...............

182,267

874,882

COPT

Defense

Properties

..............

119,230

2,881,789

Cousins

Properties,

Inc.

...............

161,970

3,893,759

Douglas

Emmett,

Inc.

.................

171,842

2,383,449

Easterly

Government

Properties,

Inc.

......

95,349

1,097,467

Equity

Commonwealth

(a)

...............

114,482

2,161,420

Highwoods

Properties,

Inc.

.............

112,592

2,947,659

Hudson

Pacific

Properties,

Inc.

...........

157,932

1,018,661

JBG

SMITH

Properties

................

94,327

1,513,948

Kilroy

Realty

Corp.

...................

113,226

4,124,823

NET

Lease

Office

Properties

............

15,224

362,331

Orion

Office

REIT,

Inc.

................

133,225

467,620

Paramount

Group,

Inc.

................

198,420

930,590

Peakstone

Realty

Trust

,

Class

E

.........

43,277

698,058

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

...

129,781

912,361

Postal

Realty

Trust,

Inc.

,

Class

A

.........

47,972

686,959

SL

Green

Realty

Corp.

................

70,756

3,900,778

Vornado

Realty

Trust

.................

170,260

4,898,380

67,396,001

Oil,

Gas

&

Consumable

Fuels

—

3.6%

Antero

Midstream

Corp.

...............

390,248

5,486,887

Antero

Resources

Corp.

(a)(b)

.............

296,895

8,609,955

APA

Corp.

........................

324,452

11,154,660

Berry

Corp.

........................

81,090

652,775

California

Resources

Corp.

.............

67,631

3,726,468

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Callon

Petroleum

Co.

(a)(b)

...............

64,486

$

2,306,019

Centrus

Energy

Corp.

,

Class

A

(a)(b)

........

14,735

611,945

Cheniere

Energy,

Inc.

.................

251,051

40,489,505

Chesapeake

Energy

Corp.

(b)

............

119,227

10,590,934

Chevron

Corp.

......................

1,842,256

290,597,461

Chord

Energy

Corp.

..................

42,153

7,513,351

Civitas

Resources,

Inc.

................

87,484

6,640,910

Clean

Energy

Fuels

Corp.

(a)(b)

............

240,299

644,001

CNX

Resources

Corp.

(a)(b)

..............

158,019

3,748,211

Comstock

Resources,

Inc.

..............

97,528

905,060

ConocoPhillips

.....................

1,248,800

158,947,264

CONSOL

Energy,

Inc.

.................

30,043

2,516,402

Coterra

Energy,

Inc.

..................

796,129

22,196,077

Crescent

Energy,

Inc.

,

Class

A

...........

91,235

1,085,696

CVR

Energy,

Inc.

....................

34,731

1,238,507

Delek

US

Holdings,

Inc.

...............

76,461

2,350,411

Devon

Energy

Corp.

..................

682,693

34,257,535

Diamondback

Energy,

Inc.

..............

190,997

37,849,875

Dorian

LPG

Ltd.

.....................

34,547

1,328,678

DT

Midstream,

Inc.

...................

102,736

6,277,170

EOG

Resources,

Inc.

.................

617,037

78,882,010

EQT

Corp.

........................

436,204

16,170,082

Equitrans

Midstream

Corp.

.............

456,998

5,707,905

Excelerate

Energy,

Inc.

,

Class

A

..........

33,298

533,434

Exxon

Mobil

Corp.

...................

4,209,012

489,255,555

Gevo

,

Inc.

(a)(b)

......................

486,317

373,832

Green

Plains,

Inc.

(a)(b)

.................

22,860

528,523

Gulfport

Energy

Corp.

(a)(b)

..............

9,965

1,595,596

Harvest

Natural

Resources,

Inc.

,

NVS

(a)(d)

....

8,626

—

Hess

Corp.

........................

293,783

44,843,037

HF

Sinclair

Corp.

....................

163,626

9,878,102

International

Seaways,

Inc.

.............

42,493

2,260,628

Kinder

Morgan,

Inc.

..................

2,058,125

37,746,012

Kinetik

Holdings,

Inc.

,

Class

A

...........

23,678

944,042

Kosmos

Energy

Ltd.

(a)(b)

................

494,603

2,947,834

Magnolia

Oil

&

Gas

Corp.

,

Class

A

........

192,252

4,988,939

Marathon

Oil

Corp.

...................

624,259

17,691,500

Marathon

Petroleum

Corp.

.............

389,824

78,549,536

Matador

Resources

Co.

...............

117,692

7,858,295

Murphy

Oil

Corp.

....................

155,752

7,117,866

New

Fortress

Energy,

Inc.

,

Class

A

(b)

.......

71,974

2,201,685

NextDecade

Corp.

(a)(b)

.................

103,059

585,375

Northern

Oil

&

Gas,

Inc.

...............

100,574

3,990,776

Occidental

Petroleum

Corp.

.............

699,047

45,431,065

ONEOK,

Inc.

.......................

622,508

49,906,466

Overseas

Shipholding

Group,

Inc.

,

Class

A

..

116,526

745,766

Ovintiv

,

Inc.

........................

267,802

13,898,924

Par

Pacific

Holdings,

Inc.

(a)

.............

57,103

2,116,237

PBF

Energy,

Inc.

,

Class

A

..............

114,364

6,583,935

Peabody

Energy

Corp.

................

122,781

2,978,667

Permian

Resources

Corp.

,

Class

A

........

490,315

8,658,963

Phillips

66

.........................

455,098

74,335,707

Pioneer

Natural

Resources

Co.

..........

246,981

64,832,512

Range

Resources

Corp.

...............

265,181

9,130,182

REX

American

Resources

Corp.

(a)

........

20,725

1,216,765

SandRidge

Energy,

Inc.

...............

25,931

377,815

SilverBow

Resources,

Inc.

(a)

.............

19,703

672,660

Sitio

Royalties

Corp.

,

Class

A

............

95,209

2,353,566

SM

Energy

Co.

.....................

130,582

6,509,513

Southwestern

Energy

Co.

(a)

.............

1,185,245

8,984,157

Talos

Energy,

Inc.

(a)

..................

152,718

2,127,362

Targa

Resources

Corp.

................

237,047

26,546,894

Tellurian,

Inc.

(a)(b)

....................

925,072

611,843

Texas

Pacific

Land

Corp.

...............

20,077

11,614,745

Uranium

Energy

Corp.

(a)(b)

..............

407,572

2,751,111

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

VAALCO

Energy,

Inc.

.................

146,134

$

1,018,554

Valero

Energy

Corp.

..................

359,513

61,365,274

Viper

Energy,

Inc.

...................

95,595

3,676,584

Vital

Energy,

Inc.

(a)

...................

28,439

1,494,185

Vitesse

Energy,

Inc.

..................

22,620

536,773

W&T

Offshore,

Inc.

...................

146,986

389,513

Williams

Cos.,

Inc.

(The)

...............

1,298,604

50,606,598

World

Kinect

Corp.

...................

75,775

2,004,249

1,939,852,906

Paper

&

Forest

Products

—

0.0%

Clearwater

Paper

Corp.

(a)

..............

18,699

817,707

Louisiana-Pacific

Corp.

................

70,389

5,906,341

Mercer

International,

Inc.

...............

68,786

684,421

Sylvamo

Corp.

.....................

37,374

2,307,471

9,715,940

Passenger

Airlines

—

0.2%

Alaska

Air

Group,

Inc.

(a)

................

135,524

5,826,177

Allegiant

Travel

Co.

..................

17,130

1,288,347

American

Airlines

Group,

Inc.

(a)

...........

691,467

10,614,018

Delta

Air

Lines,

Inc.

..................

673,758

32,252,796

Frontier

Group

Holdings,

Inc.

(a)(b)

..........

65,716

532,957

Hawaiian

Holdings,

Inc.

(a)(b)

.............

68,426

912,119

JetBlue

Airways

Corp.

(a)(b)

..............

339,170

2,516,641

Joby

Aviation,

Inc.

,

Class

A

(a)(b)

...........

401,219

2,150,534

SkyWest,

Inc.

(a)

.....................

48,425

3,345,199

Southwest

Airlines

Co.

................

631,478

18,432,843

Spirit

Airlines,

Inc.

...................

114,149

552,481

Sun

Country

Airlines

Holdings,

Inc.

(a)

.......

39,521

596,372

United

Airlines

Holdings,

Inc.

(a)

...........

346,232

16,577,588

95,598,072

Personal

Care

Products

—

0.2%

Beauty

Health

Co.

(The)

,

Class

A

(a)(b)

.......

110,782

491,872

BellRing

Brands,

Inc.

(a)

................

139,318

8,223,942

Coty,

Inc.

,

Class

A

(a)

..................

408,815

4,889,427

Edgewell

Personal

Care

Co.

............

56,793

2,194,482

elf

Beauty,

Inc.

(a)(b)

...................

59,104

11,586,157

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

.....

247,260

38,115,129

Herbalife

Ltd.

(a)(b)

....................

113,027

1,135,921

Inter

Parfums,

Inc.

...................

20,120

2,827,061

Kenvue

,

Inc.

.......................

1,850,948

39,721,344

Medifast

,

Inc.

......................

12,496

478,847

Nu

Skin

Enterprises,

Inc.

,

Class

A

.........

56,706

784,244

Olaplex

Holdings,

Inc.

(a)(b)

..............

206,767

396,993

USANA

Health

Sciences,

Inc.

(a)

..........

18,478

896,183

111,741,602

Pharmaceuticals

—

3.5%

Amneal

Pharmaceuticals,

Inc.

,

Class

A

(a)(b)

...

128,775

780,376

Amphastar

Pharmaceuticals,

Inc.

(a)

........

40,174

1,764,040

ANI

Pharmaceuticals,

Inc.

(a)

.............

23,217

1,604,991

Arvinas

,

Inc.

(a)

......................

74,654

3,081,717

Atea

Pharmaceuticals,

Inc.

(a)(b)

...........

156,184

630,983

Axsome

Therapeutics,

Inc.

(a)(b)

...........

42,086

3,358,463

Bristol-Myers

Squibb

Co.

...............

2,169,938

117,675,738

Cassava

Sciences,

Inc.

(a)(b)

.............

44,280

898,441

Catalent,

Inc.

(a)

.....................

192,253

10,852,682

Collegium

Pharmaceutical,

Inc.

(a)(b)

........

36,367

1,411,767

Corcept

Therapeutics,

Inc.

(a)(b)

...........

100,241

2,525,071

Edgewise

Therapeutics,

Inc.

(a)

...........

73,604

1,342,537

Elanco

Animal

Health,

Inc.

(a)(b)

...........

538,118

8,760,561

Eli

Lilly

&

Co.

......................

844,913

657,308,517

Evolus

,

Inc.

(a)(b)

.....................

59,851

837,914

EyePoint

Pharmaceuticals,

Inc.

(a)(b)

........

37,871

782,794

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Fulcrum

Therapeutics,

Inc.

(a)

............

48,874

$

461,371

Harmony

Biosciences

Holdings,

Inc.

(a)

......

37,446

1,257,437

Harrow,

Inc.

(a)(b)

.....................

30,614

405,023

Innoviva

,

Inc.

(a)(b)

....................

69,524

1,059,546

Intra-Cellular

Therapies,

Inc.

(a)

...........

100,195

6,933,494

Jazz

Pharmaceuticals

plc

(a)

.............

67,353

8,110,648

Johnson

&

Johnson

..................

2,556,402

404,397,232

Ligand

Pharmaceuticals,

Inc.

(a)

...........

19,311

1,411,634

Liquidia

Corp.

(a)(b)

....................

69,923

1,031,364

Longboard

Pharmaceuticals,

Inc.

(a)

........

38,269

826,610

Marinus

Pharmaceuticals,

Inc.

(a)(b)

.........

76,767

693,974

Merck

&

Co.,

Inc.

....................

2,696,985

355,867,171

Ocular

Therapeutix

,

Inc.

(a)(b)

.............

129,110

1,174,901

Organon

&

Co.

.....................

275,785

5,184,758

Pacira

BioSciences

,

Inc.

(a)

..............

57,098

1,668,403

Perrigo

Co.

plc

.....................

142,894

4,599,758

Pfizer,

Inc.

........................

6,018,411

167,010,905

Phathom

Pharmaceuticals,

Inc.

(a)(b)

........

45,031

478,229

Phibro

Animal

Health

Corp.

,

Class

A

.......

39,263

507,671

Pliant

Therapeutics,

Inc.

(a)(b)

.............

62,882

936,942

Prestige

Consumer

Healthcare,

Inc.

(a)

......

56,303

4,085,346

Revance

Therapeutics,

Inc.

(a)(b)

...........

102,014

501,909

Royalty

Pharma

plc

,

Class

A

............

417,333

12,674,403

Scilex

Holding

Co.,

(Acquired

01/06/23,

cost

$526,994)

(a)(b)(f)

...................

50,286

75,823

Seelos

Therapeutics,

Inc.

(a)

.............

1

1

Supernus

Pharmaceuticals,

Inc.

(a)(b)

........

57,808

1,971,831

Tarsus

Pharmaceuticals,

Inc.

(a)(b)

..........

32,900

1,195,915

Theravance

Biopharma,

Inc.

(a)(b)

..........

81,255

728,857

Ventyx

Biosciences,

Inc.

(a)(b)

.............

53,240

292,820

Viatris

,

Inc.

........................

1,285,624

15,350,351

WaVe

Life

Sciences

Ltd.

(a)

..............

87,933

542,547

Xeris

Biopharma

Holdings,

Inc.

(a)(b)

........

223,671

494,313

Zoetis,

Inc.

,

Class

A

..................

487,970

82,569,404

1,898,117,183

Professional

Services

—

0.9%

Alight,

Inc.

,

Class

A

(a)

.................

393,514

3,876,113

ASGN,

Inc.

(a)(b)

......................

50,499

5,290,275

Automatic

Data

Processing,

Inc.

..........

435,609

108,788,992

Barrett

Business

Services,

Inc.

...........

9,120

1,155,686

Booz

Allen

Hamilton

Holding

Corp.

........

137,311

20,382,445

Broadridge

Financial

Solutions,

Inc.

.......

125,863

25,784,294

CACI

International,

Inc.

,

Class

A

(a)

........

23,438

8,879,018

CBIZ,

Inc.

(a)(b)

.......................

52,282

4,104,137

Clarivate

plc

(a)(b)

.....................

469,406

3,487,687

Concentrix

Corp.

....................

50,279

3,329,475

Conduent,

Inc.

(a)

....................

245,028

828,195

CRA

International,

Inc.

................

9,366

1,400,966

CSG

Systems

International,

Inc.

..........

29,817

1,536,768

Dayforce,

Inc.

(a)(b)

....................

165,826

10,979,339

Dun

&

Bradstreet

Holdings,

Inc.

..........

272,714

2,738,049

Equifax,

Inc.

.......................

131,307

35,127,249

ExlService

Holdings,

Inc.

(a)

.............

174,936

5,562,965

Exponent,

Inc.

......................

53,716

4,441,776

First

Advantage

Corp.

.................

71,276

1,156,097

Forrester

Research,

Inc.

(a)

..............

17,881

385,514

Franklin

Covey

Co.

(a)

.................

18,025

707,661

FTI

Consulting,

Inc.

(a)

.................

37,550

7,896,390

Genpact

Ltd.

.......................

181,855

5,992,122

Heidrick

&

Struggles

International,

Inc.

.....

31,537

1,061,535

Huron

Consulting

Group,

Inc.

(a)(b)

.........

20,109

1,942,932

ICF

International,

Inc.

.................

18,889

2,845,250

Insperity,

Inc.

.......................

37,024

4,058,201

Jacobs

Solutions,

Inc.

.................

132,315

20,340,785

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

KBR,

Inc.

.........................

146,027

$

9,296,079

Kelly

Services,

Inc.

,

Class

A,

NVS

........

47,766

1,196,061

Kforce

,

Inc.

........................

22,927

1,616,812

Korn

Ferry

........................

56,821

3,736,549

Legalzoom.com,

Inc.

(a)(b)

...............

144,546

1,928,244

Leidos

Holdings,

Inc.

.................

145,485

19,071,629

ManpowerGroup,

Inc.

.................

53,534

4,156,380

Maximus,

Inc.

......................

63,243

5,306,088

NV5

Global,

Inc.

(a)(b)

..................

13,436

1,316,862

Paychex,

Inc.

......................

337,953

41,500,628

Paycom

Software,

Inc.

................

52,477

10,443,448

Paycor

HCM,

Inc.

(a)(b)

.................

76,008

1,477,596

Paylocity

Holding

Corp.

(a)(b)

.............

45,868

7,882,874

Planet

Labs

PBC

,

Class

A

(a)(b)

............

191,356

487,958

Resources

Connection,

Inc.

.............

37,608

494,921

Robert

Half,

Inc.

....................

113,235

8,977,271

Science

Applications

International

Corp.

....

54,914

7,160,236

SS&C

Technologies

Holdings,

Inc.

........

228,579

14,713,630

Sterling

Check

Corp.

(a)(b)

...............

41,500

667,320

TransUnion

(b)

.......................

207,364

16,547,647

TriNet

Group,

Inc.

...................

33,402

4,425,431

TrueBlue,

Inc.

(a)

.....................

38,536

482,471

TTEC

Holdings,

Inc.

..................

34,747

360,326

Upwork,

Inc.

(a)

......................

140,621

1,724,013

Verisk

Analytics,

Inc.

..................

153,518

36,188,798

Verra

Mobility

Corp.

,

Class

A

(a)(b)

..........

180,984

4,519,170

499,758,358

Real

Estate

Management

&

Development

—

0.2%

Anywhere

Real

Estate,

Inc.

(a)

............

119,930

741,167

CBRE

Group,

Inc.

,

Class

A

(a)

............

315,792

30,707,614

Compass,

Inc.

,

Class

A

(a)

...............

383,481

1,380,532

CoStar

Group,

Inc.

(a)

..................

435,751

42,093,547

Cushman

&

Wakefield

plc

(a)

.............

163,287

1,707,982

DigitalBridge

Group,

Inc.

,

Class

A

(b)

........

155,667

2,999,703

eXp

World

Holdings,

Inc.

(b)

..............

81,000

836,730

Forestar

Group,

Inc.

(a)

.................

23,062

926,862

FRP

Holdings,

Inc.

(a)(b)

.................

8,710

534,794

Howard

Hughes

Holdings,

Inc.

(a)(b)

.........

35,873

2,605,097

Jones

Lang

LaSalle,

Inc.

(a)(b)

.............

50,466

9,845,412

Kennedy-Wilson

Holdings,

Inc.

...........

140,196

1,202,882

Marcus

&

Millichap,

Inc.

...............

27,565

941,896

Newmark

Group,

Inc.

,

Class

A

...........

166,095

1,841,994

Opendoor

Technologies,

Inc.

(a)(b)

..........

632,731

1,917,175

RE/MAX

Holdings,

Inc.

,

Class

A

..........

38,385

336,636

Redfin

Corp.

(a)(b)

.....................

111,216

739,586

RMR

Group,

Inc.

(The)

,

Class

A

..........

22,280

534,720

Seritage

Growth

Properties

,

Class

A

(a)

......

58,683

566,291

St.

Joe

Co.

(The)

....................

40,759

2,362,799

Tejon

Ranch

Co.

(a)

...................

38,486

593,069

Zillow

Group,

Inc.

,

Class

A

(a)(b)

...........

60,704

2,905,294

Zillow

Group,

Inc.

,

Class

C,

NVS

(a)(b)

.......

167,927

8,191,479

116,513,261

Residential

REITs

—

0.3%

American

Homes

4

Rent

,

Class

A

.........

338,594

12,453,487

Apartment

Income

REIT

Corp.

...........

155,406

5,046,033

Apartment

Investment

&

Management

Co.

,

Class

A

(a)

.......................

158,194

1,295,609

AvalonBay

Communities,

Inc.

...........

148,547

27,564,381

Camden

Property

Trust

................

116,391

11,452,875

Centerspace

.......................

17,816

1,018,006

Elme

Communities

...................

91,154

1,268,864

Equity

LifeStyle

Properties,

Inc.

..........

189,113

12,178,877

Equity

Residential

...................

365,371

23,058,564

Security

Shares

Shares

Value

Residential

REITs

(continued)

Essex

Property

Trust,

Inc.

..............

68,335

$

16,729,091

Independence

Realty

Trust,

Inc.

..........

247,977

3,999,869

Invitation

Homes,

Inc.

.................

616,673

21,959,726

Mid-America

Apartment

Communities,

Inc.

...

123,059

16,192,103

NexPoint

Residential

Trust,

Inc.

..........

29,727

956,912

Sun

Communities,

Inc.

................

133,566

17,173,916

UDR,

Inc.

.........................

317,411

11,874,346

UMH

Properties,

Inc.

.................

68,650

1,114,876

Veris

Residential,

Inc.

.................

94,092

1,431,139

186,768,674

Retail

REITs

—

0.3%

Acadia

Realty

Trust

..................

104,069

1,770,214

Agree

Realty

Corp.

..................

102,199

5,837,607

Alexander's,

Inc.

....................

2,331

506,153

Brixmor

Property

Group,

Inc.

............

312,399

7,325,757

CBL

&

Associates

Properties,

Inc.

.........

36,122

827,555

Federal

Realty

Investment

Trust

..........

77,284

7,892,242

Getty

Realty

Corp.

...................

58,491

1,599,729

InvenTrust

Properties

Corp.

.............

82,697

2,126,140

Kimco

Realty

Corp.

..................

701,808

13,762,455

Kite

Realty

Group

Trust

................

242,924

5,266,592

Macerich

Co.

(The)

..................

242,796

4,183,375

NETSTREIT

Corp.

...................

73,718

1,354,200

NNN

REIT,

Inc.

.....................

201,652

8,618,606

Phillips

Edison

&

Co.,

Inc.

..............

121,984

4,375,566

Realty

Income

Corp.

..................

877,697

47,483,408

Regency

Centers

Corp.

...............

175,037

10,600,241

Retail

Opportunity

Investments

Corp.

......

176,457

2,262,179

Saul

Centers,

Inc.

...................

23,719

912,944

Simon

Property

Group,

Inc.

.............

345,303

54,036,466

SITE

Centers

Corp.

..................

193,537

2,835,317

Tanger

,

Inc.

........................

118,340

3,494,580

Urban

Edge

Properties

................

124,480

2,149,770

Whitestone

REIT

....................

49,862

625,768

189,846,864

Semiconductors

&

Semiconductor

Equipment

—

9.2%

ACM

Research,

Inc.

,

Class

A

(a)(b)

..........

54,328

1,583,118

Advanced

Micro

Devices,

Inc.

(a)

..........

1,718,268

310,130,191

Aehr

Test

Systems

(a)(b)

.................

28,996

359,550

Allegro

MicroSystems

,

Inc.

(a)

............

76,571

2,064,354

Alpha

&

Omega

Semiconductor

Ltd.

(a)

......

28,508

628,316

Ambarella,

Inc.

(a)

....................

41,181

2,090,759

Amkor

Technology,

Inc.

................

110,689

3,568,613

Analog

Devices,

Inc.

..................

527,001

104,235,528

Applied

Materials,

Inc.

................

884,475

182,405,279

Axcelis

Technologies,

Inc.

(a)

.............

34,429

3,839,522

Broadcom,

Inc.

.....................

467,677

619,863,773

CEVA,

Inc.

(a)

.......................

31,691

719,703

Cirrus

Logic,

Inc.

(a)

...................

57,678

5,338,676

Cohu

,

Inc.

(a)(b)

......................

50,254

1,674,966

Credo

Technology

Group

Holding

Ltd.

(a)

.....

132,937

2,816,935

Diodes,

Inc.

(a)

......................

48,980

3,453,090

Enphase

Energy,

Inc.

(a)

................

144,522

17,484,271

Entegris

,

Inc.

(b)

.....................

159,272

22,384,087

First

Solar,

Inc.

(a)

....................

113,080

19,087,904

FormFactor

,

Inc.

(a)

...................

84,387

3,850,579

Ichor

Holdings

Ltd.

(a)

..................

31,298

1,208,729

Impinj

,

Inc.

(a)

.......................

25,107

3,223,990

indie

Semiconductor,

Inc.

,

Class

A

(a)(b)

......

160,730

1,137,968

Intel

Corp.

........................

4,495,593

198,570,343

KLA

Corp.

.........................

143,900

100,524,223

Kulicke

&

Soffa

Industries,

Inc.

...........

62,998

3,169,429

Lam

Research

Corp.

.................

139,320

135,359,132

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Lattice

Semiconductor

Corp.

(a)(b)

..........

145,930

$

11,416,104

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

57,512

5,500,448

Marvell

Technology,

Inc.

...............

920,879

65,271,903

MaxLinear

,

Inc.

(a)

....................

80,929

1,510,944

Microchip

Technology,

Inc.

..............

572,301

51,341,123

Micron

Technology,

Inc.

................

1,175,934

138,630,859

MKS

Instruments,

Inc.

(b)

...............

66,985

8,909,005

Monolithic

Power

Systems,

Inc.

..........

51,084

34,605,323

Navitas

Semiconductor

Corp.

(a)

..........

144,046

687,099

NVE

Corp.

........................

6,632

598,074

NVIDIA

Corp.

......................

2,621,134

2,368,351,837

NXP

Semiconductors

NV

..............

272,933

67,624,609

ON

Semiconductor

Corp.

(a)

.............

455,636

33,512,028

Onto

Innovation,

Inc.

(a)(b)

...............

52,370

9,483,160

PDF

Solutions,

Inc.

(a)

.................

34,528

1,162,558

Photronics

,

Inc.

(a)

....................

68,239

1,932,528

Power

Integrations,

Inc.

...............

60,129

4,302,230

Qorvo,

Inc.

(a)

.......................

104,278

11,974,243

QUALCOMM,

Inc.

...................

1,186,302

200,840,929

Rambus,

Inc.

(a)

.....................

114,244

7,061,422

Semtech

Corp.

(a)

....................

64,854

1,782,836

Silicon

Laboratories,

Inc.

(a)

..............

33,793

4,856,730

SiTime

Corp.

(a)(b)

....................

17,972

1,675,530

Skyworks

Solutions,

Inc.

...............

169,933

18,407,143

SMART

Global

Holdings,

Inc.

(a)

...........

51,878

1,365,429

SolarEdge

Technologies,

Inc.

(a)(b)

.........

59,715

4,238,571

Synaptics

,

Inc.

(a)

....................

43,393

4,233,421

Teradyne,

Inc.

......................

163,550

18,453,346

Texas

Instruments,

Inc.

................

966,604

168,392,083

Ultra

Clean

Holdings,

Inc.

(a)

.............

47,568

2,185,274

Universal

Display

Corp.

...............

46,346

7,806,984

Veeco

Instruments,

Inc.

(a)

..............

59,604

2,096,273

Wolfspeed

,

Inc.

(a)(b)

...................

132,716

3,915,122

5,014,898,196

Software

—

10.6%

8x8,

Inc.

(a)

.........................

181,641

490,431

A10

Networks,

Inc.

...................

73,433

1,005,298

ACI

Worldwide,

Inc.

(a)(b)

................

121,610

4,038,668

Adeia

,

Inc.

........................

126,763

1,384,252

Adobe,

Inc.

(a)

.......................

480,439

242,429,519

Agilysys

,

Inc.

(a)

.....................

21,148

1,781,931

Alarm.com

Holdings,

Inc.

(a)

.............

52,692

3,818,589

Alkami

Technology,

Inc.

(a)(b)

.............

54,209

1,331,915

Altair

Engineering,

Inc.

,

Class

A

(a)(b)

........

60,080

5,175,892

American

Software,

Inc.

,

Class

A

.........

51,856

593,751

Amplitude,

Inc.

,

Class

A

(a)(b)

.............

101,479

1,104,092

ANSYS,

Inc.

(a)

......................

92,336

32,055,366

Appfolio

,

Inc.

,

Class

A

(a)

...............

21,550

5,317,247

Appian

Corp.

,

Class

A

(a)

...............

54,263

2,167,807

AppLovin

Corp.

,

Class

A

(a)(b)

.............

194,307

13,449,931

Asana,

Inc.

,

Class

A

(a)(b)

................

93,214

1,443,885

Aspen

Technology,

Inc.

(a)

...............

30,352

6,473,475

Atlassian

Corp.

,

Class

A

(a)

..............

167,686

32,717,215

Aurora

Innovation,

Inc.

,

Class

A

(a)(b)

........

817,497

2,305,342

Autodesk,

Inc.

(a)

.....................

227,223

59,173,414

AvePoint,

Inc.

,

Class

A

(a)(b)

..............

96,629

765,302

Bentley

Systems,

Inc.

,

Class

B

(b)

..........

250,188

13,064,817

BILL

Holdings,

Inc.

(a)(b)

.................

103,651

7,122,897

Blackbaud,

Inc.

(a)(b)

...................

45,150

3,347,421

BlackLine

,

Inc.

(a)

....................

53,545

3,457,936

Blend

Labs,

Inc.

,

Class

A

(a)(b)

............

206,190

670,118

Box,

Inc.

,

Class

A

(a)(b)

.................

153,727

4,353,549

Braze,

Inc.

,

Class

A

(a)

.................

58,064

2,572,235

C3.ai,

Inc.

,

Class

A

(a)(b)

................

100,887

2,731,011

Security

Shares

Shares

Value

Software

(continued)

Cadence

Design

Systems,

Inc.

(a)

.........

288,063

$

89,668,251

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

...

310,740

3,716,450

Cerence

,

Inc.

(a)(b)

....................

44,894

707,081

Cleanspark

,

Inc.

(a)

...................

215,182

4,564,010

Clear

Secure,

Inc.

,

Class

A

.............

96,603

2,054,746

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a)(b)

134,371

2,377,023

CommVault

Systems,

Inc.

(a)

.............

47,205

4,788,003

Confluent,

Inc.

,

Class

A

(a)(b)

.............

237,503

7,248,592

Consensus

Cloud

Solutions,

Inc.

(a)

........

22,783

361,338

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......

241,740

77,499,427

Datadog,

Inc.

,

Class

A

(a)

...............

321,800

39,774,480

Digimarc

Corp.

(a)(b)

...................

20,378

553,874

Digital

Turbine,

Inc.

(a)(b)

................

93,208

244,205

DocuSign,

Inc.

(a)

....................

216,928

12,918,062

Dolby

Laboratories,

Inc.

,

Class

A

.........

61,453

5,147,918

Domo,

Inc.

,

Class

B

(a)

.................

46,711

416,662

DoubleVerify

Holdings,

Inc.

(a)(b)

...........

142,120

4,996,939

Dropbox,

Inc.

,

Class

A

(a)

...............

273,773

6,652,684

Dynatrace,

Inc.

(a)

....................

252,296

11,716,626

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)(b)

...

208,691

926,588

Elastic

NV

(a)

.......................

85,926

8,613,222

Envestnet,

Inc.

(a)

....................

47,342

2,741,575

Everbridge,

Inc.

(a)

....................

50,734

1,767,065

Fair

Isaac

Corp.

(a)

....................

26,204

32,744,780

Five9,

Inc.

(a)

.......................

77,552

4,816,755

Fortinet,

Inc.

(a)

......................

676,360

46,202,152

Freshworks

,

Inc.

,

Class

A

(a)

.............

178,681

3,253,781

Gen

Digital,

Inc.

.....................

605,340

13,559,616

Gitlab,

Inc.

,

Class

A

(a)

.................

96,368

5,620,182

Guidewire

Software,

Inc.

(a)(b)

.............

87,493

10,211,308

HashiCorp

,

Inc.

,

Class

A

(a)

..............

124,879

3,365,489

HubSpot,

Inc.

(a)(b)

....................

53,968

33,814,190

Informatica,

Inc.

,

Class

A

(a)(b)

............

41,752

1,461,320

Instructure

Holdings,

Inc.

(a)

.............

21,226

453,812

Intapp

,

Inc.

(a)(b)

......................

37,637

1,290,949

InterDigital

,

Inc.

.....................

27,085

2,883,469

Intuit,

Inc.

.........................

297,721

193,518,650

Jamf

Holding

Corp.

(a)

.................

54,595

1,001,818

Klaviyo

,

Inc.

,

Class

A

(a)(b)

...............

29,298

746,513

LiveRamp

Holdings,

Inc.

(a)

..............

69,046

2,382,087

Manhattan

Associates,

Inc.

(a)

............

65,032

16,272,957

Marathon

Digital

Holdings,

Inc.

(a)(b)

........

240,573

5,432,138

Matterport,

Inc.

,

Class

A

(a)(b)

.............

252,385

570,390

MeridianLink

,

Inc.

(a)(b)

.................

35,882

670,993

Microsoft

Corp.

.....................

7,888,754

3,318,956,583

MicroStrategy,

Inc.

,

Class

A

(a)(b)

...........

15,844

27,007,049

Mitek

Systems,

Inc.

(a)(b)

................

67,883

957,150

Model

N,

Inc.

(a)(b)

....................

46,129

1,313,293

N-able,

Inc.

(a)

.......................

88,341

1,154,617

nCino

,

Inc.

(a)(b)

......................

69,424

2,595,069

NCR

Voyix

Corp.

(a)

...................

149,805

1,892,037

Nutanix,

Inc.

,

Class

A

(a)(b)

...............

260,620

16,085,466

Olo,

Inc.

,

Class

A

(a)

...................

139,603

766,420

ON24,

Inc.

........................

92,443

660,043

Oracle

Corp.

.......................

1,695,329

212,950,276

PagerDuty,

Inc.

(a)(b)

...................

105,554

2,393,965

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

2,047,808

47,120,062

Palo

Alto

Networks,

Inc.

(a)(b)

.............

334,753

95,113,370

Pegasystems,

Inc.

...................

44,860

2,899,750

PowerSchool

Holdings,

Inc.

,

Class

A

(a)(b)

....

60,165

1,280,913

Procore

Technologies,

Inc.

(a)

............

94,711

7,782,403

Progress

Software

Corp.

...............

47,504

2,532,438

PROS

Holdings,

Inc.

(a)(b)

...............

46,201

1,678,482

PTC,

Inc.

(a)

........................

126,573

23,914,703

Q2

Holdings,

Inc.

(a)(b)

..................

65,822

3,459,604

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Qualys,

Inc.

(a)(b)

.....................

38,223

$

6,378,272

Rapid7,

Inc.

(a)

......................

66,560

3,264,102

Red

Violet

,

Inc.

(a)(b)

...................

24,300

475,065

RingCentral,

Inc.

,

Class

A

(a)

.............

95,241

3,308,672

Riot

Platforms,

Inc.

(a)(b)

................

223,731

2,738,467

Roper

Technologies,

Inc.

...............

111,730

62,662,653

Salesforce,

Inc.

(b)

....................

1,029,347

310,018,729

Samsara,

Inc.

,

Class

A

(a)(b)

..............

184,508

6,972,557

SEMrush

Holdings,

Inc.

,

Class

A

(a)(b)

.......

54,243

719,262

SentinelOne

,

Inc.

,

Class

A

(a)

.............

268,887

6,267,756

ServiceNow,

Inc.

(a)

...................

217,945

166,161,268

Smartsheet,

Inc.

,

Class

A

(a)

.............

146,151

5,626,814

SolarWinds

Corp.

(a)

..................

62,101

783,715

SoundHound

AI,

Inc.

,

Class

A

(a)(b)

.........

256,300

1,509,607

Sprinklr,

Inc.

,

Class

A

(a)

................

118,937

1,459,357

Sprout

Social,

Inc.

,

Class

A

(a)(b)

...........

51,887

3,098,173

SPS

Commerce,

Inc.

(a)

................

38,966

7,204,813

SRAX,

Inc.

,

NVS

(a)(b)

..................

10,903

654

Synopsys,

Inc.

(a)

....................

161,427

92,255,531

Tenable

Holdings,

Inc.

(a)(b)

..............

121,999

6,030,411

Teradata

Corp.

(a)

....................

108,609

4,199,910

Tyler

Technologies,

Inc.

(a)

..............

44,491

18,909,120

UiPath,

Inc.

,

Class

A

(a)(b)

...............

430,493

9,759,276

Unity

Software,

Inc.

(a)(b)

................

257,650

6,879,255

Varonis

Systems,

Inc.

(a)(b)

...............

116,698

5,504,645

Verint

Systems,

Inc.

(a)

.................

80,210

2,658,962

Vertex,

Inc.

,

Class

A

(a)

.................

45,868

1,456,768

Workday,

Inc.

,

Class

A

(a)(b)

..............

221,104

60,306,116

Workiva,

Inc.

,

Class

A

(a)(b)

..............

51,756

4,388,909

Xperi

,

Inc.

(a)(b)

......................

46,018

554,977

Yext

,

Inc.

(a)

........................

118,215

712,836

Zeta

Global

Holdings

Corp.

,

Class

A

(a)(b)

.....

181,173

1,980,221

Zoom

Video

Communications,

Inc.

,

Class

A

(a)(b)

275,847

18,032,118

Zscaler

,

Inc.

(a)(b)

.....................

94,249

18,155,185

Zuora,

Inc.

,

Class

A

(a)(b)

................

176,120

1,606,214

5,740,625,559

Specialized

REITs

—

1.0%

American

Tower

Corp.

................

494,175

97,644,038

Crown

Castle,

Inc.

...................

458,320

48,504,006

CubeSmart

........................

235,525

10,650,441

Digital

Realty

Trust,

Inc.

...............

321,169

46,261,183

EPR

Properties

.....................

84,825

3,600,821

Equinix,

Inc.

.......................

99,350

81,996,535

Extra

Space

Storage,

Inc.

..............

223,563

32,863,761

Farmland

Partners,

Inc.

...............

73,194

812,453

Four

Corners

Property

Trust,

Inc.

.........

101,254

2,477,685

Gaming

&

Leisure

Properties,

Inc.

........

285,782

13,165,977

Gladstone

Land

Corp.

................

47,290

630,849

Iron

Mountain,

Inc.

...................

309,121

24,794,595

Lamar

Advertising

Co.

,

Class

A

..........

92,334

11,025,603

National

Storage

Affiliates

Trust

..........

87,443

3,424,268

Outfront

Media,

Inc.

..................

169,499

2,845,888

PotlatchDeltic

Corp.

..................

84,529

3,974,554

Public

Storage

......................

166,867

48,401,442

Rayonier,

Inc.

......................

143,055

4,755,148

Safehold,

Inc.

(b)

.....................

63,043

1,298,686

SBA

Communications

Corp.

............

113,784

24,656,993

Uniti

Group,

Inc.

....................

270,830

1,597,897

VICI

Properties,

Inc.

..................

1,088,451

32,424,955

Weyerhaeuser

Co.

...................

774,093

27,797,680

525,605,458

Security

Shares

Shares

Value

Specialty

Retail

—

2.2%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

........

53,684

$

6,728,216

Academy

Sports

&

Outdoors,

Inc.

.........

79,336

5,358,353

Advance

Auto

Parts,

Inc.

...............

62,052

5,280,005

American

Eagle

Outfitters,

Inc.

...........

199,672

5,149,541

America's

Car-Mart,

Inc.

(a)(b)

.............

7,407

473,085

Arhaus

,

Inc.

,

Class

A

(b)

................

51,531

793,062

Arko

Corp.

........................

88,233

502,928

Asbury

Automotive

Group,

Inc.

(a)(b)

.........

21,670

5,109,353

AutoNation,

Inc.

(a)

....................

26,289

4,352,933

AutoZone,

Inc.

(a)

....................

18,344

57,813,868

Bath

&

Body

Works,

Inc.

...............

240,803

12,044,966

Best

Buy

Co.,

Inc.

...................

204,792

16,799,088

Beyond,

Inc.

(a)(b)

.....................

47,196

1,694,808

Boot

Barn

Holdings,

Inc.

(a)

..............

35,291

3,357,939

Buckle,

Inc.

(The)

...................

32,661

1,315,258

Build-A-Bear

Workshop,

Inc.

............

16,055

479,563

Burlington

Stores,

Inc.

(a)

...............

68,626

15,934,271

Caleres,

Inc.

.......................

39,744

1,630,696

Camping

World

Holdings,

Inc.

,

Class

A

.....

54,766

1,525,233

CarMax,

Inc.

(a)(b)

.....................

166,557

14,508,780

Carvana

Co.

,

Class

A

(a)

................

109,715

9,645,046

Chewy,

Inc.

,

Class

A

(a)(b)

...............

129,574

2,061,522

Children's

Place,

Inc.

(The)

(a)(b)

...........

18,734

216,190

Designer

Brands,

Inc.

,

Class

A

...........

57,524

628,737

Dick's

Sporting

Goods,

Inc.

.............

61,937

13,927,154

EVgo

,

Inc.

,

Class

A

(a)(b)

................

140,829

353,481

Five

Below,

Inc.

(a)(b)

...................

59,235

10,744,044

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)(b)

....

114,429

14,832,287

Foot

Locker,

Inc.

....................

89,041

2,537,668

GameStop

Corp.

,

Class

A

(a)(b)

............

290,594

3,638,237

Gap,

Inc.

(The)

.....................

226,868

6,250,213

Genesco,

Inc.

(a)

.....................

16,003

450,324

GNC

Holdings,

Inc.

,

NVS

(a)(d)

............

83,651

1

Group

1

Automotive,

Inc.

(b)

..............

13,626

3,981,926

Guess?,

Inc.

.......................

39,014

1,227,771

Haverty

Furniture

Cos.,

Inc.

.............

17,243

588,331

Hibbett,

Inc.

.......................

13,970

1,073,036

Home

Depot,

Inc.

(The)

...............

1,057,125

405,513,150

Leslie's,

Inc.

(a)(b)

.....................

208,565

1,355,673

Lithia

Motors,

Inc.

,

Class

A

.............

29,324

8,822,419

Lowe's

Cos.,

Inc.

....................

611,368

155,733,771

MarineMax

,

Inc.

(a)

....................

26,868

893,630

Monro

,

Inc.

........................

36,785

1,160,199

Murphy

USA,

Inc.

...................

19,761

8,283,811

National

Vision

Holdings,

Inc.

(a)

..........

84,355

1,869,307

ODP

Corp.

(The)

(a)

...................

42,492

2,254,201

O'Reilly

Automotive,

Inc.

(a)

..............

62,447

70,495,169

Penske

Automotive

Group,

Inc.

(b)

.........

20,974

3,397,578

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

......

138,755

316,361

PetMed

Express,

Inc.

.................

68,351

327,401

Revolve

Group,

Inc.

,

Class

A

(a)(b)

..........

41,250

873,263

RH

(a)(b)

...........................

16,794

5,848,678

Ross

Stores,

Inc.

....................

358,257

52,577,797

Sally

Beauty

Holdings,

Inc.

(a)

............

111,858

1,389,276

Shoe

Carnival,

Inc.

...................

25,954

950,955

Signet

Jewelers

Ltd.

..................

48,442

4,847,591

Sleep

Number

Corp.

(a)(b)

...............

25,481

408,460

Sonic

Automotive,

Inc.

,

Class

A

..........

17,572

1,000,550

Stitch

Fix,

Inc.

,

Class

A

(a)(b)

..............

146,540

386,866

TJX

Cos.,

Inc.

(The)

..................

1,212,462

122,967,896

Tractor

Supply

Co.

...................

114,851

30,058,804

Ulta

Beauty,

Inc.

(a)

...................

51,652

27,007,798

Upbound

Group,

Inc.

.................

55,167

1,942,430

Urban

Outfitters,

Inc.

(a)

................

62,201

2,700,767

Valvoline,

Inc.

(a)

.....................

137,332

6,120,887

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Victoria's

Secret

&

Co.

(a)

...............

89,492

$

1,734,355

Warby

Parker,

Inc.

,

Class

A

(a)(b)

...........

99,157

1,349,527

Wayfair,

Inc.

,

Class

A

(a)(b)

...............

100,007

6,788,475

Williams-Sonoma,

Inc.

................

68,171

21,646,338

Winmark

Corp.

.....................

2,925

1,057,972

Zumiez,

Inc.

(a)(b)

.....................

28,639

435,026

1,185,524,295

Technology

Hardware,

Storage

&

Peripherals

—

5.3%

Apple,

Inc.

........................

15,408,616

2,642,269,472

Corsair

Gaming,

Inc.

(a)

................

45,888

566,258

Dell

Technologies,

Inc.

,

Class

C

..........

284,026

32,410,207

Diebold

Nixdorf,

Inc.

(a)(b)

................

39,462

1,359,071

Eastman

Kodak

Co.

(a)

.................

102,312

506,444

Hewlett

Packard

Enterprise

Co.

..........

1,387,986

24,608,992

HP,

Inc.

..........................

934,500

28,240,590

IonQ

,

Inc.

(a)(b)

.......................

182,293

1,821,107

NetApp,

Inc.

.......................

218,011

22,884,615

Pure

Storage,

Inc.

,

Class

A

(a)

............

316,633

16,461,750

Seagate

Technology

Holdings

plc

.........

207,848

19,340,256

Super

Micro

Computer,

Inc.

(a)

............

51,540

52,056,946

Western

Digital

Corp.

(a)

................

349,769

23,868,237

Xerox

Holdings

Corp.

.................

122,565

2,193,913

2,868,587,858

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

Capri

Holdings

Ltd.

(a)

.................

123,780

5,607,234

Carter's,

Inc.

.......................

41,264

3,494,236

Columbia

Sportswear

Co.

..............

38,453

3,121,615

Crocs,

Inc.

(a)

.......................

64,767

9,313,495

Deckers

Outdoor

Corp.

(a)

...............

27,128

25,534,501

Figs,

Inc.

,

Class

A

(a)

..................

137,753

686,010

G-III

Apparel

Group

Ltd.

(a)

..............

46,647

1,353,230

Hanesbrands,

Inc.

(a)

..................

377,168

2,187,574

Kontoor

Brands,

Inc.

..................

53,001

3,193,310

Levi

Strauss

&

Co.

,

Class

A

.............

101,294

2,024,867

Lululemon

Athletica,

Inc.

(a)

..............

121,822

47,589,764

Movado

Group,

Inc.

..................

21,354

596,417

NIKE,

Inc.

,

Class

B

..................

1,293,650

121,577,227

Oxford

Industries,

Inc.

................

16,464

1,850,554

PVH

Corp.

........................

63,535

8,933,656

Ralph

Lauren

Corp.

,

Class

A

............

41,429

7,778,709

Skechers

USA,

Inc.

,

Class

A

(a)

...........

139,090

8,520,653

Steven

Madden

Ltd.

..................

78,630

3,324,476

Tapestry,

Inc.

.......................

243,939

11,582,224

Under

Armour

,

Inc.

,

Class

A

(a)

............

197,775

1,459,580

Under

Armour

,

Inc.

,

Class

C,

NVS

(a)(b)

......

204,660

1,461,272

VF

Corp.

.........................

358,347

5,497,043

Wolverine

World

Wide,

Inc.

.............

86,181

966,089

277,653,736

Tobacco

—

0.4%

Altria

Group,

Inc.

....................

1,871,142

81,619,214

Philip

Morris

International,

Inc.

...........

1,646,605

150,861,950

Turning

Point

Brands,

Inc.

..............

25,052

734,023

Universal

Corp.

.....................

25,837

1,336,290

Vector

Group

Ltd.

...................

145,527

1,594,976

236,146,453

Trading

Companies

&

Distributors

—

0.6%

Air

Lease

Corp.

,

Class

A

...............

112,341

5,778,821

Alta

Equipment

Group,

Inc.

,

Class

A

.......

44,683

578,645

Applied

Industrial

Technologies,

Inc.

.......

40,314

7,964,031

Beacon

Roofing

Supply,

Inc.

(a)

...........

67,616

6,627,720

BlueLinx

Holdings,

Inc.

(a)

...............

9,102

1,185,444

Boise

Cascade

Co.

..................

41,081

6,300,593

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Core

&

Main,

Inc.

,

Class

A

(a)

.............

177,618

$

10,168,631

Custom

Truck

One

Source,

Inc.

(a)(b)

........

102,441

596,207

Distribution

Solutions

Group,

Inc.

(a)(b)

.......

17,866

633,886

DNOW,

Inc.

(a)

......................

112,260

1,706,352

DXP

Enterprises,

Inc.

(a)

................

18,193

977,510

Fastenal

Co.

.......................

603,240

46,533,934

Ferguson

plc

.......................

215,277

47,022,955

FTAI

Aviation

Ltd.

....................

110,008

7,403,538

GATX

Corp.

.......................

37,737

5,057,890

Global

Industrial

Co.

..................

19,079

854,358

GMS,

Inc.

(a)

........................

44,004

4,283,349

H&E

Equipment

Services,

Inc.

...........

35,365

2,269,726

Herc

Holdings,

Inc.

...................

30,628

5,154,692

Hudson

Technologies,

Inc.

(a)

............

51,489

566,894

McGrath

RentCorp

...................

26,306

3,245,371

MRC

Global,

Inc.

(a)

...................

107,099

1,346,234

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

.....

46,698

4,531,574

Rush

Enterprises,

Inc.

,

Class

A

..........

54,985

2,942,797

Rush

Enterprises,

Inc.

,

Class

B

..........

22,644

1,206,699

SiteOne

Landscape

Supply,

Inc.

(a)(b)

........

49,048

8,561,328

Titan

Machinery,

Inc.

(a)

................

25,766

639,254

Transcat

,

Inc.

(a)(b)

....................

9,139

1,018,359

United

Rentals,

Inc.

..................

71,381

51,473,553

Watsco

,

Inc.

.......................

32,897

14,210,517

WESCO

International,

Inc.

..............

47,325

8,105,826

WW

Grainger,

Inc.

...................

46,852

47,662,540

Xometry

,

Inc.

,

Class

A

(a)(b)

..............

48,495

819,081

307,428,309

Water

Utilities

—

0.1%

American

States

Water

Co.

.............

38,524

2,782,974

American

Water

Works

Co.,

Inc.

..........

207,395

25,345,743

Artesian

Resources

Corp.

,

Class

A,

NVS

....

14,466

536,833

California

Water

Service

Group

..........

62,149

2,888,685

Consolidated

Water

Co.

Ltd.

............

15,041

440,852

Essential

Utilities,

Inc.

.................

265,876

9,850,706

Middlesex

Water

Co.

.................

19,566

1,027,215

SJW

Group

........................

29,808

1,686,835

York

Water

Co.

(The)

.................

21,821

791,447

45,351,290

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.

(a)(b)

......................

72,756

638,798

Telephone

&

Data

Systems,

Inc.

..........

110,761

1,774,391

T-Mobile

US,

Inc.

....................

555,012

90,589,059

United

States

Cellular

Corp.

(a)(b)

..........

15,074

550,201

93,552,449

Total

Common

Stocks

—

99.8%

(Cost:

$36,575,861,351)

............................

54,132,428,601

Rights

Biotechnology

—

0.0%

(a)

Contra

Aduro

Biotech

I,

CVR

(d)

..........

4,142

2,071

Contra

Miragen

Therape

,

CVR

(d)

.........

119

—

Dianthus

Therapeutics,

Inc.,

CVR

........

19,942

977

Disc

Medicine,

Inc.,

CVR

(b)(d)

............

47,740

—

Gyre

Therapeutics,

Inc.,

CVR

(d)

..........

7,839

—

Neurogene

,

Inc.,

CVR

(d)

...............

10

—

Oncternal

Therapeutics,

Inc.,

CVR

(b)(d)

......

722

740

Qualigen

Therapeutics,

Inc.,

CVR

(b)(d)

......

14,465

978

Spyre

Therapeutics,

Inc.,

CVR

(d)

.........

33,740

—

Sting

Agonist,

CVR

(d)

.................

11,084

3,768

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Biotechnology

(continued)

Sting

Antagonist,

CVR

(d)

...............

11,084

$

4,434

12,968

Diversified

Telecommunication

Services

—

0.0%

Contra

Communications,

CVR

(a)(d)

........

2,058

2,723

Financial

Services

—

0.0%

Contra

Costa

County

Board

of

Education,

CVR

(a)(d)

...........................

266

37

Pharmaceuticals

—

0.0%

(a)

Contra

CVR

Bioblast

PH,

CVR

(b)(d)

........

167,980

2

Contra

Spectrum

Pharmaals

,

Inc.,

CVR

(d)

...

146,012

10,330

Contran

Corp.,

CVR

(b)

................

97

3

Seelos

Therapeutics,

Inc.,

CVR

(d)

.........

43

23

10,358

Total

Rights

—

0.0%

(Cost:

$14,271)

.................................

26,086

Warrants

Biotechnology

—

0.0%

Salarius

Pharmaceuticals,

Inc.

(Issued/

Exercisable

07/02/21,

1

Share

for

1

Warrant,

Expires

01/20/25,

Strike

Price

USD

15.17)

(a)(b)

.......................

19,965

—

Total

Warrants

—

0.0%

(Cost:

$—)

.....................................

—

Total

Long-Term

Investments

—

99.8%

(Cost:

$36,575,875,622)

............................

54,132,454,687

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.4%

(e)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.50%

(h)

..................

706,113,838

$

706,466,895

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.29%

...................

50,987,760

50,987,760

Total

Short-Term

Securities

—

1.4%

(Cost:

$756,850,369)

..............................

757,454,655

Total

Investments

—

101.2%

(Cost:

$37,332,725,991

)

............................

54,889,909,342

Liabilities

in

Excess

of

Other

Assets

—

(1.2)%

.............

(651,802,092)

Net

Assets

—

100.0%

...............................

$

54,238,107,250

(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)

Affiliate

of

the

Fund.

(f)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$75,825,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$526,996.

(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

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

1,047,232,697

$

—

$

(340,958,660)

(a)

$

181,602

$

11,256

$

706,466,895

706,113,838

$

8,664,819

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

84,512,098

—

(33,524,338)

(a)

—

—

50,987,760

50,987,760

4,570,886

—

BlackRock,

Inc.

..........

101,971,881

7,024,406

(9,403,495)

(923,851)

25,319,757

123,988,698

148,721

3,030,652

—

$

(742,249)

$

25,331,013

$

881,443,353

$

16,266,357

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

Schedules

of

Investments

39

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

500

E-Mini

Index

.......................................................

328

06/21/24

$

87,059

$

1,675,306

S&P

Midcap

400

E-Mini

Index

.................................................

39

06/21/24

12,002

339,615

$

2,014,921

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

2,014,921

$

—

$

—

$

—

$

2,014,921

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

28,620,267

$

—

$

—

$

—

$

28,620,267

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(3,775,423)

$

—

$

—

$

—

$

(3,775,423)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

102,703,368

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Core

S&P

Total

U.S.

Stock

Market

ETF

40

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

.........................................

$

54,132,352,120

$

76,479

$

2

$

54,132,428,601

Rights

................................................

—

980

25,106

26,086

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

757,454,655

—

—

757,454,655

$

54,889,806,775

$

77,459

$

25,108

$

54,889,909,342

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

2,014,921

$

—

$

—

$

2,014,921

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2024

41

Financial

Statements

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

455,723,599,568‌

$

54,008,465,989‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

3,433,177,003‌

881,443,353‌

Cash

..............................................................................................

102,592,290‌

14,206,561‌

Cash

pledged:

Futures

contracts

.....................................................................................

47,339,000‌

4,954,790‌

Foreign

currency,

at

value

(d)

................................................................................

6,994,367‌

707,211‌

Receivables:

–‌

–‌

Investment

s

sold

.....................................................................................

—‌

5,647‌

Securities

lending

income

—

affiliated

.......................................................................

1,152,105‌

471,399‌

Capital

shares

sold

....................................................................................

13,399,443‌

—‌

Dividends

—

unaffiliated

................................................................................

281,400,722‌

35,178,695‌

Dividends

—

affiliated

..................................................................................

3,447,540‌

433,880‌

Variation

margin

on

futures

contracts

........................................................................

12,231‌

—‌

Total

a

ssets

..........................................................................................

459,613,114,269‌

54,945,867,525‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

1,575,439,250‌

706,127,781‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

20,569,618‌

—‌

Capital

shares

redeemed

................................................................................

173,061‌

270,492‌

Investment

advisory

fees

................................................................................

11,405,609‌

1,361,908‌

Variation

margin

on

futures

contracts

........................................................................

—‌

94‌

Total

li

abilities

.........................................................................................

1,607,587,538‌

707,760,275‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

458,005,526,731‌

$

54,238,107,250‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

393,625,028,252‌

$

37,780,486,029‌

Accumulated

earnings

...................................................................................

64,380,498,479‌

16,457,621,221‌

NET

ASSETS

.........................................................................................

$

458,005,526,731‌

$

54,238,107,250‌

NET

ASSET

VALUE

Shares

outstanding

.....................................................................................

870,650,000‌

470,000,000‌

Net

asset

value

........................................................................................

$

526.05‌

$

115.40‌

Shares

authorized

......................................................................................

Unlimited

Unlimited

Par

value

............................................................................................

None

None

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

382,367,724,099‌

$

36,490,957,506‌

(b)

  Securities

loaned,

at

value

........................................................................

$

1,534,925,189‌

$

682,503,429‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

3,276,288,067‌

$

841,768,485‌

(d)

  Foreign

currency,

at

cost

.........................................................................

$

6,994,367‌

$

707,211‌

Statements

of

Operations

Year

Ended

March

31,

2024

2024

iShares

Annual

Report

to

Shareholders

42

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

5,654,289,869‌

$

706,333,684‌

Dividends

—

affiliated

..................................................................................

63,621,036‌

7,601,538‌

Interest

—

unaffiliated

..................................................................................

2,729,013‌

382,221‌

Securities

lending

income

—

affiliated

—

net

..................................................................

6,645,894‌

8,664,819‌

Foreign

taxes

withheld

.................................................................................

(

1,506,781‌

)

(

220,414‌

)

Total

investment

income

..................................................................................

5,725,779,031‌

722,761,848‌

EXPENSES

Investment

advisory

...................................................................................

109,163,491‌

13,822,666‌

Interest

expense

.....................................................................................

517‌

192‌

Total

expenses

........................................................................................

109,164,008‌

13,822,858‌

Net

investment

income

...................................................................................

5,616,615,023‌

708,938,990‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

93,945,974,827‌

$

11,555,449,570‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

(

1,026,000,209‌

)

(

286,153,356‌

)

Investments

—

affiliated

..............................................................................

(

18,362,871‌

)

(

1,743,473‌

)

Foreign

currency

transactions

..........................................................................

(

62,718‌

)

(

5,987‌

)

Futures

contracts

...................................................................................

240,285,855‌

28,620,267‌

In-kind

redemptions

—

unaffiliated

(a)

......................................................................

36,292,037,248‌

524,252,105‌

In-kind

redemptions

—

affiliated

(a)

........................................................................

81,231,448‌

1,001,224‌

35,569,128,753‌

265,970,780‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

58,229,728,583‌

11,267,923,201‌

Investments

—

affiliated

..............................................................................

167,138,460‌

25,331,013‌

Futures

contracts

...................................................................................

(

20,020,970‌

)

(

3,775,423‌

)

58,376,846,073‌

11,289,478,791‌

Net

realized

and

unrealized

gain

............................................................................

93,945,974,826‌

11,555,449,571‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

99,562,589,849‌

$

12,264,388,561‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

43

Financial

Statements

See

notes

to

financial

statements.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

5,616,615,023‌

$

4,950,343,117‌

$

708,938,990‌

$

662,684,610‌

Net

realized

gain

................................................

35,569,128,753‌

19,401,982,816‌

265,970,780‌

2,688,837,892‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

58,376,846,073‌

(

49,592,599,433‌

)

11,289,478,791‌

(

7,151,239,861‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

99,562,589,849‌

(25,240,273,500‌)

12,264,388,561‌

(3,799,717,359‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(5,491,086,671‌)

(4,916,354,006‌)

(699,179,416‌)

(664,521,474‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................

58,278,478,066‌

2,846,350,227‌

1,479,428,534‌

915,103,627‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

152,349,981,244‌

(

27,310,277,279‌

)

13,044,637,679‌

(

3,549,135,206‌

)

Beginning

of

year

..................................................

305,655,545,487‌

332,965,822,766‌

41,193,469,571‌

44,742,604,777‌

End

of

year

......................................................

$

458,005,526,731‌

$

305,655,545,487‌

$

54,238,107,250‌

$

41,193,469,571‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

44

iShares

Core

S&P

500

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

.................................

$

411.24

‌

$

453.38

‌

$

397.36

‌

$

258.44

‌

$

284.57

‌

Net

investment

income

(a)

........................................

7

.03

‌

6

.66

‌

5

.98

‌

5

.60

‌

5

.90

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

114.70

‌

(42.24

)

55.94

‌

139.01

‌

(25.20

)

Net

increase

(decrease)

from

investment

operations

.......................

121.73

‌

(35.58

)

61.92

‌

144.61

‌

(19.30

)

Distributions

from

net

investment

income

(c)

...........................

(6.92

)

(6.56

)

(5.90

)

(5.69

)

(6.83

)

Net

asset

value,

end

of

year

......................................

$

526.05

‌

$

411.24

‌

$

453.38

‌

$

397.36

‌

$

258.44

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.........................................

29.85

%

(7.76

)%

15.61

%

56.31

%

(7.01

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.03

%

0.03

%

0.03

%

0.03

%

0.04

%

Net

investment

income

...........................................

1.54

%

1.67

%

1.35

%

1.64

%

1.96

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

458,005,527

‌

$

305,655,545

‌

$

332,965,823

‌

$

261,940,015

‌

$

162,018,956

‌

Portfolio

turnover

rate

(f)

...........................................

3

%

3

%

3

%

5

%

4

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

45

Financial

Highlights

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

.................................

$

90.56

‌

$

100.92

‌

$

91.51

‌

$

57.19

‌

$

64.40

‌

Net

investment

income

(a)

........................................

1

.53

‌

1

.43

‌

1

.29

‌

1

.20

‌

1

.27

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

24.82

‌

(10.35

)

9.41

‌

34.37

‌

(7.09

)

Net

increase

(decrease)

from

investment

operations

.......................

26.35

‌

(8.92

)

10.70

‌

35.57

‌

(5.82

)

Distributions

from

net

investment

income

(c)

...........................

(1.51

)

(1.44

)

(1.29

)

(1.25

)

(1.39

)

Net

asset

value,

end

of

year

......................................

$

115.40

‌

$

90.56

‌

$

100.92

‌

$

91.51

‌

$

57.19

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.........................................

29.36

%

(8.76

)%

11.70

%

62.58

%

(9.28

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.03

%

0.03

%

0.03

%

0.03

%

0.03

%

Net

investment

income

...........................................

1.54

%

1.62

%

1.29

%

1.54

%

1.88

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

54,238,107

‌

$

41,193,470

‌

$

44,742,605

‌

$

36,065,476

‌

$

21,439,033

‌

Portfolio

turnover

rate

(f)

...........................................

4

%

4

%

4

%

5

%

4

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2024

iShares

Annual

Report

to

Shareholders

46

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:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

March

31,

2024

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Bank

Overdraft:

The

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

iShares

ETF

Diversification

Classification

Core

S&P

500

.......................................................................................................

Diversified

Core

S&P

Total

U.S.

Stock

Market

.........................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

47

Notes

to

Financial

Statements

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

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock.

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

to

Shareholders

48

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

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

Core

S&P

500

Barclays

Bank

plc

......................................

$

129,895,420‌

$

(129,895,420‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

8,663,618‌

(8,663,618‌)

–‌

–‌

BNP

Paribas

SA

.......................................

72,664,279‌

(72,664,279‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

87,667,978‌

(87,667,978‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

161,310,202‌

(161,310,202‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

47,711,965‌

(47,711,965‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

82,449,428‌

(82,449,428‌)

–‌

–‌

HSBC

Bank

plc

.......................................

25,776,569‌

(25,776,569‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

134,791,266‌

(134,791,266‌)

–‌

–‌

Jefferies

LLC

.........................................

7,995,149‌

(7,995,149‌)

–‌

–‌

Morgan

Stanley

.......................................

105,674,041‌

(105,674,041‌)

–‌

–‌

National

Financial

Services

LLC

............................

43,093,474‌

(43,093,474‌)

–‌

–‌

Natixis

SA

...........................................

14,738,696‌

(14,738,696‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

44,511‌

(44,511‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

52,771,819‌

(52,771,819‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

246,960,899‌

(246,960,899‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

814,074‌

(814,074‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

35,334,221‌

(35,334,221‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

142,136,848‌

(142,136,848‌)

–‌

–‌

UBS

AG

............................................

62,307,058‌

(62,307,058‌)

–‌

–‌

UBS

Securities

LLC

....................................

7,919,330‌

(7,919,330‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

3,053,436‌

(3,053,436‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

54,073,593‌

(54,073,593‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

7,077,315‌

(7,077,315‌)

–‌

–‌

$

1,534,925,189‌

$

(1,534,925,189‌)

$

–‌

$

–‌

Core

S&P

Total

U.S.

Stock

Market

Barclays

Bank

plc

......................................

$

64,594,600‌

$

(64,594,600‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

3,530,880‌

(3,530,880‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

1,464,199‌

(1,464,199‌)

–‌

–‌

BNP

Paribas

SA

.......................................

59,674,207‌

(59,674,207‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

30,282,236‌

(30,282,236‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

31,828,405‌

(31,828,405‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

11,942,731‌

(11,942,731‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

908,565‌

(908,565‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

203,389‌

(203,389‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

95,127,369‌

(95,127,369‌)

–‌

–‌

HSBC

Bank

plc

.......................................

14,213,250‌

(13,947,753‌)

–‌

265,497‌

ING

Financial

Markets

LLC

...............................

227,726‌

(227,726‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

120,191,055‌

(120,191,055‌)

–‌

–‌

Jefferies

LLC

.........................................

7,204,916‌

(7,204,916‌)

–‌

–‌

Morgan

Stanley

.......................................

55,105,954‌

(55,105,954‌)

–‌

–‌

National

Financial

Services

LLC

............................

12,235,405‌

(12,235,405‌)

–‌

–‌

Notes

to

Financial

Statements

(continued)

49

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.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Core

S&P

Total

U.S.

Stock

Market

(continued)

Natixis

SA

...........................................

14,923,720‌

(14,923,720‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

57,222‌

(56,127‌)

–‌

1,095‌

(b)

RBC

Capital

Markets

LLC

................................

14,537,468‌

(14,537,468‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

34,961,395‌

(34,961,395‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

3,509,857‌

(3,509,857‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

10,688,909‌

(10,688,909‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

41,243,361‌

(41,243,361‌)

–‌

–‌

UBS

AG

............................................

26,244,909‌

(26,244,909‌)

–‌

–‌

UBS

Securities

LLC

....................................

3,288,977‌

(3,288,977‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

4,368,161‌

(4,368,161‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

15,450,965‌

(15,450,965‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

4,493,598‌

(4,493,598‌)

–‌

–‌

$

682,503,429‌

$

(682,236,837‌)

$

–‌

$

266,592‌

(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

March

31,

2024.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

iShares

ETF

Investment

Advisory

Fees

Core

S&P

500

....................................................................................................

0.03‌

%

Core

S&P

Total

U.S.

Stock

Market

......................................................................................

0.03‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

to

Shareholders

50

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended March

31,

2024,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year ended

March

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

March

31,

2024,

in-kind

transactions

were

as

follows:

iShares

ETF

Amounts

Core

S&P

500

...........................................................................................................

$

2,502,996‌

Core

S&P

Total

U.S.

Stock

Market

.............................................................................................

2,409,044‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Core

S&P

500

........................................................................

$

4,369,040,440‌

$

1,756,146,363‌

$

(588,079,390‌)

Core

S&P

Total

U.S.

Stock

Market

..........................................................

263,954,152‌

189,975,336‌

(72,833,041‌)

iShares

ETF

Purchases

Sales

Core

S&P

500

........................................................................................

$

12,136,105,602‌

$

11,792,574,529‌

Core

S&P

Total

U.S.

Stock

Market

..........................................................................

1,762,316,224‌

1,692,165,357‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Core

S&P

500

........................................................................................

$

151,615,206,881‌

$

93,529,593,740‌

Core

S&P

Total

U.S.

Stock

Market

..........................................................................

2,488,385,506‌

1,018,668,126‌

Notes

to

Financial

Statements

(continued)

51

Notes

to

Financial

Statements

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

March

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of March

31,

2024,

permanent

differences

attributable

to

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2024,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

March

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Core

S&P

500

.............................................................................

$

36,051,968,594‌

$

(36,051,968,594‌)

Core

S&P

Total

U.S.

Stock

Market

...............................................................

523,638,860‌

(523,638,860‌)

—‌

iShares

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Core

S&P

500

Ordinary

income

...........................................................................................

$

5,491,086,671‌

$

4,916,354,006‌

Core

S&P

Total

U.S.

Stock

Market

Ordinary

income

...........................................................................................

$

699,179,416‌

$

664,521,474‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Core

S&P

500

.........................................................

$

162,068,908‌

$

(7,252,532,244‌)

$

71,470,961,815‌

$

64,380,498,479‌

Core

S&P

Total

U.S.

Stock

Market

...........................................

21,277,440‌

(889,484,911‌)

17,325,828,692‌

16,457,621,221‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

partnership

income,

the

characterization

of

corporate

actions

and

the

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Core

S&P

500

...................................................

$

387,684,862,588‌

$

91,818,047,443‌

$

(20,346,133,460‌)

$

71,471,913,983‌

Core

S&P

Total

U.S.

Stock

Market

......................................

37,563,978,406‌

19,822,155,612‌

(2,496,224,676‌)

17,325,930,936‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

to

Shareholders

52

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Each

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the Funds

invest. 

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Notes

to

Financial

Statements

(continued)

53

Notes

to

Financial

Statements

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. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

03/31/24

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Core

S&P

500

Shares

sold

326,150,000‌

$

152,122,306,107‌

165,050,000‌

$

66,040,882,304‌

Shares

redeemed

(198,750,000‌)

(93,843,828,041‌)

(156,200,000‌)

(63,194,532,077‌)

127,400,000‌

$

58,278,478,066‌

8,850,000‌

$

2,846,350,227‌

Core

S&P

Total

U.S.

Stock

Market

Shares

sold

25,050,000‌

$

2,505,110,285‌

96,250,000‌

$

8,153,486,233‌

Shares

redeemed

(9,950,000‌)

(1,025,681,751‌)

(84,700,000‌)

(7,238,382,606‌)

15,100,000‌

$

1,479,428,534‌

11,550,000‌

$

915,103,627‌

Report

of

Independent

Registered

Public

Accounting

Firm

2024

iShares

Annual

Report

to

Shareholders

54

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the two

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed in

the

table

below

(two

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2024,

the

related

statements

of

operations

for

the

year

ended

March

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds listed

in

the

table

below as

of

March

31,

2024,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2024

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

23,

2024 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Core

S&P

500

ETF

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF

Important

Tax

Information

(unaudited)

55

Important

Tax

Information

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Core

S&P

500

.....................................................................................................

$

5,301,595,067‌

Core

S&P

Total

U.S.

Stock

Market

.......................................................................................

609,251,671‌

iShares

ETF

Qualified

Business

Income

Core

S&P

500

.....................................................................................................

$

267,129,215‌

Core

S&P

Total

U.S.

Stock

Market

.......................................................................................

46,311,471‌

iShares

ETF

Dividends-Received

Deduction

Core

S&P

500

.....................................................................................................

90.83‌

%

Core

S&P

Total

U.S.

Stock

Market

.......................................................................................

82.27‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

2024

iShares

Annual

Report

to

Shareholders

56

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Core

S&P

500

ETF

and

iShares

Core

S&P

Total

U.S.

Stock

Market

ETF (the

“Funds”

or

“ETFs”), each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

8,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays,

delays

in

the

repatriation

of

the

local

currency

in

certain

non-U.S.

countries,

the

continued

illiquidity

of

Russian

equity

securities

and

the

suspension

of

select

sanctions

in

Venezuela.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

ETFs

for

which

the

custom

baskets

accepted

by

the

ETF

had

a

significant

change

in

its

liquidity

profile.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

57

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2024

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive,

and

its

United

Kingdom

(“UK”)

equivalent,

(the

“AIFMD”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK,

such

as

BFA

(the

“Company”).

However,

the

Company

is

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

the

AIFMD

because

it

has

registered

the iShares

Core

S&P

500

ETF (the

“Fund”)

to

be

marketed

to

investors

in

the

EU

and/or

UK. 

Report

on

Remuneration

BlackRock

has

a

clear

and

well-defined

pay-for-performance

philosophy,

and

compensation

programs

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management

and

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund,

a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

clawback

policy.

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.

Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.

No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock's

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

Finance,

Human

Resources

and

Internal

Audit)

each

have

their

own

organizational

structures

which

are

independent

of

the

business

units

and

therefore

staff

members

in

control

functions

are

remunerated

independently

of

the

businesses

they

oversee.

Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock's

independent

remuneration

committee.

The

Company

is

required

under

the

AIFMD

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

BlackRock

bases

its

proportionality

approach

on

a

combination

of

factors

that

it

is

entitled

to

take

into

account

based

on

relevant

guidelines.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Core

S&P

500

........................

$

6.916168‌

$

—‌

$

—‌

$

6.916168‌

100‌

%

—‌

%

—‌

%

100‌

%

Core

S&P

Total

U.S.

Stock

Market

(a)

.........

1.499307‌

—‌

0.007537‌

1.506844‌

99‌

—‌

1‌

100‌

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

Supplemental

Information

(unaudited)

(continued)

2024

iShares

Annual

Report

to

Shareholders

58

Remuneration

information

at

an

individual

AIF

level

is

not

readily

available.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of

the

Company;

(b)

staff

who

are

senior

management;

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund;

and

(d)

staff

of

companies

to

which

portfolio

management

and

risk

management

has

been

formally

delegated.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

Fund

is

included

in

the

aggregate

figures

disclosed.

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Conversely,

members

of

staff

and

senior

management

of

the

broader

BlackRock

group

may

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

broader

BlackRock

group

and

of

the

Company.

Therefore,

the

figures

disclosed

are

a

sum

of

individuals’

portion

of

remuneration

attributable

to

the

Company

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company

and

the

broader

BlackRock

group.

Accordingly,

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

The

amount

of

the

total

remuneration

awarded

to

the

Company’s

staff

in

respect

of

the

Company’s

financial

year

ending

December

31,

2023

was

USD

5.43m.

This

figure

is

comprised

of

fixed

remuneration

of

USD

0.74m

and

variable

remuneration

of

USD

4.68m.

There

was

a

total

of

8

beneficiaries

of

the

remuneration

described

above.

The

amount

of

the

aggregate

remuneration

awarded

by

the

Company

in

respect

of

the

Company’s

financial

year

ending

December

31,

2023,

to

its

senior

management

was

USD

3.66m,

and

to

other

members

of

its

staff

whose

actions

potentially

have

a

material

impact

on

the

risk

profile

of

the

Company

or

its

funds

was

USD

1.77m.

Disclosures

Under

the

EU

Sustainable

Finance

Disclosure

Regulation

The

iShares

Core

S&P

500

ETF (the

“Fund”)

is

registered

under

the

Alternative

Investment

Fund

Managers

Directive

to

be

marketed

to

European

Union

(“EU”)

investors,

as

noted

above.

As

a

result,

certain

disclosures

are

required

under

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”).

The

Fund

has

not

been

categorized

under

the

SFDR

as

an

“Article

8”

or

“Article

9”

product.

In

addition,

the Fund’s

investment

strategy

does

not

take

into

account

the

criteria

for

environmentally

sustainable

economic

activities

under

the

EU

sustainable

investment

taxonomy

regulation

or

principal

adverse

impacts

(“PAIs”)

on

sustainability

factors

under

the

SFDR.

PAIs

are

identified

under

the

SFDR

as

the

material

impacts

of

investment

decisions

on

sustainability

factors

relating

to

environmental,

social

and

employee

matters,

respect

for

human

rights,

and

anti-corruption

and

anti-bribery

matters.

Trustee

and

Officer

Information

(unaudited)

59

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of 404

funds

as

of

March

31,

2024.

With

the

exception

of

Stephen

Cohen,

Robert

S.

Kapito

and

Aaron

Wasserman,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito

and

Mr. Wasserman

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

address

of

Mr.

Cohen

is

c/o

BlackRock,

Inc.,

Drapers

Gardens,

12

Throgmorton

Avenue,

London

EC2N

2DL

United

Kingdom.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Stephen

Cohen

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President

of

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Stephen

Cohen

(b)

(1975)

Trustee

(since

2024).

Senior

Managing

Director,

Head

of

Global

Product

Solutions

of

BlackRock,

Inc.

(since

2024);

Senior

Managing

Director,

Head

of

Europe,

Middle

East

and

Africa

Regions

of

BlackRock,

Inc.

(2021-2024);

Head

of

iShares

Index

and

Wealth

in

EMEA

of

BlackRock,

Inc.

(2017-2021);

Global

Head

of

Fixed

Income

Indexing

of

BlackRock,

Inc.

(2016-

2017);

Chief

Investment

Strategist

for

International

Fixed

Income

and

iShares

of

BlackRock,

Inc.

(2011-2015).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022);

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

Trustee

and

Officer

Information

(unaudited)

(continued)

2024

iShares

Annual

Report

to

Shareholders

60

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Director

of

WellBe

Senior

Medical

(since

2023);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-

2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Jessica

Tan

(1980)

President

(since

2024).

Managing

Director

of

BlackRock,

Inc.

(since

2015);

Head

of

Global

Product

Solutions,

Americas

of

BlackRock,

Inc.

(since

2024)

and

Head

of

Sustainable

and

Transition

Solutions

of

BlackRock,

Inc.

(2022-2024);

Global

Head

of

Corporate

Strategy

of

BlackRock,

Inc.

(2019-2022);

Chief

of

Staff

to

the

CEO

of

BlackRock,

Inc.

(2017-2019).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director

of

BlackRock,

Inc.

(since

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021).

Aaron

Wasserman

(1974)

Chief

Compliance

Officer

(since

2023).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Chief

Compliance

Officer

of

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

Exchange-Traded

Fund

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

Exchange-Traded

Fund

Complex

(2014-2023).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2023);

Director

of

BlackRock,

Inc.

(2018-2022).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

of

BlackRock,

Inc.

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

of

BlackRock,

Inc.

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

of

BlackRock,

Inc.

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

of

BlackRock,

Inc.

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

of

BlackRock,

Inc.

(since

2020).

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer.

Effective

February

1,

2024,

Salim

Ramji

resigned

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Stephen

Cohen

replaced

Salim

Ramji

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Dominik

Rohé

resigned

as

President

of

the

Trust.

Effective

March

5,

2024,

Jessica

Tan

replaced

Dominik

Rohé

as

President

of

the

Trust.

Effective

April

8,

2024,

Laura

Fergerson

was

appointed

as

a

Trustee

of

the

Trust.

Effective

April

8,

2024,

James

Lam

was

appointed

as

a

Trustee

of

the

Trust.

Independent

Trustees

(continued)

General

Information

61

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

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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

2024

iShares

Annual

Report

to

Shareholders

62

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

MSCI

Morgan

Stanley

Capital

International

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-319-0324

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

S&P

Dow

Jones

Indices

LLC,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above. 

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

MARCH

31,

2024

2024

Annual

Report

iShares

Trust

iShares

Russell

2000

ETF

|

IWM

|

NYSE

Arca

iShares

Russell

2000

Growth

ETF

|

IWO

|

NYSE

Arca

iShares

Russell

2000

Value

ETF

|

IWN

|

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

March

31,

2024.

Higher

interest

rates

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

has

had

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

second

half

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies,

while

small-capitalization

U.S.

stocks’

advance

was

slower

but

still

robust.

Meanwhile,

international

developed

market

equities

also

gained

strongly,

while

emerging

market

stocks

advanced

at

a

more

modest

pace.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

positive

returns

overall

for

10-

year

U.S.

Treasuries

and

solid

gains

in

shorter-duration

U.S.

Treasuries.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

twice

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

despite

the

market’s

hopes

for

rapid

interest

rate

cuts,

as

reflected

in

the

ongoing

rally.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

Looking

at

developed

market

stocks,

we

have

an

overweight

stance

on

U.S.

stocks

overall,

particularly

given

the

promise

of

emerging

AI

technologies.

We

are

also

overweight

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest,

although

we

maintain

an

underweight

stance

on

European

stocks.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries

and

hard-currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

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

March

31,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

23.48

%

29.88

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.94

19.71

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

16.81

15.32

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

10.42

8.15

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.68

5.24

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.88

(2.44

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

5.99

1.70

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.48

3.13

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.73

11.15

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

11

Disclosure

of Expenses

...................................................................................................

11

Schedules

of

Investments

.................................................................................................

12

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

58

Statements

of

Operations

................................................................................................

59

Statements

of

Changes

in

Net

Assets

........................................................................................

60

Financial

Highlights

.....................................................................................................

62

Notes

to

Financial

Statements

...............................................................................................

65

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

74

Important

Tax

Information

.................................................................................................

75

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

76

Supplemental

Information

.................................................................................................

77

Trustee

and

Officer

Information

..............................................................................................

79

General

Information

.....................................................................................................

81

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

82

Market

Overview

2024

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended March

31,

2024

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

29.29%.

The

economy

showed

notable

resilience

even

as

interest

rates

rose,

and

analysts’

optimism

about

the

economy’s

trajectory

improved.

Meanwhile,

inflation

decelerated

notably,

enabling

a

pause

in

monetary

policy

tightening

and

providing

a

supportive

backdrop

for

equities.

The

U.S.

economy

grew

at

a

robust

pace

in

2023

despite

concerns

about

the

impact

of

higher

interest

rates

on

growth.

The

U.S.

consumer

helped

to

power

the

expansion,

as

consumer

spending

continued

to

grow

in

both

nominal

and

real

(inflation-adjusted)

terms.

A

strong

labor

market

bolstered

consumer

spending,

as

employers

continued

to

add

jobs,

and

average

hourly

wages

increased

notably.

Consumer

spending

was

also

supported

by

higher

asset

values,

as

both

home

prices

and

strong

equity

performance

increased

household

net

worth.

Government

spending

also

stimulated

the

economy,

as

the

federal

deficit

increased

amid

rising

expenditures,

while

state

and

local

governments

also

boosted

spending

to

fill

personnel

vacancies.

Despite

high

spending

and

healthy

household

balance

sheets,

consumer

sentiment

remained

below

pre-pandemic

levels,

as

elevated

inflation

and

high

interest

rates

weighed

on

consumers’

outlook.

While

inflation

declined

early

in

the

reporting

period

-

decreasing

from

4.9%

in

April

2023

to

3%

in

June

2023

-

it

remained

stubbornly

persistent

thereafter,

fluctuating

between

3%

and

4%,

above

the

pre-pandemic

average.

While

improved

supply

chains

eased

goods

inflation,

the

tight

labor

market

kept

labor

costs

near

record

highs,

and

growing

services

inflation

was

a

significant

driver

of

inflation’s

overall

persistence.

To

counteract

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

raised

interest

rates

twice

early

in

the

reporting

period,

reaching

the

highest

level

since

2001.

However,

the

Fed

paused

its

interest

rate

increases

thereafter

as

inflation

edged

down,

keeping

interest

rates

steady

after

its

July

2023

meeting.

The

Fed

also

continued

to

decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

Projections

released

by

the

Fed

late

in

the

reporting

period

included

several

interest

rate

decreases

later

in

2024,

as

it

forecast

inflation

would

continue

to

moderate

despite

the

robust

economy. 

The

strong

economy

supported

corporate

profits,

which

grew

substantially

in

the

last

three

quarters

of

2023.

Despite

higher

input

costs,

companies

were

able

to

raise

prices

sufficiently

to

widen

profit

margins,

as

the

U.S.

consumer

continued

to

spend.

Firms

increasingly

kept

assets

in

short-term

investments

that

earned

higher

yields

due

to

elevated

interest

rates.

This

helped

to

mitigate

the

negative

impact

of

higher

borrowing

costs,

which

drove

a

rise

in

interest

expense.

Innovations

in

computing

also

drove

enthusiasm

for

equities,

as

new

technologies

drove

hopes

for

economy-wide

improvements

in

productivity.

Despite

the

strong

economic

conditions

during

the

reporting

period,

analysts

noted

several

areas

of

caution

about

potential

disruptions

to

markets.

Geopolitical

tensions

were

high

amid

Russia’s

ongoing

invasion

of

Ukraine

and

fighting

in

Gaza

following

Hamas’

terrorist

attack

on

Israel.

Missile

attacks

on

a

major

shipping

lane

in

the

Middle

East

raised

concerns

about

a

wider

conflict

while

disrupting

some

supply

chains.

While

inflation

declined

during

the

reporting

period,

it

remained

more

persistent

than

some

analysts

expected,

raising

concerns

about

the

effect

of

continued

inflation

on

the

Fed’s

interest

rate

policy. 

Fund

Summary

as

of

March

31,

2024

5

Fund

Summary

iShares

®

Russell

2000

ETF

Investment

Objective

The 

iShares

Russell

2000

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities,

as

represented

by

the

Russell

2000

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

19

.51‌

%

8

.00‌

%

7

.54‌

%

19

.51‌

%

46

.94‌

%

106

.93‌

%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

19

.51‌

7

.97‌

7

.54‌

19

.51‌

46

.75‌

106

.78‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

19

.71‌

8

.10‌

7

.58‌

19

.71‌

47

.65‌

107

.61‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,198.90‌

$

1.04‌

$

1,000.00‌

$

1,024.05‌

$

0.96‌

0

.19‌

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

6

iShares

®

Russell

2000

ETF

Portfolio

Management

Commentary

Small-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

industrials

sector

was

the

largest

contributor

to

the

Index’s

performance.

Strong

economic

growth

bolstered

stocks

in

the

sector,

which

is

sensitive

to

overall

conditions

in

the

broader

economy.

The

capital

goods

industry

was

the

leading

source

of

strength,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

manufacturing

equipment,

building

products,

and

tools.

The

information

technology

sector

also

contributed

to

the

Index’s

return,

led

by

the

technology

hardware

and

equipment

industry.

Investor

enthusiasm

for

artificial

intelligence

(“AI”)

and

a

related

surge

in

the

buildout

of

data

centers

bolstered

manufacturers

of

servers

used

in

processing

generative

AI

applications.

The

software

industry

also

contributed,

as

the

rising

price

of

cryptocurrencies

late

in

the

reporting

period

buoyed

the

stock

price

of

a

software

company

with

substantial

cryptocurrency

assets.

The

financials

sector

was

another

strong

contributor,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

Mortgage

servicing

companies

gained,

as

servicing

revenues

rose,

offsetting

weaker

revenues

from

mortgage

originations

amid

higher

mortgage

rates.

Regional

banks

also

advanced

amid

the

Fed’s

monetary

policy

shift,

as

investors

anticipated

that

looser

financial

conditions

would

benefit

regional

banks.

The

healthcare

sector

also

contributed

notably

to

the

Index’s

performance,

driven

by

the

biotechnology

industry

amid

a

sharp

rise

in

new

drug

approvals

by

regulators

in

2023.

Positive

results

from

a

weight-loss

drug

trial

helped

drive

the

industry’s

advance.

Additionally,

mergers

and

acquisition

activity

boosted

gains

in

the

industry.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

17

.5‌

%

Financials

......................................

15

.9‌

Health

Care

....................................

15

.3‌

Information

Technology

.............................

15

.0‌

Consumer

Discretionary

............................

10

.9‌

Energy

........................................

7

.3‌

Real

Estate

.....................................

5

.6‌

Materials

......................................

4

.5‌

Consumer

Staples

................................

3

.3‌

Utilities

........................................

2

.5‌

Communication

Services

............................

2

.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Super

Micro

Computer,

Inc.

...........................

1

.9‌

%

MicroStrategy,

Inc.

,

Class

A

...........................

0

.9‌

Comfort

Systems

USA,

Inc.

...........................

0

.4‌

elf

Beauty,

Inc.

...................................

0

.4‌

Light

&

Wonder,

Inc.

,

Class

A

..........................

0

.3‌

Carvana

Co.

,

Class

A

...............................

0

.3‌

Onto

Innovation,

Inc.

...............................

0

.3‌

Simpson

Manufacturing

Co.,

Inc.

.......................

0

.3‌

Viking

Therapeutics,

Inc.

.............................

0

.3‌

API

Group

Corp.

..................................

0

.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

7

Fund

Summary

iShares

®

Russell

2000

Growth

ETF

Investment

Objective

The 

iShares

Russell

2000

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

Russell

2000

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

20

.23‌

%

7

.32‌

%

7

.91‌

%

20

.23‌

%

42

.37‌

%

114

.19‌

%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

20

.25‌

7

.30‌

7

.91‌

20

.25‌

42

.20‌

114

.04‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

20

.35‌

7

.38‌

7

.89‌

20

.35‌

42

.75‌

113

.76‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,212.70‌

$

1.33‌

$

1,000.00‌

$

1,023.80‌

$

1.21‌

0

.24‌

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

8

iShares

®

Russell

2000

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

small-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

Growth

stocks

benefited

from

strong

corporate

earnings

and

the

resilience

of

the

U.S.

economy

in

the

face

of

higher

interest

rates.

The

information

technology

sector

contributed

the

most

to

the

Index’s

return

led

by

the

technology

hardware

and

equipment

industry.

Investor

enthusiasm

for

artificial

intelligence

(“AI”)

drove

sharp

stock

price

increases

for

companies

involved

in

the

new

technology,

including

manufacturers

of

servers

used

in

processing

generative

AI

applications.

As

utilization

of

AI

tools

increased,

construction

and

planning

for

the

buildout

of

data

centers

surged,

bolstering

the

stocks

of

companies

that

provide

equipment

used

in

data

processing.

The

software

industry

also

advanced,

as

the

rising

price

of

cryptocurrencies

late

in

the

reporting

period

buoyed

the

stock

price

of

a

software

company

with

substantial

cryptocurrency

assets.

The

industrials

sector

was

another

significant

contributor

to

the

Index’s

performance.

Strong

economic

growth

bolstered

stocks

in

the

sector,

which

is

sensitive

to

overall

conditions

in

the

broader

economy.

The

capital

goods

industry

was

the

leading

source

of

strength,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

manufacturing

equipment,

building

products,

and

tools.

The

healthcare

sector

also

contributed

notably

to

the

Index’s

return,

driven

by

the

biotechnology

industry

amid

a

sharp

rise

in

new

drug

approvals

by

regulators

in

2023.

Positive

results

from

a

weight-loss

drug

trial

drove

further

gains

in

the

industry.

Additionally,

news

that

a

large

pharmaceutical

company

agreed

to

purchase

a

developer

of

cancer

treatments

sent

the

target

company’s

stock

price

sharply

higher.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

23

.9‌

%

Health

Care

....................................

21

.3‌

Industrials

......................................

20

.2‌

Consumer

Discretionary

............................

10

.8‌

Financials

......................................

6

.0‌

Energy

........................................

4

.6‌

Consumer

Staples

................................

4

.4‌

Materials

......................................

4

.1‌

Communication

Services

............................

1

.9‌

Real

Estate

.....................................

1

.5‌

Utilities

........................................

1

.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Super

Micro

Computer,

Inc.

...........................

3

.8‌

%

MicroStrategy,

Inc.

,

Class

A

...........................

1

.9‌

Comfort

Systems

USA,

Inc.

...........................

0

.8‌

elf

Beauty,

Inc.

...................................

0

.8‌

Simpson

Manufacturing

Co.,

Inc.

.......................

0

.7‌

Viking

Therapeutics,

Inc.

.............................

0

.6‌

Weatherford

International

plc

..........................

0

.6‌

Applied

Industrial

Technologies,

Inc.

.....................

0

.6‌

Onto

Innovation,

Inc.

...............................

0

.6‌

Vaxcyte,

Inc.

.....................................

0

.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

9

Fund

Summary

iShares

®

Russell

2000

Value

ETF

Investment

Objective

The

iShares

Russell

2000

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

Russell

2000

®

 Value

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18

.35‌

%

7

.95‌

%

6

.72‌

%

18

.35‌

%

46

.56‌

%

91

.59‌

%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18

.35‌

7

.91‌

6

.70‌

18

.35‌

46

.29‌

91

.32‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18

.75‌

8

.17‌

6

.87‌

18

.75‌

48

.07‌

94

.38‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,184.50‌

$

1.31‌

$

1,000.00‌

$

1,023.80‌

$

1.21‌

0

.24‌

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

10

iShares

®

Russell

2000

Value

ETF

Portfolio

Management

Commentary

Value-oriented

small-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

financials

sector

contributed

the

most

to

the

Index’s

return,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

Regional

bank

stocks

gained,

as

investor

sentiment

recovered

following

a

prominent

regional

bank

failure

at

the

beginning

of

the

reporting

period.

The

shift

in

the

Fed’s

monetary

policy

bolstered

the

industry,

as

investors

anticipated

that

looser

financial

conditions

would

benefit

regional

banks.

The

financial

services

industry

also

advanced.

Mortgage

servicing

companies

gained,

as

servicing

revenues

rose,

offsetting

weaker

revenues

from

mortgage

originations.

Additionally,

an

annuity

provider

benefited

from

inclusion

in

a

new

stock

category,

and

strong

equity

markets

led

to

higher

annuity

account

value.

The

industrials

sector

was

another

significant

contributor

to

the

Index’s

performance.

Strong

economic

growth

bolstered

stocks

in

the

sector,

which

is

sensitive

to

overall

conditions

in

the

broader

economy.

This

supportive

backdrop

led

to

investor

confidence

that

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

The

capital

goods

industry

was

the

leading

source

of

strength,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

manufacturing

equipment,

building

products,

and

tools.

As

the

U.S.

economy

continued

to

expand,

consumers

increased

their

spending

at

a

robust

pace,

driving

substantial

gains

in

the

consumer

discretionary

sector.

Despite

rising

interest

rates

and

higher

borrowing

costs,

spending

remained

resilient,

as

strong

household

balance

sheets,

higher

wages,

and

elevated

asset

prices

supported

consumers.

Tight

inventories,

strong

demand,

and

loosening

monetary

policy

particularly

benefited

the

homebuilding

industry.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

......................................

25

.8‌

%

Industrials

......................................

14

.8‌

Consumer

Discretionary

............................

11

.1‌

Energy

........................................

10

.0‌

Real

Estate

.....................................

9

.7‌

Health

Care

....................................

9

.4‌

Information

Technology

.............................

5

.9‌

Materials

......................................

5

.0‌

Utilities

........................................

3

.7‌

Communication

Services

............................

2

.4‌

Consumer

Staples

................................

2

.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Chord

Energy

Corp.

................................

0

.6‌

%

Permian

Resources

Corp.

,

Class

A

......................

0

.5‌

Commercial

Metals

Co.

..............................

0

.5‌

Murphy

Oil

Corp.

..................................

0

.5‌

SouthState

Corp.

..................................

0

.5‌

Taylor

Morrison

Home

Corp.

..........................

0

.5‌

Meritage

Homes

Corp.

..............................

0

.5‌

PBF

Energy,

Inc.

,

Class

A

............................

0

.5‌

UFP

Industries,

Inc.

................................

0

.5‌

Essent

Group

Ltd.

.................................

0

.5‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

11

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, index

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included, index

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

Russell

2000

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.0%

AAR

Corp.

(a)

.......................

831,626

$

49,789,449

AeroVironment,

Inc.

(a)

(b)

................

661,873

101,451,893

AerSale

Corp.

(a)

(b)

....................

795,379

5,710,821

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

..........

3,768,046

17,408,373

Astronics

Corp.

(a)

(b)

...................

670,205

12,760,703

Cadre

Holdings,

Inc.

..................

474,778

17,186,964

Ducommun,

Inc.

(a)

(b)

..................

331,900

17,026,470

Eve

Holding,

Inc.

(a)

(b)

..................

428,245

2,312,523

Kaman

Corp.

......................

687,658

31,542,872

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

(b)

.

3,518,548

64,670,912

Leonardo

DRS,

Inc.

(a)

(b)

................

1,677,810

37,062,823

Moog,

Inc.

,

Class

A

..................

710,119

113,370,498

National

Presto

Industries,

Inc.

...........

123,845

10,378,211

Park

Aerospace

Corp.

.................

446,632

7,427,490

Parsons

Corp.

(a)

(b)

....................

1,016,007

84,277,781

Redwire

Corp.

(a)

(b)

....................

241,909

1,061,980

Rocket

Lab

USA,

Inc.

(a)

(b)

...............

6,926,714

28,468,795

Terran

Orbital

Corp.

(a)

(b)

................

2,415,180

3,163,886

Triumph

Group,

Inc.

(a)

(b)

................

1,576,291

23,707,417

V2X,

Inc.

(a)

(b)

.......................

281,943

13,169,558

Virgin

Galactic

Holdings,

Inc.

,

Class

C

(a)

(b)

....

8,721,878

12,908,379

654,857,798

Air

Freight

&

Logistics

—

0.2%

Air

Transport

Services

Group,

Inc.

(a)

(b)

......

1,269,771

17,472,049

Forward

Air

Corp.

...................

632,666

19,682,239

Hub

Group,

Inc.

,

Class

A

...............

1,545,217

66,784,279

Radiant

Logistics,

Inc.

(a)

(b)

..............

878,780

4,762,988

108,701,555

Automobile

Components

—

1.4%

Adient

plc

(a)

........................

2,248,059

74,006,102

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

2,799,091

20,601,310

Atmus

Filtration

Technologies,

Inc.

(a)

.......

2,064,225

66,571,256

Cooper-Standard

Holdings,

Inc.

(a)

(b)

........

415,214

6,875,944

Dana,

Inc.

.........................

3,224,999

40,957,487

Dorman

Products,

Inc.

(a)

(b)

..............

644,258

62,100,029

Fox

Factory

Holding

Corp.

(a)

(b)

...........

1,046,068

54,468,761

Gentherm,

Inc.

(a)

(b)

...................

800,407

46,087,435

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

(b)

......

6,900,557

94,744,648

Holley,

Inc.

(a)

(b)

......................

1,295,312

5,777,091

LCI

Industries

......................

608,337

74,861,951

Luminar

Technologies,

Inc.

,

Class

A

(a)

(b)

.....

7,077,151

13,941,987

Modine

Manufacturing

Co.

(a)

(b)

...........

1,262,009

120,130,637

Patrick

Industries,

Inc.

................

525,569

62,789,728

Solid

Power,

Inc.

,

Class

A

(a)

(b)

............

3,826,661

7,768,122

Standard

Motor

Products,

Inc.

...........

498,112

16,711,658

Stoneridge,

Inc.

(a)

(b)

...................

645,226

11,897,967

Visteon

Corp.

(a)

(b)

....................

676,467

79,559,284

XPEL,

Inc.

(a)

(b)

(c)

.....................

547,739

29,588,861

889,440,258

Automobiles

—

0.1%

Livewire

Group,

Inc.

(a)

(b)

................

400,278

2,894,010

Winnebago

Industries,

Inc.

.............

702,961

52,019,114

Workhorse

Group,

Inc.

(a)

(b)

..............

5,368,339

1,259,412

56,172,536

Banks

—

8.4%

1st

Source

Corp.

....................

427,475

22,408,239

ACNB

Corp.

.......................

217,772

8,188,227

Amalgamated

Financial

Corp.

...........

467,923

11,230,152

Amerant

Bancorp,

Inc.

,

Class

A

..........

686,047

15,978,035

American

National

Bankshares,

Inc.

.......

263,000

12,560,880

Ameris

Bancorp

.....................

1,590,025

76,925,409

Security

Shares

Shares

Value

Banks

(continued)

Ames

National

Corp.

.................

239,672

$

4,836,581

Arrow

Financial

Corp.

.................

383,372

9,591,967

Associated

Banc-Corp.

................

3,856,119

82,945,120

Atlantic

Union

Bankshares

Corp.

.........

1,614,866

57,020,918

Axos

Financial,

Inc.

(a)

(b)

................

1,340,497

72,440,458

Banc

of

California,

Inc.

................

3,419,313

52,007,751

BancFirst

Corp.

.....................

555,372

48,889,397

Bancorp,

Inc.

(The)

(a)

(b)

................

1,238,319

41,434,154

Bank

First

Corp.

....................

233,798

20,263,273

Bank

of

Hawaii

Corp.

.................

877,782

54,764,819

Bank

of

Marin

Bancorp

................

431,652

7,238,804

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

.....

1,246,881

39,887,723

Bank7

Corp.

.......................

87,781

2,475,424

BankUnited,

Inc.

....................

1,654,097

46,314,716

Bankwell

Financial

Group,

Inc.

...........

183,217

4,752,649

Banner

Corp.

......................

787,353

37,792,944

Bar

Harbor

Bankshares

...............

426,293

11,288,239

BayCom

Corp.

.....................

317,549

6,544,685

BCB

Bancorp,

Inc.

...................

432,553

4,520,179

Berkshire

Hills

Bancorp,

Inc.

............

927,122

21,249,636

Blue

Foundry

Bancorp

(a)

(b)

..............

612,581

5,733,758

Blue

Ridge

Bankshares,

Inc.

............

529,173

1,423,475

Bridgewater

Bancshares,

Inc.

(a)

(b)

.........

542,730

6,317,377

Brookline

Bancorp,

Inc.

................

2,008,091

20,000,586

Burke

&

Herbert

Financial

Services

Corp.

(b)

..

162,229

9,089,691

Business

First

Bancshares,

Inc.

..........

604,971

13,478,754

Byline

Bancorp,

Inc.

..................

668,071

14,510,502

C&F

Financial

Corp.

..................

82,288

4,032,112

Cadence

Bank

.....................

3,776,669

109,523,401

Cambridge

Bancorp

..................

193,369

13,180,031

Camden

National

Corp.

...............

379,339

12,715,443

Capital

Bancorp,

Inc.

.................

262,265

5,462,980

Capital

City

Bank

Group,

Inc.

............

348,183

9,644,669

Capitol

Federal

Financial,

Inc.

...........

3,117,682

18,581,385

Capstar

Financial

Holdings,

Inc.

..........

524,420

10,540,842

Carter

Bankshares,

Inc.

(a)

(b)

.............

613,481

7,754,400

Cathay

General

Bancorp

...............

1,535,490

58,087,587

Central

Pacific

Financial

Corp.

...........

535,366

10,573,478

Central

Valley

Community

Bancorp

........

257,183

5,115,370

Chemung

Financial

Corp.

..............

96,296

4,090,654

ChoiceOne

Financial

Services,

Inc.

(b)

.......

173,637

4,748,972

Citizens

&

Northern

Corp.

..............

398,138

7,477,032

Citizens

Financial

Services,

Inc.

..........

99,365

4,888,758

City

Holding

Co.

....................

343,490

35,798,528

Civista

Bancshares,

Inc.

...............

433,374

6,665,292

CNB

Financial

Corp.

..................

567,884

11,579,155

Coastal

Financial

Corp.

(a)

(b)

.............

273,678

10,637,864

Codorus

Valley

Bancorp,

Inc.

............

233,515

5,314,801

Colony

Bankcorp,

Inc.

................

511,842

5,886,183

Columbia

Financial,

Inc.

(a)

(b)

.............

745,511

12,830,244

Community

Bank

System,

Inc.

...........

1,156,564

55,549,769

Community

Trust

Bancorp,

Inc.

..........

416,473

17,762,573

ConnectOne

Bancorp,

Inc.

.............

939,793

18,325,963

CrossFirst

Bankshares,

Inc.

(a)

(b)

..........

1,152,609

15,952,109

Customers

Bancorp,

Inc.

(a)

(b)

............

699,568

37,119,078

CVB

Financial

Corp.

..................

3,259,973

58,157,918

Dime

Community

Bancshares,

Inc.

........

854,976

16,466,838

Eagle

Bancorp,

Inc.

..................

718,066

16,867,370

Eastern

Bankshares,

Inc.

..............

3,905,646

53,819,802

Enterprise

Bancorp,

Inc.

...............

252,103

6,547,115

Enterprise

Financial

Services

Corp.

.......

939,473

38,105,025

Equity

Bancshares,

Inc.

,

Class

A

.........

383,722

13,188,525

Esquire

Financial

Holdings,

Inc.

..........

172,902

8,207,658

ESSA

Bancorp,

Inc.

..................

202,735

3,695,859

Evans

Bancorp,

Inc.

..................

144,639

4,318,921

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Farmers

&

Merchants

Bancorp,

Inc.

.......

341,562

$

7,613,417

Farmers

National

Banc

Corp.

............

948,037

12,665,774

FB

Financial

Corp.

...................

913,253

34,393,108

Fidelity

D&D

Bancorp,

Inc.

..............

117,676

5,699,049

Financial

Institutions,

Inc.

..............

395,856

7,450,010

First

BanCorp

......................

4,670,132

99,312,353

First

Bancorp,

Inc.

(The)

...............

273,368

6,735,787

First

Bancshares,

Inc.

(The)

.............

789,370

20,484,151

First

Bank

.........................

563,506

7,742,572

First

Busey

Corp.

....................

1,351,364

32,500,304

First

Business

Financial

Services,

Inc.

......

216,016

8,100,600

First

Commonwealth

Financial

Corp.

.......

2,400,273

33,411,800

First

Community

Bankshares,

Inc.

........

442,570

15,326,199

First

Community

Corp.

................

173,463

3,023,460

First

Financial

Bancorp

................

2,149,059

48,181,903

First

Financial

Bankshares,

Inc.

..........

3,216,198

105,523,456

First

Financial

Corp.

..................

321,898

12,338,350

First

Foundation,

Inc.

.................

1,272,753

9,609,285

First

Interstate

BancSystem,

Inc.

,

Class

A

...

2,108,980

57,385,346

First

Merchants

Corp.

.................

1,539,153

53,716,440

First

Mid

Bancshares,

Inc.

..............

596,540

19,494,927

First

of

Long

Island

Corp.

(The)

..........

634,829

7,040,254

First

Western

Financial,

Inc.

(a)

(b)

..........

223,140

3,253,381

Five

Star

Bancorp

...................

333,770

7,509,825

Flushing

Financial

Corp.

...............

714,934

9,015,318

FS

Bancorp,

Inc.

....................

161,597

5,609,032

Fulton

Financial

Corp.

.................

3,572,873

56,772,952

FVCBankcorp,

Inc.

(a)

(b)

................

416,954

5,078,500

German

American

Bancorp,

Inc.

..........

732,901

25,387,691

Glacier

Bancorp,

Inc.

(b)

................

2,756,756

111,042,132

Great

Southern

Bancorp,

Inc.

............

242,275

13,281,515

Greene

County

Bancorp,

Inc.

(b)

...........

173,449

4,993,597

Guaranty

Bancshares,

Inc.

(b)

............

229,772

6,975,878

Hancock

Whitney

Corp.

...............

2,190,680

100,858,907

Hanmi

Financial

Corp.

................

646,586

10,293,649

HarborOne

Bancorp,

Inc.

..............

1,041,106

11,098,190

HBT

Financial,

Inc.

...................

386,102

7,351,382

Heartland

Financial

USA,

Inc.

...........

1,090,890

38,344,783

Heritage

Commerce

Corp.

..............

1,631,873

14,001,470

Heritage

Financial

Corp.

...............

750,379

14,549,849

Hilltop

Holdings,

Inc.

..................

1,196,381

37,470,653

Hingham

Institution

for

Savings

(The)

(b)

.....

38,771

6,763,989

Home

Bancorp,

Inc.

..................

193,687

7,420,149

Home

BancShares,

Inc.

(b)

..............

4,752,959

116,780,203

HomeStreet,

Inc.

....................

451,498

6,795,045

HomeTrust

Bancshares,

Inc.

............

398,156

10,885,585

Hope

Bancorp,

Inc.

..................

2,807,153

32,310,331

Horizon

Bancorp,

Inc.

.................

1,141,649

14,647,357

Independent

Bank

Corp.

...............

1,433,015

61,379,715

Independent

Bank

Group,

Inc.

...........

887,230

40,502,049

International

Bancshares

Corp.

..........

1,357,307

76,199,215

John

Marshall

Bancorp,

Inc.

............

302,661

5,423,685

Kearny

Financial

Corp.

................

1,420,627

9,148,838

Lakeland

Bancorp,

Inc.

................

1,637,090

19,808,789

Lakeland

Financial

Corp.

...............

608,586

40,361,424

LCNB

Corp.

.......................

271,258

4,323,853

Live

Oak

Bancshares,

Inc.

(b)

.............

842,185

34,959,099

Macatawa

Bank

Corp.

................

714,485

6,994,808

MainStreet

Bancshares,

Inc.

............

156,408

2,840,369

Mercantile

Bank

Corp.

................

414,407

15,950,525

Metrocity

Bankshares,

Inc.

.............

501,329

12,513,172

Metropolitan

Bank

Holding

Corp.

(a)

(b)

.......

260,856

10,042,956

Mid

Penn

Bancorp,

Inc.

................

394,134

7,886,621

Middlefield

Banc

Corp.

(b)

...............

183,280

4,376,726

Midland

States

Bancorp,

Inc.

............

577,430

14,510,816

Security

Shares

Shares

Value

Banks

(continued)

MidWestOne

Financial

Group,

Inc.

........

422,610

$

9,905,978

MVB

Financial

Corp.

.................

305,469

6,815,013

National

Bank

Holdings

Corp.

,

Class

A

.....

810,224

29,224,780

National

Bankshares,

Inc.

..............

154,249

5,153,459

NBT

Bancorp,

Inc.

...................

1,056,997

38,770,650

Nicolet

Bankshares,

Inc.

...............

328,633

28,259,152

Northeast

Bank

(b)

....................

172,527

9,547,644

Northeast

Community

Bancorp,

Inc.

.......

324,669

5,107,043

Northfield

Bancorp,

Inc.

...............

993,010

9,652,057

Northrim

BanCorp,

Inc.

................

139,106

7,026,244

Northwest

Bancshares,

Inc.

.............

2,927,381

34,103,989

Norwood

Financial

Corp.

...............

183,399

4,990,287

Oak

Valley

Bancorp

..................

163,977

4,063,350

OceanFirst

Financial

Corp.

.............

1,494,362

24,522,480

OFG

Bancorp

......................

1,092,553

40,216,876

Old

National

Bancorp

.................

7,357,215

128,089,113

Old

Second

Bancorp,

Inc.

..............

1,123,090

15,543,566

Orange

County

Bancorp,

Inc.

............

128,224

5,898,304

Origin

Bancorp,

Inc.

..................

746,894

23,332,969

Orrstown

Financial

Services,

Inc.

.........

281,509

7,535,996

Pacific

Premier

Bancorp,

Inc.

............

2,166,348

51,992,352

Park

National

Corp.

(b)

.................

363,366

49,363,271

Parke

Bancorp,

Inc.

..................

300,643

5,178,576

Pathward

Financial,

Inc.

(b)

..............

610,917

30,839,090

PCB

Bancorp

......................

305,058

4,981,597

Peapack-Gladstone

Financial

Corp.

.......

456,196

11,099,249

Penns

Woods

Bancorp,

Inc.

.............

176,329

3,422,546

Peoples

Bancorp,

Inc.

................

897,915

26,587,263

Peoples

Financial

Services

Corp.

.........

190,799

8,225,345

Pioneer

Bancorp,

Inc.

(a)

(b)

...............

297,618

2,919,633

Plumas

Bancorp

....................

136,250

5,012,637

Ponce

Financial

Group,

Inc.

(a)

(b)

..........

461,812

4,110,127

Preferred

Bank

.....................

200,051

15,357,915

Premier

Financial

Corp.

...............

918,113

18,637,694

Primis

Financial

Corp.

.................

540,427

6,576,997

Princeton

Bancorp,

Inc.

................

119,851

3,689,014

Provident

Financial

Services,

Inc.

.........

1,841,298

26,827,712

QCR

Holdings,

Inc.

(b)

.................

423,052

25,696,178

RBB

Bancorp

......................

460,969

8,302,052

Red

River

Bancshares,

Inc.

.............

120,315

5,990,484

Renasant

Corp.

.....................

1,275,976

39,963,568

Republic

Bancorp,

Inc.

,

Class

A

..........

226,961

11,575,011

S&T

Bancorp,

Inc.

...................

889,888

28,547,607

Sandy

Spring

Bancorp,

Inc.

.............

1,173,679

27,205,879

Seacoast

Banking

Corp.

of

Florida

........

1,976,746

50,189,581

ServisFirst

Bancshares,

Inc.

............

1,248,325

82,838,847

Shore

Bancshares,

Inc.

................

789,005

9,073,557

Sierra

Bancorp

.....................

384,247

7,761,789

Simmons

First

National

Corp.

,

Class

A

.....

2,893,233

56,302,314

SmartFinancial,

Inc.

..................

427,612

9,009,785

South

Plains

Financial,

Inc.

.............

330,766

8,851,298

Southern

First

Bancshares,

Inc.

(a)

(b)

........

204,836

6,505,591

Southern

Missouri

Bancorp,

Inc.

..........

242,462

10,598,014

Southern

States

Bancshares,

Inc.

.........

175,781

4,556,244

Southside

Bancshares,

Inc.

.............

704,825

20,602,035

SouthState

Corp.

....................

1,902,065

161,732,587

Stellar

Bancorp,

Inc.

..................

1,208,994

29,451,094

Sterling

Bancorp,

Inc.

(a)

(b)

...............

510,522

2,634,294

Stock

Yards

Bancorp,

Inc.

..............

687,649

33,632,913

Summit

Financial

Group,

Inc.

............

300,978

8,174,562

Texas

Capital

Bancshares,

Inc.

(a)

(b)

........

1,190,531

73,277,183

Third

Coast

Bancshares,

Inc.

(a)

...........

331,781

6,642,256

Timberland

Bancorp,

Inc.

..............

202,479

5,450,735

Tompkins

Financial

Corp.

..............

340,949

17,146,325

Towne

Bank

.......................

1,798,211

50,457,801

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

TriCo

Bancshares

...................

796,003

$

29,276,990

Triumph

Financial,

Inc.

(a)

(b)

..............

549,736

43,605,060

TrustCo

Bank

Corp.

..................

411,743

11,594,683

Trustmark

Corp.

....................

1,402,281

39,418,119

UMB

Financial

Corp.

.................

1,109,135

96,483,654

United

Bankshares,

Inc.

...............

3,236,343

115,828,716

United

Community

Banks,

Inc.

...........

2,613,555

68,788,768

Unity

Bancorp,

Inc.

...................

201,116

5,550,802

Univest

Financial

Corp.

................

793,418

16,518,963

USCB

Financial

Holdings,

Inc.

,

Class

A

.....

266,695

3,040,323

Valley

National

Bancorp

...............

10,708,125

85,236,675

Veritex

Holdings,

Inc.

.................

1,143,448

23,429,250

Virginia

National

Bankshares

Corp.

........

117,378

3,533,078

WaFd,

Inc.

........................

1,595,644

46,321,545

Washington

Trust

Bancorp,

Inc.

..........

471,378

12,670,641

WesBanco,

Inc.

.....................

1,489,071

44,389,206

West

BanCorp,

Inc.

..................

445,273

7,939,218

Westamerica

BanCorp

................

612,507

29,939,342

WSFS

Financial

Corp.

................

1,459,862

65,898,171

5,500,993,550

Beverages

—

0.4%

Coca-Cola

Consolidated,

Inc.

............

116,907

98,951,254

Duckhorn

Portfolio,

Inc.

(The)

(a)

(b)

.........

1,280,110

11,917,824

MGP

Ingredients,

Inc.

(b)

................

390,271

33,614,041

National

Beverage

Corp.

(a)

..............

570,172

27,060,363

Primo

Water

Corp.

...................

3,860,714

70,303,602

Vita

Coco

Co.,

Inc.

(The)

(a)

(b)

............

917,126

22,405,388

Zevia

PBC

,

Class

A

(a)

(b)

................

550,178

643,709

264,896,181

Biotechnology

—

7.9%

2seventy

bio,

Inc.

(a)

(b)

.................

1,238,034

6,623,482

4D

Molecular

Therapeutics,

Inc.

(a)

(b)

........

995,692

31,722,747

89bio,

Inc.

(a)

(b)

......................

1,933,311

22,503,740

Aadi

Bioscience,

Inc.

(a)

(b)

...............

398,195

931,776

ACADIA

Pharmaceuticals,

Inc.

(a)

..........

2,992,287

55,327,387

ACELYRIN,

Inc.

(a)

(b)

..................

1,752,341

11,828,302

Acrivon

Therapeutics,

Inc.

(a)

(b)

............

259,944

1,858,600

Actinium

Pharmaceuticals,

Inc.

(a)

(b)

........

685,887

5,370,495

Adicet

Bio,

Inc.

(a)

(b)

...................

1,269,027

2,982,213

ADMA

Biologics,

Inc.

(a)

(b)

...............

5,210,768

34,391,069

Aerovate

Therapeutics,

Inc.

(a)

(b)

...........

276,693

8,181,812

Agenus,

Inc.

(a)

(b)

.....................

9,431,847

5,470,471

Agios

Pharmaceuticals,

Inc.

(a)

(b)

..........

1,356,527

39,664,849

Akero

Therapeutics,

Inc.

(a)

(b)

.............

1,508,501

38,104,735

Aldeyra

Therapeutics,

Inc.

(a)

(b)

............

1,162,685

3,801,980

Alector,

Inc.

(a)

(b)

.....................

1,757,109

10,577,796

Alkermes

plc

(a)

......................

4,049,944

109,631,984

Allakos,

Inc.

(a)

(b)

.....................

1,621,442

2,043,017

Allogene

Therapeutics,

Inc.

(a)

(b)

...........

2,334,010

10,433,025

Allovir,

Inc.

(a)

(b)

......................

1,313,629

991,658

Alpine

Immune

Sciences,

Inc.

(a)

(b)

.........

941,196

37,309,009

Altimmune,

Inc.

(a)

(b)

...................

1,313,548

13,371,919

ALX

Oncology

Holdings,

Inc.

(a)

(b)

..........

652,250

7,272,587

Amicus

Therapeutics,

Inc.

(a)

(b)

............

7,089,836

83,518,268

AnaptysBio,

Inc.

(a)

(b)

..................

460,286

10,365,641

Anavex

Life

Sciences

Corp.

(a)

(b)

..........

1,763,534

8,976,388

Anika

Therapeutics,

Inc.

(a)

(b)

.............

361,634

9,185,504

Annexon,

Inc.

(a)

(b)

....................

1,664,742

11,936,200

Apogee

Therapeutics,

Inc.

(a)

(b)

...........

1,014,544

67,416,449

Arbutus

Biopharma

Corp.

(a)

(b)

............

3,032,603

7,824,116

Arcellx,

Inc.

(a)

(b)

.....................

939,516

65,343,338

Arcturus

Therapeutics

Holdings,

Inc.

(a)

(b)

.....

573,345

19,361,861

Arcus

Biosciences,

Inc.

(a)

(b)

.............

1,317,969

24,883,255

Security

Shares

Shares

Value

Biotechnology

(continued)

Arcutis

Biotherapeutics,

Inc.

(a)

(b)

..........

1,947,283

$

19,297,574

Ardelyx,

Inc.

(a)

(b)

.....................

5,643,399

41,196,813

ArriVent

Biopharma,

Inc.

(a)

(b)

.............

239,417

4,275,988

Arrowhead

Pharmaceuticals,

Inc.

(a)

(b)

.......

2,844,552

81,354,187

ARS

Pharmaceuticals,

Inc.

(a)

(b)

...........

600,193

6,133,972

Astria

Therapeutics,

Inc.

(a)

(b)

.............

1,210,566

17,038,716

Atara

Biotherapeutics,

Inc.

(a)

(b)

...........

2,402,105

1,667,061

Aura

Biosciences,

Inc.

(a)

...............

836,072

6,563,165

Aurinia

Pharmaceuticals,

Inc.

(a)

(b)

.........

3,314,592

16,606,106

Avid

Bioservices,

Inc.

(a)

(b)

...............

1,536,732

10,296,104

Avidity

Biosciences,

Inc.

(a)

(b)

.............

1,816,093

46,346,693

Avita

Medical,

Inc.

(a)

(b)

.................

612,013

9,810,568

Beam

Therapeutics,

Inc.

(a)

(b)

.............

1,821,467

60,181,270

BioAtla,

Inc.

(a)

(b)

.....................

1,047,868

3,604,666

BioCryst

Pharmaceuticals,

Inc.

(a)

(b)

........

4,640,657

23,574,538

Biohaven

Ltd.

(a)

(b)

....................

1,677,217

91,726,998

Biomea

Fusion,

Inc.

(a)

(b)

................

483,376

7,226,471

Bioxcel

Therapeutics,

Inc.

(a)

(b)

............

508,611

1,434,283

Bluebird

Bio,

Inc.

(a)

(b)

..................

4,662,473

5,967,965

Blueprint

Medicines

Corp.

(a)

(b)

............

1,489,649

141,308,104

Bridgebio

Pharma,

Inc.

(a)

(b)

..............

2,856,136

88,311,725

Cabaletta

Bio,

Inc.

(a)

(b)

.................

843,331

14,387,227

CareDx,

Inc.

(a)

(b)

.....................

1,283,374

13,590,931

Cargo

Therapeutics,

Inc.

(a)

(b)

.............

523,418

11,682,690

Caribou

Biosciences,

Inc.

(a)

(b)

............

2,012,925

10,346,434

Carisma

Therapeutics,

Inc.

(a)

(b)

...........

653,975

1,484,523

Cartesian

Therapeutics,

Inc.

(a)

(b)

..........

2,620,753

1,703,489

Catalyst

Pharmaceuticals,

Inc.

(a)

(b)

.........

2,718,045

43,325,637

Celcuity,

Inc.

(a)

(b)

.....................

439,496

9,493,114

Celldex

Therapeutics,

Inc.

(a)

(b)

............

1,521,603

63,861,678

Century

Therapeutics,

Inc.

(a)

(b)

...........

564,584

2,359,961

Cerevel

Therapeutics

Holdings,

Inc.

(a)

(b)

.....

1,756,066

74,228,910

CG

oncology,

Inc.

(a)

(b)

.................

568,675

24,964,832

Cogent

Biosciences,

Inc.

(a)

(b)

............

2,031,284

13,650,228

Coherus

Biosciences,

Inc.

(a)

(b)

............

2,561,113

6,121,060

Compass

Therapeutics,

Inc.

(a)

(b)

..........

2,173,860

4,304,243

Crinetics

Pharmaceuticals,

Inc.

(a)

(b)

........

1,614,373

75,568,800

Cue

Biopharma,

Inc.

(a)

(b)

...............

854,443

1,614,897

Cullinan

Oncology,

Inc.

(a)

(b)

..............

631,210

10,755,818

Cytokinetics,

Inc.

(a)

(b)

..................

2,337,961

163,914,446

Day

One

Biopharmaceuticals,

Inc.

(a)

(b)

......

1,526,759

25,222,059

Deciphera

Pharmaceuticals,

Inc.

(a)

(b)

.......

1,304,737

20,523,513

Denali

Therapeutics,

Inc.

(a)

(b)

............

2,936,209

60,251,009

Design

Therapeutics,

Inc.

(a)

(b)

............

808,488

3,258,207

Disc

Medicine,

Inc.

(a)

(b)

................

230,515

14,351,864

Dynavax

Technologies

Corp.

(a)

(b)

..........

3,188,738

39,572,239

Dyne

Therapeutics,

Inc.

(a)

(b)

.............

1,447,502

41,094,582

Eagle

Pharmaceuticals,

Inc.

(a)

(b)

..........

251,013

1,315,308

Editas

Medicine,

Inc.

(a)

(b)

...............

2,031,012

15,070,109

Emergent

BioSolutions,

Inc.

(a)

(b)

..........

1,362,621

3,447,431

Enanta

Pharmaceuticals,

Inc.

(a)

..........

507,763

8,865,542

Entrada

Therapeutics,

Inc.

(a)

(b)

...........

512,600

7,263,542

Erasca,

Inc.

(a)

(b)

.....................

2,015,594

4,152,124

Fate

Therapeutics,

Inc.

(a)

(b)

..............

2,090,781

15,346,333

Fennec

Pharmaceuticals,

Inc.

(a)

..........

417,945

4,647,548

FibroGen,

Inc.

(a)

(b)

....................

2,294,476

5,392,019

Foghorn

Therapeutics,

Inc.

(a)

............

495,960

3,327,892

Genelux

Corp.

(a)

(b)

...................

456,649

2,936,253

Generation

Bio

Co.

(a)

(b)

................

1,114,860

4,537,480

Geron

Corp.

(a)

(b)

.....................

12,563,174

41,458,474

Gritstone

bio,

Inc.

(a)

(b)

.................

2,203,028

5,661,782

Halozyme

Therapeutics,

Inc.

(a)

(b)

..........

3,166,492

128,812,895

Heron

Therapeutics,

Inc.

(a)

(b)

.............

2,532,704

7,015,590

HilleVax,

Inc.

(a)

(b)

....................

636,668

10,587,789

Humacyte,

Inc.

(a)

(b)

...................

1,523,200

4,737,152

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Ideaya

Biosciences,

Inc.

(a)

(b)

.............

1,609,019

$

70,603,754

IGM

Biosciences,

Inc.

(a)

(b)

..............

317,836

3,067,117

Immuneering

Corp.

,

Class

A

(a)

(b)

..........

518,261

1,497,774

ImmunityBio,

Inc.

(a)

(b)

..................

3,243,874

17,419,603

Immunovant,

Inc.

(a)

(b)

..................

1,316,648

42,540,897

Inhibrx,

Inc.

(a)

(b)

.....................

837,090

29,264,666

Inozyme

Pharma,

Inc.

(a)

(b)

..............

1,167,386

8,942,177

Insmed,

Inc.

(a)

(b)

.....................

3,381,720

91,746,064

Intellia

Therapeutics,

Inc.

(a)

(b)

............

2,204,620

60,649,096

Iovance

Biotherapeutics,

Inc.

(a)

(b)

..........

5,812,034

86,134,344

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

..

3,378,138

29,423,582

iTeos

Therapeutics,

Inc.

(a)

..............

625,651

8,533,880

Janux

Therapeutics,

Inc.

(a)

(b)

.............

422,936

15,923,540

KalVista

Pharmaceuticals,

Inc.

(a)

(b)

.........

763,300

9,052,738

Karyopharm

Therapeutics,

Inc.

(a)

(b)

........

2,744,960

4,144,890

Keros

Therapeutics,

Inc.

(a)

(b)

.............

628,361

41,597,498

Kezar

Life

Sciences,

Inc.

(a)

(b)

............

1,727,437

1,557,457

Kiniksa

Pharmaceuticals

Ltd.

,

Class

A

(a)

(b)

....

780,639

15,402,007

Kodiak

Sciences,

Inc.

(a)

(b)

...............

801,850

4,217,731

Krystal

Biotech,

Inc.

(a)

(b)

................

529,221

94,164,293

Kura

Oncology,

Inc.

(a)

(b)

................

1,724,859

36,791,242

Kymera

Therapeutics,

Inc.

(a)

(b)

...........

999,101

40,163,860

Larimar

Therapeutics,

Inc.

(a)

(b)

............

641,505

4,869,023

LENZ

Therapeutics,

Inc.

(b)

..............

96,136

2,146,717

Lexeo

Therapeutics,

Inc.

(a)

(b)

.............

218,807

3,430,894

Lexicon

Pharmaceuticals,

Inc.

(a)

(b)

.........

2,314,198

5,554,075

Lineage

Cell

Therapeutics,

Inc.

(a)

(b)

........

3,093,238

4,577,992

Lyell

Immunopharma,

Inc.

(a)

(b)

............

4,282,260

9,549,440

MacroGenics,

Inc.

(a)

(b)

.................

1,488,213

21,906,495

Madrigal

Pharmaceuticals,

Inc.

(a)

(b)

........

362,548

96,814,818

MannKind

Corp.

(a)

(b)

..................

6,380,593

28,904,086

MeiraGTx

Holdings

plc

(a)

(b)

..............

788,207

4,784,416

Merrimack

Pharmaceuticals,

Inc.

(a)

(b)

.......

253,914

3,750,310

Mersana

Therapeutics,

Inc.

(a)

(b)

...........

2,730,642

12,233,276

MiMedx

Group,

Inc.

(a)

(b)

................

2,822,926

21,736,530

Mineralys

Therapeutics,

Inc.

(a)

(b)

..........

466,962

6,028,479

Mirum

Pharmaceuticals,

Inc.

(a)

(b)

..........

600,989

15,096,844

Monte

Rosa

Therapeutics,

Inc.

(a)

(b)

........

758,314

5,346,114

Morphic

Holding,

Inc.

(a)

(b)

...............

934,229

32,884,861

Mural

Oncology

plc

(a)

.................

406,798

1,989,242

Myriad

Genetics,

Inc.

(a)

(b)

...............

2,145,202

45,735,707

Nkarta,

Inc.

(a)

(b)

.....................

751,430

8,122,958

Novavax,

Inc.

(a)

(b)

....................

2,786,946

13,321,602

Nurix

Therapeutics,

Inc.

(a)

(b)

.............

1,166,328

17,145,022

Nuvalent,

Inc.

,

Class

A

(a)

(b)

..............

649,405

48,763,821

Nuvectis

Pharma,

Inc.

(a)

(b)

..............

168,331

1,380,314

Ocean

Biomedical,

Inc.

(a)

(b)

..............

188,971

715,255

Olema

Pharmaceuticals,

Inc.

(a)

(b)

..........

662,177

7,495,844

Omega

Therapeutics,

Inc.

(a)

(b)

............

576,638

2,104,729

Organogenesis

Holdings,

Inc.

,

Class

A

(a)

(b)

...

1,711,835

4,861,611

ORIC

Pharmaceuticals,

Inc.

(a)

(b)

..........

959,769

13,196,824

Outlook

Therapeutics,

Inc.

(a)

(b)

...........

194,602

2,323,548

Ovid

therapeutics,

Inc.

(a)

...............

1,401,054

4,273,215

PDL

BioPharma,

Inc.

(a)

(d)

...............

11,853

—

PDS

Biotechnology

Corp.

(a)

(b)

............

717,373

2,840,797

PepGen,

Inc.

(a)

(b)

....................

251,844

3,702,107

PMV

Pharmaceuticals,

Inc.

(a)

(b)

...........

938,628

1,595,668

Poseida

Therapeutics,

Inc.

(a)

(b)

...........

1,706,278

5,443,027

Precigen,

Inc.

(a)

(b)

....................

3,358,038

4,869,155

Prelude

Therapeutics,

Inc.

(a)

(b)

...........

358,354

1,698,598

Prime

Medicine,

Inc.

(a)

(b)

...............

988,619

6,920,333

ProKidney

Corp.

,

Class

A

(a)

(b)

............

1,089,473

1,786,736

Protagonist

Therapeutics,

Inc.

(a)

(b)

.........

1,394,490

40,342,596

Protalix

BioTherapeutics,

Inc.

(a)

(b)

.........

1,534,307

1,933,227

Prothena

Corp.

plc

(a)

(b)

.................

1,031,282

25,544,855

Security

Shares

Shares

Value

Biotechnology

(continued)

PTC

Therapeutics,

Inc.

(a)

(b)

..............

1,760,957

$

51,226,239

Rallybio

Corp.

(a)

(b)

....................

713,920

1,320,752

RAPT

Therapeutics,

Inc.

(a)

(b)

.............

730,092

6,556,226

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

.

3,416,520

34,062,704

REGENXBIO,

Inc.

(a)

(b)

.................

1,009,974

21,280,152

Relay

Therapeutics,

Inc.

(a)

(b)

.............

2,324,581

19,294,022

Reneo

Pharmaceuticals,

Inc.

(a)

...........

457,360

759,218

Replimune

Group,

Inc.

(a)

(b)

..............

1,217,755

9,949,058

REVOLUTION

Medicines,

Inc.

(a)

(b)

.........

3,416,598

110,116,954

Rhythm

Pharmaceuticals,

Inc.

(a)

(b)

.........

1,307,047

56,634,346

Rigel

Pharmaceuticals,

Inc.

(a)

............

4,129,516

6,111,684

Rocket

Pharmaceuticals,

Inc.

(a)

(b)

.........

1,540,856

41,510,661

Sage

Therapeutics,

Inc.

(a)

(b)

.............

1,294,334

24,255,819

Sagimet

Biosciences,

Inc.

,

Class

A

(a)

(b)

......

535,954

2,904,871

Sana

Biotechnology,

Inc.

(a)

(b)

............

2,350,836

23,508,360

Sangamo

Therapeutics,

Inc.

(a)

(b)

..........

3,580,856

2,399,890

Savara,

Inc.

(a)

(b)

.....................

2,228,859

11,099,718

Scholar

Rock

Holding

Corp.

(a)

(b)

..........

1,412,212

25,080,885

Seres

Therapeutics,

Inc.

(a)

(b)

.............

2,367,213

1,832,460

SpringWorks

Therapeutics,

Inc.

(a)

(b)

........

1,678,374

82,609,568

Stoke

Therapeutics,

Inc.

(a)

(b)

.............

678,407

9,158,494

Summit

Therapeutics,

Inc.

(a)

(b)

............

2,837,503

11,747,262

Sutro

Biopharma,

Inc.

(a)

(b)

..............

1,512,130

8,543,534

Syndax

Pharmaceuticals,

Inc.

(a)

(b)

.........

1,926,645

45,854,151

Tango

Therapeutics,

Inc.

(a)

(b)

.............

1,099,020

8,726,219

Tenaya

Therapeutics,

Inc.

(a)

(b)

............

1,145,033

5,988,523

TG

Therapeutics,

Inc.

(a)

(b)

...............

3,401,638

51,738,914

Travere

Therapeutics,

Inc.

(a)

(b)

...........

1,784,525

13,758,688

Turnstone

Biologics

Corp.

(a)

(b)

............

295,141

773,269

Twist

Bioscience

Corp.

(a)

(b)

..............

1,418,104

48,655,148

Tyra

Biosciences,

Inc.

(a)

(b)

..............

333,969

5,477,092

UroGen

Pharma

Ltd.

(a)

(b)

...............

680,861

10,212,915

Vanda

Pharmaceuticals,

Inc.

(a)

...........

1,401,801

5,761,402

Vaxcyte,

Inc.

(a)

(b)

.....................

2,598,493

177,503,057

Vaxxinity,

Inc.

,

Class

A

(a)

(b)

..............

1,047,325

751,456

Vera

Therapeutics,

Inc.

,

Class

A

(a)

(b)

........

981,540

42,324,005

Veracyte,

Inc.

(a)

(b)

....................

1,786,729

39,593,915

Vericel

Corp.

(a)

(b)

.....................

1,169,081

60,815,594

Verve

Therapeutics,

Inc.

(a)

(b)

.............

1,608,822

21,365,156

Vigil

Neuroscience,

Inc.

(a)

(b)

.............

377,294

1,286,573

Viking

Therapeutics,

Inc.

(a)

(b)

.............

2,508,548

205,700,936

Vir

Biotechnology,

Inc.

(a)

...............

2,069,159

20,960,581

Viridian

Therapeutics,

Inc.

(a)

(b)

............

1,214,645

21,268,434

Vor

BioPharma,

Inc.

(a)

(b)

................

819,041

1,941,127

Voyager

Therapeutics,

Inc.

(a)

(b)

...........

950,435

8,848,550

X4

Pharmaceuticals,

Inc.

(a)

(b)

............

3,146,282

4,373,332

Xencor,

Inc.

(a)

......................

1,416,774

31,353,209

XOMA

Corp.

(a)

(b)

.....................

172,508

4,148,817

Y-mAbs

Therapeutics,

Inc.

(a)

(b)

...........

906,435

14,738,633

Zentalis

Pharmaceuticals,

Inc.

(a)

(b)

.........

1,429,889

22,535,051

Zura

Bio

Ltd.

,

Class

A

(a)

(b)

..............

351,999

904,637

Zymeworks,

Inc.

(a)

(b)

..................

1,361,074

14,318,498

5,193,536,424

Broadline

Retail

—

0.1%

Big

Lots,

Inc.

(a)

......................

743,000

3,217,190

ContextLogic,

Inc.

,

Class

A

(a)

(b)

...........

607,136

3,454,604

Dillard's,

Inc.

,

Class

A

(b)

................

83,651

39,453,158

Savers

Value

Village,

Inc.

(a)

(b)

............

636,276

12,267,401

58,392,353

Building

Products

—

2.0%

AAON,

Inc.

(b)

.......................

1,654,838

145,791,228

American

Woodmark

Corp.

(a)

(b)

...........

393,237

39,976,473

Apogee

Enterprises,

Inc.

...............

554,076

32,801,299

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

(continued)

AZZ,

Inc.

.........................

604,795

$

46,756,702

CSW

Industrials,

Inc.

(b)

................

375,424

88,074,470

Gibraltar

Industries,

Inc.

(a)

..............

751,272

60,499,934

Griffon

Corp.

.......................

967,763

70,975,738

Insteel

Industries,

Inc.

.................

455,158

17,396,139

Janus

International

Group,

Inc.

(a)

(b)

........

2,064,005

31,228,396

JELD-WEN

Holding,

Inc.

(a)

(b)

.............

2,100,527

44,594,188

Masonite

International

Corp.

(a)

(b)

..........

536,913

70,577,214

Masterbrand,

Inc.

(a)

..................

3,143,959

58,917,792

Quanex

Building

Products

Corp.

..........

815,725

31,348,312

Resideo

Technologies,

Inc.

(a)

............

3,588,845

80,461,905

Simpson

Manufacturing

Co.,

Inc.

.........

1,050,455

215,532,357

UFP

Industries,

Inc.

..................

1,475,505

181,501,870

Zurn

Elkay

Water

Solutions

Corp.

.........

3,628,279

121,438,498

1,337,872,515

Capital

Markets

—

1.4%

AlTi

Global,

Inc.

,

Class

A

(a)

(b)

............

527,950

2,988,197

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

............................

1,490,588

68,224,213

AssetMark

Financial

Holdings,

Inc.

(a)

.......

549,799

19,468,383

B

Riley

Financial,

Inc.

(b)

................

509,754

10,791,492

Bakkt

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

1,825,508

839,369

BGC

Group,

Inc.

,

Class

A

(b)

.............

8,625,651

67,021,308

Brightsphere

Investment

Group,

Inc.

.......

807,238

18,437,316

Cohen

&

Steers,

Inc.

.................

648,709

49,879,235

Diamond

Hill

Investment

Group,

Inc.

.......

74,311

11,456,527

Donnelley

Financial

Solutions,

Inc.

(a)

(b)

......

608,431

37,728,806

Forge

Global

Holdings,

Inc.

(a)

(b)

...........

2,763,310

5,333,188

GCM

Grosvenor,

Inc.

,

Class

A

...........

1,017,256

9,826,693

Hamilton

Lane,

Inc.

,

Class

A

............

897,712

101,226,005

MarketWise,

Inc.

,

Class

A

..............

738,964

1,278,408

Moelis

&

Co.

,

Class

A

.................

1,454,017

82,544,545

Open

Lending

Corp.

,

Class

A

(a)

(b)

.........

2,435,774

15,247,945

P10,

Inc.

,

Class

A

(b)

..................

955,295

8,043,584

Patria

Investments

Ltd.

,

Class

A

..........

1,385,428

20,559,752

Perella

Weinberg

Partners

,

Class

C

.......

1,028,086

14,526,855

Piper

Sandler

Cos.

...................

435,504

86,443,189

PJT

Partners,

Inc.

,

Class

A

(b)

............

576,696

54,359,365

Silvercrest

Asset

Management

Group,

Inc.

,

Class

A

........................

226,640

3,583,178

StepStone

Group,

Inc.

,

Class

A

..........

1,362,560

48,697,894

StoneX

Group,

Inc.

(a)

.................

674,727

47,406,319

Value

Line,

Inc.

.....................

22,370

905,985

Victory

Capital

Holdings,

Inc.

,

Class

A

......

686,613

29,132,990

Virtus

Investment

Partners,

Inc.

..........

173,382

42,995,268

WisdomTree,

Inc.

....................

3,384,188

31,100,688

890,046,697

Chemicals

—

1.9%

AdvanSix,

Inc.

......................

657,179

18,795,319

American

Vanguard

Corp.

..............

662,227

8,575,840

Arcadium

Lithium

plc

(a)

(b)

...............

25,035,749

107,904,078

Aspen

Aerogels,

Inc.

(a)

(b)

...............

1,245,244

21,916,294

Avient

Corp.

.......................

2,237,003

97,085,930

Balchem

Corp.

(b)

....................

778,475

120,624,701

Cabot

Corp.

.......................

1,334,395

123,031,219

Core

Molding

Technologies,

Inc.

(a)

(b)

........

181,914

3,443,632

Danimer

Scientific,

Inc.

,

Class

A

(a)

(b)

........

2,194,822

2,392,356

Ecovyst,

Inc.

(a)

(b)

.....................

2,250,410

25,092,072

Hawkins,

Inc.

......................

472,019

36,251,059

HB

Fuller

Co.

......................

1,321,505

105,376,809

Ingevity

Corp.

(a)

.....................

894,121

42,649,572

Innospec,

Inc.

......................

604,279

77,915,734

Intrepid

Potash,

Inc.

(a)

(b)

................

271,087

5,654,875

Security

Shares

Shares

Value

Chemicals

(continued)

Koppers

Holdings,

Inc.

................

497,314

$

27,436,813

Kronos

Worldwide,

Inc.

................

564,647

6,662,835

LSB

Industries,

Inc.

(a)

(b)

................

1,325,204

11,635,291

Mativ

Holdings,

Inc.

..................

1,321,012

24,768,975

Minerals

Technologies,

Inc.

.............

798,837

60,136,449

Origin

Materials,

Inc.

,

Class

A

(a)

(b)

.........

2,821,683

1,439,058

Orion

SA

.........................

1,354,197

31,850,713

Perimeter

Solutions

SA

(a)

(b)

.............

3,707,758

27,511,564

PureCycle

Technologies,

Inc.

(a)

(b)

..........

2,852,545

17,742,830

Quaker

Chemical

Corp.

...............

340,147

69,815,172

Rayonier

Advanced

Materials,

Inc.

(a)

(b)

......

1,562,007

7,466,394

Sensient

Technologies

Corp.

............

1,030,704

71,314,410

Stepan

Co.

........................

521,696

46,973,508

Trinseo

plc

........................

892,937

3,375,302

Tronox

Holdings

plc

..................

2,896,165

50,248,463

Valhi,

Inc.

(b)

........................

72,972

1,253,659

1,256,340,926

Commercial

Services

&

Supplies

—

1.6%

ABM

Industries,

Inc.

..................

1,564,538

69,809,686

ACCO

Brands

Corp.

..................

2,241,460

12,574,591

ACV

Auctions,

Inc.

,

Class

A

(a)

(b)

...........

3,122,106

58,601,930

Aris

Water

Solutions,

Inc.

,

Class

A

........

741,522

10,492,536

BrightView

Holdings,

Inc.

(a)

.............

1,030,006

12,257,071

Brink's

Co.

(The)

....................

1,100,532

101,667,146

Casella

Waste

Systems,

Inc.

,

Class

A

(a)

(b)

....

1,377,823

136,225,360

CECO

Environmental

Corp.

(a)

(b)

..........

721,949

16,619,266

Cimpress

plc

(a)

(b)

....................

440,770

39,012,553

CompX

International,

Inc.

..............

31,736

1,088,545

CoreCivic,

Inc.

(a)

....................

2,805,019

43,786,347

Deluxe

Corp.

.......................

1,097,158

22,590,483

Ennis,

Inc.

........................

612,158

12,555,361

Enviri

Corp.

(a)

......................

1,945,798

17,804,052

GEO

Group,

Inc.

(The)

(a)

(b)

..............

2,969,987

41,936,216

Healthcare

Services

Group,

Inc.

(a)

.........

1,827,186

22,803,281

HNI

Corp.

.........................

1,149,073

51,857,664

Interface,

Inc.

......................

1,422,100

23,919,722

LanzaTech

Global,

Inc.

(a)

(b)

..............

502,703

1,555,866

Li-Cycle

Holdings

Corp.

(a)

(b)

.............

3,383,517

3,485,022

Liquidity

Services,

Inc.

(a)

(b)

..............

560,441

10,424,203

Matthews

International

Corp.

,

Class

A

......

736,995

22,905,805

MillerKnoll,

Inc.

.....................

1,815,671

44,956,014

Montrose

Environmental

Group,

Inc.

(a)

(b)

.....

693,109

27,149,080

NL

Industries,

Inc.

...................

211,663

1,551,490

OPENLANE,

Inc.

(a)

(b)

..................

2,652,943

45,895,914

Performant

Financial

Corp.

(a)

(b)

...........

1,630,910

4,794,875

Pitney

Bowes,

Inc.

...................

2,823,565

12,226,036

Quad/Graphics,

Inc.

,

Class

A

(b)

...........

782,898

4,157,188

SP

Plus

Corp.

(a)

(b)

....................

479,959

25,063,459

Steelcase,

Inc.

,

Class

A

...............

2,296,418

30,037,147

UniFirst

Corp.

......................

368,650

63,934,969

Viad

Corp.

(a)

.......................

501,035

19,785,872

VSE

Corp.

(b)

.......................

322,479

25,798,320

1,039,323,070

Communications

Equipment

—

0.5%

ADTRAN

Holdings,

Inc.

...............

1,911,458

10,398,331

Aviat

Networks,

Inc.

(a)

(b)

................

277,585

10,642,609

Calix,

Inc.

(a)

(b)

.......................

1,448,894

48,045,325

Cambium

Networks

Corp.

(a)

(b)

............

296,066

1,276,044

Clearfield,

Inc.

(a)

(b)

....................

316,029

9,746,334

CommScope

Holding

Co.,

Inc.

(a)

..........

5,240,709

6,865,329

Comtech

Telecommunications

Corp.

(a)

......

682,074

2,339,514

Digi

International,

Inc.

(a)

(b)

..............

873,342

27,885,810

DZS,

Inc.

(a)

(b)

.......................

575,949

760,253

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

(continued)

Extreme

Networks,

Inc.

(a)

...............

3,100,215

$

35,776,481

Harmonic,

Inc.

(a)

(b)

...................

2,692,745

36,190,493

Infinera

Corp.

(a)

(b)

....................

4,872,798

29,382,972

KVH

Industries,

Inc.

(a)

(b)

................

422,980

2,157,198

NETGEAR,

Inc.

(a)

(b)

...................

719,483

11,346,247

NetScout

Systems,

Inc.

(a)

..............

1,691,295

36,937,883

Ribbon

Communications,

Inc.

(a)

(b)

.........

2,194,504

7,022,413

Viavi

Solutions,

Inc.

(a)

(b)

................

5,412,170

49,196,625

325,969,861

Construction

&

Engineering

—

1.9%

Ameresco,

Inc.

,

Class

A

(a)

(b)

.............

788,264

19,020,810

API

Group

Corp.

(a)

(b)

..................

5,138,599

201,792,783

Arcosa,

Inc.

.......................

1,188,615

102,054,484

Argan,

Inc.

........................

300,235

15,173,877

Bowman

Consulting

Group

Ltd.

(a)

(b)

........

256,552

8,925,444

Comfort

Systems

USA,

Inc.

(b)

............

867,540

275,626,133

Concrete

Pumping

Holdings,

Inc.

(a)

(b)

.......

594,513

4,696,653

Construction

Partners,

Inc.

,

Class

A

(a)

(b)

.....

1,053,827

59,172,386

Dycom

Industries,

Inc.

(a)

...............

703,410

100,960,437

Fluor

Corp.

(a)

(b)

......................

3,509,583

148,385,169

Granite

Construction,

Inc.

..............

1,086,839

62,091,112

Great

Lakes

Dredge

&

Dock

Corp.

(a)

.......

1,603,401

14,029,759

IES

Holdings,

Inc.

(a)

(b)

.................

201,053

24,456,087

INNOVATE

Corp.

(a)

(b)

..................

1,219,719

854,657

Limbach

Holdings,

Inc.

(a)

(b)

..............

224,318

9,291,252

MYR

Group,

Inc.

(a)

(b)

..................

403,428

71,305,899

Northwest

Pipe

Co.

(a)

(b)

................

227,720

7,897,330

Primoris

Services

Corp.

...............

1,311,813

55,843,879

Sterling

Infrastructure,

Inc.

(a)

(b)

...........

734,574

81,030,858

Tutor

Perini

Corp.

(a)

(b)

.................

1,042,431

15,073,552

1,277,682,561

Construction

Materials

—

0.4%

Knife

River

Corp.

(a)

...................

1,390,060

112,706,065

Summit

Materials,

Inc.

,

Class

A

(a)

(b)

........

2,936,116

130,862,690

United

States

Lime

&

Minerals,

Inc.

(b)

......

49,776

14,840,217

258,408,972

Consumer

Finance

—

0.7%

Atlanticus

Holdings

Corp.

(a)

(b)

............

121,680

3,600,511

Bread

Financial

Holdings,

Inc.

...........

642,741

23,935,675

Consumer

Portfolio

Services,

Inc.

(a)

(b)

.......

210,615

1,592,249

Encore

Capital

Group,

Inc.

(a)

(b)

...........

571,271

26,055,670

Enova

International,

Inc.

(a)

..............

694,673

43,646,305

FirstCash

Holdings,

Inc.

...............

925,113

117,988,912

Green

Dot

Corp.

,

Class

A

(a)

(b)

............

1,011,599

9,438,219

LendingClub

Corp.

(a)

(b)

.................

2,706,176

23,787,287

LendingTree,

Inc.

(a)

(b)

.................

264,248

11,188,260

Navient

Corp.

......................

2,130,661

37,073,501

Nelnet,

Inc.

,

Class

A

..................

321,749

30,453,543

NerdWallet,

Inc.

,

Class

A

(a)

(b)

............

835,609

12,283,452

OppFi,

Inc.

,

Class

A

(a)

(b)

................

268,137

670,343

PRA

Group,

Inc.

(a)

(b)

..................

950,757

24,795,743

PROG

Holdings,

Inc.

.................

1,091,067

37,576,347

Regional

Management

Corp.

............

204,684

4,955,400

Upstart

Holdings,

Inc.

(a)

(b)

...............

1,822,163

48,997,963

World

Acceptance

Corp.

(a)

(b)

.............

101,717

14,746,931

472,786,311

Consumer

Staples

Distribution

&

Retail

—

0.6%

Andersons,

Inc.

(The)

.................

799,378

45,860,316

Chefs'

Warehouse,

Inc.

(The)

(a)

(b)

.........

861,269

32,435,391

HF

Foods

Group,

Inc.

(a)

(b)

...............

921,999

3,226,996

Ingles

Markets,

Inc.

,

Class

A

............

349,326

26,786,318

Natural

Grocers

by

Vitamin

Cottage,

Inc.

....

231,488

4,178,358

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

PriceSmart,

Inc.

.....................

619,878

$

52,069,752

SpartanNash

Co.

....................

861,728

17,415,523

Sprouts

Farmers

Market,

Inc.

(a)

(b)

.........

2,497,101

161,013,072

United

Natural

Foods,

Inc.

(a)

(b)

...........

1,456,685

16,737,311

Village

Super

Market,

Inc.

,

Class

A

........

202,664

5,798,217

Weis

Markets,

Inc.

(b)

..................

407,819

26,263,544

391,784,798

Containers

&

Packaging

—

0.3%

Greif,

Inc.

,

Class

A,

NVS

...............

615,763

42,518,435

Greif,

Inc.

,

Class

B

...................

122,482

8,514,949

Myers

Industries,

Inc.

.................

907,123

21,018,040

O-I

Glass,

Inc.

(a)

(b)

....................

3,809,728

63,203,387

Pactiv

Evergreen,

Inc.

................

998,871

14,303,833

Ranpak

Holdings

Corp.

,

Class

A

(a)

(b)

.......

1,082,249

8,517,300

TriMas

Corp.

.......................

1,004,291

26,844,698

184,920,642

Distributors

—

0.0%

Weyco

Group,

Inc.

...................

135,596

4,322,800

Diversified

Consumer

Services

—

1.1%

2U,

Inc.

(a)

(b)

........................

2,167,286

844,591

Adtalem

Global

Education,

Inc.

(a)

(b)

........

959,186

49,302,160

Carriage

Services,

Inc.

................

323,314

8,742,411

Chegg,

Inc.

(a)

(b)

.....................

2,796,977

21,173,116

Coursera,

Inc.

(a)

(b)

....................

3,244,629

45,489,699

Duolingo,

Inc.

,

Class

A

(a)

(b)

..............

725,433

160,016,011

European

Wax

Center,

Inc.

,

Class

A

(a)

......

827,678

10,743,261

Frontdoor,

Inc.

(a)

(b)

...................

1,972,377

64,260,043

Graham

Holdings

Co.

,

Class

B

...........

86,451

66,366,704

Laureate

Education,

Inc.

...............

3,210,348

46,774,770

Lincoln

Educational

Services

Corp.

(a)

(b)

......

531,498

5,490,374

Nerdy,

Inc.

,

Class

A

(a)

.................

1,559,632

4,538,529

OneSpaWorld

Holdings

Ltd.

(a)

...........

2,042,174

27,017,962

Perdoceo

Education

Corp.

..............

1,555,878

27,321,218

Strategic

Education,

Inc.

(b)

..............

557,894

58,087,923

Stride,

Inc.

(a)

(b)

......................

1,038,319

65,466,013

Udemy,

Inc.

(a)

(b)

.....................

2,195,384

24,105,316

Universal

Technical

Institute,

Inc.

(a)

........

958,450

15,277,693

WW

International,

Inc.

(a)

(b)

..............

1,332,868

2,465,806

703,483,600

Diversified

REITs

—

0.5%

Alexander

&

Baldwin,

Inc.

..............

1,837,684

30,266,655

Alpine

Income

Property

Trust,

Inc.

........

323,481

4,942,790

American

Assets

Trust,

Inc.

.............

1,219,152

26,711,620

Armada

Hoffler

Properties,

Inc.

..........

1,641,107

17,067,513

Broadstone

Net

Lease,

Inc.

.............

4,641,727

72,735,862

CTO

Realty

Growth,

Inc.

...............

535,499

9,076,708

Empire

State

Realty

Trust,

Inc.

,

Class

A

.....

3,226,538

32,684,830

Essential

Properties

Realty

Trust,

Inc.

......

3,862,098

102,963,533

Gladstone

Commercial

Corp.

............

973,709

13,476,133

Global

Net

Lease,

Inc.

................

4,794,453

37,252,900

NexPoint

Diversified

Real

Estate

Trust

(b)

....

769,485

5,078,601

One

Liberty

Properties,

Inc.

.............

415,806

9,393,057

361,650,202

Diversified

Telecommunication

Services

—

0.4%

Anterix,

Inc.

(a)

(b)

.....................

312,147

10,491,261

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

........

2,780,977

8,064,833

ATN

International,

Inc.

................

260,500

8,207,052

Bandwidth,

Inc.

,

Class

A

(a)

..............

574,160

10,484,162

Cogent

Communications

Holdings,

Inc.

(b)

....

1,068,197

69,785,310

Consolidated

Communications

Holdings,

Inc.

(a)

(b)

.........................

1,839,592

7,947,037

EchoStar

Corp.

,

Class

A

(a)

(b)

.............

2,983,862

42,520,034

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

Globalstar,

Inc.

(a)

(b)

...................

17,655,448

$

25,953,509

IDT

Corp.

,

Class

B

...................

373,987

14,140,448

Liberty

Latin

America

Ltd.

,

Class

A

(a)

(b)

......

871,217

6,072,383

Liberty

Latin

America

Ltd.

,

Class

C,

NVS

(a)

...

3,323,181

23,229,035

Lumen

Technologies,

Inc.

(a)

.............

24,709,232

38,546,402

Ooma,

Inc.

(a)

(b)

......................

553,355

4,720,118

Shenandoah

Telecommunications

Co.

......

1,173,971

20,391,876

290,553,460

Electric

Utilities

—

0.7%

ALLETE,

Inc.

......................

1,423,037

84,869,927

Genie

Energy

Ltd.

,

Class

B

.............

479,904

7,236,952

MGE

Energy,

Inc.

....................

895,807

70,517,927

Otter

Tail

Corp.

(b)

....................

1,008,211

87,109,430

PNM

Resources,

Inc.

.................

2,093,286

78,791,285

Portland

General

Electric

Co.

............

2,524,735

106,038,870

434,564,391

Electrical

Equipment

—

1.4%

Allient,

Inc.

........................

310,732

11,086,918

Amprius

Technologies,

Inc.

(a)

(b)

...........

180,838

479,221

Array

Technologies,

Inc.

(a)

(b)

.............

3,709,122

55,303,009

Atkore,

Inc.

(b)

.......................

913,247

173,845,699

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

(b)

......

1,553,175

1,755,088

Blink

Charging

Co.

(a)

(b)

.................

1,326,142

3,991,687

Bloom

Energy

Corp.

,

Class

A

(a)

(b)

.........

4,731,277

53,179,554

Dragonfly

Energy

Holdings

Corp.

(a)

(b)

.......

603,141

325,696

Encore

Wire

Corp.

(b)

..................

368,275

96,775,305

Energy

Vault

Holdings,

Inc.

(a)

(b)

...........

2,392,460

4,282,503

EnerSys

(b)

.........................

998,546

94,322,655

Enovix

Corp.

(a)

(b)

.....................

3,393,230

27,179,772

Eos

Energy

Enterprises,

Inc.

,

Class

A

(a)

(b)

....

3,602,427

3,710,500

ESS

Tech,

Inc.

(a)

(b)

...................

2,158,305

1,561,102

Fluence

Energy,

Inc.

,

Class

A

(a)

(b)

.........

1,438,039

24,935,596

FTC

Solar,

Inc.

(a)

(b)

...................

1,464,414

789,319

FuelCell

Energy,

Inc.

(a)

(b)

...............

11,159,932

13,280,319

GrafTech

International

Ltd.

.............

4,816,392

6,646,621

LSI

Industries,

Inc.

...................

675,279

10,210,219

NEXTracker,

Inc.

,

Class

A

(a)

(b)

............

3,081,841

173,415,193

NuScale

Power

Corp.

,

Class

A

(a)

(b)

.........

1,379,583

7,325,586

Powell

Industries,

Inc.

.................

225,667

32,112,414

Preformed

Line

Products

Co.

(b)

...........

60,340

7,763,948

SES

AI

Corp.

,

Class

A

(a)

(b)

..............

3,118,721

5,239,451

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

(b)

.

4,181,668

46,751,048

SKYX

Platforms

Corp.

(a)

(b)

..............

1,399,088

1,832,805

Stem,

Inc.

(a)

(b)

......................

3,519,560

7,707,836

SunPower

Corp.

(a)

(b)

..................

2,133,755

6,401,265

Thermon

Group

Holdings,

Inc.

(a)

(b)

.........

814,204

26,640,755

TPI

Composites,

Inc.

(a)

(b)

...............

1,065,534

3,100,704

Vicor

Corp.

(a)

.......................

542,594

20,748,795

922,700,583

Electronic

Equipment,

Instruments

&

Components

—

2.6%

908

Devices,

Inc.

(a)

(b)

..................

535,380

4,042,119

Advanced

Energy

Industries,

Inc.

(b)

........

918,346

93,652,925

Aeva

Technologies,

Inc.

(a)

(b)

.............

400,696

1,574,735

Akoustis

Technologies,

Inc.

(a)

(b)

...........

2,067,874

1,222,320

Arlo

Technologies,

Inc.

(a)

...............

2,187,635

27,673,583

Badger

Meter,

Inc.

(b)

..................

716,693

115,968,094

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

255,001

15,379,110

Belden,

Inc.

(b)

......................

1,022,364

94,681,130

Benchmark

Electronics,

Inc.

............

880,929

26,436,679

Climb

Global

Solutions,

Inc.

.............

100,747

7,140,947

CTS

Corp.

(b)

.......................

756,457

35,394,623

Daktronics,

Inc.

(a)

(b)

...................

919,706

9,160,272

ePlus,

Inc.

(a)

(b)

......................

657,435

51,634,945

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Evolv

Technologies

Holdings,

Inc.

(a)

(b)

......

2,756,815

$

12,267,827

Fabrinet

(a)

.........................

901,257

170,355,598

FARO

Technologies,

Inc.

(a)

(b)

............

458,713

9,866,917

Insight

Enterprises,

Inc.

(a)

(b)

.............

692,602

128,491,523

Iteris,

Inc.

(a)

(b)

.......................

949,398

4,690,026

Itron,

Inc.

(a)

........................

1,117,320

103,374,446

Kimball

Electronics,

Inc.

(a)

(b)

.............

578,647

12,527,708

Knowles

Corp.

(a)

....................

2,179,297

35,086,682

Lightwave

Logic,

Inc.

(a)

(b)

...............

2,860,399

13,386,667

Luna

Innovations,

Inc.

(a)

(b)

..............

786,017

2,519,185

Methode

Electronics,

Inc.

..............

825,201

10,050,948

MicroVision,

Inc.

(a)

(b)

..................

4,636,007

8,530,253

Mirion

Technologies,

Inc.

,

Class

A

(a)

(b)

......

4,918,755

55,926,244

Motomova,

Inc.

,

NVS

(a)

(d)

...............

26,106

—

Napco

Security

Technologies,

Inc.

........

810,101

32,533,656

nLight,

Inc.

(a)

(b)

......................

1,093,302

14,212,926

Novanta,

Inc.

(a)

(b)

....................

876,524

153,190,100

OSI

Systems,

Inc.

(a)

..................

394,980

56,411,044

PAR

Technology

Corp.

(a)

(b)

..............

664,720

30,151,699

PC

Connection,

Inc.

..................

287,459

18,952,172

Plexus

Corp.

(a)

(b)

.....................

674,312

63,938,264

Presto

Automation,

Inc.

(a)

(b)

.............

198,339

34,511

Richardson

Electronics

Ltd.

.............

285,861

2,632,780

Rogers

Corp.

(a)

.....................

424,564

50,391,501

Sanmina

Corp.

(a)

....................

1,351,881

84,059,961

ScanSource,

Inc.

(a)

...................

629,365

27,717,235

SmartRent,

Inc.

,

Class

A

(a)

(b)

.............

4,611,013

12,357,515

TTM

Technologies,

Inc.

(a)

...............

2,488,117

38,939,031

Vishay

Intertechnology,

Inc.

.............

3,123,468

70,840,254

Vishay

Precision

Group,

Inc.

(a)

...........

296,152

10,463,050

Vuzix

Corp.

(a)

(b)

.....................

1,460,056

1,766,668

1,719,627,873

Energy

Equipment

&

Services

—

2.6%

Archrock,

Inc.

......................

3,410,623

67,086,954

Atlas

Energy

Solutions,

Inc.

(b)

............

437,588

9,898,241

Borr

Drilling

Ltd.

(b)

...................

5,374,710

36,816,764

Bristow

Group,

Inc.

(a)

.................

562,671

15,304,651

Cactus,

Inc.

,

Class

A

.................

1,603,334

80,311,000

ChampionX

Corp.

(b)

..................

4,809,574

172,615,611

Core

Laboratories,

Inc.

(b)

...............

1,161,087

19,831,366

Diamond

Offshore

Drilling,

Inc.

(a)

(b)

........

2,473,162

33,733,930

DMC

Global,

Inc.

(a)

...................

476,419

9,285,406

Dril-Quip,

Inc.

(a)

(b)

....................

821,910

18,517,632

Expro

Group

Holdings

NV

(a)

(b)

............

2,188,733

43,708,998

Forum

Energy

Technologies,

Inc.

(a)

(b)

.......

228,752

4,570,465

Helix

Energy

Solutions

Group,

Inc.

(a)

.......

3,527,453

38,237,591

Helmerich

&

Payne,

Inc.

...............

2,399,816

100,936,261

KLX

Energy

Services

Holdings,

Inc.

(a)

(b)

.....

306,219

2,370,135

Kodiak

Gas

Services,

Inc.

..............

389,059

10,636,873

Liberty

Energy,

Inc.

,

Class

A

............

4,020,551

83,305,817

Mammoth

Energy

Services,

Inc.

(a)

(b)

........

553,803

2,015,843

Nabors

Industries

Ltd.

(a)

...............

225,571

19,428,430

Newpark

Resources,

Inc.

(a)

.............

1,845,699

13,325,947

Noble

Corp.

plc

.....................

2,764,200

134,036,058

Oceaneering

International,

Inc.

(a)

(b)

........

2,464,861

57,677,747

Oil

States

International,

Inc.

(a)

............

1,574,321

9,697,817

Patterson-UTI

Energy,

Inc.

.............

8,659,277

103,391,767

ProFrac

Holding

Corp.

,

Class

A

(a)

(b)

........

657,693

5,498,313

ProPetro

Holding

Corp.

(a)

...............

2,347,902

18,971,048

Ranger

Energy

Services,

Inc.

............

350,329

3,955,214

RPC,

Inc.

.........................

2,109,435

16,327,027

SEACOR

Marine

Holdings,

Inc.

(a)

.........

579,475

8,077,881

Seadrill

Ltd.

(a)

(b)

.....................

1,154,927

58,092,828

Select

Water

Solutions,

Inc.

,

Class

A

.......

1,959,324

18,084,561

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Solaris

Oilfield

Infrastructure,

Inc.

,

Class

A

...

736,088

$

6,381,883

TETRA

Technologies,

Inc.

(a)

(b)

............

3,082,271

13,654,461

Tidewater,

Inc.

(a)

(b)

...................

1,137,998

104,695,816

US

Silica

Holdings,

Inc.

(a)

..............

1,849,280

22,949,565

Valaris

Ltd.

(a)

(b)

......................

1,451,260

109,221,828

Weatherford

International

plc

(a)

...........

1,743,198

201,199,913

1,673,851,642

Entertainment

—

0.4%

(b)

Atlanta

Braves

Holdings,

Inc.

,

Class

A

(a)

.....

271,477

11,374,886

Atlanta

Braves

Holdings,

Inc.

,

Class

C,

NVS

(a)

1,084,723

42,369,281

Cinemark

Holdings,

Inc.

(a)

..............

2,703,720

48,585,848

IMAX

Corp.

(a)

......................

1,103,072

17,836,674

Lions

Gate

Entertainment

Corp.

,

Class

A

(a)

...

1,568,842

15,609,978

Lions

Gate

Entertainment

Corp.

,

Class

B,

NVS

(a)

.........................

2,817,274

26,228,821

Loop

Media,

Inc.

(a)

...................

820,086

300,479

Madison

Square

Garden

Entertainment

Corp.

(a)

973,503

38,171,053

Marcus

Corp.

(The)

..................

602,712

8,594,673

Playstudios,

Inc.

,

Class

A

(a)

.............

2,054,160

5,710,565

Reservoir

Media,

Inc.

(a)

................

477,722

3,788,335

Sphere

Entertainment

Co.

,

Class

A

(a)

.......

655,707

32,182,100

Vivid

Seats,

Inc.

,

Class

A

(a)

.............

1,800,212

10,783,270

261,535,963

Financial

Services

—

2.4%

Acacia

Research

Corp.

(a)

(b)

..............

820,130

4,371,293

Alerus

Financial

Corp.

................

472,717

10,319,412

A-Mark

Precious

Metals,

Inc.

............

472,968

14,515,388

AvidXchange

Holdings,

Inc.

(a)

(b)

...........

3,755,262

49,381,695

Banco

Latinoamericano

de

Comercio

Exterior

SA

,

Class

E

.....................

683,200

20,236,384

Cannae

Holdings,

Inc.

(a)

...............

1,659,131

36,899,073

Cantaloupe,

Inc.

(a)

...................

1,438,729

9,251,027

Cass

Information

Systems,

Inc.

..........

351,046

16,909,886

Compass

Diversified

Holdings

...........

1,584,982

38,150,517

Enact

Holdings,

Inc.

..................

777,724

24,249,434

Essent

Group

Ltd.

...................

2,596,428

154,513,430

EVERTEC,

Inc.

.....................

1,590,639

63,466,496

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

..........................

229,473

45,178,644

Finance

of

America

Cos.,

Inc.

,

Class

A

(a)

(b)

...

1,149,530

845,020

Flywire

Corp.

(a)

(b)

....................

2,614,292

64,860,585

I3

Verticals,

Inc.

,

Class

A

(a)

(b)

............

562,849

12,883,614

International

Money

Express,

Inc.

(a)

(b)

.......

777,625

17,753,179

Jackson

Financial,

Inc.

,

Class

A

..........

1,716,369

113,520,646

Marqeta,

Inc.

,

Class

A

(a)

(b)

..............

11,569,165

68,952,223

Merchants

Bancorp

..................

407,413

17,592,093

Mr

Cooper

Group,

Inc.

(a)

(b)

..............

1,594,465

124,288,547

NewtekOne,

Inc.

....................

611,223

6,723,453

NMI

Holdings,

Inc.

,

Class

A

(a)

............

2,001,925

64,742,255

Ocwen

Financial

Corp.

(a)

(b)

..............

165,701

4,475,584

Pagseguro

Digital

Ltd.

,

Class

A

(a)

.........

4,889,757

69,825,730

Payoneer

Global,

Inc.

(a)

................

5,753,020

27,959,677

Paysafe

Ltd.

(a)

......................

800,434

12,638,853

Paysign,

Inc.

(a)

(b)

.....................

821,162

3,005,453

PennyMac

Financial

Services,

Inc.

........

637,115

58,034,805

Priority

Technology

Holdings,

Inc.

(a)

(b)

.......

282,649

924,262

Radian

Group,

Inc.

...................

3,231,567

108,160,548

Remitly

Global,

Inc.

(a)

(b)

................

3,339,610

69,263,511

Repay

Holdings

Corp.

,

Class

A

(a)

(b)

........

2,035,779

22,393,569

Security

National

Financial

Corp.

,

Class

A

(a)

(b)

.

305,272

2,414,704

StoneCo

Ltd.

,

Class

A

(a)

...............

7,147,609

118,721,786

SWK

Holdings

Corp.

(a)

(b)

...............

40,845

711,520

Velocity

Financial,

Inc.

(a)

(b)

..............

221,973

3,995,514

Security

Shares

Shares

Value

Financial

Services

(continued)

Walker

&

Dunlop,

Inc.

.................

790,771

$

79,915,317

Waterstone

Financial,

Inc.

..............

491,434

5,980,752

1,568,025,879

Food

Products

—

0.9%

Alico,

Inc.

(b)

........................

175,493

5,138,435

B&G

Foods,

Inc.

....................

1,928,395

22,060,839

Benson

Hill,

Inc.

(a)

(b)

..................

4,216,537

845,416

Beyond

Meat,

Inc.

(a)

(b)

.................

1,474,806

12,211,394

BRC,

Inc.

,

Class

A

(a)

(b)

.................

983,200

4,208,096

Calavo

Growers,

Inc.

.................

429,450

11,943,004

Cal-Maine

Foods,

Inc.

.................

1,007,260

59,277,251

Dole

plc

..........................

1,763,797

21,042,098

Forafric

Global

plc

(a)

(b)

.................

50,367

521,802

Fresh

Del

Monte

Produce,

Inc.

...........

847,906

21,969,244

Hain

Celestial

Group,

Inc.

(The)

(a)

(b)

........

2,200,317

17,294,492

J

&

J

Snack

Foods

Corp.

...............

368,255

53,234,943

J

M

Smucker

Co.

(The)

................

1

126

John

B

Sanfilippo

&

Son,

Inc.

............

217,623

23,050,628

Lancaster

Colony

Corp.

...............

476,713

98,979,920

Limoneira

Co.

......................

423,246

8,278,692

Mission

Produce,

Inc.

(a)

(b)

...............

1,160,815

13,778,874

Seneca

Foods

Corp.

,

Class

A

(a)

(b)

.........

121,592

6,918,585

Simply

Good

Foods

Co.

(The)

(a)

(b)

.........

2,213,830

75,336,635

SunOpta,

Inc.

(a)

(b)

....................

2,311,664

15,881,132

TreeHouse

Foods,

Inc.

(a)

(b)

..............

1,251,652

48,751,845

Utz

Brands,

Inc.

,

Class

A

(b)

.............

1,749,329

32,257,627

Vital

Farms,

Inc.

(a)

(b)

..................

761,860

17,713,245

Westrock

Coffee

Co.

(a)

(b)

...............

652,976

6,745,242

577,439,565

Gas

Utilities

—

0.9%

Brookfield

Infrastructure

Corp.

,

Class

A

.....

2,937,441

105,865,374

Chesapeake

Utilities

Corp.

.............

534,346

57,335,326

New

Jersey

Resources

Corp.

............

2,386,787

102,417,030

Northwest

Natural

Holding

Co.

...........

905,031

33,685,254

ONE

Gas,

Inc.

......................

1,362,131

87,898,313

RGC

Resources,

Inc.

.................

176,887

3,580,193

Southwest

Gas

Holdings,

Inc.

...........

1,533,669

116,758,221

Spire,

Inc.

.........................

1,284,912

78,855,049

586,394,760

Ground

Transportation

—

0.4%

ArcBest

Corp.

(b)

.....................

584,421

83,279,993

Covenant

Logistics

Group,

Inc.

,

Class

A

.....

202,440

9,385,118

Daseke,

Inc.

(a)

......................

1,118,015

9,279,525

FTAI

Infrastructure,

Inc.

................

2,428,025

15,247,997

Heartland

Express,

Inc.

................

1,126,859

13,454,696

Marten

Transport

Ltd.

.................

1,418,343

26,210,979

PAM

Transportation

Services,

Inc.

(a)

(b)

......

165,291

2,679,367

RXO,

Inc.

(a)

(b)

.......................

2,841,804

62,150,253

Universal

Logistics

Holdings,

Inc.

.........

166,550

6,140,699

Werner

Enterprises,

Inc.

...............

1,563,453

61,162,281

288,990,908

Health

Care

Equipment

&

Supplies

—

2.6%

Accuray,

Inc.

(a)

(b)

.....................

2,289,392

5,654,798

Alphatec

Holdings,

Inc.

(a)

(b)

..............

2,245,590

30,966,686

AngioDynamics,

Inc.

(a)

(b)

...............

937,686

5,504,217

Artivion,

Inc.

(a)

(b)

.....................

962,539

20,367,325

AtriCure,

Inc.

(a)

(b)

....................

1,144,185

34,806,108

Atrion

Corp.

.......................

33,807

15,671,235

Avanos

Medical,

Inc.

(a)

(b)

...............

1,134,106

22,580,050

AxoGen,

Inc.

(a)

(b)

....................

1,007,088

8,127,200

Axonics,

Inc.

(a)

(b)

.....................

1,217,848

83,994,977

Beyond

Air,

Inc.

(a)

(b)

...................

652,862

1,135,980

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Butterfly

Network,

Inc.

,

Class

A

(a)

(b)

........

3,654,138

$

3,946,469

Cerus

Corp.

(a)

(b)

.....................

4,358,972

8,238,457

ClearPoint

Neuro,

Inc.

(a)

(b)

..............

545,072

3,706,490

CONMED

Corp.

(b)

...................

753,676

60,354,374

Cutera,

Inc.

(a)

(b)

.....................

446,526

656,393

CVRx,

Inc.

(a)

(b)

......................

269,127

4,900,803

Embecta

Corp.

.....................

1,425,576

18,917,394

Glaukos

Corp.

(a)

(b)

....................

1,162,319

109,595,059

Haemonetics

Corp.

(a)

(b)

................

1,227,350

104,754,322

Inari

Medical,

Inc.

(a)

(b)

.................

1,305,495

62,637,650

Inmode

Ltd.

(a)

(b)

.....................

1,898,965

41,036,634

Inogen,

Inc.

(a)

(b)

.....................

598,980

4,833,769

Integer

Holdings

Corp.

(a)

(b)

..............

815,068

95,102,134

iRadimed

Corp.

.....................

172,782

7,600,680

iRhythm

Technologies,

Inc.

(a)

(b)

...........

753,726

87,432,216

KORU

Medical

Systems,

Inc.

(a)

(b)

..........

685,647

1,618,127

Lantheus

Holdings,

Inc.

(a)

(b)

.............

1,661,043

103,383,316

LeMaitre

Vascular,

Inc.

................

478,860

31,777,150

LivaNova

plc

(a)

......................

1,326,372

74,197,250

Merit

Medical

Systems,

Inc.

(a)

(b)

...........

1,386,008

104,990,106

Nano-X

Imaging

Ltd.

(a)

(b)

...............

1,171,639

11,446,913

Neogen

Corp.

(a)

(b)

....................

5,310,696

83,802,783

Nevro

Corp.

(a)

(b)

.....................

879,827

12,704,702

Omnicell,

Inc.

(a)

(b)

....................

1,104,355

32,280,297

OraSure

Technologies,

Inc.

(a)

............

1,765,077

10,855,224

Orchestra

BioMed

Holdings,

Inc.

(a)

(b)

.......

317,314

1,672,245

Orthofix

Medical,

Inc.

(a)

................

866,937

12,587,925

OrthoPediatrics

Corp.

(a)

(b)

...............

387,469

11,298,596

Outset

Medical,

Inc.

(a)

(b)

................

1,250,238

2,775,528

Paragon

28,

Inc.

(a)

(b)

..................

1,070,094

13,215,661

PROCEPT

BioRobotics

Corp.

(a)

(b)

.........

989,993

48,925,454

Pulmonx

Corp.

(a)

(b)

...................

903,600

8,376,372

Pulse

Biosciences,

Inc.

(a)

(b)

..............

393,855

3,430,477

RxSight,

Inc.

(a)

(b)

.....................

694,961

35,846,088

Sanara

Medtech,

Inc.

(a)

(b)

...............

94,563

3,498,831

Semler

Scientific,

Inc.

(a)

(b)

...............

113,303

3,309,581

SI-BONE,

Inc.

(a)

(b)

....................

972,109

15,913,424

Sight

Sciences,

Inc.

(a)

(b)

................

512,815

2,707,663

Silk

Road

Medical,

Inc.

(a)

(b)

..............

945,556

17,322,586

STAAR

Surgical

Co.

(a)

(b)

................

1,201,763

46,003,488

Surmodics,

Inc.

(a)

....................

335,950

9,856,773

Tactile

Systems

Technology,

Inc.

(a)

(b)

.......

574,681

9,338,566

Tela

Bio,

Inc.

(a)

(b)

.....................

379,502

2,151,776

TransMedics

Group,

Inc.

(a)

(b)

.............

774,034

57,232,074

Treace

Medical

Concepts,

Inc.

(a)

(b)

.........

1,104,384

14,412,211

UFP

Technologies,

Inc.

(a)

(b)

..............

173,652

43,795,034

Utah

Medical

Products,

Inc.

.............

70,766

5,032,170

Varex

Imaging

Corp.

(a)

(b)

...............

948,802

17,173,316

Vicarious

Surgical,

Inc.

,

Class

A

(a)

(b)

........

1,630,600

491,626

Zimvie,

Inc.

(a)

(b)

.....................

634,660

10,465,543

Zynex,

Inc.

(a)

(b)

......................

430,012

5,319,248

1,711,729,544

Health

Care

Providers

&

Services

—

2.5%

23andMe

Holding

Co.

,

Class

A

(a)

(b)

........

7,560,935

4,022,417

Accolade,

Inc.

(a)

(b)

....................

1,697,942

17,794,432

AdaptHealth

Corp.

(a)

(b)

.................

2,340,110

26,934,666

Addus

HomeCare

Corp.

(a)

..............

384,361

39,719,866

Agiliti,

Inc.

(a)

.......................

740,658

7,495,459

AirSculpt

Technologies,

Inc.

(a)

(b)

..........

287,137

1,763,021

Alignment

Healthcare,

Inc.

(a)

(b)

...........

2,072,393

10,279,069

AMN

Healthcare

Services,

Inc.

(a)

(b)

........

935,344

58,468,354

Astrana

Health,

Inc.

(a)

(b)

................

1,059,285

44,479,377

Aveanna

Healthcare

Holdings,

Inc.

(a)

(b)

......

1,218,515

3,034,102

BrightSpring

Health

Services,

Inc.

(a)

(b)

......

1,315,840

14,303,181

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Brookdale

Senior

Living,

Inc.

(a)

(b)

..........

4,560,061

$

30,142,003

CareMax,

Inc.

(a)

(b)

....................

64,888

312,760

Castle

Biosciences,

Inc.

(a)

..............

609,187

13,493,492

Community

Health

Systems,

Inc.

(a)

(b)

.......

3,111,020

10,888,570

CorVel

Corp.

(a)

(b)

.....................

210,598

55,378,850

Cross

Country

Healthcare,

Inc.

(a)

(b)

........

832,199

15,578,765

DocGo,

Inc.

(a)

(b)

.....................

1,895,111

7,656,248

Enhabit,

Inc.

(a)

(b)

.....................

1,227,291

14,297,940

Ensign

Group,

Inc.

(The)

(b)

..............

1,330,449

165,534,465

Fulgent

Genetics,

Inc.

(a)

(b)

..............

504,909

10,956,525

Guardant

Health,

Inc.

(a)

(b)

...............

2,765,976

57,062,085

HealthEquity,

Inc.

(a)

(b)

.................

2,085,351

170,227,202

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

(b)

......

3,035,585

46,960,500

InfuSystem

Holdings,

Inc.

(a)

(b)

............

400,089

3,428,763

Innovage

Holding

Corp.

(a)

(b)

.............

466,716

2,072,219

Joint

Corp.

(The)

(a)

(b)

..................

354,099

4,624,533

LifeStance

Health

Group,

Inc.

(a)

(b)

.........

2,597,140

16,024,354

ModivCare,

Inc.

(a)

(b)

...................

313,457

7,350,567

National

HealthCare

Corp.

..............

303,170

28,652,597

National

Research

Corp.

...............

335,949

13,306,940

NeoGenomics,

Inc.

(a)

(b)

................

3,118,034

49,015,495

OPKO

Health,

Inc.

(a)

(b)

.................

10,019,691

12,023,629

Option

Care

Health,

Inc.

(a)

(b)

.............

4,105,773

137,707,626

Owens

&

Minor,

Inc.

(a)

(b)

................

1,821,810

50,482,355

P3

Health

Partners,

Inc.

,

Class

A

(a)

(b)

.......

993,209

1,023,005

Patterson

Cos.,

Inc.

..................

2,048,372

56,637,486

Pediatrix

Medical

Group,

Inc.

(a)

(b)

..........

2,067,051

20,732,522

Pennant

Group,

Inc.

(The)

(a)

.............

697,356

13,689,098

PetIQ,

Inc.

,

Class

A

(a)

(b)

................

664,693

12,150,588

Privia

Health

Group,

Inc.

(a)

(b)

.............

2,740,689

53,690,098

Progyny,

Inc.

(a)

(b)

....................

1,937,031

73,897,733

Quipt

Home

Medical

Corp.

(a)

(b)

...........

860,611

3,760,870

RadNet,

Inc.

(a)

......................

1,481,079

72,069,304

Select

Medical

Holdings

Corp.

...........

2,549,743

76,874,752

Surgery

Partners,

Inc.

(a)

(b)

..............

1,854,870

55,330,772

US

Physical

Therapy,

Inc.

..............

365,759

41,283,218

Viemed

Healthcare,

Inc.

(a)

(b)

.............

780,997

7,364,802

1,639,976,675

Health

Care

REITs

—

0.5%

CareTrust

REIT,

Inc.

..................

2,959,432

72,121,358

Community

Healthcare

Trust,

Inc.

.........

665,307

17,663,901

Diversified

Healthcare

Trust

.............

5,905,894

14,528,499

Global

Medical

REIT,

Inc.

..............

1,523,520

13,330,800

LTC

Properties,

Inc.

..................

1,009,105

32,806,003

National

Health

Investors,

Inc.

...........

1,036,402

65,117,138

Sabra

Health

Care

REIT,

Inc.

............

5,723,722

84,539,374

Universal

Health

Realty

Income

Trust

......

325,614

11,953,290

312,060,363

Health

Care

Technology

—

0.4%

American

Well

Corp.

,

Class

A

(a)

..........

5,997,758

4,862,382

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

.....

1,172,418

9,461,413

Evolent

Health,

Inc.

,

Class

A

(a)

(b)

..........

2,752,388

90,250,803

Health

Catalyst,

Inc.

(a)

(b)

................

1,396,283

10,514,011

HealthStream,

Inc.

...................

586,236

15,629,052

Multiplan

Corp.

,

Class

A

(a)

(b)

.............

9,568,308

7,761,812

OptimizeRx

Corp.

(a)

(b)

.................

402,799

4,894,008

Phreesia,

Inc.

(a)

(b)

....................

1,305,612

31,243,295

Schrodinger,

Inc.

(a)

(b)

..................

1,332,230

35,970,210

Sharecare,

Inc.

,

Class

A

(a)

(b)

.............

7,574,424

5,813,370

Simulations

Plus,

Inc.

(b)

................

381,135

15,683,705

TruBridge,

Inc.

(a)

(b)

...................

352,573

3,250,723

235,334,784

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotel

&

Resort

REITs

—

0.8%

Apple

Hospitality

REIT,

Inc.

.............

5,351,057

$

87,650,314

Braemar

Hotels

&

Resorts,

Inc.

..........

1,663,399

3,326,798

Chatham

Lodging

Trust

................

1,208,101

12,213,901

DiamondRock

Hospitality

Co.

(b)

..........

5,240,318

50,359,456

Pebblebrook

Hotel

Trust

(b)

..............

2,924,755

45,070,475

RLJ

Lodging

Trust

...................

3,820,844

45,162,376

Ryman

Hospitality

Properties,

Inc.

........

1,435,113

165,913,414

Service

Properties

Trust

...............

4,079,514

27,659,105

Summit

Hotel

Properties,

Inc.

............

2,593,287

16,882,298

Sunstone

Hotel

Investors,

Inc.

...........

5,069,240

56,471,334

Xenia

Hotels

&

Resorts,

Inc.

............

2,602,153

39,058,316

549,767,787

Hotels,

Restaurants

&

Leisure

—

2.2%

Accel

Entertainment,

Inc.

,

Class

A

(a)

(b)

......

1,257,710

14,828,401

Bally's

Corp.

(a)

(b)

.....................

721,394

10,056,232

Biglari

Holdings,

Inc.

,

Class

B,

NVS

(a)

(b)

.....

17,624

3,342,920

BJ's

Restaurants,

Inc.

(a)

(b)

..............

557,190

20,159,134

Bloomin'

Brands,

Inc.

.................

2,164,964

62,091,168

Bowlero

Corp.

,

Class

A

(b)

...............

406,921

5,574,818

Brinker

International,

Inc.

(a)

(b)

............

1,082,521

53,779,643

Carrols

Restaurant

Group,

Inc.

...........

857,104

8,151,059

Century

Casinos,

Inc.

(a)

(b)

...............

623,331

1,969,726

Cheesecake

Factory,

Inc.

(The)

(b)

.........

1,179,845

42,651,397

Chuy's

Holdings,

Inc.

(a)

(b)

...............

412,724

13,921,181

Cracker

Barrel

Old

Country

Store,

Inc.

......

546,601

39,754,291

Dave

&

Buster's

Entertainment,

Inc.

(a)

(b)

.....

831,658

52,061,791

Denny's

Corp.

(a)

(b)

....................

1,225,884

10,983,921

Dine

Brands

Global,

Inc.

...............

387,777

18,023,875

El

Pollo

Loco

Holdings,

Inc.

(a)

............

678,605

6,609,613

Everi

Holdings,

Inc.

(a)

(b)

................

1,998,304

20,082,955

First

Watch

Restaurant

Group,

Inc.

(a)

(b)

......

524,966

12,924,663

Full

House

Resorts,

Inc.

(a)

(b)

.............

775,474

4,319,390

Global

Business

Travel

Group

I

(a)

(b)

........

763,715

4,589,927

Golden

Entertainment,

Inc.

.............

502,424

18,504,276

Hilton

Grand

Vacations,

Inc.

(a)

(b)

..........

1,934,337

91,320,050

Inspired

Entertainment,

Inc.

(a)

(b)

...........

516,976

5,097,383

International

Game

Technology

plc

........

2,658,382

60,052,849

Jack

in

the

Box,

Inc.

..................

485,970

33,279,226

Krispy

Kreme,

Inc.

(b)

..................

2,134,352

32,516,853

Kura

Sushi

USA,

Inc.

,

Class

A

(a)

(b)

.........

143,268

16,498,743

Life

Time

Group

Holdings,

Inc.

(a)

(b)

.........

1,114,042

17,289,932

Light

&

Wonder,

Inc.

,

Class

A

(a)

(b)

.........

2,217,472

226,381,717

Lindblad

Expeditions

Holdings,

Inc.

(a)

(b)

.....

860,837

8,031,609

Monarch

Casino

&

Resort,

Inc.

...........

333,564

25,013,964

Mondee

Holdings,

Inc.

,

Class

A

(a)

(b)

........

1,112,884

2,570,762

Nathan's

Famous,

Inc.

................

56,898

4,028,378

Noodles

&

Co.

,

Class

A

(a)

(b)

.............

1,016,164

1,940,873

ONE

Group

Hospitality,

Inc.

(The)

(a)

(b)

......

502,404

2,798,390

Papa

John's

International,

Inc.

...........

803,723

53,527,952

PlayAGS,

Inc.

(a)

.....................

903,738

8,115,567

Portillo's,

Inc.

,

Class

A

(a)

(b)

..............

1,105,075

15,669,964

Potbelly

Corp.

(a)

(b)

....................

629,857

7,627,568

RCI

Hospitality

Holdings,

Inc.

(b)

...........

212,951

12,351,158

Red

Robin

Gourmet

Burgers,

Inc.

(a)

(b)

.......

386,756

2,962,551

Red

Rock

Resorts,

Inc.

,

Class

A

..........

1,171,617

70,086,129

Rush

Street

Interactive,

Inc.

,

Class

A

(a)

(b)

....

1,581,987

10,298,735

Sabre

Corp.

(a)

(b)

.....................

8,125,964

19,664,833

Shake

Shack,

Inc.

,

Class

A

(a)

(b)

...........

925,280

96,256,878

Six

Flags

Entertainment

Corp.

(a)

(b)

.........

1,792,150

47,169,388

Super

Group

SGHC

Ltd.

(a)

(b)

.............

3,302,669

11,394,208

Sweetgreen,

Inc.

,

Class

A

(a)

(b)

............

2,400,176

60,628,446

Target

Hospitality

Corp.

(a)

(b)

.............

778,786

8,465,404

United

Parks

&

Resorts,

Inc.

(a)

(b)

..........

901,316

50,662,972

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Xponential

Fitness,

Inc.

,

Class

A

(a)

........

574,134

$

9,496,176

1,435,579,039

Household

Durables

—

2.4%

Beazer

Homes

USA,

Inc.

(a)

.............

716,552

23,502,906

Cavco

Industries,

Inc.

(a)

(b)

...............

203,245

81,106,950

Century

Communities,

Inc.

.............

708,159

68,337,343

Cricut,

Inc.

,

Class

A

..................

1,193,668

5,681,860

Dream

Finders

Homes,

Inc.

,

Class

A

(a)

(b)

.....

586,386

25,642,660

Ethan

Allen

Interiors,

Inc.

..............

553,842

19,146,318

GoPro,

Inc.

,

Class

A

(a)

(b)

................

3,137,800

6,997,294

Green

Brick

Partners,

Inc.

(a)

.............

635,090

38,251,471

Helen

of

Troy

Ltd.

(a)

(b)

.................

581,499

67,011,945

Hooker

Furnishings

Corp.

..............

260,788

6,261,520

Hovnanian

Enterprises,

Inc.

,

Class

A

(a)

(b)

....

119,123

18,695,164

Installed

Building

Products,

Inc.

(b)

.........

582,219

150,637,522

iRobot

Corp.

(a)

(b)

.....................

670,691

5,875,253

KB

Home

.........................

1,677,700

118,915,376

Landsea

Homes

Corp.

(a)

...............

485,672

7,056,814

La-Z-Boy,

Inc.

......................

1,064,061

40,029,975

Legacy

Housing

Corp.

(a)

(b)

..............

219,853

4,731,236

LGI

Homes,

Inc.

(a)

(b)

..................

507,100

59,011,227

Lovesac

Co.

(The)

(a)

(b)

.................

347,283

7,848,596

M/I

Homes,

Inc.

(a)

(b)

...................

662,570

90,301,665

MDC

Holdings,

Inc.

..................

1,464,977

92,161,703

Meritage

Homes

Corp.

................

891,899

156,492,598

Purple

Innovation,

Inc.

(b)

...............

1,396,999

2,430,778

Skyline

Champion

Corp.

(a)

(b)

.............

1,318,962

112,124,960

Snap

One

Holdings

Corp.

(a)

(b)

............

437,882

3,774,543

Sonos,

Inc.

(a)

(b)

......................

3,046,498

58,066,252

Taylor

Morrison

Home

Corp.

(a)

(b)

..........

2,549,177

158,482,334

Traeger,

Inc.

(a)

(b)

.....................

874,761

2,213,145

TRI

Pointe

Homes,

Inc.

(a)

...............

2,349,157

90,818,410

United

Homes

Group,

Inc.

,

Class

A

(a)

(b)

......

95,596

668,216

Vizio

Holding

Corp.

,

Class

A

(a)

(b)

..........

1,884,329

20,614,559

VOXX

International

Corp.

,

Class

A

(a)

(b)

......

294,286

2,401,374

Worthington

Enterprises,

Inc.

............

752,906

46,853,340

1,592,145,307

Household

Products

—

0.3%

Central

Garden

&

Pet

Co.

(a)

(b)

............

238,846

10,229,774

Central

Garden

&

Pet

Co.

,

Class

A,

NVS

(a)

(b)

..

1,256,354

46,384,590

Energizer

Holdings,

Inc.

...............

1,763,124

51,906,370

Oil-Dri

Corp.

of

America

...............

117,362

8,750,511

WD-40

Co.

(b)

.......................

331,012

83,848,650

201,119,895

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

(b)

Altus

Power,

Inc.

,

Class

A

(a)

.............

1,542,640

7,373,819

Montauk

Renewables,

Inc.

(a)

............

1,615,068

6,718,683

Ormat

Technologies,

Inc.

...............

1,320,854

87,427,326

Sunnova

Energy

International,

Inc.

(a)

.......

2,619,459

16,057,284

117,577,112

Industrial

Conglomerates

—

0.0%

Brookfield

Business

Corp.

,

Class

A

(b)

.......

646,837

15,614,645

Industrial

REITs

—

0.5%

Innovative

Industrial

Properties,

Inc.

.......

690,928

71,538,685

LXP

Industrial

Trust

..................

7,154,772

64,536,044

Plymouth

Industrial

REIT,

Inc.

...........

1,073,788

24,160,230

Terreno

Realty

Corp.

.................

2,059,073

136,722,447

296,957,406

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

—

1.9%

Ambac

Financial

Group,

Inc.

(a)

(b)

..........

1,116,982

$

17,458,429

American

Coastal

Insurance

Corp.

(a)

(b)

......

479,978

5,130,965

American

Equity

Investment

Life

Holding

Co.

(a)

1,965,651

110,508,899

AMERISAFE,

Inc.

...................

499,359

25,052,841

BRP

Group,

Inc.

,

Class

A

(a)

(b)

............

1,479,042

42,803,476

CNO

Financial

Group,

Inc.

..............

2,815,587

77,372,331

Crawford

&

Co.

,

Class

A,

NVS

...........

395,483

3,729,405

Donegal

Group,

Inc.

,

Class

A

............

399,819

5,653,441

eHealth,

Inc.

(a)

(b)

.....................

705,692

4,255,323

Employers

Holdings,

Inc.

...............

575,934

26,141,644

Enstar

Group

Ltd.

(a)

(b)

.................

297,178

92,351,035

F&G

Annuities

&

Life,

Inc.

..............

466,944

18,934,579

Fidelis

Insurance

Holdings

Ltd.

...........

1,503,961

29,297,160

Genworth

Financial,

Inc.

,

Class

A

(a)

........

9,653,709

62,073,349

GoHealth,

Inc.

,

Class

A

(a)

(b)

.............

105,327

1,106,987

Goosehead

Insurance,

Inc.

,

Class

A

(a)

(b)

.....

528,320

35,196,678

Greenlight

Capital

Re

Ltd.

,

Class

A

(a)

(b)

......

642,892

8,016,863

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a)

...

418,561

5,830,555

HCI

Group,

Inc.

.....................

182,838

21,223,835

Hippo

Holdings,

Inc.

(a)

(b)

................

267,987

4,896,123

Horace

Mann

Educators

Corp.

...........

861,514

31,867,403

Investors

Title

Co.

...................

30,492

4,975,989

James

River

Group

Holdings

Ltd.

.........

923,155

8,585,342

Kingsway

Financial

Services,

Inc.

(a)

(b)

.......

288,158

2,403,238

Lemonade,

Inc.

(a)

(b)

...................

1,253,257

20,565,947

Maiden

Holdings

Ltd.

(a)

(b)

...............

2,251,020

5,064,795

MBIA,

Inc.

(a)

.......................

1,134,225

7,667,361

Mercury

General

Corp.

................

663,792

34,251,667

National

Western

Life

Group,

Inc.

,

Class

A

(b)

..

57,190

28,135,192

NI

Holdings,

Inc.

(a)

(b)

..................

208,810

3,163,472

Oscar

Health,

Inc.

,

Class

A

(a)

(b)

...........

3,967,089

58,990,613

Palomar

Holdings,

Inc.

(a)

...............

598,623

50,182,566

ProAssurance

Corp.

(a)

.................

1,126,638

14,488,565

Safety

Insurance

Group,

Inc.

............

343,254

28,212,046

Selective

Insurance

Group,

Inc.

..........

1,499,642

163,715,917

Selectquote,

Inc.

(a)

(b)

..................

3,583,492

7,166,984

SiriusPoint

Ltd.

(a)

....................

1,787,448

22,718,464

Skyward

Specialty

Insurance

Group,

Inc.

(a)

...

759,787

28,423,632

Stewart

Information

Services

Corp.

........

598,438

38,934,376

Tiptree,

Inc.

.......................

600,201

10,371,473

Trupanion,

Inc.

(a)

(b)

...................

983,922

27,166,086

United

Fire

Group,

Inc.

................

544,507

11,853,917

Universal

Insurance

Holdings,

Inc.

........

615,103

12,498,893

1,218,437,856

Interactive

Media

&

Services

—

0.6%

Bumble,

Inc.

,

Class

A

(a)

(b)

...............

2,492,716

28,292,327

Cargurus,

Inc.

,

Class

A

(a)

(b)

..............

2,348,228

54,197,102

Cars.com,

Inc.

(a)

.....................

1,630,274

28,008,107

DHI

Group,

Inc.

(a)

(b)

...................

1,076,203

2,744,318

Eventbrite,

Inc.

,

Class

A

(a)

(b)

.............

1,896,547

10,393,078

EverQuote,

Inc.

,

Class

A

(a)

(b)

.............

534,829

9,926,426

fuboTV,

Inc.

(a)

(b)

.....................

7,025,158

11,099,750

Grindr,

Inc.

(a)

(b)

......................

1,006,616

10,197,020

MediaAlpha,

Inc.

,

Class

A

(a)

(b)

............

565,469

11,518,603

Nextdoor

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

3,620,972

8,147,187

Outbrain,

Inc.

(a)

.....................

966,278

3,816,798

QuinStreet,

Inc.

(a)

(b)

...................

1,297,684

22,917,099

Shutterstock,

Inc.

....................

608,726

27,885,738

System1,

Inc.

,

Class

A

(a)

(b)

..............

767,170

1,503,653

TrueCar,

Inc.

(a)

(b)

.....................

2,194,540

7,439,491

Vimeo,

Inc.

(a)

.......................

3,756,033

15,362,175

Yelp,

Inc.

(a)

(b)

.......................

1,639,813

64,608,632

Ziff

Davis,

Inc.

(a)

(b)

....................

1,123,765

70,842,146

Security

Shares

Shares

Value

Interactive

Media

&

Services

(continued)

ZipRecruiter,

Inc.

,

Class

A

(a)

(b)

............

1,660,704

$

19,081,489

407,981,139

IT

Services

—

0.5%

Applied

Digital

Corp.

(a)

(b)

...............

2,144,437

9,178,190

BigBear.ai

Holdings,

Inc.

(a)

(b)

.............

1,297,349

2,659,565

BigCommerce

Holdings,

Inc.

(a)

(b)

..........

1,681,246

11,583,785

Brightcove,

Inc.

(a)

(b)

...................

1,008,062

1,955,640

Couchbase,

Inc.

(a)

...................

876,096

23,050,086

DigitalOcean

Holdings,

Inc.

(a)

(b)

...........

1,506,440

57,515,879

Fastly,

Inc.

,

Class

A

(a)

(b)

................

3,003,757

38,958,728

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(a)

(b)

...

1,397,728

17,178,077

Hackett

Group,

Inc.

(The)

..............

596,711

14,500,077

Information

Services

Group,

Inc.

..........

873,674

3,529,643

Perficient,

Inc.

(a)

(b)

....................

840,261

47,298,292

Rackspace

Technology,

Inc.

(a)

(b)

..........

1,599,008

2,526,433

Squarespace,

Inc.

,

Class

A

(a)

(b)

...........

1,390,232

50,660,054

Thoughtworks

Holding,

Inc.

(a)

(b)

...........

2,317,839

5,864,133

Tucows,

Inc.

,

Class

A

(a)

(b)

...............

246,323

4,571,755

Unisys

Corp.

(a)

......................

1,671,150

8,205,347

299,235,684

Leisure

Products

—

0.4%

Acushnet

Holdings

Corp.

(b)

.............

734,818

48,461,247

AMMO,

Inc.

(a)

(b)

.....................

2,171,994

5,972,983

Clarus

Corp.

.......................

646,085

4,361,074

Escalade,

Inc.

(b)

.....................

214,157

2,944,659

Funko,

Inc.

,

Class

A

(a)

(b)

................

901,746

5,626,895

JAKKS

Pacific,

Inc.

(a)

.................

180,279

4,452,891

Johnson

Outdoors,

Inc.

,

Class

A

..........

127,184

5,864,454

Latham

Group,

Inc.

(a)

(b)

................

996,940

3,947,882

Malibu

Boats,

Inc.

,

Class

A

(a)

(b)

...........

496,263

21,478,263

Marine

Products

Corp.

................

193,010

2,267,867

MasterCraft

Boat

Holdings,

Inc.

(a)

(b)

........

401,031

9,512,455

Smith

&

Wesson

Brands,

Inc.

............

1,118,796

19,422,299

Solo

Brands,

Inc.

,

Class

A

(a)

(b)

............

491,517

1,066,592

Sturm

Ruger

&

Co.,

Inc.

...............

424,726

19,601,105

Topgolf

Callaway

Brands

Corp.

(a)

(b)

........

3,536,740

57,189,086

Vista

Outdoor,

Inc.

(a)

(b)

.................

1,412,956

46,316,698

258,486,450

Life

Sciences

Tools

&

Services

—

0.2%

Adaptive

Biotechnologies

Corp.

(a)

(b)

........

2,823,753

9,064,247

Akoya

Biosciences,

Inc.

(a)

(b)

.............

522,671

2,451,327

BioLife

Solutions,

Inc.

(a)

(b)

...............

866,558

16,074,651

Codexis,

Inc.

(a)

......................

1,690,163

5,898,669

CryoPort,

Inc.

(a)

(b)

....................

1,054,315

18,661,375

Cytek

Biosciences,

Inc.

(a)

(b)

.............

2,962,170

19,876,161

Harvard

Bioscience,

Inc.

(a)

(b)

.............

951,203

4,033,101

MaxCyte,

Inc.

(a)

(b)

....................

2,144,487

8,985,401

Mesa

Laboratories,

Inc.

...............

125,692

13,792,183

Nautilus

Biotechnology,

Inc.

(a)

(b)

..........

1,201,717

3,533,048

OmniAb,

Inc.

(a)

(b)

....................

2,254,220

12,217,872

OmniAb,

Inc.,

12.50

Earnout

Shares

,

NVS

(a)

(d)

.

130,676

1

OmniAb,

Inc.,

15.00

Earnout

Shares

,

NVS

(a)

(d)

.

130,676

1

Pacific

Biosciences

of

California,

Inc.

(a)

(b)

....

6,139,669

23,023,759

Quanterix

Corp.

(a)

(b)

..................

869,787

20,492,182

Quantum-Si,

Inc.

,

Class

A

(a)

(b)

............

2,439,370

4,805,559

Seer,

Inc.

,

Class

A

(a)

(b)

.................

1,453,920

2,762,448

165,671,985

Machinery

—

3.6%

374Water,

Inc.

(a)

(b)

...................

1,320,820

1,664,233

3D

Systems

Corp.

(a)

(b)

.................

3,251,163

14,435,164

Alamo

Group,

Inc.

...................

248,388

56,714,432

Albany

International

Corp.

,

Class

A

........

764,605

71,498,214

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Astec

Industries,

Inc.

.................

557,389

$

24,363,473

Barnes

Group,

Inc.

...................

1,197,803

44,498,381

Blue

Bird

Corp.

(a)

(b)

...................

682,442

26,164,826

Chart

Industries,

Inc.

(a)

(b)

...............

1,053,415

173,518,519

Columbus

McKinnon

Corp.

.............

683,112

30,487,289

Commercial

Vehicle

Group,

Inc.

(a)

(b)

........

798,949

5,137,242

Desktop

Metal,

Inc.

,

Class

A

(a)

(b)

..........

6,885,209

6,058,984

Douglas

Dynamics,

Inc.

...............

556,483

13,422,370

Energy

Recovery,

Inc.

(a)

(b)

..............

1,362,533

21,514,396

Enerpac

Tool

Group

Corp.

,

Class

A

(b)

.......

1,326,223

47,293,112

Enpro,

Inc.

........................

514,343

86,805,668

ESCO

Technologies,

Inc.

..............

626,743

67,092,838

Federal

Signal

Corp.

(b)

................

1,460,513

123,953,738

Franklin

Electric

Co.,

Inc.

..............

1,120,855

119,718,523

Gencor

Industries,

Inc.

(a)

...............

218,720

3,650,437

Gorman-Rupp

Co.

(The)

...............

543,510

21,495,820

Greenbrier

Cos.,

Inc.

(The)

.............

750,535

39,102,874

Helios

Technologies,

Inc.

...............

811,209

36,252,930

Hillenbrand,

Inc.

....................

1,712,064

86,099,699

Hillman

Solutions

Corp.

(a)

(b)

.............

4,747,356

50,511,868

Hyliion

Holdings

Corp.

,

Class

A

(a)

(b)

........

3,660,672

6,442,783

Hyster-Yale

Materials

Handling,

Inc.

.......

272,055

17,457,769

John

Bean

Technologies

Corp.

...........

778,160

81,621,202

Kadant,

Inc.

(b)

......................

285,687

93,733,905

Kennametal,

Inc.

....................

1,996,419

49,790,690

Lindsay

Corp.

......................

268,821

31,629,479

Luxfer

Holdings

plc

..................

657,913

6,822,558

Manitowoc

Co.,

Inc.

(The)

(a)

(b)

............

847,267

11,980,355

Mayville

Engineering

Co.,

Inc.

(a)

(b)

.........

265,731

3,807,925

Microvast

Holdings,

Inc.

(a)

(b)

.............

5,212,474

4,362,841

Miller

Industries,

Inc.

.................

266,154

13,334,315

Mueller

Industries,

Inc.

................

2,743,583

147,961,431

Mueller

Water

Products,

Inc.

,

Class

A

......

3,793,835

61,042,805

Nikola

Corp.

(a)

(b)

.....................

18,020,090

18,740,894

Omega

Flex,

Inc.

....................

79,033

5,605,811

Park-Ohio

Holdings

Corp.

..............

202,715

5,408,436

Proto

Labs,

Inc.

(a)

....................

636,788

22,765,171

REV

Group,

Inc.

....................

780,338

17,237,666

Shyft

Group,

Inc.

(The)

................

833,795

10,355,734

SPX

Technologies,

Inc.

(a)

(b)

..............

1,081,394

133,152,043

Standex

International

Corp.

.............

289,544

52,760,708

Tennant

Co.

.......................

456,722

55,541,962

Terex

Corp.

........................

1,632,731

105,147,876

Titan

International,

Inc.

(a)

(b)

..............

1,259,962

15,699,127

Trinity

Industries,

Inc.

.................

2,003,348

55,793,242

Velo3D,

Inc.

(a)

(b)

.....................

2,190,578

998,027

Wabash

National

Corp.

(b)

...............

1,134,400

33,963,936

Watts

Water

Technologies,

Inc.

,

Class

A

(b)

...

668,043

141,992,540

2,376,606,261

Marine

Transportation

—

0.3%

Costamare,

Inc.

.....................

1,144,653

12,991,811

Eagle

Bulk

Shipping,

Inc.

..............

230,719

14,413,016

Genco

Shipping

&

Trading

Ltd.

...........

1,049,819

21,342,820

Golden

Ocean

Group

Ltd.

..............

3,038,743

39,382,109

Himalaya

Shipping

Ltd.

(b)

...............

615,570

4,746,045

Matson,

Inc.

.......................

847,317

95,238,431

Pangaea

Logistics

Solutions

Ltd.

.........

847,663

5,908,211

Safe

Bulkers,

Inc.

...................

1,655,757

8,212,555

202,234,998

Media

—

0.6%

Advantage

Solutions,

Inc.

,

Class

A

(a)

(b)

......

2,151,162

9,314,531

AMC

Networks,

Inc.

,

Class

A

(a)

(b)

..........

771,862

9,362,686

Boston

Omaha

Corp.

,

Class

A

(a)

(b)

.........

575,075

8,890,660

Security

Shares

Shares

Value

Media

(continued)

Cardlytics,

Inc.

(a)

....................

905,295

$

13,117,725

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

(b)

....

9,270,599

15,296,488

Daily

Journal

Corp.

(a)

(b)

................

33,257

12,026,064

Emerald

Holding,

Inc.

(a)

(b)

...............

339,866

2,314,487

Entravision

Communications

Corp.

,

Class

A

..

1,428,182

2,342,218

EW

Scripps

Co.

(The)

,

Class

A,

NVS

(a)

(b)

....

1,489,256

5,852,776

Gambling.com

Group

Ltd.

(a)

.............

332,066

3,031,763

Gannett

Co.,

Inc.

(a)

(b)

..................

3,603,082

8,791,520

Gray

Television,

Inc.

..................

2,096,306

13,248,654

iHeartMedia,

Inc.

,

Class

A

(a)

(b)

............

2,600,728

5,435,522

Integral

Ad

Science

Holding

Corp.

(a)

(b)

......

1,639,458

16,345,396

John

Wiley

&

Sons,

Inc.

,

Class

A

.........

892,703

34,038,765

Magnite,

Inc.

(a)

(b)

.....................

3,305,793

35,537,275

PubMatic,

Inc.

,

Class

A

(a)

(b)

..............

1,028,483

24,395,617

Scholastic

Corp.

,

NVS

................

631,566

23,816,354

Sinclair,

Inc.

,

Class

A

(b)

................

833,342

11,225,117

Stagwell,

Inc.

,

Class

A

(a)

(b)

..............

2,021,962

12,576,604

TechTarget,

Inc.

(a)

(b)

..................

637,956

21,103,584

TEGNA,

Inc.

.......................

4,913,864

73,413,128

Thryv

Holdings,

Inc.

(a)

(b)

................

766,492

17,039,117

Townsquare

Media,

Inc.

,

Class

A

.........

267,669

2,939,006

Urban

One,

Inc.

,

Class

A

(a)

..............

199,966

539,908

Urban

One,

Inc.

,

Class

D,

NVS

(a)

(b)

........

226,045

461,132

WideOpenWest,

Inc.

(a)

(b)

...............

1,298,423

4,700,291

387,156,388

Metals

&

Mining

—

1.8%

5E

Advanced

Materials,

Inc.

(a)

(b)

..........

1,029,951

1,380,134

Alpha

Metallurgical

Resources,

Inc.

.......

282,109

93,426,038

Arch

Resources,

Inc.

,

Class

A

...........

440,997

70,907,908

ATI,

Inc.

(a)

(b)

........................

3,159,168

161,654,627

Caledonia

Mining

Corp.

plc

(b)

............

351,117

3,886,865

Carpenter

Technology

Corp.

............

1,203,042

85,921,260

Century

Aluminum

Co.

(a)

(b)

..............

1,300,039

20,007,600

Coeur

Mining,

Inc.

(a)

(b)

.................

8,766,306

33,048,974

Commercial

Metals

Co.

................

2,876,302

169,040,269

Compass

Minerals

International,

Inc.

.......

840,521

13,229,801

Constellium

SE

,

Class

A

(a)

..............

3,156,003

69,779,226

Contango

ORE,

Inc.

(a)

(b)

................

176,491

3,503,346

Dakota

Gold

Corp.

(a)

(b)

.................

1,363,053

3,230,436

Haynes

International,

Inc.

..............

301,565

18,130,088

Hecla

Mining

Co.

(b)

...................

14,997,624

72,138,571

i-80

Gold

Corp.

(a)

(b)

...................

4,659,558

6,243,808

Ivanhoe

Electric,

Inc.

(a)

(b)

...............

1,559,128

15,279,454

Kaiser

Aluminum

Corp.

................

393,552

35,167,807

Materion

Corp.

(b)

....................

501,312

66,047,856

Metallus,

Inc.

(a)

(b)

....................

1,045,414

23,260,461

Novagold

Resources,

Inc.

(a)

(b)

............

5,902,506

17,707,518

Olympic

Steel,

Inc.

...................

242,240

17,169,971

Perpetua

Resources

Corp.

(a)

(b)

...........

875,841

3,643,499

Piedmont

Lithium,

Inc.

(a)

(b)

..............

440,963

5,873,627

Radius

Recycling,

Inc.

,

Class

A

..........

633,949

13,395,342

Ramaco

Resources,

Inc.

,

Class

A

.........

547,324

9,216,936

Ramaco

Resources,

Inc.

,

Class

B

.........

108,037

1,355,864

Ryerson

Holding

Corp.

................

698,964

23,415,294

SunCoke

Energy,

Inc.

.................

2,051,518

23,120,608

Tredegar

Corp.

.....................

681,084

4,440,668

Warrior

Met

Coal,

Inc.

.................

1,266,582

76,881,527

Worthington

Steel,

Inc.

................

757,726

27,164,477

1,188,669,860

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.1%

AFC

Gamma,

Inc.

...................

412,329

5,104,633

Angel

Oak

Mortgage

REIT,

Inc.

(b)

.........

303,877

3,263,639

Apollo

Commercial

Real

Estate

Finance,

Inc.

.

3,539,068

39,425,217

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Arbor

Realty

Trust,

Inc.

(b)

...............

3,767,702

$

49,922,051

Ares

Commercial

Real

Estate

Corp.

.......

1,324,083

9,864,418

ARMOUR

Residential

REIT,

Inc.

(b)

........

1,215,501

24,030,455

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

....

4,261,511

84,846,684

BrightSpire

Capital,

Inc.

,

Class

A

.........

3,326,520

22,919,723

Chicago

Atlantic

Real

Estate

Finance,

Inc.

...

397,420

6,267,313

Chimera

Investment

Corp.

..............

5,602,637

25,828,157

Claros

Mortgage

Trust,

Inc.

.............

2,246,392

21,924,786

Dynex

Capital,

Inc.

...................

1,412,225

17,582,201

Ellington

Financial,

Inc.

................

1,830,447

21,617,579

Franklin

BSP

Realty

Trust,

Inc.

...........

2,013,285

26,897,488

Granite

Point

Mortgage

Trust,

Inc.

........

1,333,553

6,361,048

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)

....................

2,693,470

76,494,548

Invesco

Mortgage

Capital,

Inc.

...........

1,244,709

12,048,783

KKR

Real

Estate

Finance

Trust,

Inc.

.......

1,430,487

14,390,699

Ladder

Capital

Corp.

,

Class

A

...........

2,894,345

32,214,060

MFA

Financial,

Inc.

...................

2,546,755

29,058,475

New

York

Mortgage

Trust,

Inc.

...........

2,251,298

16,209,346

Nexpoint

Real

Estate

Finance,

Inc.

........

221,357

3,178,687

Orchid

Island

Capital,

Inc.

(b)

.............

1,290,067

11,520,298

PennyMac

Mortgage

Investment

Trust

......

2,151,056

31,577,502

Ready

Capital

Corp.

..................

4,009,490

36,606,644

Redwood

Trust,

Inc.

..................

3,266,715

20,808,975

TPG

RE

Finance

Trust,

Inc.

.............

1,714,877

13,238,850

Two

Harbors

Investment

Corp.

...........

2,579,175

34,148,277

697,350,536

Multi-Utilities

—

0.4%

Avista

Corp.

.......................

1,899,384

66,516,428

Black

Hills

Corp.

....................

1,707,201

93,213,175

Northwestern

Energy

Group,

Inc.

.........

1,536,531

78,255,524

Unitil

Corp.

........................

377,027

19,737,363

257,722,490

Office

REITs

—

0.6%

Brandywine

Realty

Trust

...............

4,178,159

20,055,163

City

Office

REIT,

Inc.

.................

1,037,543

5,405,599

COPT

Defense

Properties

..............

2,784,100

67,291,697

Douglas

Emmett,

Inc.

.................

2,378,333

32,987,479

Easterly

Government

Properties,

Inc.

......

2,396,166

27,579,871

Equity

Commonwealth

(a)

...............

2,476,538

46,757,037

Hudson

Pacific

Properties,

Inc.

...........

3,387,054

21,846,498

JBG

SMITH

Properties

................

2,277,495

36,553,795

Office

Properties

Income

Trust

...........

1,178,759

2,404,668

Orion

Office

REIT,

Inc.

................

1,407,150

4,939,097

Paramount

Group,

Inc.

................

4,533,957

21,264,258

Peakstone

Realty

Trust

,

Class

E

(b)

........

890,433

14,362,684

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

...

3,128,583

21,993,939

Postal

Realty

Trust,

Inc.

,

Class

A

.........

433,845

6,212,660

SL

Green

Realty

Corp.

................

1,586,874

87,484,364

417,138,809

Oil,

Gas

&

Consumable

Fuels

—

4.7%

Amplify

Energy

Corp.

(a)

(b)

...............

855,527

5,655,033

Ardmore

Shipping

Corp.

...............

1,019,933

16,747,300

Berry

Corp.

........................

1,960,332

15,780,673

California

Resources

Corp.

.............

1,706,696

94,038,950

Centrus

Energy

Corp.

,

Class

A

(a)

(b)

........

297,798

12,367,551

Chord

Energy

Corp.

..................

1,029,903

183,569,911

Civitas

Resources,

Inc.

................

1,993,935

151,359,606

Clean

Energy

Fuels

Corp.

(a)

(b)

............

4,159,310

11,146,951

CNX

Resources

Corp.

(a)

(b)

..............

3,843,327

91,163,716

Comstock

Resources,

Inc.

..............

2,262,917

20,999,870

CONSOL

Energy,

Inc.

.................

746,493

62,526,254

Crescent

Energy,

Inc.

,

Class

A

...........

1,889,635

22,486,656

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

CVR

Energy,

Inc.

....................

797,327

$

28,432,681

Delek

US

Holdings,

Inc.

...............

1,617,607

49,725,239

DHT

Holdings,

Inc.

...................

3,321,246

38,194,329

Dorian

LPG

Ltd.

.....................

839,333

32,280,747

Empire

Petroleum

Corp.

(a)

(b)

.............

302,337

1,544,942

Encore

Energy

Corp.

(a)

(b)

...............

3,956,667

17,330,201

Energy

Fuels,

Inc.

(a)

(b)

.................

3,879,057

24,399,269

Equitrans

Midstream

Corp.

.............

10,698,316

133,621,967

Evolution

Petroleum

Corp.

..............

780,131

4,790,004

Excelerate

Energy,

Inc.

,

Class

A

(b)

.........

448,742

7,188,847

FLEX

LNG

Ltd.

.....................

718,405

18,269,039

FutureFuel

Corp.

....................

728,459

5,864,095

Gevo,

Inc.

(a)

(b)

......................

6,830,499

5,250,605

Golar

LNG

Ltd.

.....................

2,416,778

58,147,679

Granite

Ridge

Resources,

Inc.

...........

747,791

4,860,641

Green

Plains,

Inc.

(a)

(b)

.................

849,515

19,640,787

Gulfport

Energy

Corp.

(a)

(b)

..............

267,704

42,864,764

Hallador

Energy

Co.

(a)

(b)

................

543,066

2,894,542

HighPeak

Energy,

Inc.

(b)

...............

289,648

4,567,749

International

Seaways,

Inc.

.............

990,982

52,720,242

Kinetik

Holdings,

Inc.

,

Class

A

...........

894,137

35,649,242

Kosmos

Energy

Ltd.

(a)

(b)

................

11,147,346

66,438,182

Magnolia

Oil

&

Gas

Corp.

,

Class

A

........

4,319,952

112,102,754

Matador

Resources

Co.

...............

2,778,906

185,547,554

Murphy

Oil

Corp.

....................

3,601,687

164,597,096

NACCO

Industries,

Inc.

,

Class

A

..........

97,438

2,942,628

NextDecade

Corp.

(a)

(b)

.................

1,894,524

10,760,896

Nordic

American

Tankers

Ltd.

...........

5,025,340

19,699,333

Northern

Oil

&

Gas,

Inc.

...............

2,168,553

86,048,183

Overseas

Shipholding

Group,

Inc.

,

Class

A

..

1,359,372

8,699,981

Par

Pacific

Holdings,

Inc.

(a)

.............

1,391,042

51,552,017

PBF

Energy,

Inc.

,

Class

A

..............

2,707,581

155,875,438

Peabody

Energy

Corp.

................

2,774,599

67,311,772

Permian

Resources

Corp.

,

Class

A

........

11,189,389

197,604,610

PrimeEnergy

Resources

Corp.

(a)

(b)

.........

13,402

1,343,550

REX

American

Resources

Corp.

(a)

........

387,664

22,759,753

Riley

Exploration

Permian,

Inc.

...........

219,599

7,246,767

Ring

Energy,

Inc.

(a)

(b)

..................

2,912,252

5,708,014

SandRidge

Energy,

Inc.

...............

567,830

8,273,283

Scorpio

Tankers,

Inc.

.................

1,170,208

83,728,382

SFL

Corp.

Ltd.

......................

2,799,009

36,890,939

SilverBow

Resources,

Inc.

(a)

(b)

...........

574,511

19,613,806

Sitio

Royalties

Corp.

,

Class

A

............

1,998,220

49,395,998

SM

Energy

Co.

.....................

2,855,638

142,353,554

Talos

Energy,

Inc.

(a)

(b)

.................

3,401,050

47,376,626

Teekay

Corp.

(a)

(b)

....................

1,518,757

11,056,551

Teekay

Tankers

Ltd.

,

Class

A

............

585,454

34,196,368

Tellurian,

Inc.

(a)

(b)

....................

14,297,844

9,456,594

Uranium

Energy

Corp.

(a)

(b)

..............

9,417,745

63,569,779

VAALCO

Energy,

Inc.

.................

2,560,869

17,849,257

Verde

Clean

Fuels,

Inc.

,

Class

A

(a)

(b)

.......

92,132

368,528

Vertex

Energy,

Inc.

(a)

(b)

................

1,635,127

2,289,178

Vital

Energy,

Inc.

(a)

(b)

..................

575,528

30,238,241

Vitesse

Energy,

Inc.

..................

613,161

14,550,311

W&T

Offshore,

Inc.

(b)

.................

2,380,637

6,308,688

World

Kinect

Corp.

...................

1,532,554

40,536,053

3,060,370,746

Paper

&

Forest

Products

—

0.1%

Clearwater

Paper

Corp.

(a)

..............

402,222

17,589,168

Glatfelter

Corp.

(a)

....................

1,109,215

2,218,430

Sylvamo

Corp.

.....................

876,238

54,098,934

73,906,532

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Passenger

Airlines

—

0.4%

Allegiant

Travel

Co.

..................

389,899

$

29,324,304

Blade

Air

Mobility,

Inc.

,

Class

A

(a)

(b)

........

1,466,558

4,179,690

Frontier

Group

Holdings,

Inc.

(a)

(b)

..........

951,478

7,716,486

Hawaiian

Holdings,

Inc.

(a)

(b)

.............

1,241,566

16,550,075

JetBlue

Airways

Corp.

(a)

(b)

..............

8,281,413

61,448,084

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

...........

6,799,530

36,445,481

SkyWest,

Inc.

(a)

.....................

998,383

68,968,298

Spirit

Airlines,

Inc.

(b)

..................

2,684,818

12,994,519

Sun

Country

Airlines

Holdings,

Inc.

(a)

(b)

......

1,034,955

15,617,471

253,244,408

Personal

Care

Products

—

1.0%

Beauty

Health

Co.

(The)

,

Class

A

(a)

(b)

.......

1,977,548

8,780,313

BellRing

Brands,

Inc.

(a)

(b)

...............

3,224,705

190,354,336

Edgewell

Personal

Care

Co.

............

1,240,151

47,919,435

elf

Beauty,

Inc.

(a)

(b)

...................

1,320,633

258,883,687

Herbalife

Ltd.

(a)

(b)

....................

2,409,468

24,215,153

Inter

Parfums,

Inc.

...................

447,506

62,879,068

Medifast,

Inc.

......................

267,153

10,237,303

Nature's

Sunshine

Products,

Inc.

(a)

(b)

.......

315,746

6,558,044

Nu

Skin

Enterprises,

Inc.

,

Class

A

.........

1,250,528

17,294,802

USANA

Health

Sciences,

Inc.

(a)

(b)

.........

281,767

13,665,700

Waldencast

plc

,

Class

A

(a)

(b)

.............

745,274

4,844,281

645,632,122

Pharmaceuticals

—

1.6%

Aclaris

Therapeutics,

Inc.

(a)

(b)

............

1,763,786

2,187,095

Amneal

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

...

2,987,951

18,106,983

Amphastar

Pharmaceuticals,

Inc.

(a)

(b)

.......

919,173

40,360,886

Amylyx

Pharmaceuticals,

Inc.

(a)

(b)

.........

1,255,196

3,564,757

ANI

Pharmaceuticals,

Inc.

(a)

.............

361,831

25,013,377

Arvinas,

Inc.

(a)

(b)

.....................

1,235,267

50,991,822

Assertio

Holdings,

Inc.

(a)

(b)

..............

2,334,054

2,239,058

Atea

Pharmaceuticals,

Inc.

(a)

(b)

...........

1,870,268

7,555,883

Axsome

Therapeutics,

Inc.

(a)

(b)

...........

872,880

69,655,824

Biote

Corp.

,

Class

A

(a)

(b)

................

312,394

1,811,885

Bright

Green

Corp.

(a)

(b)

................

1,353,189

329,637

Cara

Therapeutics,

Inc.

(a)

(b)

.............

1,200,972

1,092,884

Cassava

Sciences,

Inc.

(a)

(b)

.............

983,696

19,959,192

Citius

Pharmaceuticals,

Inc.

(a)

(b)

..........

3,257,144

2,922,635

Collegium

Pharmaceutical,

Inc.

(a)

(b)

........

803,970

31,210,115

Corcept

Therapeutics,

Inc.

(a)

(b)

...........

1,991,069

50,155,028

CorMedix,

Inc.

(a)

(b)

...................

1,327,316

5,627,820

Edgewise

Therapeutics,

Inc.

(a)

(b)

..........

1,406,594

25,656,275

Enliven

Therapeutics,

Inc.

(a)

(b)

............

564,901

9,936,609

Evolus,

Inc.

(a)

(b)

.....................

1,024,631

14,344,834

Eyenovia,

Inc.

(a)

(b)

....................

710,435

700,489

EyePoint

Pharmaceuticals,

Inc.

(a)

(b)

........

909,050

18,790,063

Harmony

Biosciences

Holdings,

Inc.

(a)

(b)

.....

789,664

26,516,917

Harrow,

Inc.

(a)

(b)

.....................

744,357

9,847,843

Ikena

Oncology,

Inc.

(a)

(b)

...............

666,887

946,980

Innoviva,

Inc.

(a)

(b)

....................

1,419,632

21,635,192

Intra-Cellular

Therapies,

Inc.

(a)

(b)

..........

2,294,665

158,790,818

Ligand

Pharmaceuticals,

Inc.

(a)

(b)

..........

411,406

30,073,779

Liquidia

Corp.

(a)

(b)

....................

1,228,453

18,119,682

Longboard

Pharmaceuticals,

Inc.

(a)

(b)

.......

604,592

13,059,187

Marinus

Pharmaceuticals,

Inc.

(a)

(b)

.........

1,332,143

12,042,573

Neumora

Therapeutics,

Inc.

(a)

(b)

..........

364,129

5,006,774

NGM

Biopharmaceuticals,

Inc.

(a)

(b)

.........

1,110,994

1,766,480

Nuvation

Bio,

Inc.

,

Class

A

(a)

............

3,577,760

13,023,046

Ocular

Therapeutix,

Inc.

(a)

(b)

.............

2,821,646

25,676,979

Omeros

Corp.

(a)

(b)

....................

1,455,300

5,020,785

Optinose,

Inc.

(a)

(b)

....................

1,777,113

2,594,585

Pacira

BioSciences,

Inc.

(a)

..............

1,120,404

32,738,205

Phathom

Pharmaceuticals,

Inc.

(a)

(b)

........

782,538

8,310,554

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Phibro

Animal

Health

Corp.

,

Class

A

.......

528,530

$

6,833,893

Pliant

Therapeutics,

Inc.

(a)

(b)

.............

1,406,409

20,955,494

Prestige

Consumer

Healthcare,

Inc.

(a)

(b)

.....

1,215,621

88,205,460

Revance

Therapeutics,

Inc.

(a)

(b)

...........

2,131,935

10,489,120

Scilex

Holding

Co.

,

(Acquired

01/06/23

,

cost

$

14,991,359

)

(a)

(b)

(e)

.................

1,430,473

2,156,939

scPharmaceuticals,

Inc.

(a)

(b)

.............

694,870

3,488,247

SIGA

Technologies,

Inc.

...............

1,128,785

9,662,400

Supernus

Pharmaceuticals,

Inc.

(a)

(b)

........

1,213,727

41,400,228

Taro

Pharmaceutical

Industries

Ltd.

(a)

......

198,583

8,408,004

Tarsus

Pharmaceuticals,

Inc.

(a)

(b)

..........

713,364

25,930,781

Terns

Pharmaceuticals,

Inc.

(a)

(b)

..........

1,058,102

6,941,149

Theravance

Biopharma,

Inc.

(a)

(b)

..........

1,211,185

10,864,329

Third

Harmonic

Bio,

Inc.

(a)

(b)

.............

478,425

4,516,332

Trevi

Therapeutics,

Inc.

(a)

..............

1,043,964

3,601,676

Ventyx

Biosciences,

Inc.

(a)

(b)

.............

1,152,147

6,336,808

Verrica

Pharmaceuticals,

Inc.

(a)

(b)

.........

516,108

3,055,359

WaVe

Life

Sciences

Ltd.

(a)

..............

1,777,348

10,966,237

Xeris

Biopharma

Holdings,

Inc.

(a)

(b)

........

3,274,303

7,236,210

Zevra

Therapeutics,

Inc.

(a)

(b)

.............

869,243

5,041,609

1,063,473,805

Professional

Services

—

2.4%

Alight,

Inc.

,

Class

A

(a)

(b)

................

10,161,039

100,086,234

ASGN,

Inc.

(a)

(b)

......................

1,144,352

119,882,316

Asure

Software,

Inc.

(a)

(b)

................

568,576

4,423,521

Barrett

Business

Services,

Inc.

...........

161,268

20,435,881

BlackSky

Technology,

Inc.

,

Class

A

(a)

(b)

......

2,947,240

4,008,246

CBIZ,

Inc.

(a)

(b)

.......................

1,173,225

92,098,163

Conduent,

Inc.

(a)

(b)

...................

4,331,400

14,640,132

CRA

International,

Inc.

................

167,626

25,073,497

CSG

Systems

International,

Inc.

..........

742,671

38,277,263

ExlService

Holdings,

Inc.

(a)

(b)

............

3,960,377

125,939,989

Exponent,

Inc.

......................

1,235,672

102,177,718

First

Advantage

Corp.

.................

1,324,394

21,481,671

FiscalNote

Holdings,

Inc.

,

Class

A

(a)

(b)

......

1,442,317

1,918,282

Forrester

Research,

Inc.

(a)

..............

292,497

6,306,235

Franklin

Covey

Co.

(a)

(b)

................

282,686

11,098,252

Heidrick

&

Struggles

International,

Inc.

.....

491,858

16,555,940

HireQuest,

Inc.

.....................

113,724

1,472,726

HireRight

Holdings

Corp.

(a)

(b)

............

327,642

4,675,451

Huron

Consulting

Group,

Inc.

(a)

...........

453,293

43,797,170

IBEX

Holdings

Ltd.

(a)

(b)

................

243,008

3,749,613

ICF

International,

Inc.

(b)

................

459,015

69,141,429

Innodata,

Inc.

(a)

(b)

....................

657,313

4,338,266

Insperity,

Inc.

.......................

872,917

95,680,432

Kelly

Services,

Inc.

,

Class

A,

NVS

........

791,012

19,806,941

Kforce,

Inc.

........................

458,570

32,338,356

Korn

Ferry

........................

1,291,229

84,911,219

Legalzoom.com,

Inc.

(a)

(b)

...............

3,274,188

43,677,668

Maximus,

Inc.

......................

1,490,465

125,050,014

Mistras

Group,

Inc.

(a)

(b)

................

482,340

4,611,170

NV5

Global,

Inc.

(a)

(b)

..................

338,492

33,175,601

Planet

Labs

PBC

,

Class

A

(a)

(b)

............

4,319,054

11,013,588

Resources

Connection,

Inc.

.............

794,420

10,454,567

Skillsoft

Corp.

(a)

(b)

....................

98,863

889,767

Sterling

Check

Corp.

(a)

(b)

...............

751,171

12,078,830

TriNet

Group,

Inc.

...................

784,012

103,873,750

TrueBlue,

Inc.

(a)

(b)

....................

748,685

9,373,536

TTEC

Holdings,

Inc.

..................

501,888

5,204,579

Upwork,

Inc.

(a)

(b)

.....................

3,059,209

37,505,902

Verra

Mobility

Corp.

,

Class

A

(a)

(b)

..........

3,369,104

84,126,527

Willdan

Group,

Inc.

(a)

(b)

................

300,371

8,707,755

1,554,058,197

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

—

0.7%

American

Realty

Investors,

Inc.

(a)

.........

32,834

$

588,385

Anywhere

Real

Estate,

Inc.

(a)

(b)

...........

2,651,417

16,385,757

Compass,

Inc.

,

Class

A

(a)

(b)

.............

7,027,221

25,297,995

Cushman

&

Wakefield

plc

(a)

.............

3,370,926

35,259,886

DigitalBridge

Group,

Inc.

,

Class

A

(b)

........

3,988,980

76,867,645

Douglas

Elliman,

Inc.

(a)

................

2,094,232

3,308,886

eXp

World

Holdings,

Inc.

(b)

..............

1,761,817

18,199,570

Forestar

Group,

Inc.

(a)

(b)

................

454,269

18,257,071

FRP

Holdings,

Inc.

(a)

(b)

.................

157,129

9,647,721

Kennedy-Wilson

Holdings,

Inc.

...........

2,955,813

25,360,875

Marcus

&

Millichap,

Inc.

...............

585,736

20,014,599

Maui

Land

&

Pineapple

Co.,

Inc.

(a)

(b)

.......

168,182

3,642,822

Newmark

Group,

Inc.

,

Class

A

...........

3,350,977

37,162,335

Opendoor

Technologies,

Inc.

(a)

(b)

..........

13,857,828

41,989,219

RE/MAX

Holdings,

Inc.

,

Class

A

..........

462,006

4,051,793

Redfin

Corp.

(a)

(b)

.....................

2,695,660

17,926,139

RMR

Group,

Inc.

(The)

,

Class

A

..........

392,132

9,411,168

St.

Joe

Co.

(The)

....................

841,013

48,753,524

Star

Holdings

(a)

(b)

....................

333,494

4,308,742

Stratus

Properties,

Inc.

(a)

...............

142,949

3,263,526

Tejon

Ranch

Co.

(a)

(b)

..................

464,443

7,157,067

Transcontinental

Realty

Investors,

Inc.

(a)

....

28,662

1,079,124

427,933,849

Residential

REITs

—

0.4%

Apartment

Investment

&

Management

Co.

,

Class

A

(a)

.......................

3,536,495

28,963,894

BRT

Apartments

Corp.

................

315,957

5,308,078

Centerspace

.......................

376,226

21,497,554

Clipper

Realty,

Inc.

...................

349,569

1,688,418

Elme

Communities

...................

2,195,145

30,556,418

Independence

Realty

Trust,

Inc.

..........

5,545,288

89,445,496

NexPoint

Residential

Trust,

Inc.

..........

563,423

18,136,586

UMH

Properties,

Inc.

.................

1,494,475

24,270,274

Veris

Residential,

Inc.

.................

1,934,173

29,418,771

249,285,489

Retail

REITs

—

1.1%

Acadia

Realty

Trust

..................

2,537,055

43,155,305

Alexander's,

Inc.

....................

53,285

11,570,305

CBL

&

Associates

Properties,

Inc.

.........

653,692

14,976,084

Getty

Realty

Corp.

...................

1,184,879

32,406,441

InvenTrust

Properties

Corp.

.............

1,682,422

43,255,070

Kite

Realty

Group

Trust

................

5,334,330

115,648,274

Macerich

Co.

(The)

..................

5,318,730

91,641,718

NETSTREIT

Corp.

...................

1,681,664

30,892,168

Phillips

Edison

&

Co.,

Inc.

..............

2,948,980

105,779,912

Retail

Opportunity

Investments

Corp.

......

3,036,088

38,922,648

Saul

Centers,

Inc.

...................

293,047

11,279,379

SITE

Centers

Corp.

..................

4,756,563

69,683,648

Tanger,

Inc.

........................

2,579,773

76,180,697

Urban

Edge

Properties

................

2,874,174

49,636,985

Whitestone

REIT

....................

1,203,980

15,109,949

750,138,583

Semiconductors

&

Semiconductor

Equipment

—

2.9%

ACM

Research,

Inc.

,

Class

A

(a)

(b)

..........

1,198,174

34,914,790

Aehr

Test

Systems

(a)

(b)

.................

672,234

8,335,702

Alpha

&

Omega

Semiconductor

Ltd.

(a)

(b)

.....

568,609

12,532,142

Ambarella,

Inc.

(a)

(b)

...................

947,474

48,103,255

Amkor

Technology,

Inc.

................

2,766,871

89,203,921

Atomera,

Inc.

(a)

(b)

....................

556,382

3,427,313

Axcelis

Technologies,

Inc.

(a)

(b)

............

797,193

88,902,963

CEVA,

Inc.

(a)

(b)

......................

570,541

12,956,986

Cohu,

Inc.

(a)

(b)

......................

1,140,711

38,019,898

Credo

Technology

Group

Holding

Ltd.

(a)

.....

3,039,518

64,407,386

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Diodes,

Inc.

(a)

(b)

.....................

1,106,674

$

78,020,517

FormFactor,

Inc.

(a)

(b)

..................

1,887,139

86,110,153

Ichor

Holdings

Ltd.

(a)

(b)

.................

704,284

27,199,448

Impinj,

Inc.

(a)

(b)

......................

572,182

73,473,891

indie

Semiconductor,

Inc.

,

Class

A

(a)

(b)

......

3,658,248

25,900,396

inTEST

Corp.

(a)

.....................

266,896

3,536,372

Kulicke

&

Soffa

Industries,

Inc.

...........

1,357,965

68,319,219

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

.........................

1,355,974

129,685,353

Maxeon

Solar

Technologies

Ltd.

(a)

(b)

........

752,920

2,507,224

MaxLinear,

Inc.

(a)

....................

1,860,116

34,728,366

Navitas

Semiconductor

Corp.

(a)

(b)

.........

2,749,433

13,114,795

NVE

Corp.

........................

114,031

10,283,316

Onto

Innovation,

Inc.

(a)

(b)

...............

1,198,935

217,103,150

PDF

Solutions,

Inc.

(a)

.................

751,604

25,306,507

Photronics,

Inc.

(a)

(b)

...................

1,495,519

42,353,098

Power

Integrations,

Inc.

...............

1,377,834

98,584,023

Rambus,

Inc.

(a)

(b)

....................

2,638,579

163,090,568

Semtech

Corp.

(a)

(b)

...................

1,568,705

43,123,700

Silicon

Laboratories,

Inc.

(a)

(b)

.............

779,797

112,072,425

SiTime

Corp.

(a)

(b)

....................

434,255

40,485,594

SkyWater

Technology,

Inc.

(a)

(b)

...........

447,369

4,549,743

SMART

Global

Holdings,

Inc.

(a)

...........

1,266,877

33,344,203

Synaptics,

Inc.

(a)

(b)

...................

967,324

94,372,129

Transphorm,

Inc.

(a)

(b)

..................

741,068

3,638,644

Ultra

Clean

Holdings,

Inc.

(a)

(b)

............

1,091,475

50,142,361

Veeco

Instruments,

Inc.

(a)

(b)

.............

1,235,919

43,467,271

1,925,316,822

Software

—

6.3%

8x8,

Inc.

(a)

(b)

........................

2,979,267

8,044,021

A10

Networks,

Inc.

...................

1,740,939

23,833,455

ACI

Worldwide,

Inc.

(a)

.................

2,679,977

89,002,036

Adeia,

Inc.

........................

2,620,552

28,616,428

Agilysys,

Inc.

(a)

.....................

496,839

41,863,654

Alarm.com

Holdings,

Inc.

(a)

.............

1,173,415

85,037,385

Alkami

Technology,

Inc.

(a)

(b)

.............

1,014,538

24,927,199

Altair

Engineering,

Inc.

,

Class

A

(a)

(b)

........

1,349,194

116,233,063

American

Software,

Inc.

,

Class

A

.........

808,984

9,262,867

Amplitude,

Inc.

,

Class

A

(a)

(b)

.............

1,682,066

18,300,878

Appfolio,

Inc.

,

Class

A

(a)

(b)

..............

471,024

116,220,462

Appian

Corp.

,

Class

A

(a)

(b)

..............

1,016,589

40,612,731

Asana,

Inc.

,

Class

A

(a)

(b)

................

2,042,335

31,635,769

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

........

8,750,753

24,677,123

AvePoint,

Inc.

,

Class

A

(a)

(b)

..............

3,649,285

28,902,337

Bit

Digital,

Inc.

(a)

(b)

....................

2,227,339

6,392,463

Blackbaud,

Inc.

(a)

(b)

...................

1,071,225

79,420,622

BlackLine,

Inc.

(a)

(b)

...................

1,398,918

90,342,124

Box,

Inc.

,

Class

A

(a)

(b)

.................

3,457,157

97,906,686

Braze,

Inc.

,

Class

A

(a)

(b)

................

1,316,695

58,329,589

C3.ai,

Inc.

,

Class

A

(a)

(b)

................

2,028,328

54,906,839

Cerence,

Inc.

(a)

(b)

....................

1,026,430

16,166,273

Cipher

Mining,

Inc.

(a)

(b)

.................

1,066,178

5,490,817

Cleanspark,

Inc.

(a)

(b)

..................

4,730,538

100,334,711

Clear

Secure,

Inc.

,

Class

A

.............

2,057,582

43,764,769

CommVault

Systems,

Inc.

(a)

(b)

............

1,086,077

110,160,790

Consensus

Cloud

Solutions,

Inc.

(a)

(b)

.......

472,811

7,498,782

CoreCard

Corp.

(a)

(b)

..................

173,361

1,915,639

CS

Disco,

Inc.

(a)

(b)

....................

570,490

4,638,084

Digimarc

Corp.

(a)

(b)

...................

352,857

9,590,653

Digital

Turbine,

Inc.

(a)

(b)

................

2,408,399

6,310,005

Domo,

Inc.

,

Class

B

(a)

(b)

................

787,878

7,027,872

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

(b)

...

4,225,581

18,761,580

eGain

Corp.

(a)

(b)

.....................

512,825

3,307,721

Enfusion,

Inc.

,

Class

A

(a)

(b)

..............

963,700

8,914,225

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Envestnet,

Inc.

(a)

(b)

...................

1,091,954

$

63,235,056

Everbridge,

Inc.

(a)

....................

1,016,207

35,394,490

EverCommerce,

Inc.

(a)

(b)

...............

572,489

5,392,846

Expensify,

Inc.

,

Class

A

(a)

..............

1,372,102

2,524,668

Freshworks,

Inc.

,

Class

A

(a)

(b)

............

3,968,431

72,265,129

Instructure

Holdings,

Inc.

(a)

(b)

............

475,824

10,173,117

Intapp,

Inc.

(a)

(b)

......................

977,130

33,515,559

InterDigital,

Inc.

.....................

632,405

67,325,836

Jamf

Holding

Corp.

(a)

(b)

................

1,736,578

31,866,206

Kaltura,

Inc.

(a)

(b)

.....................

1,938,697

2,617,241

LivePerson,

Inc.

(a)

(b)

..................

2,017,050

2,011,806

LiveRamp

Holdings,

Inc.

(a)

(b)

.............

1,594,374

55,005,903

Marathon

Digital

Holdings,

Inc.

(a)

(b)

........

5,491,157

123,990,325

Matterport,

Inc.

,

Class

A

(a)

(b)

.............

6,367,318

14,390,139

MeridianLink,

Inc.

(a)

(b)

.................

636,193

11,896,809

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

...........

363,790

620,101,882

Mitek

Systems,

Inc.

(a)

(b)

................

1,075,403

15,163,182

Model

N,

Inc.

(a)

(b)

....................

946,117

26,935,951

N-able,

Inc.

(a)

.......................

1,717,525

22,448,052

NextNav,

Inc.

(a)

(b)

....................

1,352,144

8,897,108

Olo,

Inc.

,

Class

A

(a)

...................

2,563,563

14,073,961

ON24,

Inc.

........................

747,489

5,337,071

OneSpan,

Inc.

(a)

.....................

994,963

11,571,420

PagerDuty,

Inc.

(a)

(b)

...................

2,189,162

49,650,194

PowerSchool

Holdings,

Inc.

,

Class

A

(a)

(b)

....

1,385,433

29,495,869

Progress

Software

Corp.

...............

1,090,848

58,153,107

PROS

Holdings,

Inc.

(a)

(b)

...............

1,110,483

40,343,847

Q2

Holdings,

Inc.

(a)

(b)

..................

1,409,733

74,095,566

Qualys,

Inc.

(a)

(b)

.....................

911,350

152,076,975

Rapid7,

Inc.

(a)

(b)

.....................

1,484,035

72,777,076

Red

Violet,

Inc.

(a)

(b)

...................

252,379

4,934,009

Rimini

Street,

Inc.

(a)

(b)

.................

1,294,690

4,220,689

Riot

Platforms,

Inc.

(a)

(b)

................

4,853,880

59,411,491

Sapiens

International

Corp.

NV

..........

754,770

24,273,403

SEMrush

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

783,637

10,391,027

SolarWinds

Corp.

(a)

..................

1,287,934

16,253,727

SoundHound

AI,

Inc.

,

Class

A

(a)

(b)

.........

3,401,832

20,036,790

SoundThinking,

Inc.

(a)

(b)

................

235,480

3,739,422

Sprinklr,

Inc.

,

Class

A

(a)

(b)

...............

2,608,801

32,009,988

Sprout

Social,

Inc.

,

Class

A

(a)

(b)

...........

1,197,593

71,508,278

SPS

Commerce,

Inc.

(a)

................

899,553

166,327,350

Tenable

Holdings,

Inc.

(a)

(b)

..............

2,858,445

141,292,936

Terawulf,

Inc.

(a)

(b)

....................

3,828,150

10,068,035

Varonis

Systems,

Inc.

(a)

(b)

...............

2,672,220

126,048,617

Verint

Systems,

Inc.

(a)

(b)

................

1,516,216

50,262,560

Veritone,

Inc.

(a)

(b)

....................

687,205

3,614,698

Viant

Technology,

Inc.

,

Class

A

(a)

(b)

........

356,661

3,802,006

Weave

Communications,

Inc.

(a)

(b)

.........

853,320

9,796,114

Workiva,

Inc.

,

Class

A

(a)

(b)

..............

1,221,232

103,560,474

Xperi,

Inc.

(a)

(b)

......................

1,081,792

13,046,412

Yext,

Inc.

(a)

........................

2,638,389

15,909,486

Zeta

Global

Holdings

Corp.

,

Class

A

(a)

(b)

.....

3,457,004

37,785,054

Zuora,

Inc.

,

Class

A

(a)

(b)

................

3,328,771

30,358,392

4,109,727,001

Specialized

REITs

—

0.4%

Farmland

Partners,

Inc.

...............

1,072,847

11,908,602

Four

Corners

Property

Trust,

Inc.

.........

2,278,897

55,764,609

Gladstone

Land

Corp.

................

791,467

10,558,170

Outfront

Media,

Inc.

..................

3,621,858

60,810,996

PotlatchDeltic

Corp.

..................

1,950,917

91,732,117

Safehold,

Inc.

(b)

.....................

1,230,153

25,341,152

Uniti

Group,

Inc.

....................

5,876,966

34,674,099

290,789,745

Security

Shares

Shares

Value

Specialty

Retail

—

2.8%

1-800-Flowers.com,

Inc.

,

Class

A

(a)

(b)

.......

634,748

$

6,874,321

Aaron's

Co.,

Inc.

(The)

................

765,490

5,741,175

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

........

1,196,187

149,918,117

Academy

Sports

&

Outdoors,

Inc.

(b)

........

1,771,557

119,650,960

American

Eagle

Outfitters,

Inc.

...........

4,481,297

115,572,650

America's

Car-Mart,

Inc.

(a)

(b)

.............

144,132

9,205,711

Arko

Corp.

........................

1,920,473

10,946,696

Asbury

Automotive

Group,

Inc.

(a)

(b)

.........

507,633

119,689,709

BARK,

Inc.

(a)

(b)

......................

3,189,392

3,954,846

Beyond,

Inc.

(a)

(b)

.....................

1,111,129

39,900,642

Big

5

Sporting

Goods

Corp.

(b)

............

561,253

1,975,611

Boot

Barn

Holdings,

Inc.

(a)

(b)

.............

739,075

70,322,986

Buckle,

Inc.

(The)

...................

741,390

29,855,775

Build-A-Bear

Workshop,

Inc.

............

311,261

9,297,366

Caleres,

Inc.

.......................

842,448

34,565,641

Camping

World

Holdings,

Inc.

,

Class

A

.....

1,039,582

28,952,359

CarParts.com,

Inc.

(a)

(b)

.................

1,305,802

2,115,399

Carvana

Co.

,

Class

A

(a)

(b)

...............

2,528,232

222,256,875

Cato

Corp.

(The)

,

Class

A

..............

440,783

2,543,318

Children's

Place,

Inc.

(The)

(a)

(b)

...........

300,142

3,463,639

Designer

Brands,

Inc.

,

Class

A

...........

1,042,422

11,393,673

Destination

XL

Group,

Inc.

(a)

(b)

...........

1,351,111

4,864,000

Duluth

Holdings,

Inc.

,

Class

B

(a)

(b)

.........

319,759

1,566,819

Envela

Corp.

(a)

(b)

....................

102,262

472,450

EVgo,

Inc.

,

Class

A

(a)

(b)

................

2,548,664

6,397,147

Foot

Locker,

Inc.

....................

2,015,564

57,443,574

Genesco,

Inc.

(a)

(b)

....................

270,207

7,603,625

Group

1

Automotive,

Inc.

(b)

..............

336,384

98,301,496

GrowGeneration

Corp.

(a)

(b)

..............

1,467,369

4,196,675

Guess?,

Inc.

.......................

699,470

22,012,321

Haverty

Furniture

Cos.,

Inc.

.............

358,014

12,215,438

Hibbett,

Inc.

(b)

......................

286,170

21,980,718

J

Jill,

Inc.

(a)

(b)

.......................

109,828

3,511,201

Lands'

End,

Inc.

(a)

(b)

..................

368,891

4,017,223

Lazydays

Holdings,

Inc.

(a)

(b)

.............

234,127

943,532

Leslie's,

Inc.

(a)

(b)

.....................

4,343,662

28,233,803

MarineMax,

Inc.

(a)

(b)

..................

529,419

17,608,476

Monro,

Inc.

(b)

.......................

725,187

22,872,398

National

Vision

Holdings,

Inc.

(a)

(b)

.........

1,905,498

42,225,836

ODP

Corp.

(The)

(a)

(b)

..................

787,861

41,796,026

OneWater

Marine,

Inc.

,

Class

A

(a)

(b)

........

281,767

7,931,741

PetMed

Express,

Inc.

.................

579,372

2,775,192

Rent

the

Runway,

Inc.

,

Class

A

(a)

(b)

........

1,217,754

420,612

Revolve

Group,

Inc.

,

Class

A

(a)

(b)

..........

981,031

20,768,426

Sally

Beauty

Holdings,

Inc.

(a)

(b)

...........

2,624,043

32,590,614

Shoe

Carnival,

Inc.

(b)

.................

450,139

16,493,093

Signet

Jewelers

Ltd.

..................

1,071,704

107,245,419

Sleep

Number

Corp.

(a)

(b)

...............

529,809

8,492,838

Sonic

Automotive,

Inc.

,

Class

A

..........

361,363

20,576,009

Sportsman's

Warehouse

Holdings,

Inc.

(a)

(b)

...

902,145

2,805,671

Stitch

Fix,

Inc.

,

Class

A

(a)

(b)

..............

2,178,171

5,750,371

ThredUp,

Inc.

,

Class

A

(a)

(b)

..............

1,805,264

3,610,528

Tile

Shop

Holdings,

Inc.

(a)

..............

702,080

4,935,622

Tilly's,

Inc.

,

Class

A

(a)

(b)

................

504,526

3,430,777

Torrid

Holdings,

Inc.

(a)

(b)

................

337,805

1,648,488

Upbound

Group,

Inc.

.................

1,305,968

45,983,133

Urban

Outfitters,

Inc.

(a)

(b)

...............

1,563,031

67,866,806

Warby

Parker,

Inc.

,

Class

A

(a)

(b)

...........

2,112,693

28,753,752

Winmark

Corp.

.....................

68,614

24,817,684

Zumiez,

Inc.

(a)

(b)

.....................

396,271

6,019,357

1,809,376,360

Technology

Hardware,

Storage

&

Peripherals

—

2.1%

CompoSecure,

Inc.

,

Class

A

(a)

(b)

..........

408,243

2,951,597

Corsair

Gaming,

Inc.

(a)

(b)

...............

948,841

11,708,698

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

CPI

Card

Group,

Inc.

(a)

(b)

...............

103,909

$

1,855,815

Eastman

Kodak

Co.

(a)

(b)

................

1,431,715

7,086,989

Immersion

Corp.

....................

766,412

5,732,762

Intevac,

Inc.

(a)

(b)

.....................

558,450

2,144,448

IonQ,

Inc.

(a)

(b)

.......................

4,020,400

40,163,796

Super

Micro

Computer,

Inc.

(a)

(b)

...........

1,245,787

1,258,282,244

Turtle

Beach

Corp.

(a)

(b)

.................

405,235

6,986,251

Xerox

Holdings

Corp.

.................

2,893,156

51,787,492

1,388,700,092

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

Allbirds,

Inc.

,

Class

A

(a)

(b)

...............

2,331,975

1,618,624

Figs,

Inc.

,

Class

A

(a)

(b)

.................

3,105,898

15,467,372

Fossil

Group,

Inc.

(a)

(b)

.................

1,227,511

1,252,061

G-III

Apparel

Group

Ltd.

(a)

(b)

.............

1,018,351

29,542,363

Hanesbrands,

Inc.

(a)

..................

8,633,343

50,073,389

Kontoor

Brands,

Inc.

..................

1,373,988

82,782,777

Movado

Group,

Inc.

..................

375,008

10,473,973

Oxford

Industries,

Inc.

................

370,526

41,647,122

Rocky

Brands,

Inc.

...................

173,692

4,712,264

Steven

Madden

Ltd.

..................

1,801,286

76,158,372

Vera

Bradley,

Inc.

(a)

..................

613,982

4,175,078

Wolverine

World

Wide,

Inc.

.............

1,903,708

21,340,567

339,243,962

Tobacco

—

0.1%

Ispire

Technology,

Inc.

(a)

(b)

..............

410,079

2,513,784

Turning

Point

Brands,

Inc.

..............

420,479

12,320,035

Universal

Corp.

.....................

596,060

30,828,223

Vector

Group

Ltd.

...................

3,565,947

39,082,779

84,744,821

Trading

Companies

&

Distributors

—

2.2%

Alta

Equipment

Group,

Inc.

,

Class

A

.......

555,797

7,197,571

Applied

Industrial

Technologies,

Inc.

.......

945,099

186,704,308

Beacon

Roofing

Supply,

Inc.

(a)

(b)

..........

1,550,175

151,948,154

BlueLinx

Holdings,

Inc.

(a)

(b)

..............

208,857

27,201,536

Boise

Cascade

Co.

..................

975,525

149,616,269

Custom

Truck

One

Source,

Inc.

(a)

(b)

........

1,337,941

7,786,817

Distribution

Solutions

Group,

Inc.

(a)

(b)

.......

239,680

8,503,846

DNOW,

Inc.

(a)

......................

2,599,085

39,506,092

DXP

Enterprises,

Inc.

(a)

................

323,523

17,382,891

EVI

Industries,

Inc.

...................

131,387

3,271,536

FTAI

Aviation

Ltd.

....................

2,447,803

164,737,142

GATX

Corp.

.......................

861,846

115,513,219

Global

Industrial

Co.

..................

311,627

13,954,657

GMS,

Inc.

(a)

........................

988,483

96,218,935

H&E

Equipment

Services,

Inc.

...........

796,517

51,120,461

Herc

Holdings,

Inc.

...................

694,764

116,928,781

Hudson

Technologies,

Inc.

(a)

(b)

...........

1,059,605

11,666,251

Karat

Packaging,

Inc.

.................

149,912

4,288,982

McGrath

RentCorp

...................

599,303

73,936,011

MRC

Global,

Inc.

(a)

...................

2,059,227

25,884,483

Rush

Enterprises,

Inc.

,

Class

A

..........

1,483,780

79,411,906

Rush

Enterprises,

Inc.

,

Class

B

..........

226,408

12,065,282

Titan

Machinery,

Inc.

(a)

(b)

...............

503,187

12,484,070

Transcat,

Inc.

(a)

(b)

....................

199,416

22,220,925

Willis

Lease

Finance

Corp.

(a)

(b)

...........

67,783

3,363,393

Xometry,

Inc.

,

Class

A

(a)

(b)

..............

829,933

14,017,568

1,416,931,086

Water

Utilities

—

0.4%

American

States

Water

Co.

.............

896,264

64,746,111

Artesian

Resources

Corp.

,

Class

A,

NVS

....

210,886

7,825,980

Cadiz,

Inc.

(a)

(b)

......................

970,389

2,814,128

California

Water

Service

Group

..........

1,407,073

65,400,753

Security

Shares

Shares

Value

Water

Utilities

(continued)

Consolidated

Water

Co.

Ltd.

............

360,614

$

10,569,596

Global

Water

Resources,

Inc.

............

281,537

3,614,935

Middlesex

Water

Co.

.................

424,422

22,282,155

Pure

Cycle

Corp.

(a)

(b)

..................

450,652

4,281,194

SJW

Group

........................

776,596

43,947,568

York

Water

Co.

(The)

.................

306,327

11,110,480

236,592,900

Wireless

Telecommunication

Services

—

0.1%

Gogo,

Inc.

(a)

(b)

......................

1,624,580

14,263,812

Spok

Holdings,

Inc.

..................

432,215

6,893,829

Telephone

&

Data

Systems,

Inc.

..........

2,429,068

38,913,669

Tingo

Group,

Inc.

(a)

(b)

..................

2,995,135

76,676

60,147,986

Total

Common

Stocks

—

99

.7

%

(Cost:

$

82,409,501,272

)

............................

65,279,438,153

Rights

Biotechnology

—

0.0%

(a)(b)(d)

Contra

Aduro

Biotech

I,

CVR

............

272,340

136,170

Contra

Chinook

Therape,

CVR

..........

1,316,575

579,293

Oncternal

Therapeutics,

Inc.,

CVR

........

13,273

13,605

729,068

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Empire

Petroleum

Corp.

(

Expires

04/03/24

,

Strike

Price

USD

6.05

)

(a)

(b)

(d)

...........

294,399

3

Total

Rights

—

0

.0

%

(Cost:

$

540,672

)

.................................

729,071

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0

.0

%

(a)

(b)

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20

,

1

Share

for

1

Warrant,

Expires

09/01/24

,

Strike

Price

USD

116.37

)

......

92,645

3,292,603

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20

,

1

Share

for

1

Warrant,

Expires

09/01/25

,

Strike

Price

USD

133.70

)

.....

46,322

1,191,402

Total

Warrants

—

0

.0

%

(Cost:

$

11,350,881

)

...............................

4,484,005

Total

Long-Term

Investments

—

99.7%

(Cost:

$

82,421,392,825

)

............................

65,284,651,229

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

11.0%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(h)

..................

7,030,173,262

$

7,033,688,348

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

173,435,949

173,435,949

Total

Short-Term

Securities

—

11

.0

%

(Cost:

$

7,202,951,640

)

............................

7,207,124,297

Total

Investments

—

110

.7

%

(Cost:

$

89,624,344,465

)

............................

72,491,775,526

Liabilities

in

Excess

of

Other

Assets

—

(

10.7

)

%

............

(

6,996,657,526

)

Net

Assets

—

100.0%

...............................

$

65,495,118,000

(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

$2,156,939,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$14,991,359.

(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

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

6,230,712,236

$

801,965,825

(a)

$

—

$

6,402

$

1,003,885

$

7,033,688,348

7,030,173,262

$

79,472,855

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

83,779,266

89,656,683

(a)

—

—

—

173,435,949

173,435,949

6,049,084

—

$

6,402

$

1,003,885

$

7,207,124,297

$

85,521,939

$

—

—

—

(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

....................................................

1,753

06/21/24

$

188,088

$

5,106,206

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

ETF

30

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.

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.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

5,106,206

$

—

$

—

$

—

$

5,106,206

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

6,339,994

$

—

$

—

$

—

$

6,339,994

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

59,545

$

—

$

—

$

—

$

59,545

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

174,330,010

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

65,277,281,212

$

2,156,939

$

2

$

65,279,438,153

Rights

................................................

—

—

729,071

729,071

Warrants

..............................................

4,484,005

—

—

4,484,005

Short-Term

Securities

Money

Market

Funds

......................................

7,207,124,297

—

—

7,207,124,297

$

72,488,889,514

$

2,156,939

$

729,073

$

72,491,775,526

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

5,106,206

$

—

$

—

$

5,106,206

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.8%

AeroVironment,

Inc.

(a)

(b)

................

234,420

$

35,931,898

Cadre

Holdings,

Inc.

..................

168,903

6,114,289

Eve

Holding,

Inc.

(a)

(b)

..................

165,805

895,347

Leonardo

DRS,

Inc.

(a)

(b)

................

594,095

13,123,558

Moog,

Inc.

,

Class

A

..................

50,676

8,090,423

Parsons

Corp.

(a)

(b)

....................

163,791

13,586,463

Redwire

Corp.

(a)

(b)

....................

81,321

356,999

Rocket

Lab

USA,

Inc.

(a)

(b)

...............

2,463,843

10,126,395

Terran

Orbital

Corp.

(a)

(b)

................

70,329

92,131

Virgin

Galactic

Holdings,

Inc.

,

Class

C

(a)

(b)

....

1,746,841

2,585,325

90,902,828

Air

Freight

&

Logistics

—

0.1%

Forward

Air

Corp.

...................

223,519

6,953,676

Automobile

Components

—

1.4%

Atmus

Filtration

Technologies,

Inc.

(b)

.......

451,529

14,561,810

Cooper-Standard

Holdings,

Inc.

(b)

.........

45,868

759,574

Dorman

Products,

Inc.

(a)

(b)

..............

228,788

22,052,875

Fox

Factory

Holding

Corp.

(a)

(b)

...........

370,484

19,291,102

Gentherm,

Inc.

(b)

....................

284,779

16,397,575

LCI

Industries

......................

82,110

10,104,457

Luminar

Technologies,

Inc.

,

Class

A

(a)

(b)

.....

2,534,135

4,992,246

Modine

Manufacturing

Co.

(a)

(b)

...........

285,084

27,137,146

Patrick

Industries,

Inc.

................

22,682

2,709,818

Stoneridge,

Inc.

(b)

....................

45,965

847,594

Visteon

Corp.

(b)

.....................

239,765

28,198,762

XPEL,

Inc.

(a)

(b)

(c)

.....................

196,143

10,595,645

157,648,604

Automobiles

—

0.0%

Livewire

Group,

Inc.

(a)

(b)

................

163,577

1,182,662

Banks

—

0.9%

Axos

Financial,

Inc.

(a)

(b)

................

55,875

3,019,485

BancFirst

Corp.

.....................

26,315

2,316,509

Bancorp,

Inc.

(The)

(a)

(b)

................

447,586

14,976,228

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

.....

33,087

1,058,453

Bank7

Corp.

.......................

4,104

115,733

BayCom

Corp.

.....................

11,687

240,869

Burke

&

Herbert

Financial

Services

Corp.

(a)

..

5,360

300,321

Capital

City

Bank

Group,

Inc.

............

42,233

1,169,854

Citizens

Financial

Services,

Inc.

..........

6,966

342,727

City

Holding

Co.

....................

10,625

1,107,337

Coastal

Financial

Corp.

(a)

(b)

.............

94,564

3,675,703

Columbia

Financial,

Inc.

(a)

(b)

.............

108,294

1,863,740

Esquire

Financial

Holdings,

Inc.

..........

51,463

2,442,949

First

BanCorp

......................

111,534

1,956,306

First

Financial

Bankshares,

Inc.

..........

1,134,706

37,229,704

Five

Star

Bancorp

...................

50,219

1,129,927

FS

Bancorp,

Inc.

....................

13,238

459,491

Greene

County

Bancorp,

Inc.

............

33,739

971,346

HomeTrust

Bancshares,

Inc.

............

28,452

777,878

Lakeland

Financial

Corp.

...............

13,212

876,220

Metropolitan

Bank

Holding

Corp.

(a)

(b)

.......

8,330

320,705

MVB

Financial

Corp.

.................

9,304

207,572

NBT

Bancorp,

Inc.

...................

33,916

1,244,039

Pathward

Financial,

Inc.

(a)

..............

76,422

3,857,783

Plumas

Bancorp

....................

6,967

256,316

ServisFirst

Bancshares,

Inc.

............

150,677

9,998,926

Stellar

Bancorp,

Inc.

..................

23,287

567,271

Stock

Yards

Bancorp,

Inc.

..............

205,805

10,065,922

Third

Coast

Bancshares,

Inc.

(b)

...........

5,312

106,346

Security

Shares

Shares

Value

Banks

(continued)

Westamerica

BanCorp

................

67,850

$

3,316,508

105,972,168

Beverages

—

0.6%

Coca-Cola

Consolidated,

Inc.

............

41,481

35,109,933

Duckhorn

Portfolio,

Inc.

(The)

(a)

(b)

.........

86,938

809,393

MGP

Ingredients,

Inc.

(a)

................

137,514

11,844,081

National

Beverage

Corp.

(b)

..............

205,282

9,742,684

Primo

Water

Corp.

...................

193,702

3,527,313

Vita

Coco

Co.,

Inc.

(The)

(a)

(b)

............

326,407

7,974,123

Zevia

PBC

,

Class

A

(b)

.................

123,001

143,911

69,151,438

Biotechnology

—

10.3%

(b)

4D

Molecular

Therapeutics,

Inc.

(a)

.........

31,076

990,081

89bio,

Inc.

........................

685,143

7,975,065

ACADIA

Pharmaceuticals,

Inc.

...........

1,065,974

19,709,859

ACELYRIN,

Inc.

(a)

....................

284,501

1,920,382

Actinium

Pharmaceuticals,

Inc.

(a)

.........

225,827

1,768,225

ADMA

Biologics,

Inc.

(a)

................

977,441

6,451,111

Aerovate

Therapeutics,

Inc.

.............

99,091

2,930,121

Agenus,

Inc.

(a)

......................

497,555

288,582

Akero

Therapeutics,

Inc.

(a)

..............

536,248

13,545,624

Aldeyra

Therapeutics,

Inc.

..............

418,833

1,369,584

Alector,

Inc.

.......................

626,060

3,768,881

Alkermes

plc

.......................

1,436,233

38,878,827

Alpine

Immune

Sciences,

Inc.

...........

177,475

7,035,109

Amicus

Therapeutics,

Inc.

..............

2,515,757

29,635,617

AnaptysBio,

Inc.

....................

133,087

2,997,119

Anavex

Life

Sciences

Corp.

(a)

............

637,307

3,243,893

Apogee

Therapeutics,

Inc.

..............

163,039

10,833,942

Arbutus

Biopharma

Corp.

(a)

.............

708,648

1,828,312

Arcellx,

Inc.

(a)

......................

332,771

23,144,223

Arcturus

Therapeutics

Holdings,

Inc.

(a)

......

18,891

637,949

Arcus

Biosciences,

Inc.

................

139,870

2,640,746

Arcutis

Biotherapeutics,

Inc.

(a)

...........

685,839

6,796,665

Ardelyx,

Inc.

(a)

......................

1,311,676

9,575,235

ArriVent

Biopharma,

Inc.

(a)

..............

37,503

669,804

Arrowhead

Pharmaceuticals,

Inc.

(a)

........

1,007,959

28,827,627

ARS

Pharmaceuticals,

Inc.

(a)

............

45,953

469,640

Astria

Therapeutics,

Inc.

...............

378,755

5,330,977

Atara

Biotherapeutics,

Inc.

..............

67,829

47,073

Aurinia

Pharmaceuticals,

Inc.

(a)

...........

1,171,298

5,868,203

Avid

Bioservices,

Inc.

(a)

................

549,003

3,678,320

Avita

Medical,

Inc.

(a)

..................

221,228

3,546,285

Beam

Therapeutics,

Inc.

(a)

..............

585,074

19,330,845

BioCryst

Pharmaceuticals,

Inc.

(a)

..........

1,231,378

6,255,400

Biomea

Fusion,

Inc.

(a)

.................

172,657

2,581,222

BioVie,

Inc.

(a)

.......................

104,937

55,470

Bioxcel

Therapeutics,

Inc.

(a)

.............

166,588

469,778

Blueprint

Medicines

Corp.

(a)

.............

527,843

50,071,187

Bridgebio

Pharma,

Inc.

(a)

...............

704,794

21,792,230

Cabaletta

Bio,

Inc.

(a)

..................

268,204

4,575,560

Cargo

Therapeutics,

Inc.

(a)

..............

83,738

1,869,032

Cartesian

Therapeutics,

Inc.

(a)

...........

256,669

166,835

Catalyst

Pharmaceuticals,

Inc.

(a)

..........

964,000

15,366,160

Celldex

Therapeutics,

Inc.

(a)

.............

138,955

5,831,941

Cerevel

Therapeutics

Holdings,

Inc.

(a)

......

621,428

26,267,762

CG

oncology,

Inc.

...................

90,994

3,994,637

Cogent

Biosciences,

Inc.

(a)

..............

385,542

2,590,842

Coherus

Biosciences,

Inc.

(a)

.............

767,980

1,835,472

Compass

Therapeutics,

Inc.

(a)

...........

75,637

149,761

Crinetics

Pharmaceuticals,

Inc.

..........

97,050

4,542,911

Cue

Biopharma,

Inc.

(a)

................

317,692

600,438

Cytokinetics,

Inc.

(a)

...................

765,864

53,694,725

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Day

One

Biopharmaceuticals,

Inc.

(a)

.......

495,031

$

8,177,912

Deciphera

Pharmaceuticals,

Inc.

.........

165,262

2,599,571

Denali

Therapeutics,

Inc.

(a)

.............

1,037,976

21,299,268

Disc

Medicine,

Inc.

(a)

..................

76,560

4,766,626

Dynavax

Technologies

Corp.

(a)

...........

941,109

11,679,163

Dyne

Therapeutics,

Inc.

...............

148,514

4,216,312

Enanta

Pharmaceuticals,

Inc.

............

21,891

382,217

Fennec

Pharmaceuticals,

Inc.

(a)

..........

39,537

439,651

Foghorn

Therapeutics,

Inc.

.............

181,861

1,220,287

Genelux

Corp.

(a)

.....................

40,404

259,798

Geron

Corp.

(a)

......................

3,348,421

11,049,789

Halozyme

Therapeutics,

Inc.

(a)

...........

1,125,408

45,781,597

Heron

Therapeutics,

Inc.

(a)

..............

835,447

2,314,188

HilleVax,

Inc.

(a)

......................

54,037

898,635

Humacyte,

Inc.

(a)

....................

482,961

1,502,009

Ideaya

Biosciences,

Inc.

(a)

..............

367,373

16,120,327

Immuneering

Corp.

,

Class

A

(a)

...........

149,567

432,249

ImmunityBio,

Inc.

(a)

...................

935,559

5,023,952

Immunovant,

Inc.

....................

468,305

15,130,935

Inhibrx,

Inc.

........................

196,279

6,861,914

Insmed,

Inc.

(a)

......................

1,199,464

32,541,458

Intellia

Therapeutics,

Inc.

(a)

.............

112,404

3,092,234

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

....

488,378

4,253,772

Janux

Therapeutics,

Inc.

(a)

..............

10,292

387,494

Karyopharm

Therapeutics,

Inc.

(a)

.........

983,668

1,485,339

Keros

Therapeutics,

Inc.

(a)

..............

222,666

14,740,489

Krystal

Biotech,

Inc.

(a)

.................

187,453

33,353,512

Kymera

Therapeutics,

Inc.

(a)

.............

353,711

14,219,182

Lexeo

Therapeutics,

Inc.

...............

38,706

606,910

Lexicon

Pharmaceuticals,

Inc.

(a)

..........

347,818

834,763

Lineage

Cell

Therapeutics,

Inc.

(a)

.........

1,160,447

1,717,462

MacroGenics,

Inc.

...................

161,564

2,378,222

Madrigal

Pharmaceuticals,

Inc.

(a)

.........

128,427

34,295,146

MannKind

Corp.

(a)

...................

1,844,055

8,353,569

MeiraGTx

Holdings

plc

................

202,782

1,230,887

Merrimack

Pharmaceuticals,

Inc.

(a)

........

89,226

1,317,868

Mersana

Therapeutics,

Inc.

.............

590,222

2,644,195

Mineralys

Therapeutics,

Inc.

(a)

...........

45,395

586,049

Mirum

Pharmaceuticals,

Inc.

(a)

...........

212,731

5,343,803

Morphic

Holding,

Inc.

(a)

................

292,857

10,308,566

Mural

Oncology

plc

..................

146,805

717,876

Novavax,

Inc.

(a)

.....................

804,579

3,845,888

Nuvalent,

Inc.

,

Class

A

(a)

...............

230,624

17,317,556

Nuvectis

Pharma,

Inc.

(a)

...............

65,011

533,090

Omega

Therapeutics,

Inc.

(a)

.............

206,931

755,298

Organogenesis

Holdings,

Inc.

,

Class

A

(a)

....

76,629

217,626

Outlook

Therapeutics,

Inc.

(a)

.............

72,000

859,680

PDS

Biotechnology

Corp.

(a)

.............

241,129

954,871

PepGen,

Inc.

.......................

24,756

363,913

Prime

Medicine,

Inc.

(a)

.................

349,614

2,447,298

ProKidney

Corp.

,

Class

A

(a)

.............

103,028

168,966

Protagonist

Therapeutics,

Inc.

(a)

..........

311,303

9,005,996

Prothena

Corp.

plc

...................

365,139

9,044,493

PTC

Therapeutics,

Inc.

(a)

...............

504,832

14,685,563

RAPT

Therapeutics,

Inc.

(a)

..............

193,997

1,742,093

Reneo

Pharmaceuticals,

Inc.

............

71,014

117,883

REVOLUTION

Medicines,

Inc.

...........

897,482

28,925,845

Rhythm

Pharmaceuticals,

Inc.

(a)

..........

463,322

20,075,742

Rigel

Pharmaceuticals,

Inc.

.............

1,263,401

1,869,833

Rocket

Pharmaceuticals,

Inc.

(a)

...........

481,775

12,979,019

Sage

Therapeutics,

Inc.

(a)

..............

429,867

8,055,708

Sagimet

Biosciences,

Inc.

,

Class

A

(a)

.......

88,362

478,922

Sana

Biotechnology,

Inc.

(a)

..............

63,177

631,770

Savara,

Inc.

.......................

45,666

227,417

Seres

Therapeutics,

Inc.

(a)

..............

571,195

442,162

Security

Shares

Shares

Value

Biotechnology

(continued)

SpringWorks

Therapeutics,

Inc.

(a)

.........

594,272

$

29,250,068

Summit

Therapeutics,

Inc.

(a)

.............

1,003,797

4,155,720

Syndax

Pharmaceuticals,

Inc.

...........

568,905

13,539,939

TG

Therapeutics,

Inc.

(a)

................

1,202,910

18,296,261

Travere

Therapeutics,

Inc.

..............

585,663

4,515,462

Turnstone

Biologics

Corp.

..............

63,299

165,843

Tyra

Biosciences,

Inc.

(a)

...............

43,682

716,385

UroGen

Pharma

Ltd.

(a)

................

195,150

2,927,250

Vaxcyte,

Inc.

(a)

......................

920,689

62,892,266

Vaxxinity,

Inc.

,

Class

A

(a)

...............

362,704

260,240

Vera

Therapeutics,

Inc.

,

Class

A

..........

167,659

7,229,456

Vericel

Corp.

(a)

......................

413,046

21,486,653

Viking

Therapeutics,

Inc.

...............

888,287

72,839,534

Vir

Biotechnology,

Inc.

................

39,371

398,828

Viridian

Therapeutics,

Inc.

(a)

.............

339,409

5,943,052

Voyager

Therapeutics,

Inc.

(a)

............

336,562

3,133,392

X4

Pharmaceuticals,

Inc.

(a)

.............

533,310

741,301

Xencor,

Inc.

.......................

271,971

6,018,718

Y-mAbs

Therapeutics,

Inc.

(a)

.............

148,809

2,419,634

Zentalis

Pharmaceuticals,

Inc.

(a)

..........

507,483

7,997,932

1,203,685,051

Broadline

Retail

—

0.1%

Dillard's,

Inc.

,

Class

A

(a)

................

29,529

13,927,058

Qurate

Retail,

Inc.

,

Class

B

(b)

............

15,284

69,236

Savers

Value

Village,

Inc.

(a)

(b)

............

111,531

2,150,318

16,146,612

Building

Products

—

2.1%

AAON,

Inc.

(a)

.......................

587,786

51,783,947

American

Woodmark

Corp.

(b)

............

9,302

945,641

Apogee

Enterprises,

Inc.

...............

72,669

4,302,005

CSW

Industrials,

Inc.

.................

133,813

31,392,530

Gibraltar

Industries,

Inc.

(b)

..............

149,317

12,024,498

Griffon

Corp.

.......................

204,983

15,033,453

Janus

International

Group,

Inc.

(a)

(b)

........

736,053

11,136,482

Masonite

International

Corp.

(b)

...........

190,184

24,999,687

Simpson

Manufacturing

Co.,

Inc.

.........

372,508

76,431,191

UFP

Industries,

Inc.

..................

79,560

9,786,676

Zurn

Elkay

Water

Solutions

Corp.

.........

256,575

8,587,565

246,423,675

Capital

Markets

—

1.9%

AlTi

Global,

Inc.

,

Class

A

(a)

(b)

............

204,213

1,155,846

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

............................

385,771

17,656,739

AssetMark

Financial

Holdings,

Inc.

(b)

.......

191,907

6,795,427

B

Riley

Financial,

Inc.

(a)

................

181,290

3,837,909

BGC

Group,

Inc.

,

Class

A

(a)

.............

1,479,299

11,494,153

Brightsphere

Investment

Group,

Inc.

.......

111,286

2,541,772

Cohen

&

Steers,

Inc.

.................

227,304

17,477,404

Diamond

Hill

Investment

Group,

Inc.

.......

24,760

3,817,249

Donnelley

Financial

Solutions,

Inc.

(b)

.......

153,487

9,517,729

GCM

Grosvenor,

Inc.

,

Class

A

...........

351,757

3,397,973

Hamilton

Lane,

Inc.

,

Class

A

............

188,358

21,239,248

Moelis

&

Co.

,

Class

A

.................

277,122

15,732,216

Open

Lending

Corp.

,

Class

A

(b)

...........

788,935

4,938,733

P10,

Inc.

,

Class

A

...................

375,959

3,165,575

Patria

Investments

Ltd.

,

Class

A

..........

496,374

7,366,190

Perella

Weinberg

Partners

,

Class

C

.......

369,146

5,216,033

Piper

Sandler

Cos.

...................

125,806

24,971,233

PJT

Partners,

Inc.

,

Class

A

(a)

............

205,914

19,409,454

Silvercrest

Asset

Management

Group,

Inc.

,

Class

A

........................

90,518

1,431,090

StepStone

Group,

Inc.

,

Class

A

..........

479,537

17,138,652

StoneX

Group,

Inc.

(b)

.................

25,608

1,799,218

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

Value

Line,

Inc.

.....................

7,087

$

287,023

Victory

Capital

Holdings,

Inc.

,

Class

A

......

212,615

9,021,254

Virtus

Investment

Partners,

Inc.

..........

8,370

2,075,593

WisdomTree,

Inc.

....................

1,199,420

11,022,670

222,506,383

Chemicals

—

2.4%

American

Vanguard

Corp.

..............

42,278

547,500

Arcadium

Lithium

plc

(a)

(b)

...............

8,871,576

38,236,493

Balchem

Corp.

(a)

....................

277,672

43,025,276

Cabot

Corp.

.......................

472,418

43,556,940

Core

Molding

Technologies,

Inc.

(b)

.........

5,041

95,426

Ecovyst,

Inc.

(a)

(b)

.....................

166,973

1,861,749

Hawkins,

Inc.

......................

167,984

12,901,171

HB

Fuller

Co.

......................

419,382

33,441,521

Ingevity

Corp.

(b)

.....................

317,626

15,150,760

Innospec,

Inc.

......................

190,462

24,558,170

Orion

SA

.........................

478,740

11,259,965

PureCycle

Technologies,

Inc.

(a)

(b)

..........

220,875

1,373,842

Quaker

Chemical

Corp.

...............

120,790

24,792,147

Sensient

Technologies

Corp.

............

366,561

25,362,356

Stepan

Co.

........................

21,599

1,944,774

278,108,090

Commercial

Services

&

Supplies

—

1.4%

ACV

Auctions,

Inc.

,

Class

A

(a)

(b)

...........

1,103,953

20,721,198

Aris

Water

Solutions,

Inc.

,

Class

A

........

21,846

309,121

Brink's

Co.

(The)

....................

388,165

35,858,683

Casella

Waste

Systems,

Inc.

,

Class

A

(a)

(b)

....

489,257

48,372,840

Cimpress

plc

(a)

(b)

....................

88,148

7,801,979

Healthcare

Services

Group,

Inc.

(b)

.........

611,080

7,626,278

HNI

Corp.

.........................

37,714

1,702,033

LanzaTech

Global,

Inc.

(a)

(b)

..............

182,685

565,410

Liquidity

Services,

Inc.

(b)

...............

110,936

2,063,410

Matthews

International

Corp.

,

Class

A

......

70,270

2,183,992

Montrose

Environmental

Group,

Inc.

(a)

(b)

.....

244,608

9,581,295

Performant

Financial

Corp.

(a)

(b)

...........

447,777

1,316,464

Pitney

Bowes,

Inc.

...................

722,951

3,130,378

SP

Plus

Corp.

(b)

.....................

169,375

8,844,762

Viad

Corp.

(b)

.......................

176,596

6,973,776

157,051,619

Communications

Equipment

—

0.7%

(b)

Calix,

Inc.

.........................

512,465

16,993,339

Cambium

Networks

Corp.

..............

103,700

446,947

Clearfield,

Inc.

(a)

.....................

110,853

3,418,707

CommScope

Holding

Co.,

Inc.

...........

1,846,859

2,419,385

Digi

International,

Inc.

(a)

................

274,475

8,763,987

Extreme

Networks,

Inc.

................

1,096,972

12,659,057

Harmonic,

Inc.

(a)

.....................

956,951

12,861,421

Infinera

Corp.

(a)

.....................

1,736,794

10,472,868

Viavi

Solutions,

Inc.

(a)

.................

1,588,977

14,443,801

82,479,512

Construction

&

Engineering

—

2.8%

Ameresco,

Inc.

,

Class

A

(a)

(b)

.............

276,659

6,675,782

API

Group

Corp.

(a)

(b)

..................

1,221,974

47,986,919

Bowman

Consulting

Group

Ltd.

(a)

(b)

........

92,773

3,227,573

Comfort

Systems

USA,

Inc.

(a)

............

307,311

97,635,778

Concrete

Pumping

Holdings,

Inc.

(a)

(b)

.......

130,476

1,030,760

Construction

Partners,

Inc.

,

Class

A

(a)

(b)

.....

373,865

20,992,520

Dycom

Industries,

Inc.

(b)

...............

248,842

35,716,292

Fluor

Corp.

(b)

.......................

1,153,802

48,782,749

Granite

Construction,

Inc.

..............

52,651

3,007,952

IES

Holdings,

Inc.

(a)

(b)

.................

71,418

8,687,286

INNOVATE

Corp.

(a)

(b)

..................

93,961

65,838

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Limbach

Holdings,

Inc.

(a)

(b)

..............

14,493

$

600,300

MYR

Group,

Inc.

(b)

...................

142,726

25,226,820

Primoris

Services

Corp.

...............

28,597

1,217,374

Sterling

Infrastructure,

Inc.

(a)

(b)

...........

227,487

25,094,091

325,948,034

Construction

Materials

—

0.1%

United

States

Lime

&

Minerals,

Inc.

........

17,936

5,347,439

Consumer

Finance

—

0.6%

Atlanticus

Holdings

Corp.

(b)

.............

3,178

94,037

FirstCash

Holdings,

Inc.

...............

327,516

41,771,391

LendingTree,

Inc.

(b)

...................

21,832

924,367

NerdWallet,

Inc.

,

Class

A

(b)

..............

292,520

4,300,044

PROG

Holdings,

Inc.

.................

74,214

2,555,930

Regional

Management

Corp.

............

12,308

297,977

Upstart

Holdings,

Inc.

(a)

(b)

...............

644,305

17,325,361

World

Acceptance

Corp.

(a)

(b)

.............

2,800

405,944

67,675,051

Consumer

Staples

Distribution

&

Retail

—

0.7%

Chefs'

Warehouse,

Inc.

(The)

(a)

(b)

.........

306,110

11,528,102

PriceSmart,

Inc.

.....................

154,475

12,975,900

Sprouts

Farmers

Market,

Inc.

(a)

(b)

.........

884,418

57,027,273

81,531,275

Containers

&

Packaging

—

0.2%

Myers

Industries,

Inc.

.................

319,751

7,408,631

O-I

Glass,

Inc.

(a)

(b)

....................

1,149,945

19,077,587

26,486,218

Diversified

Consumer

Services

—

1.4%

2U,

Inc.

(a)

(b)

........................

41,562

16,197

Carriage

Services,

Inc.

................

114,835

3,105,138

Chegg,

Inc.

(b)

.......................

859,492

6,506,354

Coursera,

Inc.

(a)

(b)

....................

1,149,675

16,118,444

Duolingo,

Inc.

,

Class

A

(b)

...............

256,890

56,664,796

European

Wax

Center,

Inc.

,

Class

A

(b)

......

276,651

3,590,930

Frontdoor,

Inc.

(b)

.....................

703,702

22,926,611

Laureate

Education,

Inc.

...............

960,049

13,987,914

Nerdy,

Inc.

,

Class

A

(a)

(b)

................

556,933

1,620,675

OneSpaWorld

Holdings

Ltd.

(b)

...........

720,922

9,537,798

Stride,

Inc.

(a)

(b)

......................

368,033

23,204,481

Udemy,

Inc.

(a)

(b)

.....................

773,675

8,494,952

Universal

Technical

Institute,

Inc.

(b)

........

60,228

960,034

166,734,324

Diversified

REITs

—

0.0%

Essential

Properties

Realty

Trust,

Inc.

......

146,697

3,910,942

Gladstone

Commercial

Corp.

............

59,331

821,141

4,732,083

Diversified

Telecommunication

Services

—

0.3%

Anterix,

Inc.

(a)

(b)

.....................

100,156

3,366,243

AST

SpaceMobile,

Inc.

,

Class

A

(a)

(b)

........

994,252

2,883,331

Bandwidth,

Inc.

,

Class

A

(b)

..............

50,774

927,133

Cogent

Communications

Holdings,

Inc.

.....

238,573

15,585,974

Consolidated

Communications

Holdings,

Inc.

(a)

(b)

.........................

74,354

321,209

Globalstar,

Inc.

(a)

(b)

...................

5,491,317

8,072,236

IDT

Corp.

,

Class

B

...................

102,537

3,876,924

Ooma,

Inc.

(a)

(b)

......................

207,171

1,767,169

36,800,219

Electric

Utilities

—

0.3%

Genie

Energy

Ltd.

,

Class

B

.............

93,599

1,411,473

MGE

Energy,

Inc.

....................

161,119

12,683,288

Otter

Tail

Corp.

(a)

....................

189,813

16,399,843

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electric

Utilities

(continued)

PNM

Resources,

Inc.

.................

78,923

$

2,970,662

33,465,266

Electrical

Equipment

—

2.2%

Allient,

Inc.

........................

113,923

4,064,773

Amprius

Technologies,

Inc.

(a)

(b)

...........

47,504

125,886

Array

Technologies,

Inc.

(a)

(b)

.............

1,314,786

19,603,459

Atkore,

Inc.

(a)

.......................

323,149

61,514,644

Babcock

&

Wilcox

Enterprises,

Inc.

(b)

.......

127,140

143,668

Blink

Charging

Co.

(a)

(b)

.................

260,349

783,650

Bloom

Energy

Corp.

,

Class

A

(a)

(b)

.........

1,674,590

18,822,392

Dragonfly

Energy

Holdings

Corp.

(a)

(b)

.......

238,715

128,906

EnerSys

..........................

329,798

31,152,719

Enovix

Corp.

(a)

(b)

.....................

1,204,942

9,651,585

Eos

Energy

Enterprises,

Inc.

,

Class

A

(a)

(b)

....

1,195,674

1,231,544

Fluence

Energy,

Inc.

,

Class

A

(a)

(b)

.........

509,195

8,829,441

FTC

Solar,

Inc.

(a)

(b)

...................

560,749

302,244

GrafTech

International

Ltd.

.............

969,988

1,338,583

LSI

Industries,

Inc.

...................

186,047

2,813,031

NEXTracker,

Inc.

,

Class

A

(b)

.............

1,092,449

61,472,105

NuScale

Power

Corp.

,

Class

A

(a)

(b)

.........

483,089

2,565,203

Preformed

Line

Products

Co.

............

9,761

1,255,948

SES

AI

Corp.

,

Class

A

(a)

(b)

..............

125,162

210,272

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

(b)

.

1,488,779

16,644,549

SKYX

Platforms

Corp.

(a)

(b)

..............

549,272

719,546

SunPower

Corp.

(a)

(b)

..................

776,002

2,328,006

Thermon

Group

Holdings,

Inc.

(b)

..........

32,091

1,050,018

TPI

Composites,

Inc.

(a)

(b)

...............

367,225

1,068,625

Vicor

Corp.

(b)

.......................

191,826

7,335,426

255,156,223

Electronic

Equipment,

Instruments

&

Components

—

3.1%

Advanced

Energy

Industries,

Inc.

(a)

........

326,397

33,285,966

Akoustis

Technologies,

Inc.

(a)

(b)

...........

815,329

481,941

Arlo

Technologies,

Inc.

(b)

...............

687,878

8,701,657

Badger

Meter,

Inc.

(a)

..................

255,410

41,327,892

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

7,604

458,597

Belden,

Inc.

(a)

......................

224,085

20,752,512

Climb

Global

Solutions,

Inc.

.............

31,635

2,242,289

CTS

Corp.

........................

269,209

12,596,289

ePlus,

Inc.

(a)

(b)

......................

13,277

1,042,776

Evolv

Technologies

Holdings,

Inc.

(a)

(b)

......

181,770

808,877

Fabrinet

(b)

.........................

319,575

60,406,067

FARO

Technologies,

Inc.

(a)

(b)

............

17,510

376,640

Insight

Enterprises,

Inc.

(a)

(b)

.............

245,547

45,553,879

Iteris,

Inc.

(a)

(b)

.......................

203,955

1,007,538

Itron,

Inc.

(b)

........................

38,247

3,538,612

Kimball

Electronics,

Inc.

(a)

(b)

.............

49,297

1,067,280

Lightwave

Logic,

Inc.

(a)

(b)

...............

1,033,469

4,836,635

Luna

Innovations,

Inc.

(a)

(b)

..............

278,344

892,093

MicroVision,

Inc.

(a)

(b)

..................

1,667,138

3,067,534

Napco

Security

Technologies,

Inc.

........

288,343

11,579,855

Novanta,

Inc.

(a)

(b)

....................

311,008

54,354,868

OSI

Systems,

Inc.

(b)

..................

139,920

19,983,374

PAR

Technology

Corp.

(a)

(b)

..............

18,229

826,867

Plexus

Corp.

(a)

(b)

.....................

211,248

20,030,535

Rogers

Corp.

(b)

.....................

110,150

13,073,703

Sanmina

Corp.

(b)

....................

25,672

1,596,285

363,890,561

Energy

Equipment

&

Services

—

2.9%

Archrock,

Inc.

......................

215,728

4,243,370

Atlas

Energy

Solutions,

Inc.

(a)

............

28,583

646,547

Borr

Drilling

Ltd.

(a)

...................

1,909,600

13,080,760

Cactus,

Inc.

,

Class

A

.................

567,189

28,410,497

ChampionX

Corp.

...................

1,701,350

61,061,451

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Core

Laboratories,

Inc.

(a)

...............

132,769

$

2,267,694

DMC

Global,

Inc.

(b)

...................

53,018

1,033,321

Expro

Group

Holdings

NV

(a)

(b)

............

291,146

5,814,186

KLX

Energy

Services

Holdings,

Inc.

(b)

......

12,230

94,660

Kodiak

Gas

Services,

Inc.

..............

42,659

1,166,297

Liberty

Energy,

Inc.

,

Class

A

............

85,995

1,781,816

Nabors

Industries

Ltd.

(a)

(b)

..............

71,821

6,185,943

Noble

Corp.

plc

.....................

811,008

39,325,778

Oceaneering

International,

Inc.

(b)

.........

873,889

20,449,003

Patterson-UTI

Energy,

Inc.

.............

172,223

2,056,343

ProFrac

Holding

Corp.

,

Class

A

(a)

(b)

........

51,069

426,937

Solaris

Oilfield

Infrastructure,

Inc.

,

Class

A

...

26,530

230,015

TETRA

Technologies,

Inc.

(a)

(b)

............

1,080,265

4,785,574

Tidewater,

Inc.

(a)

(b)

...................

403,212

37,095,504

Valaris

Ltd.

(b)

.......................

516,653

38,883,305

Weatherford

International

plc

(b)

...........

618,348

71,369,726

340,408,727

Entertainment

—

0.5%

(b)

Atlanta

Braves

Holdings,

Inc.

,

Class

A

(a)

.....

90,720

3,801,168

Atlanta

Braves

Holdings,

Inc.

,

Class

C,

NVS

..

395,020

15,429,481

Cinemark

Holdings,

Inc.

(a)

..............

795,435

14,293,967

IMAX

Corp.

........................

391,181

6,325,397

Lions

Gate

Entertainment

Corp.

,

Class

A

(a)

...

348,710

3,469,665

Lions

Gate

Entertainment

Corp.

,

Class

B,

NVS

706,940

6,581,611

Loop

Media,

Inc.

(a)

...................

313,888

115,009

Madison

Square

Garden

Entertainment

Corp.

(a)

293,524

11,509,076

Vivid

Seats,

Inc.

,

Class

A

(a)

.............

196,557

1,177,376

62,702,750

Financial

Services

—

1.4%

AvidXchange

Holdings,

Inc.

(a)

(b)

...........

1,208,998

15,898,324

Cantaloupe,

Inc.

(a)

(b)

..................

342,917

2,204,956

Cass

Information

Systems,

Inc.

..........

105,457

5,079,864

EVERTEC,

Inc.

.....................

563,433

22,480,977

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

..........................

13,684

2,694,106

Flywire

Corp.

(b)

.....................

923,140

22,903,103

I3

Verticals,

Inc.

,

Class

A

(b)

..............

196,595

4,500,059

International

Money

Express,

Inc.

(a)

(b)

.......

272,901

6,230,330

Marqeta,

Inc.

,

Class

A

(b)

...............

546,223

3,255,489

NMI

Holdings,

Inc.

,

Class

A

(b)

............

54,552

1,764,212

Pagseguro

Digital

Ltd.

,

Class

A

(b)

.........

1,048,204

14,968,353

Payoneer

Global,

Inc.

(b)

................

2,222,077

10,799,294

Paysign,

Inc.

(a)

(b)

.....................

281,179

1,029,115

PennyMac

Financial

Services,

Inc.

........

14,773

1,345,673

Priority

Technology

Holdings,

Inc.

(a)

(b)

.......

153,440

501,749

Remitly

Global,

Inc.

(a)

(b)

................

1,181,195

24,497,984

StoneCo

Ltd.

,

Class

A

(a)

(b)

..............

1,534,664

25,490,769

165,644,357

Food

Products

—

1.3%

Beyond

Meat,

Inc.

(a)

(b)

.................

522,096

4,322,955

BRC,

Inc.

,

Class

A

(a)

(b)

.................

323,604

1,385,025

Calavo

Growers,

Inc.

.................

149,987

4,171,138

Cal-Maine

Foods,

Inc.

.................

333,955

19,653,252

Dole

plc

..........................

347,132

4,141,285

J

&

J

Snack

Foods

Corp.

...............

131,283

18,978,270

J

M

Smucker

Co.

(The)

................

1

187

John

B

Sanfilippo

&

Son,

Inc.

............

77,796

8,240,152

Lancaster

Colony

Corp.

...............

169,786

35,252,667

Mission

Produce,

Inc.

(a)

(b)

...............

58,014

688,626

Simply

Good

Foods

Co.

(The)

(b)

..........

788,717

26,840,039

SunOpta,

Inc.

(a)

(b)

....................

769,403

5,285,799

TreeHouse

Foods,

Inc.

(a)

(b)

..............

54,775

2,133,486

Utz

Brands,

Inc.

,

Class

A

(a)

.............

627,770

11,576,079

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Vital

Farms,

Inc.

(b)

...................

271,675

$

6,316,444

Westrock

Coffee

Co.

(a)

(b)

...............

251,190

2,594,793

151,580,197

Gas

Utilities

—

0.3%

Brookfield

Infrastructure

Corp.

,

Class

A

.....

111,337

4,012,586

Chesapeake

Utilities

Corp.

.............

121,427

13,029,117

New

Jersey

Resources

Corp.

............

446,043

19,139,705

RGC

Resources,

Inc.

.................

4,687

94,865

36,276,273

Ground

Transportation

—

0.4%

ArcBest

Corp.

......................

81,562

11,622,585

Daseke,

Inc.

(b)

......................

396,323

3,289,481

Marten

Transport

Ltd.

.................

402,962

7,446,738

PAM

Transportation

Services,

Inc.

(a)

(b)

......

8,254

133,797

RXO,

Inc.

(a)

(b)

.......................

877,195

19,184,255

Werner

Enterprises,

Inc.

...............

82,192

3,215,351

44,892,207

Health

Care

Equipment

&

Supplies

—

3.9%

Accuray,

Inc.

(a)

(b)

.....................

795,800

1,965,626

Alphatec

Holdings,

Inc.

(a)

(b)

..............

325,364

4,486,770

Artivion,

Inc.

(a)

(b)

.....................

49,857

1,054,974

AtriCure,

Inc.

(a)

(b)

....................

290,242

8,829,162

Atrion

Corp.

.......................

11,872

5,503,266

AxoGen,

Inc.

(a)

(b)

....................

359,464

2,900,874

Axonics,

Inc.

(b)

......................

431,386

29,752,692

Beyond

Air,

Inc.

(a)

(b)

...................

195,446

340,076

Cerus

Corp.

(b)

......................

1,556,428

2,941,649

ClearPoint

Neuro,

Inc.

(a)

(b)

..............

198,690

1,351,092

CONMED

Corp.

(a)

...................

266,133

21,311,931

Cutera,

Inc.

(a)

(b)

.....................

28,051

41,235

CVRx,

Inc.

(b)

.......................

84,150

1,532,372

Embecta

Corp.

.....................

54,662

725,365

Glaukos

Corp.

(a)

(b)

....................

411,767

38,825,510

Haemonetics

Corp.

(a)

(b)

................

434,607

37,093,707

Inari

Medical,

Inc.

(a)

(b)

.................

431,680

20,712,006

Inmode

Ltd.

(a)

(b)

.....................

670,956

14,499,359

iRadimed

Corp.

.....................

62,126

2,732,923

iRhythm

Technologies,

Inc.

(a)

(b)

...........

266,465

30,909,940

KORU

Medical

Systems,

Inc.

(a)

(b)

..........

278,315

656,823

Lantheus

Holdings,

Inc.

(a)

(b)

.............

590,115

36,728,758

LeMaitre

Vascular,

Inc.

................

170,961

11,344,972

LivaNova

plc

(b)

......................

29,968

1,676,410

Merit

Medical

Systems,

Inc.

(b)

............

492,938

37,340,054

Nano-X

Imaging

Ltd.

(a)

(b)

...............

42,117

411,483

Nevro

Corp.

(a)

(b)

.....................

107,254

1,548,748

Omnicell,

Inc.

(b)

.....................

190,989

5,582,608

Orchestra

BioMed

Holdings,

Inc.

(a)

(b)

.......

132,002

695,651

OrthoPediatrics

Corp.

(a)

(b)

...............

121,596

3,545,739

Outset

Medical,

Inc.

(a)

(b)

................

435,636

967,112

Paragon

28,

Inc.

(a)

(b)

..................

383,634

4,737,880

PROCEPT

BioRobotics

Corp.

(a)

(b)

.........

350,547

17,324,033

Pulmonx

Corp.

(a)

(b)

...................

319,478

2,961,561

Pulse

Biosciences,

Inc.

(a)

(b)

..............

36,092

314,361

RxSight,

Inc.

(b)

......................

244,735

12,623,431

Sanara

Medtech,

Inc.

(a)

(b)

...............

32,172

1,190,364

Semler

Scientific,

Inc.

(b)

................

40,559

1,184,728

SI-BONE,

Inc.

(b)

.....................

342,684

5,609,737

Sight

Sciences,

Inc.

(b)

.................

184,332

973,273

Silk

Road

Medical,

Inc.

(a)

(b)

..............

331,758

6,077,807

STAAR

Surgical

Co.

(a)

(b)

................

426,363

16,321,176

Surmodics,

Inc.

(b)

....................

120,551

3,536,966

Tactile

Systems

Technology,

Inc.

(a)

(b)

.......

202,244

3,286,465

Tela

Bio,

Inc.

(a)

(b)

.....................

135,938

770,768

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

TransMedics

Group,

Inc.

(a)

(b)

.............

275,253

$

20,352,207

Treace

Medical

Concepts,

Inc.

(b)

..........

394,855

5,152,858

UFP

Technologies,

Inc.

(b)

...............

61,468

15,502,230

Utah

Medical

Products,

Inc.

.............

25,966

1,846,442

Vicarious

Surgical,

Inc.

,

Class

A

(b)

.........

311,489

93,914

Zynex,

Inc.

(a)

(b)

......................

156,882

1,940,630

449,809,718

Health

Care

Providers

&

Services

—

3.9%

Accolade,

Inc.

(a)

(b)

....................

573,718

6,012,565

AdaptHealth

Corp.

(a)

(b)

.................

426,701

4,911,328

Addus

HomeCare

Corp.

(b)

..............

64,014

6,615,207

Agiliti,

Inc.

(b)

.......................

229,572

2,323,269

AirSculpt

Technologies,

Inc.

(a)

(b)

..........

100,808

618,961

Alignment

Healthcare,

Inc.

(a)

(b)

...........

743,346

3,686,996

AMN

Healthcare

Services,

Inc.

(a)

(b)

........

330,523

20,660,993

Astrana

Health,

Inc.

(a)

(b)

................

374,958

15,744,486

Aveanna

Healthcare

Holdings,

Inc.

(b)

.......

113,830

283,437

BrightSpring

Health

Services,

Inc.

(a)

(b)

......

298,171

3,241,119

Castle

Biosciences,

Inc.

(b)

..............

83,602

1,851,784

CorVel

Corp.

(a)

(b)

.....................

75,590

19,877,146

Cross

Country

Healthcare,

Inc.

(a)

(b)

........

42,659

798,576

DocGo,

Inc.

(a)

(b)

.....................

690,327

2,788,921

Ensign

Group,

Inc.

(The)

...............

472,915

58,840,084

Guardant

Health,

Inc.

(a)

(b)

...............

980,785

20,233,595

HealthEquity,

Inc.

(b)

...................

738,549

60,287,755

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

(b)

......

1,074,185

16,617,642

InfuSystem

Holdings,

Inc.

(a)

(b)

............

157,574

1,350,409

Innovage

Holding

Corp.

(a)

(b)

.............

171,761

762,619

Joint

Corp.

(The)

(a)

(b)

..................

124,049

1,620,080

LifeStance

Health

Group,

Inc.

(a)

(b)

.........

493,925

3,047,517

ModivCare,

Inc.

(b)

....................

111,803

2,621,780

National

Research

Corp.

...............

124,541

4,933,069

NeoGenomics,

Inc.

(b)

.................

99,469

1,563,653

Option

Care

Health,

Inc.

(b)

..............

1,454,615

48,787,787

P3

Health

Partners,

Inc.

,

Class

A

(a)

(b)

.......

350,427

360,940

Patterson

Cos.,

Inc.

..................

156,769

4,334,663

Pennant

Group,

Inc.

(The)

(b)

.............

246,011

4,829,196

PetIQ,

Inc.

,

Class

A

(a)

(b)

................

199,651

3,649,620

Privia

Health

Group,

Inc.

(a)

(b)

.............

976,616

19,131,907

Progyny,

Inc.

(a)

(b)

....................

687,797

26,239,456

Quipt

Home

Medical

Corp.

(a)

(b)

...........

350,935

1,533,586

RadNet,

Inc.

(a)

(b)

.....................

522,759

25,437,453

Select

Medical

Holdings

Corp.

...........

902,848

27,220,867

Surgery

Partners,

Inc.

(a)

(b)

..............

596,372

17,789,777

US

Physical

Therapy,

Inc.

..............

128,787

14,536,189

Viemed

Healthcare,

Inc.

(b)

..............

299,257

2,821,994

457,966,426

Health

Care

REITs

—

0.1%

CareTrust

REIT,

Inc.

..................

95,777

2,334,085

Community

Healthcare

Trust,

Inc.

.........

156,598

4,157,677

National

Health

Investors,

Inc.

...........

35,937

2,257,922

Universal

Health

Realty

Income

Trust

......

112,268

4,121,358

12,871,042

Health

Care

Technology

—

0.6%

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

.....

139,127

1,122,755

Evolent

Health,

Inc.

,

Class

A

(a)

(b)

..........

975,175

31,975,988

Health

Catalyst,

Inc.

(b)

.................

275,177

2,072,083

HealthStream,

Inc.

...................

84,894

2,263,274

OptimizeRx

Corp.

(a)

(b)

.................

137,545

1,671,172

Phreesia,

Inc.

(a)

(b)

....................

461,015

11,032,089

Schrodinger,

Inc.

(a)

(b)

..................

473,398

12,781,746

Sharecare,

Inc.

,

Class

A

(a)

(b)

.............

162,014

124,346

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

Simulations

Plus,

Inc.

(a)

................

138,154

$

5,685,037

68,728,490

Hotel

&

Resort

REITs

—

0.5%

Ryman

Hospitality

Properties,

Inc.

........

507,154

58,632,074

Hotels,

Restaurants

&

Leisure

—

3.4%

Accel

Entertainment,

Inc.

,

Class

A

(a)

(b)

......

455,307

5,368,069

Bally's

Corp.

(a)

(b)

.....................

138,327

1,928,278

BJ's

Restaurants,

Inc.

(a)

(b)

..............

124,250

4,495,365

Bloomin'

Brands,

Inc.

.................

762,140

21,858,175

Bowlero

Corp.

,

Class

A

(a)

...............

119,670

1,639,479

Brinker

International,

Inc.

(a)

(b)

............

350,328

17,404,295

Century

Casinos,

Inc.

(b)

................

211,520

668,403

Cheesecake

Factory,

Inc.

(The)

..........

412,949

14,928,106

Chuy's

Holdings,

Inc.

(a)

(b)

...............

122,847

4,143,629

Cracker

Barrel

Old

Country

Store,

Inc.

......

192,540

14,003,434

Dave

&

Buster's

Entertainment,

Inc.

(a)

(b)

.....

294,231

18,418,861

Denny's

Corp.

(b)

.....................

351,599

3,150,327

Dine

Brands

Global,

Inc.

...............

121,262

5,636,258

Everi

Holdings,

Inc.

(b)

.................

441,663

4,438,713

First

Watch

Restaurant

Group,

Inc.

(a)

(b)

......

81,461

2,005,570

Full

House

Resorts,

Inc.

(b)

..............

257,435

1,433,913

Global

Business

Travel

Group

I

(a)

(b)

........

283,754

1,705,362

Golden

Entertainment,

Inc.

.............

176,520

6,501,232

Hilton

Grand

Vacations,

Inc.

(a)

(b)

..........

684,008

32,292,018

Inspired

Entertainment,

Inc.

(b)

............

189,580

1,869,259

International

Game

Technology

plc

........

945,703

21,363,431

Jack

in

the

Box,

Inc.

..................

171,528

11,746,237

Krispy

Kreme,

Inc.

(a)

..................

247,837

3,775,797

Kura

Sushi

USA,

Inc.

,

Class

A

(a)

(b)

.........

50,455

5,810,398

Life

Time

Group

Holdings,

Inc.

(a)

(b)

.........

120,472

1,869,725

Light

&

Wonder,

Inc.

,

Class

A

(a)

(b)

.........

368,295

37,599,237

Lindblad

Expeditions

Holdings,

Inc.

(a)

(b)

.....

30,817

287,523

Monarch

Casino

&

Resort,

Inc.

...........

116,341

8,724,412

Mondee

Holdings,

Inc.

,

Class

A

(a)

(b)

........

342,892

792,080

Nathan's

Famous,

Inc.

................

21,950

1,554,060

Noodles

&

Co.

,

Class

A

(a)

(b)

.............

358,066

683,906

ONE

Group

Hospitality,

Inc.

(The)

(a)

(b)

......

181,435

1,010,593

Papa

John's

International,

Inc.

...........

223,257

14,868,916

PlayAGS,

Inc.

(b)

.....................

328,682

2,951,564

Portillo's,

Inc.

,

Class

A

(a)

(b)

..............

396,912

5,628,212

Potbelly

Corp.

(b)

.....................

232,118

2,810,949

RCI

Hospitality

Holdings,

Inc.

............

75,980

4,406,840

Red

Robin

Gourmet

Burgers,

Inc.

(a)

(b)

.......

129,351

990,829

Red

Rock

Resorts,

Inc.

,

Class

A

..........

222,119

13,287,159

Rush

Street

Interactive,

Inc.

,

Class

A

(b)

.....

559,075

3,639,578

Sabre

Corp.

(a)

(b)

.....................

739,247

1,788,978

Shake

Shack,

Inc.

,

Class

A

(b)

............

328,018

34,123,712

Six

Flags

Entertainment

Corp.

(a)

(b)

.........

501,354

13,195,637

Super

Group

SGHC

Ltd.

(a)

(b)

.............

1,197,388

4,130,989

Sweetgreen,

Inc.

,

Class

A

(a)

(b)

............

685,883

17,325,405

Target

Hospitality

Corp.

(b)

..............

271,583

2,952,107

United

Parks

&

Resorts,

Inc.

(a)

(b)

..........

298,982

16,805,778

Xponential

Fitness,

Inc.

,

Class

A

(b)

........

172,562

2,854,175

400,866,973

Household

Durables

—

1.3%

Cavco

Industries,

Inc.

(b)

................

72,718

29,018,845

Cricut,

Inc.

,

Class

A

..................

420,316

2,000,704

Dream

Finders

Homes,

Inc.

,

Class

A

(a)

(b)

.....

85,224

3,726,846

Green

Brick

Partners,

Inc.

(a)

(b)

............

71,893

4,330,115

Installed

Building

Products,

Inc.

(a)

.........

205,855

53,260,864

iRobot

Corp.

(a)

(b)

.....................

216,079

1,892,852

LGI

Homes,

Inc.

(a)

(b)

..................

13,101

1,524,563

Lovesac

Co.

(The)

(a)

(b)

.................

123,038

2,780,659

Security

Shares

Shares

Value

Household

Durables

(continued)

Skyline

Champion

Corp.

(b)

..............

262,761

$

22,337,313

Sonos,

Inc.

(b)

.......................

1,077,002

20,527,658

Vizio

Holding

Corp.

,

Class

A

(a)

(b)

..........

592,684

6,483,963

147,884,382

Household

Products

—

0.4%

Energizer

Holdings,

Inc.

...............

626,525

18,444,896

Oil-Dri

Corp.

of

America

...............

11,123

829,331

WD-40

Co.

(a)

.......................

117,993

29,888,807

49,163,034

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Montauk

Renewables,

Inc.

(a)

(b)

...........

587,937

2,445,818

Ormat

Technologies,

Inc.

...............

300,753

19,906,841

Sunnova

Energy

International,

Inc.

(a)

(b)

......

455,013

2,789,230

25,141,889

Industrial

Conglomerates

—

0.1%

Brookfield

Business

Corp.

,

Class

A

(a)

.......

225,521

5,444,077

Insurance

—

1.2%

AMERISAFE,

Inc.

...................

85,885

4,308,851

BRP

Group,

Inc.

,

Class

A

(a)

(b)

............

523,193

15,141,205

Crawford

&

Co.

,

Class

A,

NVS

...........

131,078

1,236,066

eHealth,

Inc.

(b)

......................

81,894

493,821

F&G

Annuities

&

Life,

Inc.

..............

9,273

376,020

Fidelis

Insurance

Holdings

Ltd.

(a)

.........

129,248

2,517,751

Goosehead

Insurance,

Inc.

,

Class

A

(a)

(b)

.....

187,297

12,477,726

Hamilton

Insurance

Group

Ltd.

,

Class

B

(b)

...

30,987

431,649

HCI

Group,

Inc.

.....................

63,158

7,331,381

Investors

Title

Co.

...................

2,197

358,528

Kingsway

Financial

Services,

Inc.

(b)

........

97,450

812,733

Lemonade,

Inc.

(a)

(b)

...................

77,864

1,277,748

Oscar

Health,

Inc.

,

Class

A

(b)

............

107,496

1,598,466

Palomar

Holdings,

Inc.

(b)

...............

211,632

17,741,111

Selective

Insurance

Group,

Inc.

..........

523,279

57,126,368

SiriusPoint

Ltd.

(a)

(b)

...................

59,697

758,749

Skyward

Specialty

Insurance

Group,

Inc.

(a)

(b)

..

72,002

2,693,595

Tiptree,

Inc.

.......................

53,987

932,895

Trupanion,

Inc.

(a)

(b)

...................

344,117

9,501,070

Universal

Insurance

Holdings,

Inc.

........

48,026

975,888

138,091,621

Interactive

Media

&

Services

—

0.8%

Cargurus,

Inc.

,

Class

A

(b)

...............

833,107

19,228,110

Cars.com,

Inc.

(b)

.....................

575,230

9,882,451

Eventbrite,

Inc.

,

Class

A

(a)

(b)

.............

619,259

3,393,539

EverQuote,

Inc.

,

Class

A

(b)

..............

175,441

3,256,185

Grindr,

Inc.

(a)

(b)

......................

356,354

3,609,866

MediaAlpha,

Inc.

,

Class

A

(a)

(b)

............

165,395

3,369,096

Nextdoor

Holdings,

Inc.

,

Class

A

(a)

(b)

.......

768,363

1,728,817

QuinStreet,

Inc.

(a)

(b)

...................

458,121

8,090,417

Shutterstock,

Inc.

....................

213,236

9,768,341

Vimeo,

Inc.

(b)

.......................

161,999

662,576

Yelp,

Inc.

(b)

........................

578,161

22,779,543

Ziff

Davis,

Inc.

(a)

(b)

....................

91,576

5,772,951

ZipRecruiter,

Inc.

,

Class

A

(a)

(b)

............

585,469

6,727,039

98,268,931

IT

Services

—

0.7%

Applied

Digital

Corp.

(a)

(b)

...............

758,878

3,247,998

BigBear.ai

Holdings,

Inc.

(a)

(b)

.............

452,771

928,181

BigCommerce

Holdings,

Inc.

(a)

(b)

..........

595,377

4,102,147

Couchbase,

Inc.

(a)

(b)

..................

310,253

8,162,756

DigitalOcean

Holdings,

Inc.

(a)

(b)

...........

532,210

20,319,778

Fastly,

Inc.

,

Class

A

(a)

(b)

................

886,882

11,502,860

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(a)

(b)

...

392,144

4,819,450

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

(continued)

Hackett

Group,

Inc.

(The)

..............

198,164

$

4,815,385

Information

Services

Group,

Inc.

..........

164,895

666,176

Perficient,

Inc.

(b)

.....................

298,103

16,780,218

Squarespace,

Inc.

,

Class

A

(b)

............

148,914

5,426,426

Thoughtworks

Holding,

Inc.

(b)

............

829,981

2,099,852

Tucows,

Inc.

,

Class

A

(a)

(b)

...............

35,083

651,140

83,522,367

Leisure

Products

—

0.3%

Acushnet

Holdings

Corp.

...............

263,102

17,351,577

Clarus

Corp.

.......................

18,955

127,946

Escalade,

Inc.

......................

3,722

51,178

Funko,

Inc.

,

Class

A

(a)

(b)

................

222,230

1,386,715

Malibu

Boats,

Inc.

,

Class

A

(a)

(b)

...........

108,699

4,704,493

Marine

Products

Corp.

................

70,254

825,484

MasterCraft

Boat

Holdings,

Inc.

(a)

(b)

........

144,118

3,418,479

Solo

Brands,

Inc.

,

Class

A

(a)

(b)

............

139,237

302,144

Sturm

Ruger

&

Co.,

Inc.

...............

140,079

6,464,646

34,632,662

Life

Sciences

Tools

&

Services

—

0.3%

Adaptive

Biotechnologies

Corp.

(b)

.........

728,443

2,338,302

Akoya

Biosciences,

Inc.

(a)

(b)

.............

215,601

1,011,169

BioLife

Solutions,

Inc.

(a)

(b)

...............

283,362

5,256,365

Codexis,

Inc.

(b)

......................

94,826

330,943

CryoPort,

Inc.

(a)

(b)

....................

318,837

5,643,415

Cytek

Biosciences,

Inc.

(a)

(b)

.............

1,052,341

7,061,208

Harvard

Bioscience,

Inc.

(b)

..............

356,624

1,512,086

MaxCyte,

Inc.

(a)

(b)

....................

59,414

248,945

Mesa

Laboratories,

Inc.

...............

45,198

4,959,576

OmniAb,

Inc.,

12.50

Earnout

Shares

,

NVS

(b)

(d)

.

5,861

—

OmniAb,

Inc.,

15.00

Earnout

Shares

,

NVS

(b)

(d)

.

5,861

—

Pacific

Biosciences

of

California,

Inc.

(a)

(b)

....

1,193,132

4,474,245

Quanterix

Corp.

(a)

(b)

..................

50,629

1,192,819

34,029,073

Machinery

—

4.6%

374Water,

Inc.

(a)

(b)

...................

507,729

639,739

Alamo

Group,

Inc.

...................

87,570

19,994,858

Albany

International

Corp.

,

Class

A

........

237,269

22,187,024

Blue

Bird

Corp.

(b)

....................

19,600

751,464

Chart

Industries,

Inc.

(a)

(b)

...............

229,134

37,742,952

Commercial

Vehicle

Group,

Inc.

(b)

.........

34,256

220,266

Douglas

Dynamics,

Inc.

...............

197,523

4,764,255

Energy

Recovery,

Inc.

(a)

(b)

..............

482,537

7,619,259

Enerpac

Tool

Group

Corp.

,

Class

A

........

473,876

16,898,418

ESCO

Technologies,

Inc.

..............

128,783

13,786,220

Federal

Signal

Corp.

.................

520,122

44,142,754

Franklin

Electric

Co.,

Inc.

..............

400,064

42,730,836

Gorman-Rupp

Co.

(The)

...............

42,582

1,684,118

Helios

Technologies,

Inc.

...............

286,938

12,823,259

Hillenbrand,

Inc.

....................

608,648

30,608,908

Hyster-Yale

Materials

Handling,

Inc.

.......

96,295

6,179,250

John

Bean

Technologies

Corp.

...........

276,075

28,957,507

Kadant,

Inc.

(a)

......................

101,495

33,300,510

Lindsay

Corp.

......................

95,771

11,268,416

Mayville

Engineering

Co.,

Inc.

(a)

(b)

.........

10,546

151,124

Miller

Industries,

Inc.

.................

5,020

251,502

Mueller

Industries,

Inc.

................

420,814

22,694,499

Mueller

Water

Products,

Inc.

,

Class

A

......

1,349,025

21,705,812

Omega

Flex,

Inc.

....................

28,407

2,014,909

Shyft

Group,

Inc.

(The)

................

300,755

3,735,377

SPX

Technologies,

Inc.

(a)

(b)

..............

316,033

38,913,143

Standex

International

Corp.

.............

82,900

15,106,038

Tennant

Co.

.......................

84,488

10,274,586

Terex

Corp.

........................

335,191

21,586,300

Security

Shares

Shares

Value

Machinery

(continued)

Trinity

Industries,

Inc.

.................

130,174

$

3,625,346

Velo3D,

Inc.

(a)

(b)

.....................

791,829

360,757

Wabash

National

Corp.

(a)

...............

397,365

11,897,108

Watts

Water

Technologies,

Inc.

,

Class

A

.....

237,301

50,438,328

539,054,842

Marine

Transportation

—

0.0%

Himalaya

Shipping

Ltd.

................

33,206

256,018

Media

—

0.2%

Boston

Omaha

Corp.

,

Class

A

(b)

..........

13,209

204,211

Daily

Journal

Corp.

(a)

(b)

................

2,178

787,586

Entravision

Communications

Corp.

,

Class

A

..

520,672

853,902

EW

Scripps

Co.

(The)

,

Class

A,

NVS

(b)

.....

242,362

952,483

Gambling.com

Group

Ltd.

(b)

.............

131,474

1,200,358

Gray

Television,

Inc.

..................

49,345

311,860

Integral

Ad

Science

Holding

Corp.

(b)

.......

584,305

5,825,521

Magnite,

Inc.

(a)

(b)

.....................

497,777

5,351,103

PubMatic,

Inc.

,

Class

A

(b)

...............

66,808

1,584,686

Sinclair,

Inc.

,

Class

A

(a)

................

46,107

621,061

TechTarget,

Inc.

(b)

....................

225,223

7,450,377

Townsquare

Media,

Inc.

,

Class

A

.........

97,725

1,073,020

26,216,168

Metals

&

Mining

—

1.2%

5E

Advanced

Materials,

Inc.

(a)

(b)

..........

266,132

356,617

Alpha

Metallurgical

Resources,

Inc.

.......

7,041

2,331,768

ATI,

Inc.

(a)

(b)

........................

1,119,629

57,291,416

Century

Aluminum

Co.

(a)

(b)

..............

459,469

7,071,228

Compass

Minerals

International,

Inc.

.......

298,277

4,694,880

Constellium

SE

,

Class

A

(b)

..............

689,528

15,245,464

Contango

ORE,

Inc.

(a)

(b)

................

31,075

616,839

Dakota

Gold

Corp.

(a)

(b)

.................

366,471

868,536

Hecla

Mining

Co.

....................

1,110,287

5,340,480

i-80

Gold

Corp.

(b)

....................

126,987

170,163

Ivanhoe

Electric,

Inc.

(a)

(b)

...............

554,618

5,435,256

Kaiser

Aluminum

Corp.

................

131,389

11,740,921

Materion

Corp.

.....................

178,170

23,473,898

NioCorp

Developments

Ltd.

(b)

............

19,534

53,132

Novagold

Resources,

Inc.

(a)

(b)

............

2,107,821

6,323,463

Perpetua

Resources

Corp.

(b)

............

338,569

1,408,447

Piedmont

Lithium,

Inc.

(a)

(b)

..............

52,490

699,167

Ryerson

Holding

Corp.

................

16,459

551,377

143,673,052

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

.....................

71,160

2,020,944

Multi-Utilities

—

0.0%

Unitil

Corp.

........................

40,166

2,102,690

Oil,

Gas

&

Consumable

Fuels

—

1.6%

Crescent

Energy,

Inc.

,

Class

A

...........

268,734

3,197,935

CVR

Energy,

Inc.

....................

249,808

8,908,153

Dorian

LPG

Ltd.

.....................

175,488

6,749,268

Empire

Petroleum

Corp.

(a)

(b)

.............

107,393

548,778

Energy

Fuels,

Inc.

(a)

(b)

.................

1,197,192

7,530,338

Equitrans

Midstream

Corp.

.............

1,103,265

13,779,780

Evolution

Petroleum

Corp.

..............

280,499

1,722,264

Excelerate

Energy,

Inc.

,

Class

A

(a)

.........

125,048

2,003,269

FLEX

LNG

Ltd.

.....................

175,452

4,461,744

Golar

LNG

Ltd.

.....................

56,968

1,370,650

Green

Plains,

Inc.

(b)

..................

860

19,883

HighPeak

Energy,

Inc.

(a)

...............

87,889

1,386,010

Kinetik

Holdings,

Inc.

,

Class

A

...........

33,502

1,335,725

Kosmos

Energy

Ltd.

(a)

(b)

................

3,969,835

23,660,217

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Magnolia

Oil

&

Gas

Corp.

,

Class

A

........

1,433,031

$

37,187,154

Matador

Resources

Co.

...............

173,721

11,599,351

NextDecade

Corp.

(a)

(b)

.................

685,900

3,895,912

Northern

Oil

&

Gas,

Inc.

...............

673,489

26,724,043

Par

Pacific

Holdings,

Inc.

(b)

.............

192,416

7,130,937

Permian

Resources

Corp.

,

Class

A

........

481,424

8,501,948

REX

American

Resources

Corp.

(b)

........

37,185

2,183,131

Riley

Exploration

Permian,

Inc.

...........

76,770

2,533,410

SilverBow

Resources,

Inc.

(b)

.............

19,534

666,891

Sitio

Royalties

Corp.

,

Class

A

............

320,158

7,914,306

Tellurian,

Inc.

(a)

(b)

....................

313,435

207,306

VAALCO

Energy,

Inc.

.................

104,665

729,515

Vertex

Energy,

Inc.

(a)

(b)

................

568,601

796,041

W&T

Offshore,

Inc.

...................

874,227

2,316,702

189,060,661

Paper

&

Forest

Products

—

0.2%

Sylvamo

Corp.

.....................

311,140

19,209,784

Passenger

Airlines

—

0.1%

Allegiant

Travel

Co.

..................

13,723

1,032,107

Frontier

Group

Holdings,

Inc.

(a)

(b)

..........

338,212

2,742,899

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

...........

802,108

4,299,299

Sun

Country

Airlines

Holdings,

Inc.

(a)

(b)

......

206,828

3,121,035

11,195,340

Personal

Care

Products

—

1.3%

Beauty

Health

Co.

(The)

,

Class

A

(a)

(b)

.......

697,524

3,097,006

BellRing

Brands,

Inc.

(b)

................

306,392

18,086,320

elf

Beauty,

Inc.

(a)

(b)

...................

468,424

91,825,157

Herbalife

Ltd.

(a)

(b)

....................

629,066

6,322,113

Inter

Parfums,

Inc.

...................

159,569

22,421,040

Medifast,

Inc.

......................

92,987

3,563,262

USANA

Health

Sciences,

Inc.

(a)

(b)

.........

98,236

4,764,446

150,079,344

Pharmaceuticals

—

2.2%

Aclaris

Therapeutics,

Inc.

(b)

.............

606,707

752,317

Amphastar

Pharmaceuticals,

Inc.

(a)

(b)

.......

327,279

14,370,821

Amylyx

Pharmaceuticals,

Inc.

(b)

..........

445,437

1,265,041

ANI

Pharmaceuticals,

Inc.

(b)

.............

98,202

6,788,704

Arvinas,

Inc.

(a)

(b)

.....................

414,844

17,124,760

Axsome

Therapeutics,

Inc.

(a)

(b)

...........

309,403

24,690,359

Biote

Corp.

,

Class

A

(b)

.................

48,562

281,660

Bright

Green

Corp.

(a)

(b)

................

514,525

125,338

Cassava

Sciences,

Inc.

(a)

(b)

.............

351,151

7,124,854

Citius

Pharmaceuticals,

Inc.

(a)

(b)

..........

122,060

109,524

Collegium

Pharmaceutical,

Inc.

(a)

(b)

........

282,611

10,970,959

Corcept

Therapeutics,

Inc.

(a)

(b)

...........

707,170

17,813,612

CorMedix,

Inc.

(a)

(b)

...................

454,317

1,926,304

Evolus,

Inc.

(b)

......................

367,854

5,149,956

Eyenovia,

Inc.

(a)

(b)

....................

287,622

283,595

EyePoint

Pharmaceuticals,

Inc.

(b)

.........

175,222

3,621,839

Harmony

Biosciences

Holdings,

Inc.

(a)

(b)

.....

279,069

9,371,137

Harrow,

Inc.

(a)

(b)

.....................

266,334

3,523,599

Innoviva,

Inc.

(a)

(b)

....................

38,086

580,431

Intra-Cellular

Therapies,

Inc.

(a)

(b)

..........

812,357

56,215,104

Ligand

Pharmaceuticals,

Inc.

(a)

(b)

..........

22,517

1,645,993

Liquidia

Corp.

(a)

(b)

....................

308,359

4,548,295

Longboard

Pharmaceuticals,

Inc.

(b)

........

74,437

1,607,839

Marinus

Pharmaceuticals,

Inc.

(a)

(b)

.........

475,017

4,294,154

Neumora

Therapeutics,

Inc.

(a)

(b)

..........

57,862

795,603

Ocular

Therapeutix,

Inc.

(a)

(b)

.............

1,001,729

9,115,734

Omeros

Corp.

(a)

(b)

....................

212,430

732,884

Optinose,

Inc.

(a)

(b)

....................

640,594

935,267

Pacira

BioSciences,

Inc.

(a)

(b)

.............

394,211

11,518,845

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Phathom

Pharmaceuticals,

Inc.

(a)

(b)

........

68,928

$

732,015

Phibro

Animal

Health

Corp.

,

Class

A

.......

52,342

676,782

Pliant

Therapeutics,

Inc.

(a)

(b)

.............

496,859

7,403,199

Revance

Therapeutics,

Inc.

(a)

(b)

...........

761,059

3,744,410

Scilex

Holding

Co.

,

(Acquired

01/06/23

,

cost

$

809,658

)

(a)

(b)

(e)

...................

77,257

116,493

scPharmaceuticals,

Inc.

(a)

(b)

.............

247,224

1,241,065

SIGA

Technologies,

Inc.

...............

401,156

3,433,895

Supernus

Pharmaceuticals,

Inc.

(a)

(b)

........

425,990

14,530,519

Terns

Pharmaceuticals,

Inc.

(b)

............

245,860

1,612,842

Ventyx

Biosciences,

Inc.

(a)

(b)

.............

409,666

2,253,163

Verrica

Pharmaceuticals,

Inc.

(a)

(b)

.........

179,555

1,062,966

Xeris

Biopharma

Holdings,

Inc.

(a)

(b)

........

1,158,390

2,560,042

256,651,919

Professional

Services

—

3.5%

ASGN,

Inc.

(b)

.......................

106,197

11,125,198

Asure

Software,

Inc.

(a)

(b)

................

41,789

325,118

Barrett

Business

Services,

Inc.

...........

52,202

6,615,038

CBIZ,

Inc.

(a)

(b)

.......................

415,523

32,618,556

CRA

International,

Inc.

................

58,992

8,824,023

CSG

Systems

International,

Inc.

..........

256,314

13,210,424

ExlService

Holdings,

Inc.

(a)

(b)

............

1,403,078

44,617,880

Exponent,

Inc.

......................

439,535

36,345,149

First

Advantage

Corp.

.................

41,764

677,412

FiscalNote

Holdings,

Inc.

,

Class

A

(a)

(b)

......

126,877

168,746

Forrester

Research,

Inc.

(b)

..............

103,861

2,239,243

Franklin

Covey

Co.

(a)

(b)

................

102,432

4,021,480

HireQuest,

Inc.

.....................

47,125

610,269

Huron

Consulting

Group,

Inc.

(a)

(b)

.........

161,378

15,592,342

IBEX

Holdings

Ltd.

(b)

..................

76,472

1,179,963

ICF

International,

Inc.

.................

162,705

24,508,254

Innodata,

Inc.

(a)

(b)

....................

232,888

1,537,061

Insperity,

Inc.

.......................

308,760

33,843,184

Kforce,

Inc.

........................

163,618

11,538,341

Legalzoom.com,

Inc.

(a)

(b)

...............

1,159,837

15,472,226

Maximus,

Inc.

......................

528,211

44,316,903

NV5

Global,

Inc.

(a)

(b)

..................

108,034

10,588,412

Planet

Labs

PBC

,

Class

A

(a)

(b)

............

1,391,437

3,548,164

Sterling

Check

Corp.

(a)

(b)

...............

22,296

358,520

TriNet

Group,

Inc.

...................

277,857

36,813,274

TTEC

Holdings,

Inc.

..................

166,746

1,729,156

Upwork,

Inc.

(a)

(b)

.....................

1,086,375

13,318,958

Verra

Mobility

Corp.

,

Class

A

(b)

...........

1,189,166

29,693,475

405,436,769

Real

Estate

Management

&

Development

—

0.5%

Anywhere

Real

Estate,

Inc.

(b)

............

92,622

572,404

Compass,

Inc.

,

Class

A

(a)

(b)

.............

2,135,664

7,688,390

DigitalBridge

Group,

Inc.

,

Class

A

.........

446,196

8,598,197

eXp

World

Holdings,

Inc.

(a)

..............

622,191

6,427,233

Marcus

&

Millichap,

Inc.

...............

80,444

2,748,771

Maui

Land

&

Pineapple

Co.,

Inc.

(a)

(b)

.......

60,048

1,300,640

Opendoor

Technologies,

Inc.

(a)

(b)

..........

273,688

829,275

Redfin

Corp.

(b)

......................

968,009

6,437,260

RMR

Group,

Inc.

(The)

,

Class

A

..........

90,817

2,179,608

St.

Joe

Co.

(The)

....................

298,373

17,296,683

54,078,461

Residential

REITs

—

0.0%

Clipper

Realty,

Inc.

...................

92,221

445,428

NexPoint

Residential

Trust,

Inc.

..........

58,854

1,894,510

UMH

Properties,

Inc.

.................

89,939

1,460,609

3,800,547

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

—

0.3%

Alexander's,

Inc.

....................

18,835

$

4,089,832

CBL

&

Associates

Properties,

Inc.

(a)

........

177,536

4,067,350

Phillips

Edison

&

Co.,

Inc.

..............

178,934

6,418,363

Saul

Centers,

Inc.

...................

94,942

3,654,317

Tanger,

Inc.

........................

425,125

12,553,941

30,783,803

Semiconductors

&

Semiconductor

Equipment

—

4.1%

ACM

Research,

Inc.

,

Class

A

(a)

(b)

..........

68,448

1,994,575

Aehr

Test

Systems

(a)

(b)

.................

235,435

2,919,394

Ambarella,

Inc.

(b)

....................

203,930

10,353,526

Atomera,

Inc.

(a)

(b)

....................

141,661

872,632

Axcelis

Technologies,

Inc.

(a)

(b)

............

282,745

31,531,723

CEVA,

Inc.

(a)

(b)

......................

178,061

4,043,765

Credo

Technology

Group

Holding

Ltd.

(b)

.....

1,078,779

22,859,327

Diodes,

Inc.

(a)

(b)

.....................

307,047

21,646,814

FormFactor,

Inc.

(a)

(b)

..................

669,902

30,567,628

Impinj,

Inc.

(a)

(b)

......................

202,649

26,022,158

indie

Semiconductor,

Inc.

,

Class

A

(a)

(b)

......

1,224,060

8,666,345

inTEST

Corp.

(b)

.....................

102,821

1,362,378

Kulicke

&

Soffa

Industries,

Inc.

...........

340,665

17,138,856

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

.........................

481,125

46,014,795

Maxeon

Solar

Technologies

Ltd.

(a)

(b)

........

173,339

577,219

MaxLinear,

Inc.

(b)

....................

661,387

12,348,095

Navitas

Semiconductor

Corp.

(a)

(b)

.........

154,702

737,929

NVE

Corp.

........................

37,535

3,384,906

Onto

Innovation,

Inc.

(a)

(b)

...............

364,426

65,990,260

PDF

Solutions,

Inc.

(b)

.................

268,124

9,027,735

Power

Integrations,

Inc.

...............

493,884

35,337,400

Rambus,

Inc.

(b)

.....................

936,122

57,861,701

Silicon

Laboratories,

Inc.

(a)

(b)

.............

276,046

39,673,331

SiTime

Corp.

(a)

(b)

....................

154,361

14,391,076

SkyWater

Technology,

Inc.

(a)

(b)

...........

165,872

1,686,918

SMART

Global

Holdings,

Inc.

(a)

(b)

.........

100,135

2,635,553

Synaptics,

Inc.

(a)

(b)

...................

28,438

2,774,411

Transphorm,

Inc.

(b)

...................

261,277

1,282,870

473,703,320

Software

—

11.4%

8x8,

Inc.

(a)

(b)

........................

1,093,410

2,952,207

A10

Networks,

Inc.

...................

613,656

8,400,951

ACI

Worldwide,

Inc.

(b)

.................

810,249

26,908,369

Adeia,

Inc.

........................

811,851

8,865,413

Agilysys,

Inc.

(b)

.....................

176,204

14,846,949

Alarm.com

Holdings,

Inc.

(b)

.............

416,035

30,150,056

Alkami

Technology,

Inc.

(a)

(b)

.............

353,424

8,683,628

Altair

Engineering,

Inc.

,

Class

A

(a)

(b)

........

476,741

41,071,237

American

Software,

Inc.

,

Class

A

.........

230,165

2,635,389

Amplitude,

Inc.

,

Class

A

(a)

(b)

.............

595,969

6,484,143

Appfolio,

Inc.

,

Class

A

(a)

(b)

..............

166,746

41,142,908

Appian

Corp.

,

Class

A

(a)

(b)

..............

357,532

14,283,403

Asana,

Inc.

,

Class

A

(a)

(b)

................

721,961

11,183,176

AvePoint,

Inc.

,

Class

A

(a)

(b)

..............

1,285,163

10,178,491

Bit

Digital,

Inc.

(b)

.....................

131,420

377,175

Blackbaud,

Inc.

(a)

(b)

...................

378,460

28,059,024

BlackLine,

Inc.

(a)

(b)

...................

494,649

31,944,432

Box,

Inc.

,

Class

A

(a)

(b)

.................

1,224,224

34,670,024

Braze,

Inc.

,

Class

A

(a)

(b)

................

465,016

20,600,209

C3.ai,

Inc.

,

Class

A

(a)

(b)

................

546,924

14,805,233

Cipher

Mining,

Inc.

(b)

..................

27,686

142,583

Cleanspark,

Inc.

(a)

(b)

..................

208,032

4,412,359

Clear

Secure,

Inc.

,

Class

A

.............

722,631

15,370,361

CommVault

Systems,

Inc.

(b)

.............

361,319

36,648,586

Consensus

Cloud

Solutions,

Inc.

(b)

........

93,609

1,484,639

Security

Shares

Shares

Value

Software

(continued)

CoreCard

Corp.

(b)

....................

64,306

$

710,581

CXApp,

Inc.

(a)

(b)

.....................

16,936

41,493

Digimarc

Corp.

(a)

(b)

...................

123,147

3,347,135

Digital

Turbine,

Inc.

(a)

(b)

................

218,414

572,245

Domo,

Inc.

,

Class

B

(a)

(b)

................

280,523

2,502,265

eGain

Corp.

(b)

......................

181,688

1,171,888

Enfusion,

Inc.

,

Class

A

(a)

(b)

..............

344,397

3,185,672

Envestnet,

Inc.

(a)

(b)

...................

421,233

24,393,603

Everbridge,

Inc.

(b)

....................

358,530

12,487,600

EverCommerce,

Inc.

(a)

(b)

...............

157,977

1,488,143

Expensify,

Inc.

,

Class

A

(b)

..............

484,172

890,876

Freshworks,

Inc.

,

Class

A

(b)

.............

1,408,215

25,643,595

Instructure

Holdings,

Inc.

(a)

(b)

............

168,905

3,611,189

Intapp,

Inc.

(a)

(b)

......................

345,926

11,865,262

InterDigital,

Inc.

.....................

223,594

23,803,817

Jamf

Holding

Corp.

(a)

(b)

................

618,376

11,347,200

Kaltura,

Inc.

(a)

(b)

.....................

761,091

1,027,473

LivePerson,

Inc.

(a)

(b)

..................

689,774

687,981

Marathon

Digital

Holdings,

Inc.

(a)

(b)

........

1,945,029

43,918,755

MeridianLink,

Inc.

(a)

(b)

.................

151,521

2,833,443

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

...........

128,944

219,792,785

Mitek

Systems,

Inc.

(a)

(b)

................

356,781

5,030,612

Model

N,

Inc.

(a)

(b)

....................

335,503

9,551,770

N-able,

Inc.

(b)

.......................

547,356

7,153,943

NextNav,

Inc.

(a)

(b)

....................

458,799

3,018,897

Olo,

Inc.

,

Class

A

(b)

...................

511,119

2,806,043

OneSpan,

Inc.

(b)

.....................

324,481

3,773,714

PagerDuty,

Inc.

(a)

(b)

...................

776,432

17,609,478

PowerSchool

Holdings,

Inc.

,

Class

A

(a)

(b)

....

493,379

10,504,039

Progress

Software

Corp.

...............

383,621

20,450,836

PROS

Holdings,

Inc.

(a)

(b)

...............

278,639

10,122,955

Q2

Holdings,

Inc.

(a)

(b)

..................

495,475

26,042,166

Qualys,

Inc.

(a)

(b)

.....................

322,949

53,890,500

Rapid7,

Inc.

(a)

(b)

.....................

526,979

25,843,050

Red

Violet,

Inc.

(a)

(b)

...................

99,894

1,952,928

Rimini

Street,

Inc.

(a)

(b)

.................

437,347

1,425,751

Riot

Platforms,

Inc.

(a)

(b)

................

1,198,909

14,674,646

Sapiens

International

Corp.

NV

..........

267,255

8,594,921

SEMrush

Holdings,

Inc.

,

Class

A

(b)

........

273,545

3,627,207

SoundHound

AI,

Inc.

,

Class

A

(a)

(b)

.........

1,199,887

7,067,334

SoundThinking,

Inc.

(a)

(b)

................

84,174

1,336,683

Sprinklr,

Inc.

,

Class

A

(a)

(b)

...............

918,219

11,266,547

Sprout

Social,

Inc.

,

Class

A

(a)

(b)

...........

421,966

25,195,590

SPS

Commerce,

Inc.

(b)

................

318,535

58,897,122

Tenable

Holdings,

Inc.

(a)

(b)

..............

1,010,771

49,962,411

Varonis

Systems,

Inc.

(a)

(b)

...............

944,666

44,559,895

Verint

Systems,

Inc.

(b)

.................

494,629

16,396,951

Veritone,

Inc.

(a)

(b)

....................

244,521

1,286,180

Viant

Technology,

Inc.

,

Class

A

(b)

..........

132,291

1,410,222

Weave

Communications,

Inc.

(b)

..........

298,427

3,425,942

Workiva,

Inc.

,

Class

A

(a)

(b)

..............

432,000

36,633,600

Yext,

Inc.

(b)

........................

924,984

5,577,654

Zeta

Global

Holdings

Corp.

,

Class

A

(a)

(b)

.....

1,223,919

13,377,435

Zuora,

Inc.

,

Class

A

(a)

(b)

................

1,174,590

10,712,261

1,324,803,229

Specialized

REITs

—

0.1%

Four

Corners

Property

Trust,

Inc.

.........

86,950

2,127,667

Outfront

Media,

Inc.

..................

601,337

10,096,448

12,224,115

Specialty

Retail

—

2.0%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

(b)

.......

219,767

27,543,398

Academy

Sports

&

Outdoors,

Inc.

(a)

........

627,655

42,391,819

American

Eagle

Outfitters,

Inc.

...........

357,652

9,223,845

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Arko

Corp.

........................

696,080

$

3,967,656

Boot

Barn

Holdings,

Inc.

(a)

(b)

.............

261,982

24,927,587

Buckle,

Inc.

(The)

...................

265,196

10,679,443

Build-A-Bear

Workshop,

Inc.

............

88,702

2,649,529

Camping

World

Holdings,

Inc.

,

Class

A

.....

361,815

10,076,548

CarParts.com,

Inc.

(b)

..................

460,002

745,203

Carvana

Co.

,

Class

A

(b)

................

394,168

34,651,309

Envela

Corp.

(a)

(b)

....................

55,067

254,410

EVgo,

Inc.

,

Class

A

(a)

(b)

................

127,362

319,679

Guess?,

Inc.

.......................

29,500

928,365

Hibbett,

Inc.

.......................

83,992

6,451,426

Leslie's,

Inc.

(a)

(b)

.....................

136,555

887,608

National

Vision

Holdings,

Inc.

(b)

..........

48,528

1,075,380

Revolve

Group,

Inc.

,

Class

A

(a)

(b)

..........

345,467

7,313,536

Sally

Beauty

Holdings,

Inc.

(a)

(b)

...........

873,860

10,853,341

Sleep

Number

Corp.

(b)

................

100,080

1,604,282

Stitch

Fix,

Inc.

,

Class

A

(a)

(b)

..............

364,811

963,101

ThredUp,

Inc.

,

Class

A

(a)

(b)

..............

118,118

236,236

Torrid

Holdings,

Inc.

(a)

(b)

................

99,714

486,604

Upbound

Group,

Inc.

.................

437,145

15,391,875

Urban

Outfitters,

Inc.

(b)

................

185,720

8,063,962

Warby

Parker,

Inc.

,

Class

A

(a)

(b)

...........

747,634

10,175,299

231,861,441

Technology

Hardware,

Storage

&

Peripherals

—

3.9%

(b)

CompoSecure,

Inc.

,

Class

A

(a)

...........

135,722

981,270

Corsair

Gaming,

Inc.

.................

336,777

4,155,828

CPI

Card

Group,

Inc.

(a)

................

39,264

701,255

IonQ,

Inc.

(a)

........................

223,637

2,234,134

Super

Micro

Computer,

Inc.

(a)

............

441,655

446,084,800

454,157,287

Textiles,

Apparel

&

Luxury

Goods

—

0.8%

Figs,

Inc.

,

Class

A

(a)

(b)

.................

973,601

4,848,533

Hanesbrands,

Inc.

(b)

..................

2,042,686

11,847,579

Kontoor

Brands,

Inc.

..................

488,395

29,425,799

Oxford

Industries,

Inc.

................

98,015

11,016,886

Rocky

Brands,

Inc.

...................

16

434

Steven

Madden

Ltd.

..................

638,812

27,008,971

Wolverine

World

Wide,

Inc.

.............

611,693

6,857,078

91,005,280

Tobacco

—

0.1%

Ispire

Technology,

Inc.

(a)

(b)

..............

149,650

917,354

Turning

Point

Brands,

Inc.

..............

150,417

4,407,218

Vector

Group

Ltd.

...................

221,107

2,423,333

7,747,905

Trading

Companies

&

Distributors

—

2.2%

Alta

Equipment

Group,

Inc.

,

Class

A

.......

197,826

2,561,847

Applied

Industrial

Technologies,

Inc.

.......

335,108

66,200,586

Beacon

Roofing

Supply,

Inc.

(b)

...........

56,802

5,567,732

Custom

Truck

One

Source,

Inc.

(a)

(b)

........

479,050

2,788,071

Distribution

Solutions

Group,

Inc.

(a)

(b)

.......

78,455

2,783,583

EVI

Industries,

Inc.

...................

44,329

1,103,792

FTAI

Aviation

Ltd.

....................

865,550

58,251,515

GATX

Corp.

.......................

19,946

2,673,362

Global

Industrial

Co.

..................

89,292

3,998,496

GMS,

Inc.

(b)

........................

109,621

10,670,508

H&E

Equipment

Services,

Inc.

...........

278,409

17,868,290

Herc

Holdings,

Inc.

...................

245,391

41,299,305

Hudson

Technologies,

Inc.

(a)

(b)

...........

62,228

685,130

Karat

Packaging,

Inc.

.................

57,618

1,648,451

McGrath

RentCorp

...................

214,223

26,428,692

MRC

Global,

Inc.

(b)

...................

246,623

3,100,051

Transcat,

Inc.

(b)

.....................

70,711

7,879,327

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Xometry,

Inc.

,

Class

A

(a)

(b)

..............

35,999

$

608,023

256,116,761

Water

Utilities

—

0.4%

American

States

Water

Co.

.............

321,145

23,199,515

Artesian

Resources

Corp.

,

Class

A,

NVS

....

59,582

2,211,088

Cadiz,

Inc.

(a)

(b)

......................

348,777

1,011,453

California

Water

Service

Group

..........

158,193

7,352,811

Consolidated

Water

Co.

Ltd.

............

38,683

1,133,799

Global

Water

Resources,

Inc.

............

105,673

1,356,841

Middlesex

Water

Co.

.................

153,645

8,066,362

Pure

Cycle

Corp.

(a)

(b)

..................

177,876

1,689,822

York

Water

Co.

(The)

.................

121,999

4,424,904

50,446,595

Wireless

Telecommunication

Services

—

0.0%

Gogo,

Inc.

(a)

(b)

......................

55,543

487,668

Total

Common

Stocks

—

99

.6

%

(Cost:

$

10,924,053,602

)

............................

11,608,710,224

Rights

Biotechnology

—

0.0%

(b)(d)

Contra

Aduro

Biotech

I,

CVR

............

105,692

52,846

Contra

Chinook

Therape,

CVR

..........

137,855

60,656

Oncternal

Therapeutics,

Inc.,

CVR

(a)

.......

6,020

6,171

119,673

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Empire

Petroleum

Corp.

(

Expires

04/03/24

,

Strike

Price

USD

6.05

)

(a)

(b)

(d)

...........

108,018

1

Total

Rights

—

0

.0

%

(Cost:

$

66,104

)

.................................

119,674

Total

Long-Term

Investments

—

99.6%

(Cost:

$

10,924,119,706

)

............................

11,608,829,898

Short-Term

Securities

Money

Market

Funds

—

15.4%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(h)

..................

1,748,908,404

1,749,782,858

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

48,768,473

48,768,473

Total

Short-Term

Securities

—

15

.4

%

(Cost:

$

1,797,551,063

)

............................

1,798,551,331

Total

Investments

—

115

.0

%

(Cost:

$

12,721,670,769

)

............................

13,407,381,229

Liabilities

in

Excess

of

Other

Assets

—

(

15.0

)

%

............

(

1,751,621,349

)

Net

Assets

—

100.0%

...............................

$

11,655,759,880

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

Schedules

of

Investments

41

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(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

$116,493,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$809,658.

(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

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

1,385,478,252

$

364,026,840

(a)

$

—

$

46,578

$

231,188

$

1,749,782,858

1,748,908,404

$

18,675,116

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

12,196,139

36,572,334

(a)

—

—

—

48,768,473

48,768,473

1,078,612

—

$

46,578

$

231,188

$

1,798,551,331

$

19,753,728

$

—

—

—

(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

....................................................

409

06/21/24

$

43,884

$

1,093,498

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,093,498

$

—

$

—

$

—

$

1,093,498

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Growth

ETF

42

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.

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

4,958,423

$

—

$

—

$

—

$

4,958,423

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

542,960

$

—

$

—

$

—

$

542,960

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

27,497,980

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

11,608,593,731

$

116,493

$

—

$

11,608,710,224

Rights

................................................

—

—

119,674

119,674

Short-Term

Securities

Money

Market

Funds

......................................

1,798,551,331

—

—

1,798,551,331

$

13,407,145,062

$

116,493

$

119,674

$

13,407,381,229

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

1,093,498

$

—

$

—

$

1,093,498

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

March

31,

2024

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

AAR

Corp.

(a)

.......................

318,571

$

19,072,846

AerSale

Corp.

(a)

.....................

311,449

2,236,204

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

..........

1,436,360

6,635,983

Astronics

Corp.

(a)

....................

258,672

4,925,115

Ducommun,

Inc.

(a)

...................

125,656

6,446,153

Kaman

Corp.

......................

264,997

12,155,412

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

..

1,354,088

24,888,137

Moog,

Inc.

,

Class

A

..................

216,249

34,524,153

National

Presto

Industries,

Inc.

...........

47,168

3,952,678

Park

Aerospace

Corp.

.................

167,727

2,789,300

Parsons

Corp.

(a)

.....................

212,449

17,622,644

Terran

Orbital

Corp.

(a)

(b)

................

898,812

1,177,444

Triumph

Group,

Inc.

(a)

.................

603,302

9,073,662

V2X,

Inc.

(a)

........................

107,798

5,035,245

Virgin

Galactic

Holdings,

Inc.

,

Class

C

(a)

(b)

....

1,466,489

2,170,404

152,705,380

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)

(b)

......

485,145

6,675,595

Hub

Group,

Inc.

,

Class

A

...............

592,882

25,624,360

Radiant

Logistics,

Inc.

(a)

(b)

..............

332,020

1,799,549

34,099,504

Automobile

Components

—

1.4%

Adient

plc

(a)

........................

860,569

28,329,931

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

1,076,620

7,923,923

Atmus

Filtration

Technologies,

Inc.

(a)

.......

302,778

9,764,590

Cooper-Standard

Holdings,

Inc.

(a)

(b)

........

108,292

1,793,316

Dana,

Inc.

.........................

1,232,983

15,658,884

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

.......

2,648,711

36,366,802

Holley,

Inc.

(a)

.......................

495,749

2,211,041

LCI

Industries

......................

145,466

17,901,046

Modine

Manufacturing

Co.

(a)

(b)

...........

174,452

16,606,086

Patrick

Industries,

Inc.

................

174,960

20,902,471

Solid

Power,

Inc.

,

Class

A

(a)

(b)

............

1,482,152

3,008,769

Standard

Motor

Products,

Inc.

...........

192,291

6,451,363

Stoneridge,

Inc.

(a)

....................

201,189

3,709,925

170,628,147

Automobiles

—

0.2%

Winnebago

Industries,

Inc.

.............

268,417

19,862,858

Workhorse

Group,

Inc.

(a)

(b)

..............

2,116,511

496,534

20,359,392

Banks

—

15.9%

1st

Source

Corp.

....................

158,279

8,296,985

ACNB

Corp.

.......................

80,262

3,017,851

Amalgamated

Financial

Corp.

...........

173,465

4,163,160

Amerant

Bancorp,

Inc.

,

Class

A

..........

247,448

5,763,064

American

National

Bankshares,

Inc.

.......

99,174

4,736,550

Ameris

Bancorp

.....................

610,282

29,525,443

Ames

National

Corp.

.................

82,622

1,667,312

Arrow

Financial

Corp.

.................

143,592

3,592,672

Associated

Banc-Corp.

................

1,450,029

31,190,124

Atlantic

Union

Bankshares

Corp.

.........

677,523

23,923,337

Axos

Financial,

Inc.

(a)

(b)

................

455,533

24,617,003

Banc

of

California,

Inc.

................

1,291,101

19,637,646

BancFirst

Corp.

.....................

182,295

16,047,429

Bank

First

Corp.

....................

88,603

7,679,222

Bank

of

Hawaii

Corp.

.................

346,249

21,602,475

Bank

of

Marin

Bancorp

................

159,254

2,670,690

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

.....

434,781

13,908,644

Bank7

Corp.

.......................

31,043

875,413

BankUnited,

Inc.

....................

671,904

18,813,312

Bankwell

Financial

Group,

Inc.

...........

61,801

1,603,118

Security

Shares

Shares

Value

Banks

(continued)

Banner

Corp.

......................

311,636

$

14,958,528

Bar

Harbor

Bankshares

...............

157,225

4,163,318

BayCom

Corp.

.....................

102,438

2,111,247

BCB

Bancorp,

Inc.

...................

155,970

1,629,886

Berkshire

Hills

Bancorp,

Inc.

............

397,609

9,113,198

Blue

Foundry

Bancorp

(a)

(b)

..............

218,728

2,047,294

Blue

Ridge

Bankshares,

Inc.

(b)

...........

164,558

442,661

Bridgewater

Bancshares,

Inc.

(a)

..........

201,300

2,343,132

Brookline

Bancorp,

Inc.

................

804,917

8,016,973

Burke

&

Herbert

Financial

Services

Corp.

(b)

..

57,008

3,194,158

Business

First

Bancshares,

Inc.

..........

230,200

5,128,856

Byline

Bancorp,

Inc.

..................

248,644

5,400,548

C&F

Financial

Corp.

..................

30,391

1,489,159

Cadence

Bank

.....................

1,592,456

46,181,224

Cambridge

Bancorp

..................

72,631

4,950,529

Camden

National

Corp.

...............

141,483

4,742,510

Capital

Bancorp,

Inc.

.................

94,183

1,961,832

Capital

City

Bank

Group,

Inc.

............

85,166

2,359,098

Capitol

Federal

Financial,

Inc.

...........

1,192,397

7,106,686

Capstar

Financial

Holdings,

Inc.

..........

188,073

3,780,267

Carter

Bankshares,

Inc.

(a)

(b)

.............

217,439

2,748,429

Cathay

General

Bancorp

...............

631,024

23,871,638

Central

Pacific

Financial

Corp.

...........

243,656

4,812,206

Central

Valley

Community

Bancorp

........

97,879

1,946,813

Chemung

Financial

Corp.

..............

34,215

1,453,453

ChoiceOne

Financial

Services,

Inc.

........

66,194

1,810,406

Citizens

&

Northern

Corp.

..............

139,243

2,614,984

Citizens

Financial

Services,

Inc.

..........

29,396

1,446,283

City

Holding

Co.

....................

122,640

12,781,541

Civista

Bancshares,

Inc.

...............

153,420

2,359,600

CNB

Financial

Corp.

..................

207,508

4,231,088

Codorus

Valley

Bancorp,

Inc.

............

87,242

1,985,628

Colony

Bankcorp,

Inc.

................

165,453

1,902,709

Columbia

Financial,

Inc.

(a)

(b)

.............

169,223

2,912,328

Community

Bank

System,

Inc.

...........

479,085

23,010,453

Community

Trust

Bancorp,

Inc.

..........

149,944

6,395,112

ConnectOne

Bancorp,

Inc.

.............

355,053

6,923,533

CrossFirst

Bankshares,

Inc.

(a)

(b)

..........

438,021

6,062,211

Customers

Bancorp,

Inc.

(a)

..............

270,232

14,338,510

CVB

Financial

Corp.

..................

1,248,409

22,271,617

Dime

Community

Bancshares,

Inc.

........

334,079

6,434,362

Eagle

Bancorp,

Inc.

..................

277,746

6,524,254

Eastern

Bankshares,

Inc.

..............

1,472,998

20,297,912

Enterprise

Bancorp,

Inc.

...............

91,490

2,375,995

Enterprise

Financial

Services

Corp.

.......

352,134

14,282,555

Equity

Bancshares,

Inc.

,

Class

A

.........

142,338

4,892,157

Esquire

Financial

Holdings,

Inc.

..........

8,601

408,289

ESSA

Bancorp,

Inc.

..................

82,208

1,498,652

Evans

Bancorp,

Inc.

..................

49,853

1,488,611

Farmers

&

Merchants

Bancorp,

Inc.

.......

124,686

2,779,251

Farmers

National

Banc

Corp.

............

355,550

4,750,148

FB

Financial

Corp.

...................

341,402

12,857,199

Fidelity

D&D

Bancorp,

Inc.

..............

44,011

2,131,453

Financial

Institutions,

Inc.

..............

148,579

2,796,257

First

BanCorp

......................

1,771,812

37,895,588

First

Bancorp,

Inc.

(The)

...............

90,307

2,225,164

First

Bancshares,

Inc.

(The)

.............

296,648

7,698,016

First

Bank

.........................

209,437

2,877,664

First

Busey

Corp.

....................

507,373

12,202,321

First

Business

Financial

Services,

Inc.

......

75,815

2,843,062

First

Commonwealth

Financial

Corp.

.......

948,760

13,206,739

First

Community

Bankshares,

Inc.

........

166,881

5,779,089

First

Community

Corp.

................

67,375

1,174,346

First

Financial

Bancorp

................

848,999

19,034,558

First

Financial

Corp.

..................

114,738

4,397,908

2024

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

Foundation,

Inc.

.................

491,101

$

3,707,813

First

Interstate

BancSystem,

Inc.

,

Class

A

...

791,695

21,542,021

First

Merchants

Corp.

.................

576,891

20,133,496

First

Mid

Bancshares,

Inc.

..............

217,281

7,100,743

First

of

Long

Island

Corp.

(The)

..........

225,179

2,497,235

First

Western

Financial,

Inc.

(a)

(b)

..........

79,966

1,165,904

Five

Star

Bancorp

...................

71,487

1,608,457

Flushing

Financial

Corp.

...............

261,389

3,296,115

FS

Bancorp,

Inc.

....................

50,929

1,767,746

Fulton

Financial

Corp.

.................

1,470,628

23,368,279

FVCBankcorp,

Inc.

(a)

(b)

................

149,375

1,819,387

German

American

Bancorp,

Inc.

..........

273,469

9,472,966

Glacier

Bancorp,

Inc.

(b)

................

1,051,559

42,356,797

Great

Southern

Bancorp,

Inc.

............

86,790

4,757,828

Greene

County

Bancorp,

Inc.

(b)

...........

29,219

841,215

Guaranty

Bancshares,

Inc.

.............

80,224

2,435,601

Hancock

Whitney

Corp.

...............

824,013

37,937,559

Hanmi

Financial

Corp.

................

284,727

4,532,854

HarborOne

Bancorp,

Inc.

..............

390,105

4,158,519

HBT

Financial,

Inc.

...................

127,945

2,436,073

Heartland

Financial

USA,

Inc.

...........

407,757

14,332,659

Heritage

Commerce

Corp.

..............

606,132

5,200,613

Heritage

Financial

Corp.

...............

311,174

6,033,664

Hilltop

Holdings,

Inc.

..................

449,076

14,065,060

Hingham

Institution

for

Savings

(The)

(b)

.....

14,865

2,593,348

Home

Bancorp,

Inc.

..................

67,416

2,582,707

Home

BancShares,

Inc.

...............

1,788,373

43,940,325

HomeStreet,

Inc.

....................

169,915

2,557,221

HomeTrust

Bancshares,

Inc.

............

115,952

3,170,128

Hope

Bancorp,

Inc.

..................

1,086,964

12,510,956

Horizon

Bancorp,

Inc.

.................

423,546

5,434,095

Independent

Bank

Corp.

...............

587,210

25,284,033

Independent

Bank

Group,

Inc.

...........

342,850

15,651,102

International

Bancshares

Corp.

..........

510,078

28,635,779

John

Marshall

Bancorp,

Inc.

............

116,065

2,079,885

Kearny

Financial

Corp.

................

540,526

3,480,987

Lakeland

Bancorp,

Inc.

................

615,977

7,453,322

Lakeland

Financial

Corp.

...............

217,454

14,421,549

LCNB

Corp.

.......................

107,779

1,717,997

Live

Oak

Bancshares,

Inc.

..............

319,255

13,252,275

Macatawa

Bank

Corp.

................

248,875

2,436,486

MainStreet

Bancshares,

Inc.

............

62,920

1,142,627

Mercantile

Bank

Corp.

................

155,497

5,985,080

Metrocity

Bankshares,

Inc.

.............

174,721

4,361,036

Metropolitan

Bank

Holding

Corp.

(a)

(b)

.......

90,977

3,502,615

Mid

Penn

Bancorp,

Inc.

................

139,507

2,791,535

Middlefield

Banc

Corp.

................

73,914

1,765,066

Midland

States

Bancorp,

Inc.

............

201,621

5,066,736

MidWestOne

Financial

Group,

Inc.

........

145,161

3,402,574

MVB

Financial

Corp.

.................

106,509

2,376,216

National

Bank

Holdings

Corp.

,

Class

A

.....

329,332

11,879,005

National

Bankshares,

Inc.

..............

56,665

1,893,178

NBT

Bancorp,

Inc.

...................

376,658

13,815,815

Nicolet

Bankshares,

Inc.

...............

125,025

10,750,900

Northeast

Bank

.....................

64,677

3,579,225

Northeast

Community

Bancorp,

Inc.

.......

121,534

1,911,730

Northfield

Bancorp,

Inc.

...............

368,880

3,585,514

Northrim

BanCorp,

Inc.

................

53,091

2,681,626

Northwest

Bancshares,

Inc.

.............

1,150,634

13,404,886

Norwood

Financial

Corp.

...............

68,492

1,863,667

Oak

Valley

Bancorp

(b)

.................

62,682

1,553,260

OceanFirst

Financial

Corp.

.............

566,348

9,293,771

OFG

Bancorp

......................

434,543

15,995,528

Old

National

Bancorp

.................

2,782,618

48,445,379

Old

Second

Bancorp,

Inc.

..............

423,476

5,860,908

Security

Shares

Shares

Value

Banks

(continued)

Orange

County

Bancorp,

Inc.

(b)

...........

49,048

$

2,256,208

Origin

Bancorp,

Inc.

..................

283,137

8,845,200

Orrstown

Financial

Services,

Inc.

.........

102,431

2,742,078

Pacific

Premier

Bancorp,

Inc.

............

859,509

20,628,216

Park

National

Corp.

..................

137,314

18,654,107

Parke

Bancorp,

Inc.

..................

99,110

1,707,170

Pathward

Financial,

Inc.

...............

160,821

8,118,244

PCB

Bancorp

......................

106,316

1,736,140

Peapack-Gladstone

Financial

Corp.

.......

166,581

4,052,916

Penns

Woods

Bancorp,

Inc.

.............

65,104

1,263,669

Peoples

Bancorp,

Inc.

................

338,727

10,029,706

Peoples

Financial

Services

Corp.

.........

65,493

2,823,403

Pioneer

Bancorp,

Inc.

(a)

(b)

...............

120,606

1,183,145

Plumas

Bancorp

....................

44,760

1,646,720

Ponce

Financial

Group,

Inc.

(a)

...........

176,171

1,567,922

Preferred

Bank

.....................

91,874

7,053,167

Premier

Financial

Corp.

...............

344,604

6,995,461

Primis

Financial

Corp.

.................

197,997

2,409,623

Princeton

Bancorp,

Inc.

................

46,999

1,446,629

Provident

Financial

Services,

Inc.

.........

688,879

10,036,967

QCR

Holdings,

Inc.

..................

160,005

9,718,704

RBB

Bancorp

......................

167,559

3,017,738

Red

River

Bancshares,

Inc.

.............

45,967

2,288,697

Renasant

Corp.

.....................

499,319

15,638,671

Republic

Bancorp,

Inc.

,

Class

A

..........

84,981

4,334,031

S&T

Bancorp,

Inc.

...................

358,927

11,514,378

Sandy

Spring

Bancorp,

Inc.

.............

428,310

9,928,226

Seacoast

Banking

Corp.

of

Florida

........

760,449

19,307,800

ServisFirst

Bancshares,

Inc.

............

316,731

21,018,269

Shore

Bancshares,

Inc.

................

290,802

3,344,223

Sierra

Bancorp

.....................

130,328

2,632,626

Simmons

First

National

Corp.

,

Class

A

.....

1,144,144

22,265,042

SmartFinancial,

Inc.

..................

149,131

3,142,190

South

Plains

Financial,

Inc.

.............

112,768

3,017,672

Southern

First

Bancshares,

Inc.

(a)

.........

75,665

2,403,120

Southern

Missouri

Bancorp,

Inc.

..........

93,031

4,066,385

Southern

States

Bancshares,

Inc.

.........

67,248

1,743,068

Southside

Bancshares,

Inc.

.............

266,779

7,797,950

SouthState

Corp.

....................

720,802

61,289,794

Stellar

Bancorp,

Inc.

..................

434,041

10,573,239

Sterling

Bancorp,

Inc.

(a)

................

186,729

963,522

Stock

Yards

Bancorp,

Inc.

..............

36,929

1,806,197

Summit

Financial

Group,

Inc.

............

108,775

2,954,329

Texas

Capital

Bancshares,

Inc.

(a)

.........

447,708

27,556,427

Third

Coast

Bancshares,

Inc.

(a)

...........

115,276

2,307,826

Timberland

Bancorp,

Inc.

..............

69,959

1,883,296

Tompkins

Financial

Corp.

..............

131,896

6,633,050

Towne

Bank

.......................

676,588

18,985,059

TriCo

Bancshares

...................

299,345

11,009,909

Triumph

Financial,

Inc.

(a)

(b)

..............

210,036

16,660,056

TrustCo

Bank

Corp.

..................

175,191

4,933,379

Trustmark

Corp.

....................

549,657

15,450,858

UMB

Financial

Corp.

.................

419,958

36,532,146

United

Bankshares,

Inc.

...............

1,235,985

44,235,903

United

Community

Banks,

Inc.

...........

1,042,729

27,444,627

Unity

Bancorp,

Inc.

...................

65,835

1,817,046

Univest

Financial

Corp.

................

292,116

6,081,855

USCB

Financial

Holdings,

Inc.

,

Class

A

.....

100,393

1,144,480

Valley

National

Bancorp

...............

4,087,059

32,532,990

Veritex

Holdings,

Inc.

.................

466,900

9,566,781

Virginia

National

Bankshares

Corp.

........

44,407

1,336,651

WaFd,

Inc.

........................

643,937

18,693,491

Washington

Trust

Bancorp,

Inc.

..........

171,028

4,597,233

WesBanco,

Inc.

.....................

555,556

16,561,124

West

BanCorp,

Inc.

..................

154,756

2,759,299

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Westamerica

BanCorp

................

169,798

$

8,299,726

WSFS

Financial

Corp.

................

557,328

25,157,786

1,996,004,882

Beverages

—

0.2%

Duckhorn

Portfolio,

Inc.

(The)

(a)

(b)

.........

399,638

3,720,630

Primo

Water

Corp.

...................

1,268,241

23,094,668

Zevia

PBC

,

Class

A

(a)

(b)

................

93,864

109,821

26,925,119

Biotechnology

—

5.5%

2seventy

bio,

Inc.

(a)

(b)

.................

475,374

2,543,251

4D

Molecular

Therapeutics,

Inc.

(a)

(b)

........

349,886

11,147,368

Aadi

Bioscience,

Inc.

(a)

(b)

...............

145,185

339,733

ACELYRIN,

Inc.

(a)

(b)

..................

369,158

2,491,816

Acrivon

Therapeutics,

Inc.

(a)

(b)

............

109,017

779,472

Actinium

Pharmaceuticals,

Inc.

(a)

(b)

........

14,485

113,418

Adicet

Bio,

Inc.

(a)

(b)

...................

496,647

1,167,120

ADMA

Biologics,

Inc.

(a)

(b)

...............

941,780

6,215,748

Agenus,

Inc.

(a)

(b)

.....................

3,050,011

1,769,006

Agios

Pharmaceuticals,

Inc.

(a)

(b)

..........

519,666

15,195,034

Allakos,

Inc.

(a)

(b)

.....................

649,927

818,908

Allogene

Therapeutics,

Inc.

(a)

(b)

...........

883,264

3,948,190

Allovir,

Inc.

(a)

(b)

......................

473,496

357,442

Alpine

Immune

Sciences,

Inc.

(a)

..........

169,355

6,713,232

Altimmune,

Inc.

(a)

(b)

...................

504,068

5,131,412

ALX

Oncology

Holdings,

Inc.

(a)

...........

244,578

2,727,045

AnaptysBio,

Inc.

(a)

(b)

..................

31,421

707,601

Anika

Therapeutics,

Inc.

(a)

(b)

.............

136,445

3,465,703

Annexon,

Inc.

(a)

(b)

....................

630,627

4,521,596

Apogee

Therapeutics,

Inc.

(a)

(b)

...........

211,784

14,073,047

Arbutus

Biopharma

Corp.

(a)

(b)

............

442,694

1,142,151

Arcturus

Therapeutics

Holdings,

Inc.

(a)

(b)

.....

201,187

6,794,085

Arcus

Biosciences,

Inc.

(a)

(b)

.............

354,580

6,694,470

Ardelyx,

Inc.

(a)

(b)

.....................

750,290

5,477,117

ArriVent

Biopharma,

Inc.

(a)

..............

48,905

873,443

ARS

Pharmaceuticals,

Inc.

(a)

(b)

...........

176,218

1,800,948

Astria

Therapeutics,

Inc.

(a)

(b)

.............

56,812

799,629

Atara

Biotherapeutics,

Inc.

(a)

(b)

...........

842,975

585,025

Aura

Biosciences,

Inc.

(a)

...............

325,420

2,554,547

Avidity

Biosciences,

Inc.

(a)

(b)

.............

696,531

17,775,471

Beam

Therapeutics,

Inc.

(a)

(b)

.............

68,045

2,248,207

BioAtla,

Inc.

(a)

(b)

.....................

410,128

1,410,840

BioCryst

Pharmaceuticals,

Inc.

(a)

(b)

........

429,103

2,179,843

Biohaven

Ltd.

(a)

(b)

....................

643,249

35,179,288

Bluebird

Bio,

Inc.

(a)

(b)

..................

1,798,083

2,301,546

Bridgebio

Pharma,

Inc.

(a)

(b)

..............

333,430

10,309,656

Cabaletta

Bio,

Inc.

(a)

(b)

.................

35,272

601,740

CareDx,

Inc.

(a)

(b)

.....................

496,290

5,255,711

Cargo

Therapeutics,

Inc.

(a)

(b)

.............

109,033

2,433,617

Caribou

Biosciences,

Inc.

(a)

(b)

............

772,603

3,971,179

Carisma

Therapeutics,

Inc.

(a)

(b)

...........

244,204

554,343

Cartesian

Therapeutics,

Inc.

(a)

(b)

..........

797,628

518,458

Celcuity,

Inc.

(a)

(b)

.....................

170,270

3,677,832

Celldex

Therapeutics,

Inc.

(a)

(b)

............

433,489

18,193,533

Century

Therapeutics,

Inc.

(a)

(b)

...........

227,406

950,557

CG

oncology,

Inc.

(a)

..................

121,290

5,324,631

Cogent

Biosciences,

Inc.

(a)

(b)

............

358,751

2,410,807

Coherus

Biosciences,

Inc.

(a)

(b)

............

171,167

409,089

Compass

Therapeutics,

Inc.

(a)

(b)

..........

778,839

1,542,101

Crinetics

Pharmaceuticals,

Inc.

(a)

(b)

........

516,541

24,179,284

Cullinan

Oncology,

Inc.

(a)

...............

242,685

4,135,352

Cytokinetics,

Inc.

(a)

(b)

..................

68,389

4,794,753

Day

One

Biopharmaceuticals,

Inc.

(a)

.......

46,824

773,532

Deciphera

Pharmaceuticals,

Inc.

(a)

........

328,237

5,163,168

Security

Shares

Shares

Value

Biotechnology

(continued)

Design

Therapeutics,

Inc.

(a)

(b)

............

306,177

$

1,233,893

Disc

Medicine,

Inc.

(a)

(b)

................

6,382

397,343

Dynavax

Technologies

Corp.

(a)

(b)

..........

194,848

2,418,064

Dyne

Therapeutics,

Inc.

(a)

(b)

.............

395,301

11,222,595

Eagle

Pharmaceuticals,

Inc.

(a)

(b)

..........

103,249

541,025

Editas

Medicine,

Inc.

(a)

(b)

...............

778,748

5,778,310

Emergent

BioSolutions,

Inc.

(a)

(b)

..........

504,718

1,276,937

Enanta

Pharmaceuticals,

Inc.

(a)

..........

170,481

2,976,598

Entrada

Therapeutics,

Inc.

(a)

(b)

...........

202,555

2,870,204

Erasca,

Inc.

(a)

......................

767,951

1,581,979

Fate

Therapeutics,

Inc.

(a)

(b)

..............

796,802

5,848,527

Fennec

Pharmaceuticals,

Inc.

(a)

(b)

.........

124,967

1,389,633

FibroGen,

Inc.

(a)

(b)

....................

903,883

2,124,125

Genelux

Corp.

(a)

(b)

...................

126,144

811,106

Generation

Bio

Co.

(a)

.................

426,417

1,735,517

Geron

Corp.

(a)

(b)

.....................

1,191,189

3,930,924

Gritstone

bio,

Inc.

(a)

(b)

.................

866,600

2,227,162

Heron

Therapeutics,

Inc.

(a)

..............

45,708

126,611

HilleVax,

Inc.

(a)

(b)

....................

185,998

3,093,147

Humacyte,

Inc.

(a)

(b)

...................

61,746

192,030

Ideaya

Biosciences,

Inc.

(a)

(b)

.............

220,186

9,661,762

IGM

Biosciences,

Inc.

(a)

(b)

..............

119,762

1,155,703

Immuneering

Corp.

,

Class

A

(a)

(b)

..........

45,231

130,718

ImmunityBio,

Inc.

(a)

(b)

..................

236,399

1,269,463

Inhibrx,

Inc.

(a)

(b)

.....................

110,805

3,873,743

Inozyme

Pharma,

Inc.

(a)

(b)

..............

446,731

3,421,959

Intellia

Therapeutics,

Inc.

(a)

(b)

............

722,295

19,870,335

Iovance

Biotherapeutics,

Inc.

(a)

(b)

..........

2,230,498

33,055,980

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

(a)

...

770,679

6,712,614

iTeos

Therapeutics,

Inc.

(a)

..............

232,008

3,164,589

Janux

Therapeutics,

Inc.

(a)

(b)

.............

151,619

5,708,455

KalVista

Pharmaceuticals,

Inc.

(a)

(b)

.........

289,216

3,430,102

Kezar

Life

Sciences,

Inc.

(a)

(b)

............

660,045

595,097

Kiniksa

Pharmaceuticals

Ltd.

,

Class

A

(a)

.....

296,243

5,844,874

Kodiak

Sciences,

Inc.

(a)

................

309,964

1,630,411

Kura

Oncology,

Inc.

(a)

(b)

................

663,115

14,144,243

Larimar

Therapeutics,

Inc.

(a)

.............

242,705

1,842,131

LENZ

Therapeutics,

Inc.

(b)

..............

38,930

869,307

Lexeo

Therapeutics,

Inc.

(a)

..............

50,298

788,673

Lexicon

Pharmaceuticals,

Inc.

(a)

(b)

.........

465,795

1,117,908

Lyell

Immunopharma,

Inc.

(a)

(b)

............

1,625,133

3,624,047

MacroGenics,

Inc.

(a)

(b)

.................

395,826

5,826,559

MannKind

Corp.

(a)

(b)

..................

446,047

2,020,593

MeiraGTx

Holdings

plc

(a)

...............

90,752

550,865

Mersana

Therapeutics,

Inc.

(a)

............

418,224

1,873,644

MiMedx

Group,

Inc.

(a)

(b)

................

1,086,281

8,364,364

Mineralys

Therapeutics,

Inc.

(a)

(b)

..........

134,290

1,733,684

Monte

Rosa

Therapeutics,

Inc.

(a)

(b)

........

283,260

1,996,983

Morphic

Holding,

Inc.

(a)

(b)

...............

41,117

1,447,318

Myriad

Genetics,

Inc.

(a)

................

824,155

17,570,985

Nkarta,

Inc.

(a)

(b)

.....................

289,132

3,125,517

Novavax,

Inc.

(a)

(b)

....................

197,112

942,195

Nurix

Therapeutics,

Inc.

(a)

(b)

.............

450,563

6,623,276

Ocean

Biomedical,

Inc.

(a)

(b)

..............

84,834

321,097

Olema

Pharmaceuticals,

Inc.

(a)

(b)

..........

247,315

2,799,606

Organogenesis

Holdings,

Inc.

,

Class

A

(a)

(b)

...

590,530

1,677,105

ORIC

Pharmaceuticals,

Inc.

(a)

(b)

..........

365,153

5,020,854

Ovid

therapeutics,

Inc.

(a)

(b)

..............

543,455

1,657,538

PepGen,

Inc.

(a)

.....................

69,875

1,027,162

PMV

Pharmaceuticals,

Inc.

(a)

(b)

...........

365,041

620,570

Poseida

Therapeutics,

Inc.

(a)

(b)

...........

638,042

2,035,354

Precigen,

Inc.

(a)

(b)

....................

1,218,074

1,766,207

Prelude

Therapeutics,

Inc.

(a)

(b)

...........

135,527

642,398

ProKidney

Corp.

,

Class

A

(a)

(b)

............

312,825

513,033

Protagonist

Therapeutics,

Inc.

(a)

(b)

.........

201,714

5,835,586

2024

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Protalix

BioTherapeutics,

Inc.

(a)

(b)

.........

605,429

$

762,841

PTC

Therapeutics,

Inc.

(a)

...............

130,052

3,783,213

Rallybio

Corp.

(a)

(b)

....................

275,754

510,145

RAPT

Therapeutics,

Inc.

(a)

(b)

.............

68,216

612,580

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

.

1,310,355

13,064,239

REGENXBIO,

Inc.

(a)

..................

389,678

8,210,515

Relay

Therapeutics,

Inc.

(a)

(b)

.............

891,254

7,397,408

Replimune

Group,

Inc.

(a)

(b)

..............

460,902

3,765,569

REVOLUTION

Medicines,

Inc.

(a)

(b)

.........

340,075

10,960,617

Rigel

Pharmaceuticals,

Inc.

(a)

............

310,108

458,960

Rocket

Pharmaceuticals,

Inc.

(a)

...........

69,529

1,873,111

Sage

Therapeutics,

Inc.

(a)

(b)

.............

29,370

550,394

Sagimet

Biosciences,

Inc.

,

Class

A

(a)

(b)

......

114,758

621,988

Sana

Biotechnology,

Inc.

(a)

(b)

............

836,695

8,366,950

Sangamo

Therapeutics,

Inc.

(a)

(b)

..........

1,442,002

966,430

Savara,

Inc.

(a)

(b)

.....................

805,485

4,011,315

Scholar

Rock

Holding

Corp.

(a)

(b)

..........

542,060

9,626,986

Seres

Therapeutics,

Inc.

(a)

(b)

.............

302,291

234,003

Stoke

Therapeutics,

Inc.

(a)

..............

263,181

3,552,944

Sutro

Biopharma,

Inc.

(a)

(b)

..............

586,070

3,311,295

Syndax

Pharmaceuticals,

Inc.

(a)

..........

124,527

2,963,743

Tango

Therapeutics,

Inc.

(a)

..............

417,819

3,317,483

Tenaya

Therapeutics,

Inc.

(a)

(b)

............

435,898

2,279,747

Travere

Therapeutics,

Inc.

(a)

(b)

...........

42,445

327,251

Turnstone

Biologics

Corp.

(a)

(b)

............

73,425

192,373

Twist

Bioscience

Corp.

(a)

(b)

..............

544,154

18,669,924

Tyra

Biosciences,

Inc.

(a)

(b)

..............

83,260

1,365,464

UroGen

Pharma

Ltd.

(a)

................

46,562

698,430

Vanda

Pharmaceuticals,

Inc.

(a)

...........

524,249

2,154,663

Vera

Therapeutics,

Inc.

,

Class

A

(a)

(b)

........

195,430

8,426,942

Veracyte,

Inc.

(a)

(b)

....................

686,916

15,222,059

Verve

Therapeutics,

Inc.

(a)

(b)

.............

618,735

8,216,801

Vigil

Neuroscience,

Inc.

(a)

..............

138,483

472,227

Vir

Biotechnology,

Inc.

(a)

...............

750,146

7,598,979

Viridian

Therapeutics,

Inc.

(a)

(b)

............

99,966

1,750,405

Vor

BioPharma,

Inc.

(a)

(b)

................

390,228

924,840

X4

Pharmaceuticals,

Inc.

(a)

(b)

............

631,000

877,090

Xencor,

Inc.

(a)

......................

246,035

5,444,755

XOMA

Corp.

(a)

......................

67,985

1,635,039

Y-mAbs

Therapeutics,

Inc.

(a)

(b)

...........

185,258

3,012,295

Zura

Bio

Ltd.

,

Class

A

(a)

(b)

..............

150,360

386,425

Zymeworks,

Inc.

(a)

(b)

..................

523,743

5,509,776

691,010,646

Broadline

Retail

—

0.0%

(a)

Big

Lots,

Inc.

.......................

270,821

1,172,655

ContextLogic,

Inc.

,

Class

A

(b)

............

223,663

1,272,642

Savers

Value

Village,

Inc.

(b)

.............

122,685

2,365,367

4,810,664

Building

Products

—

2.0%

American

Woodmark

Corp.

(a)

............

141,633

14,398,411

Apogee

Enterprises,

Inc.

...............

129,332

7,656,454

AZZ,

Inc.

.........................

233,055

18,017,482

Gibraltar

Industries,

Inc.

(a)

..............

125,576

10,112,635

Griffon

Corp.

.......................

150,041

11,004,007

Insteel

Industries,

Inc.

(b)

...............

175,160

6,694,615

JELD-WEN

Holding,

Inc.

(a)

(b)

.............

804,121

17,071,489

Masterbrand,

Inc.

(a)

..................

1,204,020

22,563,335

Quanex

Building

Products

Corp.

..........

310,549

11,934,398

Resideo

Technologies,

Inc.

(a)

............

1,378,521

30,906,441

UFP

Industries,

Inc.

..................

478,493

58,859,424

Zurn

Elkay

Water

Solutions

Corp.

.........

1,112,617

37,239,291

246,457,982

Security

Shares

Shares

Value

Capital

Markets

—

0.8%

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

............................

157,607

$

7,213,672

Bakkt

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

698,995

321,398

BGC

Group,

Inc.

,

Class

A

(b)

.............

1,766,329

13,724,376

Brightsphere

Investment

Group,

Inc.

.......

184,970

4,224,715

Donnelley

Financial

Solutions,

Inc.

(a)

.......

67,437

4,181,768

Forge

Global

Holdings,

Inc.

(a)

(b)

...........

1,050,488

2,027,442

GCM

Grosvenor,

Inc.

,

Class

A

...........

39,500

381,570

Hamilton

Lane,

Inc.

,

Class

A

............

140,864

15,883,825

MarketWise,

Inc.

,

Class

A

..............

322,417

557,781

Moelis

&

Co.

,

Class

A

.................

248,301

14,096,048

Open

Lending

Corp.

,

Class

A

(a)

(b)

.........

75,510

472,693

Piper

Sandler

Cos.

...................

29,657

5,886,618

StoneX

Group,

Inc.

(a)

(b)

................

229,921

16,154,249

Victory

Capital

Holdings,

Inc.

,

Class

A

......

28,413

1,205,564

Virtus

Investment

Partners,

Inc.

..........

56,740

14,070,385

100,402,104

Chemicals

—

1.4%

AdvanSix,

Inc.

......................

245,001

7,007,029

American

Vanguard

Corp.

..............

201,419

2,608,376

Aspen

Aerogels,

Inc.

(a)

(b)

...............

479,592

8,440,819

Avient

Corp.

.......................

852,669

37,005,835

Core

Molding

Technologies,

Inc.

(a)

.........

61,775

1,169,401

Danimer

Scientific,

Inc.

,

Class

A

(a)

(b)

........

827,229

901,680

Ecovyst,

Inc.

(a)

......................

684,591

7,633,190

HB

Fuller

Co.

......................

52,641

4,197,593

Innospec,

Inc.

......................

26,651

3,436,380

Intrepid

Potash,

Inc.

(a)

(b)

................

101,621

2,119,814

Koppers

Holdings,

Inc.

................

189,852

10,474,135

Kronos

Worldwide,

Inc.

................

215,552

2,543,514

LSB

Industries,

Inc.

(a)

(b)

................

497,267

4,366,004

Mativ

Holdings,

Inc.

..................

506,101

9,489,394

Minerals

Technologies,

Inc.

.............

305,277

22,981,252

Origin

Materials,

Inc.

,

Class

A

(a)

(b)

.........

1,200,148

612,075

Perimeter

Solutions

SA

(a)

(b)

.............

1,420,346

10,538,967

PureCycle

Technologies,

Inc.

(a)

(b)

..........

843,768

5,248,237

Rayonier

Advanced

Materials,

Inc.

(a)

(b)

......

614,290

2,936,306

Stepan

Co.

........................

176,682

15,908,447

Trinseo

plc

........................

340,713

1,287,895

Tronox

Holdings

plc

..................

1,104,979

19,171,386

Valhi,

Inc.

.........................

31,536

541,788

180,619,517

Commercial

Services

&

Supplies

—

1.8%

ABM

Industries,

Inc.

..................

595,799

26,584,551

ACCO

Brands

Corp.

..................

870,081

4,881,154

Aris

Water

Solutions,

Inc.

,

Class

A

........

268,269

3,796,006

BrightView

Holdings,

Inc.

(a)

.............

388,809

4,626,827

CECO

Environmental

Corp.

(a)

(b)

..........

279,385

6,431,443

Cimpress

plc

(a)

......................

74,224

6,569,566

CompX

International,

Inc.

..............

14,885

510,556

CoreCivic,

Inc.

(a)

....................

1,071,042

16,718,966

Deluxe

Corp.

.......................

411,625

8,475,359

Ennis,

Inc.

........................

232,085

4,760,063

Enviri

Corp.

(a)

......................

743,306

6,801,250

GEO

Group,

Inc.

(The)

(a)

...............

1,135,227

16,029,405

Healthcare

Services

Group,

Inc.

(a)

.........

33,430

417,206

HNI

Corp.

.........................

394,626

17,809,471

Interface,

Inc.

......................

536,418

9,022,551

Li-Cycle

Holdings

Corp.

(a)

(b)

.............

1,291,902

1,330,659

Liquidity

Services,

Inc.

(a)

...............

91,542

1,702,681

Matthews

International

Corp.

,

Class

A

......

206,706

6,424,422

MillerKnoll,

Inc.

.....................

695,401

17,218,129

NL

Industries,

Inc.

...................

77,103

565,165

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

OPENLANE,

Inc.

(a)

...................

1,006,479

$

17,412,087

Performant

Financial

Corp.

(a)

............

166,873

490,607

Quad/Graphics,

Inc.

,

Class

A

............

291,761

1,549,251

Steelcase,

Inc.

,

Class

A

...............

880,083

11,511,486

UniFirst

Corp.

......................

141,123

24,474,962

VSE

Corp.

........................

122,789

9,823,120

225,936,943

Communications

Equipment

—

0.3%

ADTRAN

Holdings,

Inc.

...............

744,107

4,047,942

Aviat

Networks,

Inc.

(a)

(b)

................

107,862

4,135,429

Comtech

Telecommunications

Corp.

(a)

......

258,142

885,427

Digi

International,

Inc.

(a)

(b)

..............

37,872

1,209,253

DZS,

Inc.

(a)

........................

199,314

263,095

KVH

Industries,

Inc.

(a)

(b)

................

173,734

886,043

NETGEAR,

Inc.

(a)

(b)

...................

270,155

4,260,344

NetScout

Systems,

Inc.

(a)

(b)

.............

643,825

14,061,138

Ribbon

Communications,

Inc.

(a)

(b)

.........

854,769

2,735,261

Viavi

Solutions,

Inc.

(a)

(b)

................

365,845

3,325,531

35,809,463

Construction

&

Engineering

—

1.1%

API

Group

Corp.

(a)

...................

648,756

25,476,648

Arcosa,

Inc.

.......................

454,843

39,052,820

Argan,

Inc.

........................

118,648

5,996,470

Concrete

Pumping

Holdings,

Inc.

(a)

(b)

.......

92,297

729,146

Fluor

Corp.

(a)

.......................

94,939

4,014,021

Granite

Construction,

Inc.

..............

358,367

20,473,507

Great

Lakes

Dredge

&

Dock

Corp.

(a)

.......

609,397

5,332,224

INNOVATE

Corp.

(a)

...................

385,175

269,892

Limbach

Holdings,

Inc.

(a)

(b)

..............

72,420

2,999,636

Northwest

Pipe

Co.

(a)

.................

92,025

3,191,427

Primoris

Services

Corp.

...............

468,273

19,934,382

Southland

Holdings,

Inc.

(a)

..............

21,353

109,968

Sterling

Infrastructure,

Inc.

(a)

(b)

...........

35,982

3,969,174

Tutor

Perini

Corp.

(a)

(b)

.................

397,917

5,753,880

137,303,195

Construction

Materials

—

0.8%

(a)(b)

Knife

River

Corp.

....................

532,176

43,148,830

Summit

Materials,

Inc.

,

Class

A

..........

1,125,611

50,168,482

93,317,312

Consumer

Finance

—

0.9%

Atlanticus

Holdings

Corp.

(a)

(b)

............

41,562

1,229,820

Bread

Financial

Holdings,

Inc.

...........

403,728

15,034,831

Consumer

Portfolio

Services,

Inc.

(a)

(b)

.......

85,655

647,552

Encore

Capital

Group,

Inc.

(a)

(b)

...........

219,270

10,000,905

Enova

International,

Inc.

(a)

..............

267,809

16,826,439

Green

Dot

Corp.

,

Class

A

(a)

.............

419,834

3,917,051

LendingClub

Corp.

(a)

(b)

.................

1,028,125

9,037,219

LendingTree,

Inc.

(a)

...................

78,074

3,305,653

Navient

Corp.

......................

796,380

13,857,012

Nelnet,

Inc.

,

Class

A

..................

122,400

11,585,160

OppFi,

Inc.

,

Class

A

(a)

(b)

................

107,973

269,932

PRA

Group,

Inc.

(a)

(b)

..................

362,690

9,458,955

PROG

Holdings,

Inc.

.................

337,799

11,633,798

Regional

Management

Corp.

............

66,393

1,607,374

World

Acceptance

Corp.

(a)

(b)

.............

36,221

5,251,321

113,663,022

Consumer

Staples

Distribution

&

Retail

—

0.5%

Andersons,

Inc.

(The)

.................

304,895

17,491,826

HF

Foods

Group,

Inc.

(a)

(b)

...............

377,007

1,319,524

Ingles

Markets,

Inc.

,

Class

A

............

134,038

10,278,034

Natural

Grocers

by

Vitamin

Cottage,

Inc.

....

92,334

1,666,629

PriceSmart,

Inc.

.....................

69,671

5,852,364

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

SpartanNash

Co.

....................

327,763

$

6,624,090

United

Natural

Foods,

Inc.

(a)

.............

561,595

6,452,727

Village

Super

Market,

Inc.

,

Class

A

........

77,778

2,225,229

Weis

Markets,

Inc.

...................

153,725

9,899,890

61,810,313

Containers

&

Packaging

—

0.3%

Greif,

Inc.

,

Class

A,

NVS

...............

233,795

16,143,544

Greif,

Inc.

,

Class

B

...................

46,790

3,252,841

O-I

Glass,

Inc.

(a)

.....................

219,913

3,648,357

Pactiv

Evergreen,

Inc.

................

376,758

5,395,174

Ranpak

Holdings

Corp.

,

Class

A

(a)

(b)

.......

407,078

3,203,704

TriMas

Corp.

.......................

388,068

10,373,058

42,016,678

Distributors

—

0.0%

Weyco

Group,

Inc.

...................

52,239

1,665,379

Diversified

Consumer

Services

—

0.7%

2U,

Inc.

(a)

(b)

........................

806,941

314,465

Adtalem

Global

Education,

Inc.

(a)

(b)

........

367,430

18,885,902

Chegg,

Inc.

(a)

.......................

140,686

1,064,993

European

Wax

Center,

Inc.

,

Class

A

(a)

......

20,137

261,378

Graham

Holdings

Co.

,

Class

B

...........

32,778

25,163,015

Laureate

Education,

Inc.

...............

191,749

2,793,783

Lincoln

Educational

Services

Corp.

(a)

.......

227,248

2,347,472

Perdoceo

Education

Corp.

..............

614,028

10,782,332

Strategic

Education,

Inc.

(b)

..............

213,050

22,182,766

Universal

Technical

Institute,

Inc.

(a)

........

301,112

4,799,725

WW

International,

Inc.

(a)

(b)

..............

511,356

946,009

89,541,840

Diversified

REITs

—

1.1%

Alexander

&

Baldwin,

Inc.

..............

697,463

11,487,216

Alpine

Income

Property

Trust,

Inc.

........

124,892

1,908,350

American

Assets

Trust,

Inc.

.............

465,417

10,197,286

Armada

Hoffler

Properties,

Inc.

..........

638,207

6,637,353

Broadstone

Net

Lease,

Inc.

.............

1,776,331

27,835,107

CTO

Realty

Growth,

Inc.

...............

207,147

3,511,142

Empire

State

Realty

Trust,

Inc.

,

Class

A

.....

1,247,718

12,639,383

Essential

Properties

Realty

Trust,

Inc.

......

1,312,791

34,999,008

Gladstone

Commercial

Corp.

............

314,545

4,353,303

Global

Net

Lease,

Inc.

................

1,830,855

14,225,743

NexPoint

Diversified

Real

Estate

Trust

(b)

....

294,092

1,941,007

One

Liberty

Properties,

Inc.

.............

157,562

3,559,326

133,294,224

Diversified

Telecommunication

Services

—

0.6%

Anterix,

Inc.

(a)

(b)

.....................

11,233

377,541

ATN

International,

Inc.

................

99,646

3,139,347

Bandwidth,

Inc.

,

Class

A

(a)

..............

170,447

3,112,362

Cogent

Communications

Holdings,

Inc.

.....

152,190

9,942,573

Consolidated

Communications

Holdings,

Inc.

(a)

618,308

2,671,091

EchoStar

Corp.

,

Class

A

(a)

(b)

.............

1,147,617

16,353,542

Globalstar,

Inc.

(a)

(b)

...................

811,054

1,192,249

IDT

Corp.

,

Class

B

...................

33,670

1,273,063

Liberty

Latin

America

Ltd.

,

Class

A

(a)

(b)

......

352,446

2,456,548

Liberty

Latin

America

Ltd.

,

Class

C,

NVS

(a)

...

1,253,937

8,765,020

Lumen

Technologies,

Inc.

(a)

.............

9,476,085

14,782,693

Shenandoah

Telecommunications

Co.

(b)

.....

451,168

7,836,788

71,902,817

Electric

Utilities

—

1.0%

ALLETE,

Inc.

......................

543,197

32,396,269

Genie

Energy

Ltd.

,

Class

B

.............

93,630

1,411,941

MGE

Energy,

Inc.

....................

168,307

13,249,127

Otter

Tail

Corp.

.....................

182,559

15,773,098

2024

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electric

Utilities

(continued)

PNM

Resources,

Inc.

.................

720,485

$

27,119,055

Portland

General

Electric

Co.

............

963,397

40,462,674

130,412,164

Electrical

Equipment

—

0.6%

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

.......

492,826

556,893

Blink

Charging

Co.

(a)

(b)

.................

243,558

733,110

Encore

Wire

Corp.

(b)

..................

141,400

37,157,092

Energy

Vault

Holdings,

Inc.

(a)

(b)

...........

911,706

1,631,954

EnerSys

..........................

26,832

2,534,551

Eos

Energy

Enterprises,

Inc.

,

Class

A

(a)

(b)

....

119,142

122,716

ESS

Tech,

Inc.

(a)

(b)

...................

901,744

652,231

FuelCell

Energy,

Inc.

(a)

(b)

...............

4,283,389

5,097,233

GrafTech

International

Ltd.

.............

793,515

1,095,051

LSI

Industries,

Inc.

...................

65,339

987,926

Powell

Industries,

Inc.

.................

87,471

12,447,123

Preformed

Line

Products

Co.

............

12,606

1,622,014

SES

AI

Corp.

,

Class

A

(a)

(b)

..............

1,048,805

1,761,992

Stem,

Inc.

(a)

(b)

......................

1,331,335

2,915,624

Thermon

Group

Holdings,

Inc.

(a)

..........

277,508

9,080,062

78,395,572

Electronic

Equipment,

Instruments

&

Components

—

2.1%

908

Devices,

Inc.

(a)

(b)

..................

207,013

1,562,948

Aeva

Technologies,

Inc.

(a)

(b)

.............

146,992

577,679

Arlo

Technologies,

Inc.

(a)

(b)

..............

105,295

1,331,982

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

92,251

5,563,658

Belden,

Inc.

.......................

149,336

13,830,007

Benchmark

Electronics,

Inc.

............

331,834

9,958,338

Climb

Global

Solutions,

Inc.

.............

6,269

444,347

Daktronics,

Inc.

(a)

(b)

...................

359,912

3,584,724

ePlus,

Inc.

(a)

.......................

237,278

18,635,814

Evolv

Technologies

Holdings,

Inc.

(a)

........

877,896

3,906,637

FARO

Technologies,

Inc.

(a)

..............

161,552

3,474,984

Iteris,

Inc.

(a)

........................

173,845

858,794

Itron,

Inc.

(a)

........................

387,910

35,889,433

Kimball

Electronics,

Inc.

(a)

(b)

.............

172,677

3,738,457

Knowles

Corp.

(a)

....................

825,141

13,284,770

Methode

Electronics,

Inc.

..............

316,277

3,852,254

Mirion

Technologies,

Inc.

,

Class

A

(a)

(b)

......

1,880,022

21,375,850

Motomova,

Inc.

,

NVS

(a)

(c)

...............

19,086

—

nLight,

Inc.

(a)

(b)

......................

424,076

5,512,988

PAR

Technology

Corp.

(a)

(b)

..............

235,487

10,681,690

PC

Connection,

Inc.

..................

108,479

7,152,021

Plexus

Corp.

(a)

......................

29,454

2,792,828

Richardson

Electronics

Ltd.

.............

117,095

1,078,445

Rogers

Corp.

(a)

.....................

43,612

5,176,308

Sanmina

Corp.

(a)

....................

491,902

30,586,466

ScanSource,

Inc.

(a)

...................

235,945

10,391,018

SmartRent,

Inc.

,

Class

A

(a)

(b)

.............

1,736,214

4,653,054

TTM

Technologies,

Inc.

(a)

...............

955,651

14,955,938

Vishay

Intertechnology,

Inc.

.............

1,195,207

27,107,295

Vishay

Precision

Group,

Inc.

(a)

...........

112,580

3,977,451

Vuzix

Corp.

(a)

(b)

.....................

567,253

686,376

266,622,554

Energy

Equipment

&

Services

—

2.2%

Archrock,

Inc.

......................

1,073,489

21,115,529

Atlas

Energy

Solutions,

Inc.

.............

141,678

3,204,756

Bristow

Group,

Inc.

(a)

(b)

................

217,411

5,913,579

Core

Laboratories,

Inc.

(b)

...............

298,620

5,100,430

Diamond

Offshore

Drilling,

Inc.

(a)

..........

950,995

12,971,572

DMC

Global,

Inc.

(a)

...................

130,031

2,534,304

Dril-Quip,

Inc.

(a)

(b)

....................

317,766

7,159,268

Expro

Group

Holdings

NV

(a)

(b)

............

525,866

10,501,544

Forum

Energy

Technologies,

Inc.

(a)

........

90,121

1,800,618

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Helix

Energy

Solutions

Group,

Inc.

(a)

(b)

......

1,355,051

$

14,688,753

Helmerich

&

Payne,

Inc.

...............

916,951

38,566,959

KLX

Energy

Services

Holdings,

Inc.

(a)

(b)

.....

115,384

893,072

Kodiak

Gas

Services,

Inc.

..............

98,885

2,703,516

Liberty

Energy,

Inc.

,

Class

A

............

1,454,601

30,139,333

Mammoth

Energy

Services,

Inc.

(a)

.........

227,487

828,053

Nabors

Industries

Ltd.

(a)

...............

8,756

754,154

Newpark

Resources,

Inc.

(a)

.............

702,962

5,075,386

Noble

Corp.

plc

.....................

185,221

8,981,366

Oil

States

International,

Inc.

(a)

............

589,291

3,630,033

Patterson-UTI

Energy,

Inc.

.............

3,137,708

37,464,233

ProFrac

Holding

Corp.

,

Class

A

(a)

(b)

........

188,032

1,571,947

ProPetro

Holding

Corp.

(a)

...............

890,083

7,191,871

Ranger

Energy

Services,

Inc.

............

131,873

1,488,846

RPC,

Inc.

.........................

805,170

6,232,016

SEACOR

Marine

Holdings,

Inc.

(a)

.........

230,535

3,213,658

Seadrill

Ltd.

(a)

(b)

.....................

440,936

22,179,081

Select

Water

Solutions,

Inc.

,

Class

A

.......

756,458

6,982,107

Solaris

Oilfield

Infrastructure,

Inc.

,

Class

A

...

249,920

2,166,806

US

Silica

Holdings,

Inc.

(a)

..............

709,098

8,799,906

273,852,696

Entertainment

—

0.3%

Cinemark

Holdings,

Inc.

(a)

(b)

.............

174,777

3,140,743

Lions

Gate

Entertainment

Corp.

,

Class

A

(a)

(b)

..

174,476

1,736,036

Lions

Gate

Entertainment

Corp.

,

Class

B,

NVS

(a)

(b)

........................

367,974

3,425,838

Madison

Square

Garden

Entertainment

Corp.

(a)

(b)

.......................

54,306

2,129,338

Marcus

Corp.

(The)

(b)

.................

223,057

3,180,793

Playstudios,

Inc.

,

Class

A

(a)

.............

820,450

2,280,851

Reservoir

Media,

Inc.

(a)

(b)

...............

177,376

1,406,592

Sphere

Entertainment

Co.

,

Class

A

(a)

(b)

......

250,865

12,312,454

Vivid

Seats,

Inc.

,

Class

A

(a)

(b)

............

482,070

2,887,599

32,500,244

Financial

Services

—

3.4%

Acacia

Research

Corp.

(a)

(b)

..............

340,977

1,817,407

Alerus

Financial

Corp.

................

174,880

3,817,630

A-Mark

Precious

Metals,

Inc.

............

178,196

5,468,835

AvidXchange

Holdings,

Inc.

(a)

............

127,316

1,674,205

Banco

Latinoamericano

de

Comercio

Exterior

SA

,

Class

E

.....................

262,437

7,773,384

Cannae

Holdings,

Inc.

(a)

(b)

..............

627,573

13,957,224

Cantaloupe,

Inc.

(a)

...................

174,065

1,119,238

Cass

Information

Systems,

Inc.

..........

16,009

771,154

Compass

Diversified

Holdings

...........

601,854

14,486,626

Enact

Holdings,

Inc.

..................

284,974

8,885,489

Essent

Group

Ltd.

...................

988,644

58,834,204

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

..........................

72,435

14,261,003

Finance

of

America

Cos.,

Inc.

,

Class

A

(a)

(b)

...

502,902

369,683

Jackson

Financial,

Inc.

,

Class

A

..........

709,170

46,904,504

Marqeta,

Inc.

,

Class

A

(a)

...............

3,857,233

22,989,109

Merchants

Bancorp

..................

153,179

6,614,269

Mr

Cooper

Group,

Inc.

(a)

...............

608,377

47,422,987

NewtekOne,

Inc.

....................

223,821

2,462,031

NMI

Holdings,

Inc.

,

Class

A

(a)

............

695,378

22,488,525

Ocwen

Financial

Corp.

(a)

(b)

..............

59,422

1,604,988

Pagseguro

Digital

Ltd.

,

Class

A

(a)

.........

733,875

10,479,735

Paysafe

Ltd.

(a)

......................

311,020

4,911,006

PennyMac

Financial

Services,

Inc.

........

226,495

20,631,430

Radian

Group,

Inc.

...................

1,388,938

46,487,755

Repay

Holdings

Corp.

,

Class

A

(a)

(b)

........

781,714

8,598,854

Security

National

Financial

Corp.

,

Class

A

(a)

..

124,707

986,432

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

StoneCo

Ltd.

,

Class

A

(a)

...............

1,078,567

$

17,914,998

SWK

Holdings

Corp.

(a)

(b)

...............

20,604

358,922

Velocity

Financial,

Inc.

(a)

(b)

..............

75,152

1,352,736

Walker

&

Dunlop,

Inc.

.................

300,707

30,389,449

Waterstone

Financial,

Inc.

..............

169,963

2,068,450

427,902,262

Food

Products

—

0.5%

Alico,

Inc.

.........................

66,926

1,959,593

B&G

Foods,

Inc.

....................

732,239

8,376,814

Benson

Hill,

Inc.

(a)

(b)

..................

1,574,142

315,615

BRC,

Inc.

,

Class

A

(a)

(b)

.................

30,185

129,192

Cal-Maine

Foods,

Inc.

.................

25,550

1,503,618

Dole

plc

..........................

292,393

3,488,248

Forafric

Global

plc

(a)

(b)

.................

37,027

383,600

Fresh

Del

Monte

Produce,

Inc.

...........

322,433

8,354,239

Hain

Celestial

Group,

Inc.

(The)

(a)

(b)

........

842,763

6,624,117

Limoneira

Co.

......................

163,777

3,203,478

Mission

Produce,

Inc.

(a)

(b)

...............

385,469

4,575,517

Seneca

Foods

Corp.

,

Class

A

(a)

(b)

.........

46,083

2,622,123

SunOpta,

Inc.

(a)

.....................

51,746

355,495

TreeHouse

Foods,

Inc.

(a)

...............

419,844

16,352,924

58,244,573

Gas

Utilities

—

1.5%

Brookfield

Infrastructure

Corp.

,

Class

A

.....

1,004,672

36,208,379

Chesapeake

Utilities

Corp.

.............

72,660

7,796,418

New

Jersey

Resources

Corp.

............

436,061

18,711,378

Northwest

Natural

Holding

Co.

...........

345,503

12,859,622

ONE

Gas,

Inc.

......................

520,859

33,611,031

RGC

Resources,

Inc.

.................

69,655

1,409,817

Southwest

Gas

Holdings,

Inc.

...........

588,445

44,798,318

Spire,

Inc.

.........................

492,492

30,224,234

185,619,197

Ground

Transportation

—

0.5%

ArcBest

Corp.

......................

136,335

19,427,737

Covenant

Logistics

Group,

Inc.

,

Class

A

.....

78,030

3,617,471

FTAI

Infrastructure,

Inc.

................

928,263

5,829,491

Heartland

Express,

Inc.

................

433,720

5,178,617

Marten

Transport

Ltd.

.................

109,035

2,014,967

PAM

Transportation

Services,

Inc.

(a)

(b)

......

52,954

858,384

RXO,

Inc.

(a)

(b)

.......................

144,617

3,162,774

Universal

Logistics

Holdings,

Inc.

.........

63,070

2,325,391

Werner

Enterprises,

Inc.

...............

510,347

19,964,775

62,379,607

Health

Care

Equipment

&

Supplies

—

1.4%

Accuray,

Inc.

(a)

(b)

.....................

73,792

182,266

Alphatec

Holdings,

Inc.

(a)

(b)

..............

504,256

6,953,690

AngioDynamics,

Inc.

(a)

................

354,421

2,080,451

Artivion,

Inc.

(a)

......................

310,611

6,572,529

AtriCure,

Inc.

(a)

.....................

123,460

3,755,653

Avanos

Medical,

Inc.

(a)

................

433,338

8,627,760

Butterfly

Network,

Inc.

,

Class

A

(a)

(b)

........

1,370,027

1,479,629

ClearPoint

Neuro,

Inc.

(a)

(b)

..............

17,987

122,312

Cutera,

Inc.

(a)

(b)

.....................

149,905

220,360

CVRx,

Inc.

(a)

(b)

......................

14,799

269,490

Embecta

Corp.

.....................

486,128

6,450,918

Inari

Medical,

Inc.

(a)

..................

35,556

1,705,977

Inogen,

Inc.

(a)

(b)

.....................

225,673

1,821,181

Integer

Holdings

Corp.

(a)

...............

311,775

36,377,907

LivaNova

plc

(a)

......................

477,324

26,701,505

Nano-X

Imaging

Ltd.

(a)

(b)

...............

406,331

3,969,854

Neogen

Corp.

(a)

(b)

....................

2,045,023

32,270,463

Nevro

Corp.

(a)

(b)

.....................

224,210

3,237,592

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Omnicell,

Inc.

(a)

(b)

....................

213,956

$

6,253,934

OraSure

Technologies,

Inc.

(a)

............

668,809

4,113,175

Orthofix

Medical,

Inc.

(a)

................

326,759

4,744,541

OrthoPediatrics

Corp.

(a)

(b)

...............

17,635

514,237

Pulse

Biosciences,

Inc.

(a)

(b)

..............

113,716

990,466

Varex

Imaging

Corp.

(a)

(b)

...............

362,772

6,566,173

Vicarious

Surgical,

Inc.

,

Class

A

(a)

.........

331,190

99,854

Zimvie,

Inc.

(a)

.......................

242,779

4,003,426

170,085,343

Health

Care

Providers

&

Services

—

1.1%

23andMe

Holding

Co.

,

Class

A

(a)

(b)

........

2,828,878

1,504,963

Accolade,

Inc.

(a)

(b)

....................

38,671

405,272

AdaptHealth

Corp.

(a)

(b)

.................

441,403

5,080,549

Addus

HomeCare

Corp.

(a)

..............

77,025

7,959,764

Agiliti,

Inc.

(a)

.......................

34,033

344,414

Aveanna

Healthcare

Holdings,

Inc.

(a)

(b)

......

344,666

858,218

BrightSpring

Health

Services,

Inc.

(a)

(b)

......

171,413

1,863,259

Brookdale

Senior

Living,

Inc.

(a)

(b)

..........

1,752,942

11,586,947

CareMax,

Inc.

(a)

(b)

....................

23,664

114,061

Castle

Biosciences,

Inc.

(a)

(b)

.............

145,303

3,218,461

Community

Health

Systems,

Inc.

(a)

........

1,174,632

4,111,212

Cross

Country

Healthcare,

Inc.

(a)

(b)

........

267,670

5,010,782

Enhabit,

Inc.

(a)

(b)

.....................

479,120

5,581,748

Fulgent

Genetics,

Inc.

(a)

(b)

..............

186,174

4,039,976

LifeStance

Health

Group,

Inc.

(a)

(b)

.........

444,394

2,741,911

National

HealthCare

Corp.

..............

117,510

11,105,870

NeoGenomics,

Inc.

(a)

(b)

................

1,091,619

17,160,251

OPKO

Health,

Inc.

(a)

(b)

.................

3,762,154

4,514,585

Owens

&

Minor,

Inc.

(a)

.................

701,911

19,449,954

Patterson

Cos.,

Inc.

..................

612,773

16,943,173

Pediatrix

Medical

Group,

Inc.

(a)

(b)

..........

789,732

7,921,012

PetIQ,

Inc.

,

Class

A

(a)

(b)

................

40,179

734,472

Surgery

Partners,

Inc.

(a)

(b)

..............

65,293

1,947,690

134,198,544

Health

Care

REITs

—

0.8%

CareTrust

REIT,

Inc.

..................

1,027,713

25,045,366

Community

Healthcare

Trust,

Inc.

.........

87,696

2,328,329

Diversified

Healthcare

Trust

.............

2,233,984

5,495,601

Global

Medical

REIT,

Inc.

..............

579,187

5,067,886

LTC

Properties,

Inc.

..................

386,853

12,576,591

National

Health

Investors,

Inc.

...........

356,042

22,370,119

Sabra

Health

Care

REIT,

Inc.

............

2,187,203

32,304,988

105,188,880

Health

Care

Technology

—

0.1%

American

Well

Corp.

,

Class

A

(a)

..........

2,359,437

1,912,796

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

.....

301,315

2,431,612

Health

Catalyst,

Inc.

(a)

.................

244,528

1,841,296

HealthStream,

Inc.

...................

130,605

3,481,929

Multiplan

Corp.

,

Class

A

(a)

(b)

.............

3,613,340

2,931,142

Sharecare,

Inc.

,

Class

A

(a)

(b)

.............

2,770,774

2,126,569

TruBridge,

Inc.

(a)

(b)

...................

132,892

1,225,264

15,950,608

Hotel

&

Resort

REITs

—

1.2%

Apple

Hospitality

REIT,

Inc.

.............

2,039,119

33,400,769

Braemar

Hotels

&

Resorts,

Inc.

..........

640,052

1,280,104

Chatham

Lodging

Trust

................

458,556

4,636,001

DiamondRock

Hospitality

Co.

............

2,002,191

19,241,056

Pebblebrook

Hotel

Trust

(b)

..............

1,126,051

17,352,446

RLJ

Lodging

Trust

...................

1,467,230

17,342,659

Service

Properties

Trust

...............

1,550,639

10,513,332

Summit

Hotel

Properties,

Inc.

............

980,428

6,382,586

Sunstone

Hotel

Investors,

Inc.

...........

1,937,410

21,582,747

2024

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotel

&

Resort

REITs

(continued)

Xenia

Hotels

&

Resorts,

Inc.

............

1,000,687

$

15,020,312

146,752,012

Hotels,

Restaurants

&

Leisure

—

0.9%

Bally's

Corp.

(a)

(b)

.....................

130,821

1,823,645

Biglari

Holdings,

Inc.

,

Class

B,

NVS

(a)

(b)

.....

6,557

1,243,732

BJ's

Restaurants,

Inc.

(a)

(b)

..............

79,832

2,888,322

Bowlero

Corp.

,

Class

A

(b)

...............

26,287

360,132

Brinker

International,

Inc.

(a)

(b)

............

35,553

1,766,273

Carrols

Restaurant

Group,

Inc.

...........

329,948

3,137,805

Century

Casinos,

Inc.

(a)

(b)

...............

44,356

140,165

Chuy's

Holdings,

Inc.

(a)

(b)

...............

28,483

960,732

Denny's

Corp.

(a)

.....................

94,217

844,184

Dine

Brands

Global,

Inc.

...............

16,204

753,162

El

Pollo

Loco

Holdings,

Inc.

(a)

............

263,999

2,571,350

Everi

Holdings,

Inc.

(a)

.................

285,961

2,873,908

First

Watch

Restaurant

Group,

Inc.

(a)

(b)

......

117,626

2,895,952

Full

House

Resorts,

Inc.

(a)

..............

33,465

186,400

Krispy

Kreme,

Inc.

...................

563,294

8,581,784

Life

Time

Group

Holdings,

Inc.

(a)

(b)

.........

295,392

4,584,484

Light

&

Wonder,

Inc.

,

Class

A

(a)

...........

451,821

46,126,406

Lindblad

Expeditions

Holdings,

Inc.

(a)

(b)

.....

297,844

2,778,885

Mondee

Holdings,

Inc.

,

Class

A

(a)

(b)

........

67,632

156,230

Papa

John's

International,

Inc.

...........

68,528

4,563,965

Red

Rock

Resorts,

Inc.

,

Class

A

..........

206,504

12,353,069

Sabre

Corp.

(a)

(b)

.....................

2,322,845

5,621,285

Six

Flags

Entertainment

Corp.

(a)

(b)

.........

143,067

3,765,523

Sweetgreen,

Inc.

,

Class

A

(a)

(b)

............

182,348

4,606,110

United

Parks

&

Resorts,

Inc.

(a)

(b)

..........

18,965

1,066,023

Xponential

Fitness,

Inc.

,

Class

A

(a)

........

32,279

533,895

117,183,421

Household

Durables

—

3.6%

Beazer

Homes

USA,

Inc.

(a)

.............

276,427

9,066,806

Century

Communities,

Inc.

.............

267,438

25,807,767

Dream

Finders

Homes,

Inc.

,

Class

A

(a)

(b)

.....

135,889

5,942,426

Ethan

Allen

Interiors,

Inc.

..............

213,235

7,371,534

GoPro,

Inc.

,

Class

A

(a)

.................

1,197,438

2,670,287

Green

Brick

Partners,

Inc.

(a)

.............

163,657

9,857,061

Helen

of

Troy

Ltd.

(a)

(b)

.................

223,622

25,770,199

Hooker

Furnishings

Corp.

..............

99,280

2,383,713

Hovnanian

Enterprises,

Inc.

,

Class

A

(a)

(b)

....

45,966

7,213,904

iRobot

Corp.

(a)

(b)

.....................

26,167

229,223

KB

Home

.........................

644,055

45,650,618

Landsea

Homes

Corp.

(a)

...............

191,464

2,781,972

La-Z-Boy,

Inc.

(b)

.....................

408,436

15,365,362

Legacy

Housing

Corp.

(a)

(b)

..............

99,351

2,138,033

LGI

Homes,

Inc.

(a)

(b)

..................

179,216

20,855,366

M/I

Homes,

Inc.

(a)

....................

253,362

34,530,707

MDC

Holdings,

Inc.

..................

563,725

35,463,940

Meritage

Homes

Corp.

................

343,289

60,233,488

Purple

Innovation,

Inc.

(b)

...............

495,076

861,432

Skyline

Champion

Corp.

(a)

..............

223,191

18,973,467

Snap

One

Holdings

Corp.

(a)

.............

168,677

1,453,996

Taylor

Morrison

Home

Corp.

(a)

(b)

..........

975,179

60,626,878

Traeger,

Inc.

(a)

(b)

.....................

342,242

865,872

TRI

Pointe

Homes,

Inc.

(a)

...............

903,042

34,911,604

United

Homes

Group,

Inc.

,

Class

A

(a)

(b)

......

43,323

302,828

Vizio

Holding

Corp.

,

Class

A

(a)

(b)

..........

76,567

837,643

VOXX

International

Corp.

,

Class

A

(a)

(b)

......

108,585

886,054

Worthington

Enterprises,

Inc.

............

290,643

18,086,714

451,138,894

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

(a)

(b)

............

92,389

3,957,021

Central

Garden

&

Pet

Co.

,

Class

A,

NVS

(a)

...

483,387

17,846,648

Security

Shares

Shares

Value

Household

Products

(continued)

Oil-Dri

Corp.

of

America

...............

33,856

$

2,524,303

24,327,972

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Altus

Power,

Inc.

,

Class

A

(a)

(b)

............

598,644

2,861,518

Ormat

Technologies,

Inc.

...............

181,266

11,997,997

Sunnova

Energy

International,

Inc.

(a)

(b)

......

515,716

3,161,339

18,020,854

Industrial

REITs

—

0.9%

Innovative

Industrial

Properties,

Inc.

.......

263,582

27,291,280

LXP

Industrial

Trust

..................

2,730,400

24,628,208

Plymouth

Industrial

REIT,

Inc.

...........

422,335

9,502,537

Terreno

Realty

Corp.

.................

793,029

52,657,126

114,079,151

Insurance

—

2.6%

Ambac

Financial

Group,

Inc.

(a)

(b)

..........

421,925

6,594,688

American

Coastal

Insurance

Corp.

(a)

(b)

......

178,063

1,903,493

American

Equity

Investment

Life

Holding

Co.

(a)

743,473

41,798,052

AMERISAFE,

Inc.

...................

92,271

4,629,236

CNO

Financial

Group,

Inc.

..............

1,064,170

29,243,392

Donegal

Group,

Inc.

,

Class

A

............

142,063

2,008,771

eHealth,

Inc.

(a)

......................

186,760

1,126,163

Employers

Holdings,

Inc.

...............

242,544

11,009,072

Enstar

Group

Ltd.

(a)

..................

112,877

35,077,657

F&G

Annuities

&

Life,

Inc.

..............

161,239

6,538,241

Fidelis

Insurance

Holdings

Ltd.

(b)

.........

435,511

8,483,754

Genworth

Financial,

Inc.

,

Class

A

(a)

........

4,225,364

27,169,091

GoHealth,

Inc.

,

Class

A

(a)

...............

42,767

449,481

Greenlight

Capital

Re

Ltd.

,

Class

A

(a)

.......

250,106

3,118,822

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a)

...

117,718

1,639,812

Hippo

Holdings,

Inc.

(a)

(b)

................

103,008

1,881,956

Horace

Mann

Educators

Corp.

...........

374,234

13,842,916

Investors

Title

Co.

...................

9,695

1,582,127

James

River

Group

Holdings

Ltd.

.........

353,410

3,286,713

Lemonade,

Inc.

(a)

(b)

...................

400,250

6,568,102

Maiden

Holdings

Ltd.

(a)

(b)

...............

869,282

1,955,884

MBIA,

Inc.

(a)

.......................

427,084

2,887,088

Mercury

General

Corp.

................

253,294

13,069,970

National

Western

Life

Group,

Inc.

,

Class

A

(b)

..

21,480

10,567,301

NI

Holdings,

Inc.

(a)

...................

73,860

1,118,979

Oscar

Health,

Inc.

,

Class

A

(a)

............

1,401,025

20,833,242

ProAssurance

Corp.

(a)

.................

482,287

6,202,211

Safety

Insurance

Group,

Inc.

............

132,412

10,882,942

Selectquote,

Inc.

(a)

...................

1,350,603

2,701,206

SiriusPoint

Ltd.

(a)

....................

612,398

7,783,579

Skyward

Specialty

Insurance

Group,

Inc.

(a)

(b)

..

204,710

7,658,201

Stewart

Information

Services

Corp.

........

241,214

15,693,383

Tiptree,

Inc.

.......................

166,076

2,869,793

United

Fire

Group,

Inc.

................

196,398

4,275,584

Universal

Insurance

Holdings,

Inc.

........

181,697

3,692,083

320,142,985

Interactive

Media

&

Services

—

0.4%

(a)

Bumble,

Inc.

,

Class

A

.................

954,098

10,829,012

DHI

Group,

Inc.

(b)

....................

401,147

1,022,925

Eventbrite,

Inc.

,

Class

A

(b)

..............

70,805

388,011

EverQuote,

Inc.

,

Class

A

...............

16,663

309,265

fuboTV,

Inc.

(b)

......................

2,668,397

4,216,067

MediaAlpha,

Inc.

,

Class

A

..............

40,772

830,526

Nextdoor

Holdings,

Inc.

,

Class

A

(b)

........

587,398

1,321,646

Outbrain,

Inc.

......................

371,209

1,466,276

System1,

Inc.

,

Class

A

................

336,577

659,691

TrueCar,

Inc.

.......................

863,016

2,925,624

Vimeo,

Inc.

........................

1,257,276

5,142,259

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Interactive

Media

&

Services

(continued)

Ziff

Davis,

Inc.

(b)

.....................

331,585

$

20,903,118

50,014,420

IT

Services

—

0.2%

Brightcove,

Inc.

(a)

....................

411,880

799,047

Fastly,

Inc.

,

Class

A

(a)

(b)

................

186,655

2,420,915

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(a)

(b)

...

106,667

1,310,937

Hackett

Group,

Inc.

(The)

..............

13,723

333,469

Information

Services

Group,

Inc.

..........

146,418

591,529

Rackspace

Technology,

Inc.

(a)

(b)

..........

614,304

970,600

Squarespace,

Inc.

,

Class

A

(a)

(b)

...........

369,942

13,480,687

Tucows,

Inc.

,

Class

A

(a)

(b)

...............

54,756

1,016,271

Unisys

Corp.

(a)

(b)

.....................

626,593

3,076,572

24,000,027

Leisure

Products

—

0.5%

AMMO,

Inc.

(a)

(b)

.....................

865,815

2,380,991

Clarus

Corp.

.......................

249,270

1,682,572

Escalade,

Inc.

......................

84,104

1,156,430

Funko,

Inc.

,

Class

A

(a)

(b)

................

116,192

725,038

JAKKS

Pacific,

Inc.

(a)

.................

70,620

1,744,314

Johnson

Outdoors,

Inc.

,

Class

A

..........

50,907

2,347,322

Latham

Group,

Inc.

(a)

.................

360,301

1,426,792

Malibu

Boats,

Inc.

,

Class

A

(a)

............

72,892

3,154,766

Smith

&

Wesson

Brands,

Inc.

............

430,410

7,471,918

Solo

Brands,

Inc.

,

Class

A

(a)

(b)

............

54,375

117,994

Sturm

Ruger

&

Co.,

Inc.

...............

11,368

524,633

Topgolf

Callaway

Brands

Corp.

(a)

(b)

........

1,357,812

21,955,820

Vista

Outdoor,

Inc.

(a)

(b)

.................

543,634

17,820,323

62,508,913

Life

Sciences

Tools

&

Services

—

0.2%

(a)

Adaptive

Biotechnologies

Corp.

(b)

.........

288,045

924,624

BioLife

Solutions,

Inc.

.................

29,964

555,832

Codexis,

Inc.

.......................

564,414

1,969,805

CryoPort,

Inc.

(b)

.....................

56,715

1,003,855

MaxCyte,

Inc.

(b)

.....................

760,476

3,186,394

Nautilus

Biotechnology,

Inc.

.............

454,133

1,335,151

OmniAb,

Inc.

(b)

......................

876,892

4,752,755

OmniAb,

Inc.,

12.50

Earnout

Shares

,

NVS

(c)

..

52,020

1

OmniAb,

Inc.,

15.00

Earnout

Shares

,

NVS

(c)

..

52,020

1

Pacific

Biosciences

of

California,

Inc.

(b)

.....

1,069,633

4,011,124

Quanterix

Corp.

(b)

....................

284,283

6,697,707

Quantum-Si,

Inc.

,

Class

A

(b)

.............

940,534

1,852,852

Seer,

Inc.

,

Class

A

...................

559,634

1,063,305

27,353,406

Machinery

—

2.6%

3D

Systems

Corp.

(a)

(b)

.................

1,211,783

5,380,316

Albany

International

Corp.

,

Class

A

........

36,451

3,408,533

Astec

Industries,

Inc.

.................

215,104

9,402,196

Barnes

Group,

Inc.

...................

460,726

17,115,971

Blue

Bird

Corp.

(a)

....................

243,284

9,327,509

Chart

Industries,

Inc.

(a)

(b)

...............

156,515

25,781,151

Columbus

McKinnon

Corp.

.............

262,236

11,703,593

Commercial

Vehicle

Group,

Inc.

(a)

.........

267,079

1,717,318

Desktop

Metal,

Inc.

,

Class

A

(a)

(b)

..........

2,728,685

2,401,243

Enpro,

Inc.

........................

196,764

33,207,860

ESCO

Technologies,

Inc.

..............

100,316

10,738,828

Gencor

Industries,

Inc.

(a)

...............

94,919

1,584,198

Gorman-Rupp

Co.

(The)

...............

163,509

6,466,781

Greenbrier

Cos.,

Inc.

(The)

.............

288,881

15,050,700

Hillman

Solutions

Corp.

(a)

(b)

.............

1,830,266

19,474,030

Hyliion

Holdings

Corp.

,

Class

A

(a)

(b)

........

1,409,850

2,481,336

Kennametal,

Inc.

....................

759,934

18,952,754

Luxfer

Holdings

plc

..................

256,346

2,658,308

Security

Shares

Shares

Value

Machinery

(continued)

Manitowoc

Co.,

Inc.

(The)

(a)

.............

331,360

$

4,685,430

Mayville

Engineering

Co.,

Inc.

(a)

(b)

.........

89,529

1,282,951

Microvast

Holdings,

Inc.

(a)

(b)

.............

2,127,257

1,780,514

Miller

Industries,

Inc.

.................

97,437

4,881,594

Mueller

Industries,

Inc.

................

596,894

32,190,493

Nikola

Corp.

(a)

(b)

.....................

6,937,817

7,215,330

Park-Ohio

Holdings

Corp.

..............

80,692

2,152,863

Proto

Labs,

Inc.

(a)

....................

244,179

8,729,399

REV

Group,

Inc.

....................

300,381

6,635,416

SPX

Technologies,

Inc.

(a)

...............

72,547

8,932,712

Standex

International

Corp.

.............

20,905

3,809,309

Tennant

Co.

.......................

82,327

10,011,786

Terex

Corp.

........................

263,195

16,949,758

Titan

International,

Inc.

(a)

(b)

..............

482,573

6,012,860

Trinity

Industries,

Inc.

.................

624,203

17,384,053

329,507,093

Marine

Transportation

—

0.6%

Costamare,

Inc.

.....................

437,938

4,970,596

Eagle

Bulk

Shipping,

Inc.

..............

87,394

5,459,503

Genco

Shipping

&

Trading

Ltd.

...........

398,662

8,104,799

Golden

Ocean

Group

Ltd.

..............

1,160,651

15,042,037

Himalaya

Shipping

Ltd.

................

218,707

1,686,231

Matson,

Inc.

.......................

324,460

36,469,304

Pangaea

Logistics

Solutions

Ltd.

.........

342,598

2,387,908

Safe

Bulkers,

Inc.

...................

622,125

3,085,740

77,206,118

Media

—

1.0%

Advantage

Solutions,

Inc.

,

Class

A

(a)

(b)

......

817,852

3,541,299

AMC

Networks,

Inc.

,

Class

A

(a)

...........

293,660

3,562,096

Boston

Omaha

Corp.

,

Class

A

(a)

(b)

.........

203,905

3,152,371

Cardlytics,

Inc.

(a)

(b)

...................

345,805

5,010,714

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

(b)

....

3,558,514

5,871,548

Daily

Journal

Corp.

(a)

(b)

................

10,413

3,765,445

Emerald

Holding,

Inc.

(a)

(b)

...............

152,299

1,037,156

EW

Scripps

Co.

(The)

,

Class

A,

NVS

(a)

.....

295,721

1,162,184

Gannett

Co.,

Inc.

(a)

(b)

..................

1,364,910

3,330,380

Gray

Television,

Inc.

..................

755,486

4,774,671

iHeartMedia,

Inc.

,

Class

A

(a)

(b)

............

997,838

2,085,481

John

Wiley

&

Sons,

Inc.

,

Class

A

.........

339,628

12,950,016

Magnite,

Inc.

(a)

(b)

.....................

729,745

7,844,759

PubMatic,

Inc.

,

Class

A

(a)

...............

322,446

7,648,419

Scholastic

Corp.

,

NVS

................

243,032

9,164,737

Sinclair,

Inc.

,

Class

A

.................

269,042

3,623,996

Stagwell,

Inc.

,

Class

A

(a)

(b)

..............

781,031

4,858,013

TEGNA,

Inc.

.......................

1,864,672

27,858,200

Thryv

Holdings,

Inc.

(a)

.................

292,112

6,493,650

Urban

One,

Inc.

,

Class

A

(a)

..............

89,607

241,939

Urban

One,

Inc.

,

Class

D,

NVS

(a)

.........

86,408

176,272

WideOpenWest,

Inc.

(a)

................

478,898

1,733,611

119,886,957

Metals

&

Mining

—

2.4%

5E

Advanced

Materials,

Inc.

(a)

(b)

..........

88,325

118,356

Alpha

Metallurgical

Resources,

Inc.

.......

101,142

33,495,196

Arch

Resources,

Inc.

,

Class

A

...........

169,343

27,228,661

Caledonia

Mining

Corp.

plc

.............

146,590

1,622,751

Carpenter

Technology

Corp.

............

460,381

32,880,411

Coeur

Mining,

Inc.

(a)

(b)

.................

3,370,334

12,706,159

Commercial

Metals

Co.

................

1,101,922

64,759,956

Constellium

SE

,

Class

A

(a)

(b)

.............

461,205

10,197,243

Contango

ORE,

Inc.

(a)

(b)

................

33,613

667,218

Dakota

Gold

Corp.

(a)

(b)

.................

144,598

342,697

Haynes

International,

Inc.

..............

117,269

7,050,212

Hecla

Mining

Co.

(b)

...................

4,548,612

21,878,824

2024

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

i-80

Gold

Corp.

(a)

(b)

...................

1,693,960

$

2,269,906

Kaiser

Aluminum

Corp.

................

8,282

740,080

Metallus,

Inc.

(a)

.....................

400,900

8,920,025

Olympic

Steel,

Inc.

...................

92,700

6,570,576

Piedmont

Lithium,

Inc.

(a)

(b)

..............

109,697

1,461,164

Radius

Recycling,

Inc.

,

Class

A

..........

245,563

5,188,746

Ramaco

Resources,

Inc.

,

Class

A

.........

209,532

3,528,519

Ramaco

Resources,

Inc.

,

Class

B

.........

41,467

520,411

Ryerson

Holding

Corp.

................

248,553

8,326,525

SunCoke

Energy,

Inc.

.................

785,218

8,849,407

Tredegar

Corp.

.....................

257,674

1,680,034

Warrior

Met

Coal,

Inc.

.................

486,463

29,528,304

Worthington

Steel,

Inc.

................

291,810

10,461,389

300,992,770

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.1%

AFC

Gamma,

Inc.

...................

156,475

1,937,160

Angel

Oak

Mortgage

REIT,

Inc.

..........

107,587

1,155,484

Apollo

Commercial

Real

Estate

Finance,

Inc.

.

1,337,184

14,896,230

Arbor

Realty

Trust,

Inc.

(b)

...............

1,636,892

21,688,819

Ares

Commercial

Real

Estate

Corp.

.......

489,940

3,650,053

ARMOUR

Residential

REIT,

Inc.

(b)

........

458,945

9,073,343

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

....

1,631,733

32,487,804

BrightSpire

Capital,

Inc.

,

Class

A

.........

1,227,527

8,457,661

Chicago

Atlantic

Real

Estate

Finance,

Inc.

...

151,687

2,392,104

Chimera

Investment

Corp.

..............

2,146,337

9,894,614

Claros

Mortgage

Trust,

Inc.

.............

858,542

8,379,370

Dynex

Capital,

Inc.

...................

531,413

6,616,092

Ellington

Financial,

Inc.

................

701,723

8,287,349

Franklin

BSP

Realty

Trust,

Inc.

...........

784,812

10,485,088

Granite

Point

Mortgage

Trust,

Inc.

........

487,503

2,325,389

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

(b)

....................

955,750

27,143,300

Invesco

Mortgage

Capital,

Inc.

...........

461,907

4,471,260

KKR

Real

Estate

Finance

Trust,

Inc.

.......

552,021

5,553,331

Ladder

Capital

Corp.

,

Class

A

...........

1,084,225

12,067,424

MFA

Financial,

Inc.

...................

968,951

11,055,731

New

York

Mortgage

Trust,

Inc.

(b)

..........

853,951

6,148,447

Nexpoint

Real

Estate

Finance,

Inc.

........

83,530

1,199,491

Orchid

Island

Capital,

Inc.

(b)

.............

482,889

4,312,199

PennyMac

Mortgage

Investment

Trust

......

825,089

12,112,307

Ready

Capital

Corp.

..................

1,532,311

13,989,999

Redwood

Trust,

Inc.

..................

1,230,063

7,835,501

TPG

RE

Finance

Trust,

Inc.

.............

658,255

5,081,729

Two

Harbors

Investment

Corp.

...........

976,897

12,934,116

265,631,395

Multi-Utilities

—

0.8%

Avista

Corp.

.......................

730,068

25,566,981

Black

Hills

Corp.

....................

646,383

35,292,512

Northwestern

Energy

Group,

Inc.

.........

582,844

29,684,245

Unitil

Corp.

........................

103,504

5,418,435

95,962,173

Office

REITs

—

1.3%

Brandywine

Realty

Trust

...............

1,621,804

7,784,659

City

Office

REIT,

Inc.

.................

353,844

1,843,527

COPT

Defense

Properties

..............

1,065,765

25,759,540

Douglas

Emmett,

Inc.

.................

1,193,578

16,554,927

Easterly

Government

Properties,

Inc.

......

909,603

10,469,530

Equity

Commonwealth

(a)

...............

960,795

18,139,810

Hudson

Pacific

Properties,

Inc.

...........

1,296,209

8,360,548

JBG

SMITH

Properties

................

892,251

14,320,629

Office

Properties

Income

Trust

...........

460,303

939,018

Orion

Office

REIT,

Inc.

................

549,089

1,927,302

Paramount

Group,

Inc.

................

1,754,103

8,226,743

Security

Shares

Shares

Value

Office

REITs

(continued)

Peakstone

Realty

Trust

,

Class

E

.........

340,292

$

5,488,910

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

...

1,178,233

8,282,978

Postal

Realty

Trust,

Inc.

,

Class

A

.........

181,974

2,605,868

SL

Green

Realty

Corp.

................

603,470

33,269,301

163,973,290

Oil,

Gas

&

Consumable

Fuels

—

7.7%

Amplify

Energy

Corp.

(a)

................

345,095

2,281,078

Ardmore

Shipping

Corp.

...............

388,930

6,386,231

Berry

Corp.

........................

727,655

5,857,623

California

Resources

Corp.

.............

655,819

36,135,627

Centrus

Energy

Corp.

,

Class

A

(a)

(b)

........

115,775

4,808,136

Chord

Energy

Corp.

..................

395,055

70,414,603

Civitas

Resources,

Inc.

................

761,965

57,840,763

Clean

Energy

Fuels

Corp.

(a)

(b)

............

1,538,897

4,124,244

CNX

Resources

Corp.

(a)

(b)

..............

1,480,238

35,111,245

Comstock

Resources,

Inc.

..............

876,008

8,129,354

CONSOL

Energy,

Inc.

.................

287,564

24,086,361

Crescent

Energy,

Inc.

,

Class

A

...........

441,956

5,259,276

CVR

Energy,

Inc.

....................

31,474

1,122,363

Delek

US

Holdings,

Inc.

...............

602,820

18,530,687

DHT

Holdings,

Inc.

...................

1,273,402

14,644,123

Dorian

LPG

Ltd.

.....................

132,645

5,101,527

Encore

Energy

Corp.

(a)

(b)

...............

1,527,442

6,690,196

Energy

Fuels,

Inc.

(a)

(b)

.................

206,364

1,298,030

Equitrans

Midstream

Corp.

.............

2,916,366

36,425,411

Excelerate

Energy,

Inc.

,

Class

A

..........

43,461

696,245

FLEX

LNG

Ltd.

.....................

85,421

2,172,256

FutureFuel

Corp.

....................

244,672

1,969,610

Gevo,

Inc.

(a)

(b)

......................

2,183,700

1,678,610

Golar

LNG

Ltd.

.....................

870,385

20,941,463

Granite

Ridge

Resources,

Inc.

...........

324,597

2,109,881

Green

Plains,

Inc.

(a)

(b)

.................

429,801

9,936,999

Gulfport

Energy

Corp.

(a)

...............

102,939

16,482,593

Hallador

Energy

Co.

(a)

.................

212,878

1,134,640

HighPeak

Energy,

Inc.

(b)

...............

18,050

284,649

International

Seaways,

Inc.

.............

381,212

20,280,478

Kinetik

Holdings,

Inc.

,

Class

A

...........

305,662

12,186,744

Magnolia

Oil

&

Gas

Corp.

,

Class

A

........

106,076

2,752,672

Matador

Resources

Co.

...............

876,595

58,530,248

Murphy

Oil

Corp.

....................

1,375,610

62,865,377

NACCO

Industries,

Inc.

,

Class

A

..........

38,602

1,165,780

Nordic

American

Tankers

Ltd.

...........

1,926,625

7,552,370

Northern

Oil

&

Gas,

Inc.

...............

99,155

3,934,470

Overseas

Shipholding

Group,

Inc.

,

Class

A

..

533,498

3,414,387

Par

Pacific

Holdings,

Inc.

(a)

.............

323,156

11,976,161

PBF

Energy,

Inc.

,

Class

A

..............

1,038,523

59,787,769

Peabody

Energy

Corp.

................

1,063,646

25,804,052

Permian

Resources

Corp.

,

Class

A

........

3,768,363

66,549,291

PrimeEnergy

Resources

Corp.

(a)

(b)

.........

6,397

641,299

REX

American

Resources

Corp.

(a)

........

109,571

6,432,913

Ring

Energy,

Inc.

(a)

(b)

..................

1,126,161

2,207,276

SandRidge

Energy,

Inc.

...............

219,574

3,199,193

Scorpio

Tankers,

Inc.

.................

448,769

32,109,422

SFL

Corp.

Ltd.

......................

1,066,256

14,053,254

SilverBow

Resources,

Inc.

(a)

.............

195,469

6,673,312

Sitio

Royalties

Corp.

,

Class

A

............

430,068

10,631,281

SM

Energy

Co.

.....................

1,090,870

54,379,869

Talos

Energy,

Inc.

(a)

(b)

.................

1,308,282

18,224,368

Teekay

Corp.

(a)

(b)

....................

578,548

4,211,829

Teekay

Tankers

Ltd.

,

Class

A

............

225,774

13,187,459

Tellurian,

Inc.

(a)

(b)

....................

5,173,855

3,421,988

Uranium

Energy

Corp.

(a)

(b)

..............

3,617,884

24,420,717

VAALCO

Energy,

Inc.

.................

887,143

6,183,387

Vital

Energy,

Inc.

(a)

(b)

..................

220,954

11,608,923

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Vitesse

Energy,

Inc.

..................

236,097

$

5,602,582

World

Kinect

Corp.

...................

566,306

14,978,794

970,621,489

Paper

&

Forest

Products

—

0.1%

(a)

Clearwater

Paper

Corp.

...............

154,921

6,774,695

Glatfelter

Corp.

.....................

425,817

851,634

7,626,329

Passenger

Airlines

—

0.7%

Allegiant

Travel

Co.

..................

134,163

10,090,399

Blade

Air

Mobility,

Inc.

,

Class

A

(a)

(b)

........

561,333

1,599,799

Hawaiian

Holdings,

Inc.

(a)

(b)

.............

481,600

6,419,728

JetBlue

Airways

Corp.

(a)

(b)

..............

3,166,150

23,492,833

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

...........

1,748,373

9,371,279

SkyWest,

Inc.

(a)

.....................

381,648

26,364,244

Spirit

Airlines,

Inc.

(b)

..................

1,042,027

5,043,411

Sun

Country

Airlines

Holdings,

Inc.

(a)

(b)

......

176,292

2,660,246

85,041,939

Personal

Care

Products

—

0.7%

BellRing

Brands,

Inc.

(a)

................

908,585

53,633,773

Edgewell

Personal

Care

Co.

............

467,580

18,067,291

Herbalife

Ltd.

(a)

(b)

....................

244,553

2,457,758

Nature's

Sunshine

Products,

Inc.

(a)

........

125,868

2,614,278

Nu

Skin

Enterprises,

Inc.

,

Class

A

.........

472,647

6,536,708

Waldencast

plc

,

Class

A

(a)

(b)

.............

269,013

1,748,584

85,058,392

Pharmaceuticals

—

1.0%

Amneal

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

...

1,149,190

6,964,091

ANI

Pharmaceuticals,

Inc.

(a)

.............

33,025

2,283,018

Arvinas,

Inc.

(a)

......................

25,254

1,042,485

Assertio

Holdings,

Inc.

(a)

(b)

..............

861,992

826,909

Atea

Pharmaceuticals,

Inc.

(a)

(b)

...........

706,673

2,854,959

Biote

Corp.

,

Class

A

(a)

.................

74,612

432,750

Cara

Therapeutics,

Inc.

(a)

..............

437,748

398,351

Citius

Pharmaceuticals,

Inc.

(a)

(b)

..........

1,136,950

1,020,185

CorMedix,

Inc.

(a)

.....................

55,140

233,794

Edgewise

Therapeutics,

Inc.

(a)

(b)

..........

541,439

9,875,847

Enliven

Therapeutics,

Inc.

(a)

(b)

............

219,652

3,863,679

EyePoint

Pharmaceuticals,

Inc.

(a)

(b)

........

160,199

3,311,313

Ikena

Oncology,

Inc.

(a)

(b)

...............

285,890

405,964

Innoviva,

Inc.

(a)

(b)

....................

494,098

7,530,054

Ligand

Pharmaceuticals,

Inc.

(a)

...........

133,794

9,780,341

Liquidia

Corp.

(a)

(b)

....................

144,007

2,124,103

Longboard

Pharmaceuticals,

Inc.

(a)

........

152,883

3,302,273

Neumora

Therapeutics,

Inc.

(a)

(b)

..........

74,658

1,026,547

NGM

Biopharmaceuticals,

Inc.

(a)

..........

418,306

665,107

Nuvation

Bio,

Inc.

,

Class

A

(a)

............

1,363,622

4,963,584

Omeros

Corp.

(a)

(b)

....................

329,497

1,136,765

Phathom

Pharmaceuticals,

Inc.

(a)

(b)

........

226,624

2,406,747

Phibro

Animal

Health

Corp.

,

Class

A

.......

143,444

1,854,731

Prestige

Consumer

Healthcare,

Inc.

(a)

......

467,651

33,932,757

Scilex

Holding

Co.

,

(Acquired

01/06/23

,

cost

$

6,061,469

)

(a)

(b)

(d)

..................

578,384

872,117

Taro

Pharmaceutical

Industries

Ltd.

(a)

......

78,410

3,319,879

Tarsus

Pharmaceuticals,

Inc.

(a)

(b)

..........

275,042

9,997,777

Terns

Pharmaceuticals,

Inc.

(a)

............

131,039

859,616

Theravance

Biopharma,

Inc.

(a)

(b)

..........

457,321

4,102,169

Third

Harmonic

Bio,

Inc.

(a)

..............

176,455

1,665,735

Trevi

Therapeutics,

Inc.

(a)

..............

393,720

1,358,334

WaVe

Life

Sciences

Ltd.

(a)

..............

687,240

4,240,271

Zevra

Therapeutics,

Inc.

(a)

(b)

.............

334,583

1,940,581

130,592,833

Security

Shares

Shares

Value

Professional

Services

—

1.3%

Alight,

Inc.

,

Class

A

(a)

(b)

................

3,900,455

$

38,419,482

ASGN,

Inc.

(a)

(b)

......................

320,358

33,560,704

Asure

Software,

Inc.

(a)

(b)

................

176,596

1,373,917

Barrett

Business

Services,

Inc.

...........

4,649

589,121

BlackSky

Technology,

Inc.

,

Class

A

(a)

(b)

......

1,113,397

1,514,220

Conduent,

Inc.

(a)

(b)

...................

1,612,568

5,450,480

First

Advantage

Corp.

.................

454,557

7,372,915

FiscalNote

Holdings,

Inc.

,

Class

A

(a)

(b)

......

461,668

614,018

Heidrick

&

Struggles

International,

Inc.

.....

188,187

6,334,374

HireRight

Holdings

Corp.

(a)

.............

125,418

1,789,715

Kelly

Services,

Inc.

,

Class

A,

NVS

........

295,988

7,411,540

Korn

Ferry

........................

492,474

32,385,090

Mistras

Group,

Inc.

(a)

.................

201,255

1,923,998

NV5

Global,

Inc.

(a)

(b)

..................

12,042

1,180,236

Planet

Labs

PBC

,

Class

A

(a)

(b)

............

172,348

439,487

Resources

Connection,

Inc.

.............

309,487

4,072,849

Skillsoft

Corp.

(a)

(b)

....................

43,860

394,740

Sterling

Check

Corp.

(a)

(b)

...............

268,672

4,320,246

TrueBlue,

Inc.

(a)

.....................

287,739

3,602,492

Willdan

Group,

Inc.

(a)

(b)

................

117,506

3,406,499

156,156,123

Real

Estate

Management

&

Development

—

0.8%

American

Realty

Investors,

Inc.

(a)

.........

15,279

273,800

Anywhere

Real

Estate,

Inc.

(a)

............

925,706

5,720,863

Compass,

Inc.

,

Class

A

(a)

(b)

.............

409,359

1,473,692

Cushman

&

Wakefield

plc

(a)

(b)

............

1,208,358

12,639,425

DigitalBridge

Group,

Inc.

,

Class

A

(b)

........

1,044,621

20,129,847

Douglas

Elliman,

Inc.

(a)

................

808,727

1,277,789

Forestar

Group,

Inc.

(a)

(b)

................

172,328

6,925,862

FRP

Holdings,

Inc.

(a)

..................

60,027

3,685,658

Kennedy-Wilson

Holdings,

Inc.

...........

1,127,001

9,669,668

Marcus

&

Millichap,

Inc.

...............

139,440

4,764,665

Newmark

Group,

Inc.

,

Class

A

...........

1,287,281

14,275,946

Opendoor

Technologies,

Inc.

(a)

(b)

..........

5,045,697

15,288,462

RE/MAX

Holdings,

Inc.

,

Class

A

..........

175,309

1,537,460

RMR

Group,

Inc.

(The)

,

Class

A

..........

50,761

1,218,264

Star

Holdings

(a)

.....................

125,203

1,617,623

Stratus

Properties,

Inc.

(a)

...............

55,100

1,257,933

Tejon

Ranch

Co.

(a)

(b)

..................

184,223

2,838,876

Transcontinental

Realty

Investors,

Inc.

(a)

....

12,832

483,125

105,078,958

Residential

REITs

—

0.7%

Apartment

Investment

&

Management

Co.

,

Class

A

(a)

.......................

1,362,965

11,162,683

BRT

Apartments

Corp.

................

117,673

1,976,906

Centerspace

.......................

142,272

8,129,422

Clipper

Realty,

Inc.

...................

32,201

155,531

Elme

Communities

...................

827,425

11,517,756

Independence

Realty

Trust,

Inc.

..........

2,126,148

34,294,767

NexPoint

Residential

Trust,

Inc.

..........

152,925

4,922,656

UMH

Properties,

Inc.

.................

474,756

7,710,038

Veris

Residential,

Inc.

.................

745,227

11,334,903

91,204,662

Retail

REITs

—

2.0%

Acadia

Realty

Trust

..................

957,583

16,288,487

CBL

&

Associates

Properties,

Inc.

.........

65,653

1,504,110

Getty

Realty

Corp.

...................

449,410

12,291,363

InvenTrust

Properties

Corp.

.............

644,128

16,560,531

Kite

Realty

Group

Trust

................

2,047,437

44,388,434

Macerich

Co.

(The)

..................

2,034,442

35,053,436

NETSTREIT

Corp.

...................

649,700

11,934,989

Phillips

Edison

&

Co.,

Inc.

..............

942,048

33,791,262

Retail

Opportunity

Investments

Corp.

......

1,167,913

14,972,645

2024

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

(continued)

Saul

Centers,

Inc.

...................

12,525

$

482,087

SITE

Centers

Corp.

..................

1,810,728

26,527,165

Tanger,

Inc.

........................

527,643

15,581,298

Urban

Edge

Properties

................

1,095,355

18,916,781

Whitestone

REIT

....................

456,123

5,724,344

254,016,932

Semiconductors

&

Semiconductor

Equipment

—

1.8%

ACM

Research,

Inc.

,

Class

A

(a)

(b)

..........

385,946

11,246,466

Alpha

&

Omega

Semiconductor

Ltd.

(a)

......

217,680

4,797,667

Ambarella,

Inc.

(a)

....................

141,338

7,175,730

Amkor

Technology,

Inc.

................

1,058,646

34,130,747

Atomera,

Inc.

(a)

(b)

....................

52,896

325,839

CEVA,

Inc.

(a)

.......................

27,763

630,498

Cohu,

Inc.

(a)

.......................

438,943

14,629,970

Diodes,

Inc.

(a)

(b)

.....................

91,981

6,484,661

Ichor

Holdings

Ltd.

(a)

(b)

.................

270,584

10,449,954

indie

Semiconductor,

Inc.

,

Class

A

(a)

(b)

......

91,303

646,425

Kulicke

&

Soffa

Industries,

Inc.

...........

153,821

7,738,735

Maxeon

Solar

Technologies

Ltd.

(a)

(b)

........

91,262

303,902

Navitas

Semiconductor

Corp.

(a)

(b)

.........

894,218

4,265,420

NVE

Corp.

........................

4,892

441,161

Onto

Innovation,

Inc.

(a)

(b)

...............

65,742

11,904,561

Photronics,

Inc.

(a)

(b)

...................

573,851

16,251,460

Semtech

Corp.

(a)

....................

600,559

16,509,367

SMART

Global

Holdings,

Inc.

(a)

...........

380,136

10,005,180

Synaptics,

Inc.

(a)

(b)

...................

340,596

33,228,546

Ultra

Clean

Holdings,

Inc.

(a)

.............

417,548

19,182,155

Veeco

Instruments,

Inc.

(a)

..............

475,704

16,730,510

227,078,954

Software

—

1.1%

ACI

Worldwide,

Inc.

(a)

.................

142,123

4,719,905

Adeia,

Inc.

........................

136,239

1,487,730

American

Software,

Inc.

,

Class

A

.........

66,359

759,811

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

........

3,356,982

9,466,689

Bit

Digital,

Inc.

(a)

(b)

....................

706,278

2,027,018

C3.ai,

Inc.

,

Class

A

(a)

(b)

................

188,287

5,096,929

Cerence,

Inc.

(a)

(b)

....................

391,527

6,166,550

Cipher

Mining,

Inc.

(a)

(b)

.................

376,452

1,938,728

Cleanspark,

Inc.

(a)

(b)

..................

1,589,503

33,713,359

CommVault

Systems,

Inc.

(a)

.............

24,423

2,477,225

Consensus

Cloud

Solutions,

Inc.

(a)

........

79,701

1,264,058

CS

Disco,

Inc.

(a)

(b)

....................

220,868

1,795,657

Digital

Turbine,

Inc.

(a)

(b)

................

678,016

1,776,402

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

(b)

...

1,623,533

7,208,486

EverCommerce,

Inc.

(a)

................

48,311

455,090

LiveRamp

Holdings,

Inc.

(a)

..............

608,278

20,985,591

Matterport,

Inc.

,

Class

A

(a)

..............

2,391,033

5,403,735

MeridianLink,

Inc.

(a)

(b)

.................

75,132

1,404,968

Mitek

Systems,

Inc.

(a)

(b)

................

24,493

345,351

N-able,

Inc.

(a)

.......................

65,392

854,673

NextNav,

Inc.

(a)

(b)

....................

35,454

233,287

Olo,

Inc.

,

Class

A

(a)

...................

418,198

2,295,907

ON24,

Inc.

........................

277,272

1,979,722

OneSpan,

Inc.

(a)

.....................

29,453

342,538

PROS

Holdings,

Inc.

(a)

(b)

...............

118,757

4,314,442

Riot

Platforms,

Inc.

(a)

(b)

................

563,495

6,897,179

SolarWinds

Corp.

(a)

..................

487,278

6,149,448

Terawulf,

Inc.

(a)

(b)

....................

1,480,374

3,893,384

Verint

Systems,

Inc.

(a)

.................

41,486

1,375,261

Xperi,

Inc.

(a)

(b)

......................

407,685

4,916,681

141,745,804

Security

Shares

Shares

Value

Specialized

REITs

—

0.8%

Farmland

Partners,

Inc.

...............

420,883

$

4,671,801

Four

Corners

Property

Trust,

Inc.

.........

773,689

18,932,170

Gladstone

Land

Corp.

................

307,860

4,106,853

Outfront

Media,

Inc.

..................

744,532

12,500,692

PotlatchDeltic

Corp.

..................

746,918

35,120,084

Safehold,

Inc.

(b)

.....................

460,547

9,487,268

Uniti

Group,

Inc.

....................

2,244,690

13,243,671

98,062,539

Specialty

Retail

—

3.5%

1-800-Flowers.com,

Inc.

,

Class

A

(a)

(b)

.......

238,936

2,587,677

Aaron's

Co.,

Inc.

(The)

................

284,636

2,134,770

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

........

221,527

27,763,979

American

Eagle

Outfitters,

Inc.

...........

1,332,647

34,368,966

America's

Car-Mart,

Inc.

(a)

(b)

.............

55,096

3,518,982

Asbury

Automotive

Group,

Inc.

(a)

(b)

.........

194,616

45,886,560

BARK,

Inc.

(a)

(b)

......................

1,235,794

1,532,385

Beyond,

Inc.

(a)

(b)

.....................

425,228

15,269,938

Big

5

Sporting

Goods

Corp.

(b)

............

208,724

734,708

Build-A-Bear

Workshop,

Inc.

............

25,456

760,371

Caleres,

Inc.

.......................

320,782

13,161,685

Carvana

Co.

,

Class

A

(a)

(b)

...............

543,651

47,792,359

Cato

Corp.

(The)

,

Class

A

..............

157,281

907,511

Children's

Place,

Inc.

(The)

(a)

(b)

...........

114,612

1,322,622

Designer

Brands,

Inc.

,

Class

A

...........

398,631

4,357,037

Destination

XL

Group,

Inc.

(a)

(b)

...........

512,838

1,846,217

Duluth

Holdings,

Inc.

,

Class

B

(a)

(b)

.........

118,546

580,875

EVgo,

Inc.

,

Class

A

(a)

(b)

................

852,981

2,140,982

Foot

Locker,

Inc.

....................

774,865

22,083,653

Genesco,

Inc.

(a)

.....................

104,947

2,953,209

Group

1

Automotive,

Inc.

(b)

..............

128,510

37,554,477

GrowGeneration

Corp.

(a)

(b)

..............

582,786

1,666,768

Guess?,

Inc.

.......................

238,206

7,496,343

Haverty

Furniture

Cos.,

Inc.

.............

136,060

4,642,367

Hibbett,

Inc.

.......................

18,232

1,400,400

J

Jill,

Inc.

(a)

........................

43,629

1,394,819

Lands'

End,

Inc.

(a)

...................

133,089

1,449,339

Lazydays

Holdings,

Inc.

(a)

(b)

.............

79,474

320,280

Leslie's,

Inc.

(a)

(b)

.....................

1,533,647

9,968,706

MarineMax,

Inc.

(a)

....................

204,389

6,797,978

Monro,

Inc.

(b)

.......................

280,209

8,837,792

National

Vision

Holdings,

Inc.

(a)

..........

679,911

15,066,828

ODP

Corp.

(The)

(a)

...................

300,785

15,956,644

OneWater

Marine,

Inc.

,

Class

A

(a)

(b)

........

107,663

3,030,713

PetMed

Express,

Inc.

.................

196,283

940,196

Rent

the

Runway,

Inc.

,

Class

A

(a)

(b)

........

413,522

142,831

Sally

Beauty

Holdings,

Inc.

(a)

............

60,645

753,211

Shoe

Carnival,

Inc.

...................

172,851

6,333,261

Signet

Jewelers

Ltd.

..................

411,440

41,172,801

Sleep

Number

Corp.

(a)

(b)

...............

95,646

1,533,205

Sonic

Automotive,

Inc.

,

Class

A

..........

138,369

7,878,731

Sportsman's

Warehouse

Holdings,

Inc.

(a)

(b)

...

352,347

1,095,799

Stitch

Fix,

Inc.

,

Class

A

(a)

(b)

..............

423,860

1,118,990

ThredUp,

Inc.

,

Class

A

(a)

(b)

..............

563,213

1,126,426

Tile

Shop

Holdings,

Inc.

(a)

..............

260,959

1,834,542

Tilly's,

Inc.

,

Class

A

(a)

(b)

................

200,851

1,365,787

Upbound

Group,

Inc.

.................

30,458

1,072,426

Urban

Outfitters,

Inc.

(a)

................

398,343

17,296,053

Winmark

Corp.

.....................

26,620

9,628,454

Zumiez,

Inc.

(a)

......................

152,512

2,316,657

442,897,310

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

CompoSecure,

Inc.

,

Class

A

(a)

(b)

..........

15,555

112,463

Eastman

Kodak

Co.

(a)

(b)

................

559,324

2,768,654

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

(continued)

Immersion

Corp.

....................

289,829

$

2,167,921

Intevac,

Inc.

(a)

......................

233,184

895,426

IonQ,

Inc.

(a)

(b)

.......................

1,302,255

13,009,527

Turtle

Beach

Corp.

(a)

(b)

.................

156,905

2,705,042

Xerox

Holdings

Corp.

.................

1,103,552

19,753,581

41,412,614

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Allbirds,

Inc.

,

Class

A

(a)

(b)

...............

952,977

661,461

Figs,

Inc.

,

Class

A

(a)

(b)

.................

133,517

664,915

Fossil

Group,

Inc.

(a)

(b)

.................

461,355

470,582

G-III

Apparel

Group

Ltd.

(a)

(b)

.............

388,024

11,256,576

Hanesbrands,

Inc.

(a)

..................

1,114,723

6,465,394

Movado

Group,

Inc.

..................

142,417

3,977,707

Oxford

Industries,

Inc.

................

34,174

3,841,158

Rocky

Brands,

Inc.

...................

61,164

1,659,379

Vera

Bradley,

Inc.

(a)

..................

233,877

1,590,364

Wolverine

World

Wide,

Inc.

.............

70,954

795,394

31,382,930

Tobacco

—

0.2%

Universal

Corp.

.....................

227,899

11,786,936

Vector

Group

Ltd.

...................

1,125,453

12,334,965

24,121,901

Trading

Companies

&

Distributors

—

2.1%

Beacon

Roofing

Supply,

Inc.

(a)

...........

532,921

52,236,917

BlueLinx

Holdings,

Inc.

(a)

...............

79,821

10,395,887

Boise

Cascade

Co.

..................

373,852

57,337,681

Distribution

Solutions

Group,

Inc.

(a)

(b)

.......

8,936

317,049

DNOW,

Inc.

(a)

......................

1,002,186

15,233,227

DXP

Enterprises,

Inc.

(a)

................

123,863

6,655,159

EVI

Industries,

Inc.

...................

7,218

179,728

GATX

Corp.

.......................

311,083

41,694,455

Global

Industrial

Co.

..................

25,578

1,145,383

GMS,

Inc.

(a)

........................

259,129

25,223,617

Hudson

Technologies,

Inc.

(a)

............

342,328

3,769,031

MRC

Global,

Inc.

(a)

...................

522,916

6,573,054

Rush

Enterprises,

Inc.

,

Class

A

..........

569,097

30,458,071

Rush

Enterprises,

Inc.

,

Class

B

..........

86,892

4,630,475

Titan

Machinery,

Inc.

(a)

(b)

...............

191,871

4,760,320

Willis

Lease

Finance

Corp.

(a)

(b)

...........

26,107

1,295,429

Xometry,

Inc.

,

Class

A

(a)

(b)

..............

285,209

4,817,180

266,722,663

Water

Utilities

—

0.3%

Artesian

Resources

Corp.

,

Class

A,

NVS

....

22,689

841,989

California

Water

Service

Group

..........

368,545

17,129,972

Consolidated

Water

Co.

Ltd.

............

100,233

2,937,829

SJW

Group

........................

297,801

16,852,558

37,762,348

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.

(a)

(b)

......................

559,386

4,911,409

Spok

Holdings,

Inc.

..................

168,154

2,682,056

Telephone

&

Data

Systems,

Inc.

..........

933,725

14,958,275

Tingo

Group,

Inc.

(a)

(b)

..................

1,124,977

28,799

22,580,539

Total

Common

Stocks

—

99

.7

%

(Cost:

$

12,592,339,218

)

............................

12,499,483,877

Security

Shares

Shares

Value

Rights

Biotechnology

—

0.0%

(a)(c)

Contra

Aduro

Biotech

I,

CVR

............

19,180

$

9,590

Contra

Chinook

Therape,

CVR

..........

381,225

167,739

177,329

Total

Rights

—

0

.0

%

(Cost:

$

148,678

)

.................................

177,329

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0

.0

%

(a)

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20

,

1

Share

for

1

Warrant,

Expires

09/01/24

,

Strike

Price

USD

116.37

)

......

42,563

1,512,689

Chord

Energy

Corp.

(Issued/Exercisable

09/01/20

,

1

Share

for

1

Warrant,

Expires

09/01/25

,

Strike

Price

USD

133.70

)

.....

21,281

547,347

Total

Warrants

—

0

.0

%

(Cost:

$

5,241,813

)

...............................

2,060,036

Total

Long-Term

Investments

—

99.7%

(Cost:

$

12,597,729,709

)

............................

12,501,721,242

Short-Term

Securities

Money

Market

Funds

—

7.6%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(g)

..................

933,774,468

934,241,356

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

25,050,880

25,050,880

Total

Short-Term

Securities

—

7

.6

%

(Cost:

$

958,738,545

)

..............................

959,292,236

Total

Investments

—

107

.3

%

(Cost:

$

13,556,468,254

)

............................

13,461,013,478

Liabilities

in

Excess

of

Other

Assets

—

(

7.3

)

%

.............

(

919,170,030

)

Net

Assets

—

100.0%

...............................

$

12,541,843,448

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$872,117,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$6,061,469.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2024

ishares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

56

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

1,029,227,065

$

—

$

(

95,116,030

)

(a)

$

67,838

$

62,483

$

934,241,356

933,774,468

$

12,304,835

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

35,812,559

—

(

10,761,679

)

(a)

—

—

25,050,880

25,050,880

1,381,428

—

$

67,838

$

62,483

$

959,292,236

$

13,686,263

$

—

—

—

(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

....................................................

349

06/21/24

$

37,446

$

856,703

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

856,703

$

—

$

—

$

—

$

856,703

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

4,171,200

$

—

$

—

$

—

$

4,171,200

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

101,732

$

—

$

—

$

—

$

101,732

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2000

Value

ETF

Schedules

of

Investments

57

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

..................................................................................

$

45,865,109

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

12,498,611,758

$

872,117

$

2

$

12,499,483,877

Rights

................................................

—

—

177,329

177,329

Warrants

..............................................

2,060,036

—

—

2,060,036

Short-Term

Securities

Money

Market

Funds

......................................

959,292,236

—

—

959,292,236

$

13,459,964,030

$

872,117

$

177,331

$

13,461,013,478

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

856,703

$

—

$

—

$

856,703

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2024

2024

iShares

Annual

Report

to

Shareholders

58

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

65,284,651,229‌

$

11,608,829,898‌

$

12,501,721,242‌

Investments,

at

value

—

affiliated

(c)

............................................................

7,207,124,297‌

1,798,551,331‌

959,292,236‌

Cash

...............................................................................

83,403,700‌

24,098,286‌

3,989,981‌

Cash

pledged:

Futures

contracts

......................................................................

12,660,000‌

2,954,000‌

2,521,000‌

Receivables:

–‌

–‌

–‌

Investment

s

sold

......................................................................

52,476,054‌

—‌

20,216,962‌

Securities

lending

income

—

affiliated

........................................................

6,144,326‌

1,458,555‌

895,468‌

Capital

shares

sold

.....................................................................

51,192,692‌

—‌

—‌

Dividends

—

unaffiliated

.................................................................

62,683,231‌

3,572,201‌

20,370,090‌

Dividends

—

affiliated

...................................................................

603,669‌

105,472‌

121,935‌

Total

a

ssets

...........................................................................

72,760,939,198‌

13,439,569,743‌

13,509,128,914‌

LIABILITIES

Collateral

on

securities

loaned

...............................................................

7,031,414,194‌

1,749,012,695‌

933,761,822‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

179,905,418‌

32,283,926‌

30,300,712‌

Capital

shares

redeemed

.................................................................

44,362,177‌

210,379‌

772,691‌

Investment

advisory

fees

.................................................................

10,139,237‌

2,302,606‌

2,449,896‌

Variation

margin

on

futures

contracts

.........................................................

172‌

257‌

345‌

Total

li

abilities

..........................................................................

7,265,821,198‌

1,783,809,863‌

967,285,466‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

NET

ASSETS

..........................................................................

$

65,495,118,000‌

$

11,655,759,880‌

$

12,541,843,448‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

100,892,792,148‌

$

14,362,987,386‌

$

14,802,927,320‌

Accumulated

loss

.......................................................................

(

35,397,674,148‌

)

(

2,707,227,506‌

)

(

2,261,083,872‌

)

NET

ASSETS

..........................................................................

$

65,495,118,000‌

$

11,655,759,880‌

$

12,541,843,448‌

NET

ASSET

VALUE

Shares

outstanding

......................................................................

311,050,000‌

43,000,000‌

78,850,000‌

Net

asset

value

.........................................................................

$

210.56‌

$

271.06‌

$

159.06‌

Shares

authorized

.......................................................................

Unlimited

Unlimited

Unlimited

Par

value

.............................................................................

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.....................................................

$

82,421,392,825‌

$

10,924,119,706‌

$

12,597,729,709‌

(b)

  Securities

loaned,

at

value

..........................................................

$

6,795,384,207‌

$

1,679,849,772‌

$

896,105,922‌

(c)

  Investments,

at

cost

—

affiliated

.......................................................

$

7,202,951,640‌

$

1,797,551,063‌

$

958,738,545‌

Statements

of

Operations

Year

Ended

March

31,

2024

59

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

.................................................................

$

786,894,026‌

$

68,144,650‌

$

233,402,672‌

Dividends

—

affiliated

...................................................................

6,049,084‌

1,078,612‌

1,381,428‌

Interest

—

unaffiliated

...................................................................

826,371‌

122,958‌

185,877‌

Securities

lending

income

—

affiliated

—

net

...................................................

79,472,855‌

18,675,116‌

12,304,835‌

Foreign

taxes

withheld

..................................................................

(

1,259,473‌

)

(

118,363‌

)

(

378,782‌

)

Total

investment

income

...................................................................

871,982,863‌

87,902,973‌

246,896,030‌

EXPENSES

Investment

advisory

....................................................................

105,958,858‌

23,851,622‌

26,908,511‌

Interest

expense

......................................................................

96,590‌

801‌

332‌

Total

expenses

.........................................................................

106,055,448‌

23,852,423‌

26,908,843‌

Net

investment

income

....................................................................

765,927,415‌

64,050,550‌

219,987,187‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

9,609,014,153‌

$

1,916,275,117‌

$

1,744,921,128‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................................

(

3,416,866,040‌

)

(

495,017,274‌

)

(

504,139,646‌

)

Investments

—

affiliated

...............................................................

6,402‌

46,578‌

67,838‌

Foreign

currency

transactions

...........................................................

4,230‌

1,359‌

—‌

Futures

contracts

....................................................................

6,339,994‌

4,958,423‌

4,171,200‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................................

6,419,486,227‌

692,391,188‌

488,101,146‌

3,008,970,813‌

202,380,274‌

(11,799,462‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................................

6,598,979,909‌

1,713,120,695‌

1,756,556,377‌

Investments

—

affiliated

...............................................................

1,003,885‌

231,188‌

62,483‌

Futures

contracts

....................................................................

59,545‌

542,960‌

101,732‌

6,600,043,339‌

1,713,894,843‌

1,756,720,592‌

Net

realized

and

unrealized

gain

.............................................................

9,609,014,152‌

1,916,275,117‌

1,744,921,130‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................................

$

10,374,941,567‌

$

1,980,325,667‌

$

1,964,908,317‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2024

iShares

Annual

Report

to

Shareholders

60

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

765,927,415‌

$

785,729,779‌

$

64,050,550‌

$

76,608,260‌

Net

realized

gain

(loss)

............................................

3,008,970,813‌

(

1,592,131,820‌

)

202,380,274‌

(

1,078,230,843‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

6,600,043,339‌

(

6,402,013,183‌

)

1,713,894,843‌

(

65,525,691‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

10,374,941,567‌

(7,208,415,224‌)

1,980,325,667‌

(1,067,148,274‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(780,867,167‌)

(820,928,177‌)

(73,193,238‌)

(78,266,196‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

6,192,468,565‌

(4,215,356,230‌)

370,405,257‌

(307,182,293‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

15,786,542,965‌

(

12,244,699,631‌

)

2,277,537,686‌

(

1,452,596,763‌

)

Beginning

of

year

..................................................

49,708,575,035‌

61,953,274,666‌

9,378,222,194‌

10,830,818,957‌

End

of

year

......................................................

$

65,495,118,000‌

$

49,708,575,035‌

$

11,655,759,880‌

$

9,378,222,194‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

61

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

2000

Value

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

219,987,187‌

$

243,336,335‌

Net

realized

gain

(loss)

..............................................................................

(

11,799,462‌

)

482,054,675‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

1,756,720,592‌

(

2,530,831,492‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

1,964,908,317‌

(1,805,440,482‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(238,570,923‌)

(262,828,957‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(630,024,534‌)

(1,144,200,441‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

1,096,312,860‌

(

3,212,469,880‌

)

Beginning

of

year

....................................................................................

11,445,530,588‌

14,658,000,468‌

End

of

year

........................................................................................

$

12,541,843,448‌

$

11,445,530,588‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

62

See

notes

to

financial

statements.

iShares

Russell

2000

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

................................

$

178.62

‌

$

205.42

‌

$

220.43

‌

$

114.62

‌

$

153.10

‌

Net

investment

income

(a)

.......................................

2

.58

‌

2

.67

‌

1

.97

‌

1

.73

‌

1

.83

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............................

31.95

‌

(26.65

)

(14.89

)

106.10

‌

(38.22

)

Net

increase

(decrease)

from

investment

operations

......................

34.53

‌

(23.98

)

(12.92

)

107.83

‌

(36.39

)

Distributions

from

net

investment

income

(c)

..........................

(2.59

)

(2.82

)

(2.09

)

(2.02

)

(2.09

)

Net

asset

value,

end

of

year

.....................................

$

210.56

‌

$

178.62

‌

$

205.42

‌

$

220.43

‌

$

114.62

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

........................................

19.51

%

(11.63

)%

(5.92

)%

94.67

%

(24.04

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...............................................

0.19

%

0.19

%

0.19

%

0.19

%

0.19

%

Net

investment

income

..........................................

1.38

%

1.47

%

0.90

%

1.01

%

1.19

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

65,495,118

‌

$

49,708,575

‌

$

61,953,275

‌

$

69,303,587

‌

$

32,602,673

‌

Portfolio

turnover

rate

(f)

..........................................

17

%

18

%

23

%

20

%

18

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

63

Financial

Highlights

See

notes

to

financial

statements.

iShares

Russell

2000

Growth

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

................................

$

227.08

‌

$

256.05

‌

$

300.18

‌

$

158.74

‌

$

196.60

‌

Net

investment

income

(a)

.......................................

1

.52

‌

1

.80

‌

0

.67

‌

1

.02

‌

1

.32

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............................

44.19

‌

(28.92

)

(43.86

)

141.60

‌

(37.65

)

Net

increase

(decrease)

from

investment

operations

......................

45.71

‌

(27.12

)

(43.19

)

142.62

‌

(36.33

)

Distributions

from

net

investment

income

(c)

..........................

(1.73

)

(1.85

)

(0.94

)

(1.18

)

(1.53

)

Net

asset

value,

end

of

year

.....................................

$

271.06

‌

$

227.08

‌

$

256.05

‌

$

300.18

‌

$

158.74

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

........................................

20.23

%

(10.55

)%

(14.42

)%

90.06

%

(18.61

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...............................................

0.24

%

0.24

%

0.23

%

0.24

%

0.24

%

Net

investment

income

..........................................

0.64

%

0.80

%

0.23

%

0.42

%

0.66

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

11,655,760

‌

$

9,378,222

‌

$

10,830,819

‌

$

12,082,282

‌

$

6,936,895

‌

Portfolio

turnover

rate

(f)

..........................................

34

%

35

%

40

%

35

%

33

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

64

See

notes

to

financial

statements.

iShares

Russell

2000

Value

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

.................................

$

137.24

‌

$

161.43

‌

$

159.14

‌

$

82.34

‌

$

119.84

‌

Net

investment

income

(a)

........................................

2

.78

‌

2

.89

‌

2

.26

‌

1

.84

‌

2

.07

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

22.07

‌

(23.96

)

2.61

‌

77.01

‌

(37.17

)

Net

increase

(decrease)

from

investment

operations

.......................

24.85

‌

(21.07

)

4.87

‌

78.85

‌

(35.10

)

Distributions

from

net

investment

income

(c)

...........................

(3.03

)

(3.12

)

(2.58

)

(2.05

)

(2.40

)

Net

asset

value,

end

of

year

......................................

$

159.06

‌

$

137.24

‌

$

161.43

‌

$

159.14

‌

$

82.34

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.........................................

18.35

%

(13.04

)%

3.07

%

96.79

%

(29.79

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.24

%

0.24

%

0.23

%

0.24

%

0.24

%

Net

investment

income

...........................................

1.95

%

1.99

%

1.39

%

1.57

%

1.74

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

12,541,843

‌

$

11,445,531

‌

$

14,658,000

‌

$

16,319,316

‌

$

6,607,533

‌

Portfolio

turnover

rate

(f)

...........................................

29

%

32

%

35

%

28

%

25

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

65

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:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

March

31,

2024

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Bank

Overdraft:

The

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

iShares

ETF

Diversification

Classification

Russell

2000

........................................................................................................

Diversified

Russell

2000

Growth

..................................................................................................

Diversified

Russell

2000

Value

...................................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

66

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

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

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock.

Notes

to

Financial

Statements

(continued)

67

Notes

to

Financial

Statements

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Russell

2000

Barclays

Bank

plc

......................................

$

536,781,027‌

$

(536,781,027‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

92,408,449‌

(92,408,449‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

2,389,053‌

(2,365,894‌)

–‌

23,159‌

(b)

BNP

Paribas

SA

.......................................

827,961,599‌

(827,961,599‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

501,767,859‌

(501,767,859‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

32,046,322‌

(32,046,322‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

127,524,011‌

(127,524,011‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

2,451,165‌

(2,451,165‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

2,468,123‌

(2,468,123‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

835,250,255‌

(835,250,255‌)

–‌

–‌

HSBC

Bank

plc

.......................................

118,935,561‌

(118,935,561‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

1,457,879‌

(1,457,879‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,324,092,522‌

(1,324,092,522‌)

–‌

–‌

Jefferies

LLC

.........................................

60,022,758‌

(60,022,758‌)

–‌

–‌

Morgan

Stanley

.......................................

871,617,539‌

(871,617,539‌)

–‌

–‌

National

Financial

Services

LLC

............................

294,750,857‌

(294,750,857‌)

–‌

–‌

Natixis

SA

...........................................

39,370,832‌

(39,370,832‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

4,293,386‌

(4,293,386‌)

–‌

–‌

Pershing

LLC

.........................................

136,750‌

(136,294‌)

–‌

456‌

(b)

RBC

Capital

Markets

LLC

................................

185,301,579‌

(185,301,579‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

206,185,676‌

(206,185,676‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

7,626,576‌

(7,626,576‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

117,169,177‌

(117,169,177‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

182,797,838‌

(182,797,838‌)

–‌

–‌

UBS

AG

............................................

197,745,063‌

(197,745,063‌)

–‌

–‌

UBS

Securities

LLC

....................................

1,881,092‌

(1,881,092‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

21,541,955‌

(21,541,955‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

128,608,524‌

(128,608,524‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

70,800,780‌

(70,800,780‌)

–‌

–‌

$

6,795,384,207‌

$

(6,795,360,592‌)

$

–‌

$

23,615‌

Russell

2000

Growth

Barclays

Bank

plc

......................................

$

163,942,441‌

$

(163,942,441‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

14,165,316‌

(14,165,316‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

49,101‌

(49,101‌)

–‌

–‌

BNP

Paribas

SA

.......................................

195,138,191‌

(195,138,191‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

204,009,659‌

(204,009,659‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

10,669,782‌

(10,669,782‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

22,176,922‌

(22,176,922‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

7,612,972‌

(7,612,972‌)

–‌

–‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

68

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Russell

2000

Growth

(continued)

Goldman

Sachs

&

Co.

LLC

...............................

282,146,893‌

(282,146,893‌)

–‌

–‌

HSBC

Bank

plc

.......................................

16,007,994‌

(16,007,994‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

92,850‌

(92,850‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

287,846,569‌

(287,846,569‌)

–‌

–‌

Jefferies

LLC

.........................................

10,412,391‌

(10,412,391‌)

–‌

–‌

Morgan

Stanley

.......................................

143,964,543‌

(143,964,543‌)

–‌

–‌

National

Financial

Services

LLC

............................

40,709,761‌

(40,709,761‌)

–‌

–‌

Natixis

SA

...........................................

23,019,487‌

(23,019,487‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

82,018‌

(82,018‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

17,225,473‌

(17,225,473‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

7,170,715‌

(7,170,715‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

8,288,856‌

(8,288,856‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

91,506,682‌

(91,506,682‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

70,635,401‌

(70,635,401‌)

–‌

–‌

UBS

AG

............................................

33,953,671‌

(33,953,671‌)

–‌

–‌

UBS

Securities

LLC

....................................

355,374‌

(355,374‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

3,438,060‌

(3,438,060‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

16,786,137‌

(16,786,137‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

8,442,513‌

(8,442,513‌)

–‌

–‌

$

1,679,849,772‌

$

(1,679,849,772‌)

$

–‌

$

–‌

Russell

2000

Value

Barclays

Bank

plc

......................................

$

83,170,477‌

$

(83,170,477‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

7,736,261‌

(7,736,261‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

131,399‌

(131,399‌)

–‌

–‌

BNP

Paribas

SA

.......................................

99,246,947‌

(99,246,947‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

43,371,881‌

(43,371,881‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

12,669,320‌

(12,669,320‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

25,547,683‌

(25,547,683‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

211,050‌

(204,856‌)

–‌

6,194‌

(b)

Goldman

Sachs

&

Co.

LLC

...............................

121,229,126‌

(121,229,126‌)

–‌

–‌

HSBC

Bank

plc

.......................................

7,128,601‌

(7,128,601‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

629,802‌

(629,802‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

184,909,311‌

(184,909,311‌)

–‌

–‌

Jefferies

LLC

.........................................

8,550,819‌

(8,550,819‌)

–‌

–‌

Morgan

Stanley

.......................................

105,431,981‌

(105,431,981‌)

–‌

–‌

National

Financial

Services

LLC

............................

28,793,801‌

(28,793,801‌)

–‌

–‌

Natixis

SA

...........................................

7,842,790‌

(7,842,790‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

5,583,810‌

(5,583,810‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

43,587,855‌

(43,587,855‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

24,787,444‌

(24,787,444‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

2,528,542‌

(2,528,542‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

4,685,465‌

(4,685,465‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

29,041,631‌

(29,041,631‌)

–‌

–‌

UBS

AG

............................................

15,701,918‌

(15,701,918‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,551,792‌

(1,551,792‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

23,370,539‌

(23,370,539‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

8,665,677‌

(8,665,677‌)

–‌

–‌

$

896,105,922‌

$

(896,099,728‌)

$

–‌

$

6,194‌

(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

March

31,

2024.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

69

Notes

to

Financial

Statements

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the iShares

Russell

2000

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

each

of

the iShares

Russell

2000

Growth

ETF

and

iShares

Russell

2000

Value

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on each

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

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$46

billion

...................................................................................................

0.2000%

Over

$46

billion,

up

to

and

including

$81

billion

..............................................................................

0.1900

Over

$81

billion,

up

to

and

including

$111

billion

.............................................................................

0.1805

Over

$111

billion,

up

to

and

including

$141

billion

............................................................................

0.1715

Over

$141

billion,

up

to

and

including

$171

billion

............................................................................

0.1630

Over

$171

billion

..................................................................................................

0.1548

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$46

billion

...................................................................................................

0.2500%

Over

$46

billion,

up

to

and

including

$81

billion

..............................................................................

0.2375

Over

$81

billion,

up

to

and

including

$111

billion

.............................................................................

0.2257

Over

$111

billion,

up

to

and

including

$141

billion

............................................................................

0.2144

Over

$141

billion,

up

to

and

including

$171

billion

............................................................................

0.2037

Over

$171

billion

..................................................................................................

0.1935

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

70

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended March

31,

2024,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year ended

March

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

March

31,

2024,

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

March

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

March

31,

2024,

permanent

differences

attributable

to

distributions

paid

in

excess

of

taxable

income

and

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

iShares

ETF

Amounts

Russell

2000

............................................................................................................

$

21,328,115‌

Russell

2000

Growth

......................................................................................................

5,020,793‌

Russell

2000

Value

.......................................................................................................

3,273,882‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Russell

2000

.........................................................................

$

899,048,143‌

$

1,729,739,649‌

$

(100,519,029‌)

Russell

2000

Growth

...................................................................

1,381,851,021‌

1,819,965,798‌

(480,507,931‌)

Russell

2000

Value

....................................................................

1,259,312,490‌

1,471,955,832‌

(38,711,812‌)

iShares

ETF

Purchases

Sales

Russell

2000

.........................................................................................

$

9,792,682,512‌

$

9,432,707,134‌

Russell

2000

Growth

...................................................................................

3,438,239,962‌

3,449,719,312‌

Russell

2000

Value

....................................................................................

3,241,394,354‌

3,246,634,881‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Russell

2000

.........................................................................................

$

85,911,925,230‌

$

80,035,478,830‌

Russell

2000

Growth

...................................................................................

3,149,268,909‌

2,784,993,991‌

Russell

2000

Value

....................................................................................

2,308,719,193‌

2,877,543,711‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Russell

2000

..............................................................................

$

6,391,953,160

$

(6,391,953,160

)

Russell

2000

Growth

........................................................................

691,664,587

(691,664,587

)

Russell

2000

Value

.........................................................................

471,834,248

(471,834,248

)

—

Notes

to

Financial

Statements

(continued)

71

Notes

to

Financial

Statements

The

tax

character

of

distributions

paid

was

as

follows:

;

As

of

March

31,

2024,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

March

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Each

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

iShares

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Russell

2000

Ordinary

income

...........................................................................................

$

780,867,167‌

$

820,928,177‌

Russell

2000

Growth

Ordinary

income

...........................................................................................

$

73,193,238‌

$

78,266,196‌

Russell

2000

Value

Ordinary

income

...........................................................................................

$

238,570,923‌

$

262,828,957‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Russell

2000

..........................................................

$

42,782,329‌

$

(17,278,597,264‌)

$

(18,161,859,213‌)

$

(35,397,674,148‌)

Russell

2000

Growth

....................................................

22,150,225‌

(3,253,512,827‌)

524,135,096‌

(2,707,227,506‌)

Russell

2000

Value

.....................................................

—‌

(2,021,038,790‌)

(240,045,082‌)

(2,261,083,872‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies

and

the

characterization

of

corporate

actions.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Russell

2000

....................................................

$

90,653,634,738‌

$

4,771,319,392‌

$

(22,933,178,604‌)

$

(18,161,859,212‌)

Russell

2000

Growth

...............................................

12,883,246,133‌

2,481,452,109‌

(1,957,317,013‌)

524,135,096‌

Russell

2000

Value

................................................

13,701,058,560‌

2,091,088,363‌

(2,331,133,445‌)

(240,045,082‌)

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

72

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the Funds

invest. 

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:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Year

Ended

03/31/24

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Russell

2000

Shares

sold

487,900,000‌

$

90,794,325,281‌

417,700,000‌

$

75,423,168,543‌

Shares

redeemed

(455,150,000‌)

(84,601,856,716‌)

(441,000,000‌)

(79,638,524,773‌)

32,750,000‌

$

6,192,468,565‌

(23,300,000‌)

$

(4,215,356,230‌)

Russell

2000

Growth

Shares

sold

13,700,000‌

$

3,194,892,181‌

15,500,000‌

$

3,389,592,867‌

Shares

redeemed

(12,000,000‌)

(2,824,486,924‌)

(16,500,000‌)

(3,696,775,160‌)

1,700,000‌

$

370,405,257‌

(1,000,000‌)

$

(307,182,293‌)

Russell

2000

Value

Shares

sold

17,950,000‌

$

2,558,416,540‌

16,250,000‌

$

2,354,853,734‌

Shares

redeemed

(22,500,000‌)

(3,188,441,074‌)

(23,650,000‌)

(3,499,054,175‌)

(4,550,000‌)

$

(630,024,534‌)

(7,400,000‌)

$

(1,144,200,441‌)

Notes

to

Financial

Statements

(continued)

73

Notes

to

Financial

Statements

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Report

of

Independent

Registered

Public

Accounting

Firm

2024

iShares

Annual

Report

to

Shareholders

74

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the three

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed in

the

table

below

(three

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2024,

the

related

statements

of

operations

for

the

year

ended

March

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds listed

in

the

table

below as

of

March

31,

2024,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2024

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

23,

2024 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Russell

2000

ETF

iShares

Russell

2000

Growth

ETF

iShares

Russell

2000

Value

ETF

Important

Tax

Information

(unaudited)

75

Important

Tax

Information

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Russell

2000

......................................................................................................

$

538,726,307‌

Russell

2000

Growth

................................................................................................

54,657,329‌

Russell

2000

Value

.................................................................................................

162,150,785‌

iShares

ETF

Qualified

Business

Income

Russell

2000

......................................................................................................

$

126,306,005‌

Russell

2000

Growth

................................................................................................

3,918,496‌

Russell

2000

Value

.................................................................................................

47,148,514‌

iShares

ETF

Dividends-Received

Deduction

Russell

2000

......................................................................................................

63.59‌

%

Russell

2000

Growth

................................................................................................

55.06‌

Russell

2000

Value

.................................................................................................

65.94‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

2024

iShares

Annual

Report

To

Shareholders

76

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Russell

2000

ETF,

iShares

Russell

2000

Growth

ETF

and

iShares

Russell

2000

Value

ETF (the

“Funds”

or

“ETFs”), each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

8,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays,

delays

in

the

repatriation

of

the

local

currency

in

certain

non-U.S.

countries,

the

continued

illiquidity

of

Russian

equity

securities

and

the

suspension

of

select

sanctions

in

Venezuela.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

ETFs

for

which

the

custom

baskets

accepted

by

the

ETF

had

a

significant

change

in

its

liquidity

profile.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

77

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2024

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Regulation

under

the

Alternative

Investment

Fund

Managers

Directive

The

Alternative

Investment

Fund

Managers

Directive,

and

its

United

Kingdom

(“UK”)

equivalent,

(the

“AIFMD”)

impose

detailed

and

prescriptive

obligations

on

fund

managers

established

in

the

European

Union

(the

“EU”)

and

the

UK.

These

do

not

currently

apply

to

managers

established

outside

of

the

EU

or

UK,

such

as

BFA

(the

“Company”).

However,

the

Company

is

required

to

comply

with

certain

disclosure,

reporting

and

transparency

obligations

of

the

AIFMD

because

it

has

registered

the iShares

Russell

2000

ETF (the

“Fund”)

to

be

marketed

to

investors

in

the

EU

and/or

UK. 

Report

on

Remuneration

BlackRock

has

a

clear

and

well-defined

pay-for-performance

philosophy,

and

compensation

programs

which

support

that

philosophy.

BlackRock

operates

a

total

compensation

model

for

remuneration

which

includes

a

base

salary,

which

is

contractual,

and

a

discretionary

bonus

scheme.

Although

all

employees

are

eligible

to

receive

a

discretionary

bonus,

there

is

no

contractual

obligation

to

make

a

discretionary

bonus

award

to

any

employees.

For

senior

management

and

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund,

a

significant

percentage

of

variable

remuneration

is

deferred

over

time.

All

employees

are

subject

to

a

clawback

policy.

Remuneration

decisions

for

employees

are

made

once

annually

in

January

following

the

end

of

the

performance

year,

based

on

BlackRock’s

full-year

financial

results

and

other

non-financial

goals

and

objectives.

Alongside

financial

performance,

individual

total

compensation

is

also

based

on

strategic

and

operating

results

and

other

considerations

such

as

management

and

leadership

capabilities.

No

set

formulas

are

established

and

no

fixed

benchmarks

are

used

in

determining

annual

incentive

awards.

Annual

incentive

awards

are

paid

from

a

bonus

pool

which

is

reviewed

throughout

the

year

by

BlackRock's

independent

compensation

committee,

taking

into

account

both

actual

and

projected

financial

information

together

with

information

provided

by

the

Enterprise

Risk

and

Regulatory

Compliance

departments

in

relation

to

any

activities,

incidents

or

events

that

warrant

consideration

in

making

compensation

decisions.

Individuals

are

not

involved

in

setting

their

own

remuneration.

Each

of

the

control

functions

(Enterprise

Risk,

Legal

&

Compliance,

Finance,

Human

Resources

and

Internal

Audit)

each

have

their

own

organizational

structures

which

are

independent

of

the

business

units

and

therefore

staff

members

in

control

functions

are

remunerated

independently

of

the

businesses

they

oversee.

Functional

bonus

pools

for

those

control

functions

are

determined

with

reference

to

the

performance

of

each

individual

function

and

the

remuneration

of

the

senior

members

of

control

functions

is

directly

overseen

by

BlackRock's

independent

remuneration

committee.

The

Company

is

required

under

the

AIFMD

to

make

quantitative

disclosures

of

remuneration.

These

disclosures

are

made

in

line

with

BlackRock’s

interpretation

of

currently

available

regulatory

guidance

on

quantitative

remuneration

disclosures.

As

market

or

regulatory

practice

develops

BlackRock

may

consider

it

appropriate

to

make

changes

to

the

way

in

which

quantitative

remuneration

disclosures

are

calculated.

Where

such

changes

are

made,

this

may

result

in

disclosures

in

relation

to

a

fund

not

being

comparable

to

the

disclosures

made

in

the

prior

year,

or

in

relation

to

other

BlackRock

fund

disclosures

in

that

same

year.

BlackRock

bases

its

proportionality

approach

on

a

combination

of

factors

that

it

is

entitled

to

take

into

account

based

on

relevant

guidelines.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Russell

2000

(a)

........................

$

2.403839‌

$

—‌

$

0.189717‌

$

2.593556‌

93‌

%

—‌

%

7‌

%

100‌

%

Russell

2000

Growth

(a)

..................

1.472852‌

—‌

0.256209‌

1.729061‌

85‌

—‌

15‌

100‌

Russell

2000

Value

(a)

...................

2.648188‌

—‌

0.385542‌

3.033730‌

87‌

—‌

13‌

100‌

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

Supplemental

Information

(unaudited)

(continued)

2024

iShares

Annual

Report

to

Shareholders

78

Remuneration

information

at

an

individual

AIF

level

is

not

readily

available.

Disclosures

are

provided

in

relation

to

(a)

the

staff

of

the

Company;

(b)

staff

who

are

senior

management;

(c)

staff

who

have

the

ability

to

materially

affect

the

risk

profile

of

the

Fund;

and

(d)

staff

of

companies

to

which

portfolio

management

and

risk

management

has

been

formally

delegated.

All

individuals

included

in

the

aggregated

figures

disclosed

are

rewarded

in

line

with

BlackRock’s

remuneration

policy

for

their

responsibilities

across

the

relevant

BlackRock

business

area.

As

all

individuals

have

a

number

of

areas

of

responsibilities,

only

the

portion

of

remuneration

for

those

individuals’

services

attributable

to

the

Fund

is

included

in

the

aggregate

figures

disclosed.

Members

of

staff

and

senior

management

of

the

Company

typically

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

Company

and

across

the

broader

BlackRock

group.

Conversely,

members

of

staff

and

senior

management

of

the

broader

BlackRock

group

may

provide

both

AIFMD

and

non-AIFMD

related

services

in

respect

of

multiple

funds,

clients

and

functions

of

the

broader

BlackRock

group

and

of

the

Company.

Therefore,

the

figures

disclosed

are

a

sum

of

individuals’

portion

of

remuneration

attributable

to

the

Company

according

to

an

objective

apportionment

methodology

which

acknowledges

the

multiple-service

nature

of

the

Company

and

the

broader

BlackRock

group.

Accordingly,

the

figures

are

not

representative

of

any

individual’s

actual

remuneration

or

their

remuneration

structure.

The

amount

of

the

total

remuneration

awarded

to

the

Company’s

staff

in

respect

of

the

Company’s

financial

year

ending

December

31,

2023

was

USD

5.43m.

This

figure

is

comprised

of

fixed

remuneration

of

USD

0.74m

and

variable

remuneration

of

USD

4.68m.

There

was

a

total

of

8

beneficiaries

of

the

remuneration

described

above.

The

amount

of

the

aggregate

remuneration

awarded

by

the

Company

in

respect

of

the

Company’s

financial

year

ending

December

31,

2023,

to

its

senior

management

was

USD

3.66m,

and

to

other

members

of

its

staff

whose

actions

potentially

have

a

material

impact

on

the

risk

profile

of

the

Company

or

its

funds

was

USD

1.77m.

Disclosures

Under

the

EU

Sustainable

Finance

Disclosure

Regulation

The

iShares

Russell

2000

ETF (the

“Fund”)

is

registered

under

the

Alternative

Investment

Fund

Managers

Directive

to

be

marketed

to

European

Union

(“EU”)

investors,

as

noted

above.

As

a

result,

certain

disclosures

are

required

under

the

EU

Sustainable

Finance

Disclosure

Regulation

(“SFDR”).

The

Fund

has

not

been

categorized

under

the

SFDR

as

an

“Article

8”

or

“Article

9”

product.

In

addition,

the Fund’s

investment

strategy

does

not

take

into

account

the

criteria

for

environmentally

sustainable

economic

activities

under

the

EU

sustainable

investment

taxonomy

regulation

or

principal

adverse

impacts

(“PAIs”)

on

sustainability

factors

under

the

SFDR.

PAIs

are

identified

under

the

SFDR

as

the

material

impacts

of

investment

decisions

on

sustainability

factors

relating

to

environmental,

social

and

employee

matters,

respect

for

human

rights,

and

anti-corruption

and

anti-bribery

matters.

Trustee

and

Officer

Information

(unaudited)

79

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of 404

funds

as

of

March

31,

2024.

With

the

exception

of

Stephen

Cohen,

Robert

S.

Kapito

and

Aaron

Wasserman,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito

and

Mr. Wasserman

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

address

of

Mr.

Cohen

is

c/o

BlackRock,

Inc.,

Drapers

Gardens,

12

Throgmorton

Avenue,

London

EC2N

2DL

United

Kingdom.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Stephen

Cohen

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President

of

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Stephen

Cohen

(b)

(1975)

Trustee

(since

2024).

Senior

Managing

Director,

Head

of

Global

Product

Solutions

of

BlackRock,

Inc.

(since

2024);

Senior

Managing

Director,

Head

of

Europe,

Middle

East

and

Africa

Regions

of

BlackRock,

Inc.

(2021-2024);

Head

of

iShares

Index

and

Wealth

in

EMEA

of

BlackRock,

Inc.

(2017-2021);

Global

Head

of

Fixed

Income

Indexing

of

BlackRock,

Inc.

(2016-

2017);

Chief

Investment

Strategist

for

International

Fixed

Income

and

iShares

of

BlackRock,

Inc.

(2011-2015).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022);

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

Trustee

and

Officer

Information

(unaudited)

(continued)

2024

iShares

Annual

Report

to

Shareholders

80

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Director

of

WellBe

Senior

Medical

(since

2023);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-

2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Jessica

Tan

(1980)

President

(since

2024).

Managing

Director

of

BlackRock,

Inc.

(since

2015);

Head

of

Global

Product

Solutions,

Americas

of

BlackRock,

Inc.

(since

2024)

and

Head

of

Sustainable

and

Transition

Solutions

of

BlackRock,

Inc.

(2022-2024);

Global

Head

of

Corporate

Strategy

of

BlackRock,

Inc.

(2019-2022);

Chief

of

Staff

to

the

CEO

of

BlackRock,

Inc.

(2017-2019).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director

of

BlackRock,

Inc.

(since

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021).

Aaron

Wasserman

(1974)

Chief

Compliance

Officer

(since

2023).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Chief

Compliance

Officer

of

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

Exchange-Traded

Fund

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

Exchange-Traded

Fund

Complex

(2014-2023).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2023);

Director

of

BlackRock,

Inc.

(2018-2022).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

of

BlackRock,

Inc.

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

of

BlackRock,

Inc.

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

of

BlackRock,

Inc.

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

of

BlackRock,

Inc.

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

of

BlackRock,

Inc.

(since

2020).

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer.

Effective

February

1,

2024,

Salim

Ramji

resigned

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Stephen

Cohen

replaced

Salim

Ramji

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Dominik

Rohé

resigned

as

President

of

the

Trust.

Effective

March

5,

2024,

Jessica

Tan

replaced

Dominik

Rohé

as

President

of

the

Trust.

Effective

April

8,

2024,

Laura

Fergerson

was

appointed

as

a

Trustee

of

the

Trust.

Effective

April

8,

2024,

James

Lam

was

appointed

as

a

Trustee

of

the

Trust.

Independent

Trustees

(continued)

General

Information

81

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Information

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Delivery

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.

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Please

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investors.

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Availability

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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

2024

iShares

Annual

Report

to

Shareholders

82

Currency

Abbreviation

USD

United

States

Dollar

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-316-0324

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

MARCH

31,

2024

2024

Annual

Report

iShares

Trust

iShares

Micro-Cap

ETF

|

IWC

|

NYSE

Arca

iShares

Russell

2500

ETF

|

SMMD

|

Cboe

BZX

iShares

Russell

Mid-Cap

ETF

|

IWR

|

NYSE

Arca

iShares

Russell

Mid-Cap

Growth

ETF

|

IWP

|

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

March

31,

2024.

Higher

interest

rates

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

has

had

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

second

half

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies,

while

small-capitalization

U.S.

stocks’

advance

was

slower

but

still

robust.

Meanwhile,

international

developed

market

equities

also

gained

strongly,

while

emerging

market

stocks

advanced

at

a

more

modest

pace.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

positive

returns

overall

for

10-

year

U.S.

Treasuries

and

solid

gains

in

shorter-duration

U.S.

Treasuries.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

twice

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

despite

the

market’s

hopes

for

rapid

interest

rate

cuts,

as

reflected

in

the

ongoing

rally.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

Looking

at

developed

market

stocks,

we

have

an

overweight

stance

on

U.S.

stocks

overall,

particularly

given

the

promise

of

emerging

AI

technologies.

We

are

also

overweight

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest,

although

we

maintain

an

underweight

stance

on

European

stocks.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries

and

hard-currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

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

March

31,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

23.48

%

29.88

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.94

19.71

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

16.81

15.32

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

10.42

8.15

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.68

5.24

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

4.88

(2.44

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

5.99

1.70

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.48

3.13

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.73

11.15

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

13

Disclosure

of Expenses

...................................................................................................

13

Schedules

of

Investments

.................................................................................................

14

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

54

Statements

of

Operations

................................................................................................

55

Statements

of

Changes

in

Net

Assets

........................................................................................

56

Financial

Highlights

.....................................................................................................

58

Notes

to

Financial

Statements

...............................................................................................

62

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

71

Important

Tax

Information

.................................................................................................

72

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

73

Supplemental

Information

.................................................................................................

74

Trustee

and

Officer

Information

..............................................................................................

75

General

Information

.....................................................................................................

77

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

78

Market

Overview

2024

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended 

March

31,

2024

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

29.29%

.

The

economy

showed

notable

resilience

even

as

interest

rates

rose,

and

analysts’

optimism

about

the

economy’s

trajectory

improved.

Meanwhile,

inflation

decelerated

notably,

enabling

a

pause

in

monetary

policy

tightening

and

providing

a

supportive

backdrop

for

equities.

The

U.S.

economy

grew

at

a

robust

pace

in

2023

despite

concerns

about

the

impact

of

higher

interest

rates

on

growth.

The

U.S.

consumer

helped

to

power

the

expansion,

as

consumer

spending

continued

to

grow

in

both

nominal

and

real

(inflation-adjusted)

terms.

A

strong

labor

market

bolstered

consumer

spending,

as

employers

continued

to

add

jobs,

and

average

hourly

wages

increased

notably.

Consumer

spending

was

also

supported

by

higher

asset

values,

as

both

home

prices

and

strong

equity

performance

increased

household

net

worth.

Government

spending

also

stimulated

the

economy,

as

the

federal

deficit

increased

amid

rising

expenditures,

while

state

and

local

governments

also

boosted

spending

to

fill

personnel

vacancies.

Despite

high

spending

and

healthy

household

balance

sheets,

consumer

sentiment

remained

below

pre-pandemic

levels,

as

elevated

inflation

and

high

interest

rates

weighed

on

consumers’

outlook.

While

inflation

declined

early

in

the

reporting

period

-

decreasing

from

4.9%

in

April

2023

to

3%

in

June

2023

-

it

remained

stubbornly

persistent

thereafter,

fluctuating

between

3%

and

4%,

above

the

pre-pandemic

average.

While

improved

supply

chains

eased

goods

inflation,

the

tight

labor

market

kept

labor

costs

near

record

highs,

and

growing

services

inflation

was

a

significant

driver

of

inflation’s

overall

persistence.

To

counteract

inflation,

the

U.S.

Federal

Reserve

(“Fed”)

raised

interest

rates

twice

early

in

the

reporting

period,

reaching

the

highest

level

since

2001.

However,

the

Fed

paused

its

interest

rate

increases

thereafter

as

inflation

edged

down,

keeping

interest

rates

steady

after

its

July

2023

meeting.

The

Fed

also

continued

to

decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

Projections

released

by

the

Fed

late

in

the

reporting

period

included

several

interest

rate

decreases

later

in

2024,

as

it

forecast

inflation

would

continue

to

moderate

despite

the

robust

economy. 

The

strong

economy

supported

corporate

profits,

which

grew

substantially

in

the

last

three

quarters

of

2023.

Despite

higher

input

costs,

companies

were

able

to

raise

prices

sufficiently

to

widen

profit

margins,

as

the

U.S.

consumer

continued

to

spend.

Firms

increasingly

kept

assets

in

short-term

investments

that

earned

higher

yields

due

to

elevated

interest

rates.

This

helped

to

mitigate

the

negative

impact

of

higher

borrowing

costs,

which

drove

a

rise

in

interest

expense.

Innovations

in

computing

also

drove

enthusiasm

for

equities,

as

new

technologies

drove

hopes

for

economy-wide

improvements

in

productivity.

Despite

the

strong

economic

conditions

during

the

reporting

period,

analysts

noted

several

areas

of

caution

about

potential

disruptions

to

markets.

Geopolitical

tensions

were

high

amid

Russia’s

ongoing

invasion

of

Ukraine

and

fighting

in

Gaza

following

Hamas’

terrorist

attack

on

Israel.

Missile

attacks

on

a

major

shipping

lane

in

the

Middle

East

raised

concerns

about

a

wider

conflict

while

disrupting

some

supply

chains.

While

inflation

declined

during

the

reporting

period,

it

remained

more

persistent

than

some

analysts

expected,

raising

concerns

about

the

effect

of

continued

inflation

on

the

Fed’s

interest

rate

policy. 

Fund

Summary

as

of

March

31,

2024

5

Fund

Summary

iShares

®

Micro-Cap

ETF

Investment

Objective

The 

iShares

Micro-Cap

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

micro-capitalization

U.S.

equities,

as

represented

by

the

Russell

MicroCap

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17

.36‌

%

6

.67‌

%

5

.83‌

%

17

.36‌

%

38

.10‌

%

76

.18‌

%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17

.39‌

6

.70‌

5

.84‌

17

.39‌

38

.30‌

76

.34‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

17

.78‌

6

.90‌

5

.96‌

17

.78‌

39

.58‌

78

.36‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,213.40‌

$

3.32‌

$

1,000.00‌

$

1,022.00‌

$

3.03‌

0

.60‌

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

6

iShares

®

Micro-Cap

ETF

Portfolio

Management

Commentary

Micro-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

healthcare

sector

was

the

largest

contributor

to

the

Index’s

performance,

driven

by

the

biotechnology

industry.

Biotechnology

stocks

rebounded

after

a

two-

year

slowdown

in

investment

and

innovation,

as

new

drug

approvals

by

regulators

rose

sharply

in

2023,

while

capital

flows

and

investor

sentiment

improved

early

in

2024.

Because

biotechnology

companies

require

substantial

up-front

investments

for

development

of

new

drugs

and

treatments,

they

are

typically

highly

sensitive

to

borrowing

costs

and

investor

sentiment.

A

weaker

environment

for

initial

public

offerings

(“IPOs”)

on

stock

markets

constrained

the

industry,

and

many

biotechnology

companies

cut

costs

and

reduced

payrolls.

However,

both

IPOs

and

financing

conditions

improved

at

the

beginning

of

2024,

as

investors

focused

on

companies

with

drugs

that

were

further

along

in

the

development

pipeline.

Mergers

and

acquisition

activity

bolstered

gains

in

the

biotechnology

industry.

News

that

a

large

pharmaceutical

company

agreed

to

purchase

a

developer

of

cancer

treatments

sent

the

target

company’s

stock

price

sharply

higher.

The

maker

of

a

therapy

for

ulcerative

colitis

was

also

acquired

by

a

larger

company,

driving

significant

gains.

Promising

test

results

for

a

drug

that

treats

acromegaly

further

aided

the

industry.

The

industrials

sector

was

another

significant

contributor

to

the

Index’s

performance.

Strong

economic

growth

led

to

investor

confidence

that

consumer

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

Manufacturing

output

improved

and

suppliers’

delivery

times

shortened

while

moderating

inflation

reduced

cost

pressures.

The

capital

goods

industry

advanced,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

manufacturing

equipment,

building

products,

and

tools.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

....................................

27

.1‌

%

Financials

......................................

19

.7‌

Industrials

......................................

14

.3‌

Information

Technology

.............................

11

.1‌

Consumer

Discretionary

............................

9

.4‌

Energy

........................................

5

.9‌

Materials

......................................

3

.7‌

Real

Estate

.....................................

3

.4‌

Communication

Services

............................

2

.9‌

Consumer

Staples

................................

1

.7‌

Utilities

........................................

0

.8‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Modine

Manufacturing

Co.

............................

1

.2‌

%

Cleanspark,

Inc.

..................................

1

.0‌

Sterling

Infrastructure,

Inc.

............................

0

.8‌

Crinetics

Pharmaceuticals,

Inc.

........................

0

.7‌

Ideaya

Biosciences,

Inc.

.............................

0

.7‌

Uranium

Energy

Corp.

..............................

0

.6‌

Rhythm

Pharmaceuticals,

Inc.

.........................

0

.6‌

Avidity

Biosciences,

Inc.

.............................

0

.5‌

UFP

Technologies,

Inc.

..............................

0

.4‌

Photronics,

Inc.

...................................

0

.4‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

7

Fund

Summary

iShares

®

Russell

2500

ETF

Investment

Objective

The 

iShares

Russell

2500

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-

and

small-capitalization

U.S.

equities,

as

represented

by

the

Russell

2500

TM

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(SINCE

INCEPTION

AT

NET

ASSET

VALUE)

The

inception

date

of

the

Fund

was

July

6,

2017.

The

first

day

of

secondary

market

trading

was

July

7,

2017.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

Since

Inception

1

Year

5

Years

Since

Inception

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

21

.36‌

%

9

.91‌

%

9

.65‌

%

21

.36‌

%

60

.40‌

%

85

.96‌

%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

21

.47‌

9

.96‌

9

.67‌

21

.47‌

60

.73‌

86

.21‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

21

.43‌

9

.90‌

9

.66‌

21

.43‌

60

.33‌

86

.03‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,210.80‌

$

0.39‌

$

1,000.00‌

$

1,024.65‌

$

0.35‌

0

.07‌

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

8

iShares

®

Russell

2500

ETF

Portfolio

Management

Commentary

Mid-

and

small-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

industrials

sector

was

the

largest

contributor

to

the

Index’s

performance.

Strong

economic

growth

bolstered

stocks

in

the

sector,

which

is

sensitive

to

overall

conditions

in

the

broader

economy.

This

supportive

backdrop

led

to

investor

confidence

that

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

A

key

measure

of

confidence

among

purchasing

managers

in

manufacturing

rose

to

its

highest

level

in

nearly

two

years,

as

output

improved

and

suppliers’

delivery

times

shortened.

The

capital

goods

industry

was

the

leading

source

of

strength,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

building

products,

machinery,

manufacturing

equipment,

and

tools.

The

financials

sector

was

another

strong

contributor

to

the

Index’s

return,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

The

financial

services

industry

gained,

as

transaction

and

payment

processing

companies

benefited

from

the

expansion

of

consumer

financing

offerings

into

retail

checkout

and

increased

assets

under

management.

The

capital

markets

industry

also

advanced,

as

higher

short-term

interest

rates

drove

increased

interest

income,

bolstering

the

industry’s

revenue.

As

the

U.S.

economy

continued

to

expand,

consumers

increased

their

spending

at

a

robust

pace,

driving

substantial

gains

in

the

consumer

discretionary

sector.

Tight

inventories,

strong

demand,

and

loosening

monetary

policy

particularly

benefited

the

homebuilding

industry.

An

upscale

home

furnishings

company

drove

gains

in

the

specialty

retail

industry,

as

the

company

maintained

high

prices,

leading

to

higher

profits.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Investment

Funds

................................

42

.1‌

%

Industrials

......................................

13

.4‌

Financials

......................................

9

.2‌

Consumer

Discretionary

............................

8

.6‌

Information

Technology

.............................

6

.8‌

Health

Care

....................................

5

.4‌

Real

Estate

.....................................

4

.1‌

Materials

......................................

3

.6‌

Energy

........................................

2

.0‌

Consumer

Staples

................................

1

.8‌

Utilities

........................................

1

.6‌

Communication

Services

............................

1

.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

iShares

Russell

2000

ETF

............................

42

.1‌

%

Vertiv

Holdings

Co.

,

Class

A

..........................

0

.4‌

PulteGroup,

Inc.

..................................

0

.4‌

Builders

FirstSource,

Inc.

............................

0

.4‌

Vistra

Corp.

.....................................

0

.4‌

Deckers

Outdoor

Corp.

..............................

0

.4‌

Hubbell,

Inc.

.....................................

0

.4‌

Axon

Enterprise,

Inc.

...............................

0

.4‌

PTC,

Inc.

.......................................

0

.3‌

Entegris,

Inc.

.....................................

0

.3‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

9

Fund

Summary

iShares

®

Russell

Mid-Cap

ETF

Investment

Objective

The 

iShares

Russell

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

Russell

MidCap

®

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

22

.16‌

%

10

.93‌

%

9

.78‌

%

22

.16‌

%

67

.95‌

%

154

.24‌

%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

22

.02‌

10

.90‌

9

.77‌

22

.02‌

67

.75‌

153

.97‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

22

.35‌

11

.10‌

9

.95‌

22

.35‌

69

.26‌

158

.13‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,224.20‌

$

1.06‌

$

1,000.00‌

$

1,024.05‌

$

0.96‌

0

.19‌

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

10

iShares

®

Russell

Mid-Cap

ETF

Portfolio

Management

Commentary

Mid-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

industrials

sector

was

the

largest

contributor

to

the

Index’s

performance.

Strong

economic

growth

bolstered

investor

confidence

that

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

A

key

measure

of

confidence

among

purchasing

managers

in

manufacturing

rose

to

its

highest

level

in

nearly

two

years,

as

output

improved

and

suppliers’

delivery

times

shortened.

Moderating

inflation

also

helped

the

sector

by

reducing

cost

pressures

and

allowing

companies

to

maintain

profitability.

The

capital

goods

industry

was

the

leading

source

of

strength,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

manufacturing

equipment,

building

products,

and

tools.

The

financials

sector

was

another

strong

contributor

to

the

Index’s

return,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

The

asset

management

and

custody

banking

industry

was

the

largest

source

of

strength,

gaining

along

with

the

wider

market,

which

bolstered

the

value

of

the

industry’s

investments.

Additionally,

higher

premiums,

greater

income

from

investments

amid

higher

bond

yields,

and

slowing

inflation

in

claim

costs

benefited

the

property

and

casualty

insurance

industry.

The

information

technology

sector

also

contributed

to

performance,

led

by

the

software

industry.

Robust

sales

of

data

analytics

software

boosted

the

industry,

as

strong

demand

raised

revenue

above

analysts’

targets.

The

award

of

a

nine-figure

contract

from

the

U.S.

Army

for

tactical

intelligence

software

increased

optimism

surrounding

the

industry.

Artificial

intelligence-enabled

products

also

helped

drive

software

sales

higher.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

20

.5‌

%

Financials

......................................

16

.0‌

Information

Technology

.............................

13

.1‌

Consumer

Discretionary

............................

10

.7‌

Health

Care

....................................

9

.9‌

Real

Estate

.....................................

7

.4‌

Materials

......................................

5

.7‌

Utilities

........................................

5

.1‌

Energy

........................................

5

.0‌

Consumer

Staples

................................

3

.4‌

Communication

Services

............................

3

.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Phillips

66

.......................................

0

.6‌

%

Parker-Hannifin

Corp.

...............................

0

.6‌

Crowdstrike

Holdings,

Inc.

,

Class

A

......................

0

.6‌

Trane

Technologies

plc

..............................

0

.6‌

Amphenol

Corp.

,

Class

A

............................

0

.6‌

KKR

&

Co.,

Inc.

...................................

0

.6‌

TransDigm

Group,

Inc.

..............................

0

.6‌

PACCAR,

Inc.

....................................

0

.6‌

Marvell

Technology,

Inc.

.............................

0

.5‌

Cintas

Corp.

.....................................

0

.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

March

31,

2024

11

Fund

Summary

iShares

®

Russell

Mid-Cap

Growth

ETF

Investment

Objective

The 

iShares

Russell

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

Russell

MidCap

®

Growth

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

26

.02‌

%

11

.59‌

%

11

.13‌

%

26

.02‌

%

73

.05‌

%

187

.21‌

%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

26

.04‌

11

.58‌

11

.13‌

26

.04‌

72

.98‌

187

.22‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

26

.28‌

11

.82‌

11

.35‌

26

.28‌

74

.81‌

193

.08‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(10/01/23)

Ending

Account

Value

(03/31/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,252.90‌

$

1.30‌

$

1,000.00‌

$

1,023.85‌

$

1.16‌

0

.23‌

%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

March

31,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

12

iShares

®

Russell

Mid-Cap

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

mid-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

Growth

stocks

benefited

from

strong

corporate

earnings

and

the

resilience

of

the

U.S.

economy

in

the

face

of

higher

interest

rates.

The

information

technology

sector

was

the

largest

contributor

to

the

Index’s

return,

driven

by

gains

in

the

software

industry.

Sales

of

cybersecurity

software

grew

substantially,

as

continued

attacks

on

corporate

systems

supported

strong

demand.

Increased

security

breaches

of

data

stored

in

the

cloud

made

cybersecurity

spending

more

resilient

than

other

aspects

of

corporate

technology

budgets,

benefiting

software

sales.

Robust

sales

of

data

analytics

software

also

boosted

the

industry,

as

revenue

exceeded

analysts’

targets.

The

award

of

a

nine-figure

contract

from

the

U.S.

Army

for

tactical

intelligence

software

bolstered

optimism

surrounding

the

industry.

Artificial

intelligence-

enabled

products

also

helped

drive

software

sales

higher.

The

industrials

sector

was

another

significant

contributor

to

the

Index’s

performance.

Strong

economic

growth

supported

stocks

in

the

sector,

which

is

sensitive

to

overall

conditions

in

the

broader

economy.

The

capital

goods

industry

was

the

leading

source

of

strength,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

manufacturing

equipment,

building

products,

and

tools.

The

consumer

discretionary

sector

also

contributed.

As

the

U.S.

economy

continued

to

expand,

consumers

increased

their

spending

at

a

robust

pace,

driving

substantial

gains.

Despite

rising

interest

rates

and

higher

borrowing

costs,

spending

remained

resilient,

as

strong

household

balance

sheets,

higher

wages,

and

elevated

asset

prices

supported

consumers.

The

restaurants

industry

advanced,

as

revenues

from

food

delivery

services

grew,

supported

by

strength

in

both

restaurant

and

grocery

delivery.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

22

.4‌

%

Industrials

......................................

20

.1‌

Health

Care

....................................

18

.3‌

Consumer

Discretionary

............................

13

.9‌

Financials

......................................

11

.1‌

Communication

Services

............................

4

.2‌

Energy

........................................

3

.8‌

Consumer

Staples

................................

2

.8‌

Real

Estate

.....................................

1

.7‌

Materials

......................................

1

.3‌

Utilities

........................................

0

.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Crowdstrike

Holdings,

Inc.

,

Class

A

......................

2

.0‌

%

Apollo

Global

Management,

Inc.

........................

1

.7‌

Dexcom,

Inc.

.....................................

1

.6‌

Cintas

Corp.

.....................................

1

.6‌

Copart,

Inc.

......................................

1

.5‌

Ross

Stores,

Inc.

..................................

1

.3‌

WW

Grainger,

Inc.

.................................

1

.3‌

IDEXX

Laboratories,

Inc.

.............................

1

.3‌

Palantir

Technologies,

Inc.

,

Class

A

......................

1

.3‌

Ameriprise

Financial,

Inc.

............................

1

.3‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

13

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. Since

shares

of

a

fund

may

not

trade

in

the

secondary

market

until

after

the

fund’s

inception,

for

the

period

from

inception

to

the

first

day

of

secondary

market

trading

in

shares

of

the

fund,

the

NAV

of

the

fund

is

used

as

a

proxy

for

the

Market

Price

to

calculate

market

returns.

Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also, index

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included, index

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

Micro-Cap

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.0%

AerSale

Corp.

(a)

(b)

....................

74,231

$

532,979

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

..........

333,775

1,542,040

Astronics

Corp.

(a)

(b)

...................

60,751

1,156,699

Byrna

Technologies,

Inc.

(a)

(b)

.............

38,109

530,858

Cadre

Holdings,

Inc.

..................

42,698

1,545,668

CPI

Aerostructures,

Inc.

(b)

..............

22,387

52,386

Ducommun,

Inc.

(b)

...................

29,415

1,508,989

Innovative

Solutions

and

Support,

Inc.

(b)

.....

32,095

234,935

National

Presto

Industries,

Inc.

...........

11,307

947,527

Park

Aerospace

Corp.

.................

40,454

672,750

Redwire

Corp.

(a)

(b)

....................

17,534

76,974

Terran

Orbital

Corp.

(a)

(b)

................

212,128

277,888

VirTra,

Inc.

(b)

.......................

23,186

238,352

9,318,045

Air

Freight

&

Logistics

—

0.0%

(b)

Air

T,

Inc.

.........................

2,322

51,548

Radiant

Logistics,

Inc.

(a)

...............

78,280

424,278

475,826

Automobile

Components

—

1.6%

(b)

Cooper-Standard

Holdings,

Inc.

(a)

.........

36,701

607,769

Holley,

Inc.

........................

116,361

518,970

Modine

Manufacturing

Co.

(a)

............

112,791

10,736,575

Motorcar

Parts

of

America,

Inc.

(a)

.........

41,703

335,292

Solid

Power,

Inc.

,

Class

A

(a)

.............

340,944

692,116

Stoneridge,

Inc.

.....................

58,179

1,072,821

Strattec

Security

Corp.

................

8,539

202,631

Superior

Industries

International,

Inc.

......

46,536

134,954

Sypris

Solutions,

Inc.

(a)

................

25,243

40,136

14,341,264

Automobiles

—

0.0%

(b)

Envirotech

Vehicles,

Inc.

(a)

..............

26,145

70,592

Volcon,

Inc.

........................

177

120

Workhorse

Group,

Inc.

(a)

...............

495,197

116,173

186,885

Banks

—

13.4%

1895

Bancorp

of

Wisconsin,

Inc.

(a)

(b)

.......

12,365

84,329

ACNB

Corp.

.......................

18,128

681,613

Affinity

Bancshares,

Inc.

(b)

..............

10,156

168,082

Amalgamated

Financial

Corp.

...........

38,826

931,824

Amerant

Bancorp,

Inc.

,

Class

A

..........

56,996

1,327,437

AmeriServ

Financial,

Inc.

..............

32,651

84,893

Ames

National

Corp.

(a)

................

19,099

385,418

Arrow

Financial

Corp.

.................

32,420

811,148

Auburn

National

BanCorp,

Inc.

...........

4,965

95,576

Bank

First

Corp.

....................

20,505

1,777,168

Bank

of

Marin

Bancorp

................

34,273

574,758

Bank

of

the

James

Financial

Group,

Inc.

....

8,132

84,248

Bank7

Corp.

.......................

8,254

232,763

BankFinancial

Corp.

..................

23,574

247,527

Bankwell

Financial

Group,

Inc.

...........

12,866

333,744

Bar

Harbor

Bankshares

...............

32,954

872,622

BayCom

Corp.

.....................

23,978

494,187

Bayfirst

Financial

Corp.

................

7,683

99,495

BCB

Bancorp,

Inc.

...................

32,758

342,321

Blue

Foundry

Bancorp

(b)

...............

47,897

448,316

Blue

Ridge

Bankshares,

Inc.

............

38,799

104,369

Bogota

Financial

Corp.

(a)

(b)

..............

9,876

69,922

Bridgewater

Bancshares,

Inc.

(b)

..........

44,459

517,503

Broadway

Financial

Corp.

(b)

.............

10,261

56,538

Burke

&

Herbert

Financial

Services

Corp.

(a)

..

14,155

793,105

Business

First

Bancshares,

Inc.

..........

52,581

1,171,505

Security

Shares

Shares

Value

Banks

(continued)

BV

Financial,

Inc.

....................

21,621

$

223,345

Byline

Bancorp,

Inc.

..................

54,806

1,190,386

C&F

Financial

Corp.

..................

6,940

340,060

California

Bancorp

(a)

(b)

.................

17,067

375,474

Cambridge

Bancorp

..................

16,668

1,136,091

Camden

National

Corp.

...............

31,423

1,053,299

Capital

Bancorp,

Inc.

.................

20,802

433,306

Capital

City

Bank

Group,

Inc.

............

29,073

805,322

Carter

Bankshares,

Inc.

(b)

..............

49,423

624,707

Catalyst

Bancorp,

Inc.

(a)

(b)

..............

9,831

116,497

CB

Financial

Services,

Inc.

.............

10,023

216,697

Central

Pacific

Financial

Corp.

...........

55,563

1,097,369

Central

Plains

Bancshares,

Inc.

(b)

.........

8,143

83,221

Central

Valley

Community

Bancorp

........

22,121

439,987

CF

Bankshares,

Inc.

..................

8,743

174,598

CFSB

Bancorp,

Inc.

(b)

.................

5,307

39,166

Chemung

Financial

Corp.

..............

7,640

324,547

ChoiceOne

Financial

Services,

Inc.

........

15,444

422,393

Citizens

&

Northern

Corp.

..............

32,978

619,327

Citizens

Community

Bancorp,

Inc.

........

21,635

262,865

Citizens

Financial

Services,

Inc.

..........

8,379

412,247

Civista

Bancshares,

Inc.

...............

33,736

518,860

CNB

Financial

Corp.

..................

45,136

920,323

Coastal

Financial

Corp.

(a)

(b)

.............

23,808

925,417

Codorus

Valley

Bancorp,

Inc.

............

20,323

462,551

Colony

Bankcorp,

Inc.

................

36,072

414,828

Community

Trust

Bancorp,

Inc.

..........

34,035

1,451,593

Community

West

Bancshares

(a)

..........

15,809

244,723

ConnectOne

Bancorp,

Inc.

.............

80,468

1,569,126

CrossFirst

Bankshares,

Inc.

(a)

(b)

..........

99,176

1,372,596

Cullman

Bancorp,

Inc.

................

11,507

114,495

Dime

Community

Bancshares,

Inc.

........

76,484

1,473,082

Eagle

Bancorp

Montana,

Inc.

............

16,082

206,493

ECB

Bancorp,

Inc.

(a)

(b)

.................

17,901

232,355

Enterprise

Bancorp,

Inc.

...............

21,389

555,472

Equity

Bancshares,

Inc.

,

Class

A

.........

32,135

1,104,480

Esquire

Financial

Holdings,

Inc.

..........

15,206

721,829

ESSA

Bancorp,

Inc.

..................

18,544

338,057

Evans

Bancorp,

Inc.

..................

11,434

341,419

Farmers

&

Merchants

Bancorp,

Inc.

.......

27,649

616,296

Farmers

National

Banc

Corp.

............

79,916

1,067,678

Fidelity

D&D

Bancorp,

Inc.

..............

10,172

492,630

Financial

Institutions,

Inc.

..............

33,588

632,126

Finward

Bancorp

....................

8,426

207,280

Finwise

Bancorp

(a)

(b)

..................

21,575

216,829

First

Bancorp,

Inc.

(The)

...............

21,579

531,707

First

Bancshares,

Inc.

(The)

.............

67,429

1,749,783

First

Bank

.........................

45,105

619,743

First

Business

Financial

Services,

Inc.

......

17,177

644,137

First

Capital,

Inc.

....................

7,026

203,754

First

Community

Bankshares,

Inc.

........

37,646

1,303,681

First

Community

Corp.

................

16,450

286,723

First

Financial

Corp.

..................

25,210

966,299

First

Financial

Northwest,

Inc.

...........

15,561

319,934

First

Foundation,

Inc.

.................

112,506

849,420

First

Guaranty

Bancshares,

Inc.

..........

13,489

136,913

First

Internet

Bancorp

.................

18,068

627,682

First

Mid

Bancshares,

Inc.

..............

48,889

1,597,693

First

National

Corp.

..................

11,406

185,462

First

Northwest

Bancorp

...............

17,470

273,405

First

of

Long

Island

Corp.

(The)

..........

47,937

531,621

First

Savings

Financial

Group,

Inc.

........

12,748

213,529

First

Seacoast

Bancorp

(b)

..............

10,536

88,292

First

United

Corp.

...................

13,600

311,576

First

US

Bancshares,

Inc.

..............

11,362

105,212

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

First

Western

Financial,

Inc.

(a)

(b)

..........

17,352

$

252,992

Five

Star

Bancorp

...................

27,970

629,325

Flushing

Financial

Corp.

...............

60,192

759,021

FNCB

Bancorp,

Inc.

..................

36,457

221,294

Franklin

Financial

Services

Corp.

.........

8,993

235,617

FS

Bancorp,

Inc.

....................

14,480

502,601

FVCBankcorp,

Inc.

(a)

(b)

................

35,029

426,653

German

American

Bancorp,

Inc.

..........

61,553

2,132,196

Great

Southern

Bancorp,

Inc.

............

19,448

1,066,139

Greene

County

Bancorp,

Inc.

............

15,224

438,299

Guaranty

Bancshares,

Inc.

.............

17,806

540,590

Hanmi

Financial

Corp.

................

64,498

1,026,808

Hanover

Bancorp,

Inc.

(a)

...............

12,076

178,966

HarborOne

Bancorp,

Inc.

..............

89,013

948,879

Hawthorn

Bancshares,

Inc.

.............

13,839

282,731

HBT

Financial,

Inc.

...................

29,170

555,397

Heritage

Commerce

Corp.

..............

131,257

1,126,185

Hingham

Institution

for

Savings

(The)

(a)

.....

3,245

566,123

HMN

Financial,

Inc.

..................

7,950

167,745

Home

Bancorp,

Inc.

..................

15,748

603,306

Home

Federal

Bancorp,

Inc.

of

Louisiana

....

4,232

52,223

HomeStreet,

Inc.

....................

39,355

592,293

HomeTrust

Bancshares,

Inc.

............

32,392

885,597

Horizon

Bancorp,

Inc.

.................

94,939

1,218,067

IF

Bancorp,

Inc.

.....................

5,241

86,529

Independent

Bank

Corp.

...............

43,729

1,108,530

Investar

Holding

Corp.

................

20,343

332,811

John

Marshall

Bancorp,

Inc.

............

27,583

494,287

Kentucky

First

Federal

Bancorp

..........

6,578

25,128

Lake

Shore

Bancorp,

Inc.

(b)

.............

3,686

43,421

Lakeland

Bancorp,

Inc.

................

137,825

1,667,682

Landmark

Bancorp,

Inc.

...............

9,496

183,083

LCNB

Corp.

.......................

25,915

413,085

LINKBANCORP,

Inc.

.................

55,035

381,943

Macatawa

Bank

Corp.

................

58,251

570,277

Magyar

Bancorp,

Inc.

.................

12,312

136,909

MainStreet

Bancshares,

Inc.

(a)

...........

15,079

273,835

Mercantile

Bank

Corp.

................

34,388

1,323,594

Meridian

Corp.

.....................

20,118

199,571

Metrocity

Bankshares,

Inc.

.............

39,801

993,433

Metropolitan

Bank

Holding

Corp.

(b)

........

22,725

874,912

Mid

Penn

Bancorp,

Inc.

................

31,521

630,735

Middlefield

Banc

Corp.

................

17,156

409,685

Midland

States

Bancorp,

Inc.

............

45,567

1,145,099

MidWestOne

Financial

Group,

Inc.

........

31,420

736,485

MVB

Financial

Corp.

.................

24,670

550,388

National

Bankshares,

Inc.

..............

12,560

419,630

Nicolet

Bankshares,

Inc.

...............

28,794

2,475,996

Northeast

Bank

.....................

14,765

817,095

Northeast

Community

Bancorp,

Inc.

.......

27,034

425,245

Northfield

Bancorp,

Inc.

...............

86,179

837,660

Northrim

BanCorp,

Inc.

................

11,721

592,028

Norwood

Financial

Corp.

...............

15,873

431,904

NSTS

Bancorp,

Inc.

(b)

.................

10,155

96,879

Oak

Valley

Bancorp

..................

14,608

361,986

Ohio

Valley

Banc

Corp.

................

9,296

227,287

Old

Point

Financial

Corp.

..............

7,676

130,799

Old

Second

Bancorp,

Inc.

..............

95,423

1,320,654

OP

Bancorp

.......................

25,726

256,745

Orange

County

Bancorp,

Inc.

............

11,262

518,052

Origin

Bancorp,

Inc.

..................

64,183

2,005,077

Orrstown

Financial

Services,

Inc.

.........

22,609

605,243

Parke

Bancorp,

Inc.

..................

22,848

393,557

Pathfinder

Bancorp,

Inc.

...............

7,668

96,233

Patriot

National

Bancorp,

Inc.

(b)

..........

5,751

21,049

Security

Shares

Shares

Value

Banks

(continued)

PB

Bankshares,

Inc.

(b)

.................

5,265

$

67,392

PCB

Bancorp

......................

23,844

389,372

Peapack-Gladstone

Financial

Corp.

.......

37,419

910,404

Penns

Woods

Bancorp,

Inc.

.............

15,834

307,338

Peoples

Bancorp

of

North

Carolina,

Inc.

....

10,221

284,655

Peoples

Bancorp,

Inc.

................

76,697

2,270,998

Peoples

Financial

Services

Corp.

.........

15,068

649,581

Pioneer

Bancorp,

Inc.

(b)

................

26,037

255,423

Plumas

Bancorp

....................

11,932

438,978

Ponce

Financial

Group,

Inc.

(a)

(b)

..........

42,231

375,856

Preferred

Bank

.....................

25,497

1,957,405

Premier

Financial

Corp.

...............

77,746

1,578,244

Primis

Financial

Corp.

.................

44,772

544,875

Princeton

Bancorp,

Inc.

................

11,011

338,919

Provident

Bancorp,

Inc.

(b)

..............

36,666

333,661

Provident

Financial

Holdings,

Inc.

.........

11,670

156,145

QCR

Holdings,

Inc.

..................

36,153

2,195,933

RBB

Bancorp

......................

36,173

651,476

Red

River

Bancshares,

Inc.

.............

10,386

517,119

Republic

Bancorp,

Inc.

,

Class

A

..........

18,559

946,509

Rhinebeck

Bancorp,

Inc.

(b)

..............

9,372

79,193

Richmond

Mutual

BanCorp,

Inc.

..........

21,599

240,181

Riverview

Bancorp,

Inc.

...............

43,768

206,585

SB

Financial

Group,

Inc.

...............

13,824

190,495

Shore

Bancshares,

Inc.

................

65,939

758,298

Sierra

Bancorp

.....................

29,343

592,729

SmartFinancial,

Inc.

..................

35,187

741,390

Sound

Financial

Bancorp,

Inc.

...........

4,741

190,446

South

Plains

Financial,

Inc.

.............

25,355

678,500

Southern

First

Bancshares,

Inc.

(b)

.........

16,713

530,805

Southern

Missouri

Bancorp,

Inc.

..........

20,808

909,518

Southern

States

Bancshares,

Inc.

.........

16,830

436,234

SR

Bancorp,

Inc.

(a)

(b)

..................

20,609

194,549

Stellar

Bancorp,

Inc.

..................

106,442

2,592,927

Sterling

Bancorp,

Inc.

(b)

................

48,805

251,834

Summit

Financial

Group,

Inc.

............

24,335

660,939

Summit

State

Bank

..................

11,457

124,308

TC

Bancshares,

Inc.

..................

8,670

119,212

Territorial

Bancorp,

Inc.

................

16,314

131,491

Texas

Community

Bancshares,

Inc.

.......

5,485

79,532

Third

Coast

Bancshares,

Inc.

(b)

...........

28,015

560,860

Timberland

Bancorp,

Inc.

..............

16,212

436,427

TrustCo

Bank

Corp.

..................

40,769

1,148,055

Union

Bankshares,

Inc.

................

8,782

267,851

United

Bancorp,

Inc.

..................

10,555

152,731

United

Security

Bancshares

.............

30,932

238,486

Unity

Bancorp,

Inc.

...................

15,653

432,023

Univest

Financial

Corp.

................

64,056

1,333,646

USCB

Financial

Holdings,

Inc.

,

Class

A

.....

22,711

258,905

Village

Bank

and

Trust

Financial

Corp.

.....

1,292

55,311

Virginia

National

Bankshares

Corp.

........

10,301

310,060

Washington

Trust

Bancorp,

Inc.

..........

37,492

1,007,785

West

BanCorp,

Inc.

..................

35,685

636,264

Western

New

England

Bancorp,

Inc.

.......

42,269

324,203

William

Penn

Bancorp

(a)

...............

18,383

227,030

123,221,093

Beverages

—

0.2%

(b)

Splash

Beverage

Group,

Inc.

............

73,980

34,031

Vintage

Wine

Estates,

Inc.

..............

54,094

19,474

Vita

Coco

Co.,

Inc.

(The)

(a)

..............

82,743

2,021,411

Willamette

Valley

Vineyards,

Inc.

.........

9,891

49,554

Zevia

PBC

,

Class

A

(a)

.................

58,140

68,024

2,192,494

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

—

16.5%

2seventy

bio,

Inc.

(a)

(b)

.................

110,636

$

591,903

4D

Molecular

Therapeutics,

Inc.

(a)

(b)

........

89,089

2,838,376

89bio,

Inc.

(b)

.......................

173,008

2,013,813

Aadi

Bioscience,

Inc.

(b)

................

34,786

81,399

Abeona

Therapeutics,

Inc.

(a)

(b)

...........

37,495

271,839

Absci

Corp.

(a)

(b)

.....................

132,007

749,800

Acrivon

Therapeutics,

Inc.

(b)

.............

26,343

188,352

Actinium

Pharmaceuticals,

Inc.

(a)

(b)

........

60,966

477,364

Acumen

Pharmaceuticals,

Inc.

(b)

..........

85,632

346,810

Acurx

Pharmaceuticals,

Inc.

(b)

...........

16,234

39,773

Adicet

Bio,

Inc.

(b)

....................

115,791

272,109

ADMA

Biologics,

Inc.

(a)

(b)

...............

467,470

3,085,302

Aerovate

Therapeutics,

Inc.

(b)

............

24,308

718,788

Agenus,

Inc.

(a)

(b)

.....................

827,872

480,166

Aldeyra

Therapeutics,

Inc.

(b)

.............

103,074

337,052

Alector,

Inc.

(b)

......................

158,630

954,953

Aligos

Therapeutics,

Inc.

(b)

..............

71,598

70,166

Allakos,

Inc.

(b)

......................

145,000

182,700

Allovir,

Inc.

(a)

(b)

......................

108,808

82,139

Alpine

Immune

Sciences,

Inc.

(b)

..........

84,252

3,339,749

Altimmune,

Inc.

(b)

....................

118,206

1,203,337

ALX

Oncology

Holdings,

Inc.

(b)

...........

57,306

638,962

AnaptysBio,

Inc.

(a)

(b)

..................

41,127

926,180

Anavex

Life

Sciences

Corp.

(a)

(b)

..........

158,887

808,735

Anika

Therapeutics,

Inc.

(b)

..............

32,331

821,207

Anixa

Biosciences,

Inc.

(a)

(b)

..............

65,957

205,786

Annexon,

Inc.

(a)

(b)

....................

147,648

1,058,636

Annovis

Bio,

Inc.

(a)

(b)

..................

15,863

188,770

Applied

Therapeutics,

Inc.

(a)

(b)

............

77,601

527,687

Arbutus

Biopharma

Corp.

(a)

(b)

............

280,838

724,562

Arcturus

Therapeutics

Holdings,

Inc.

(a)

(b)

.....

50,996

1,722,135

Armata

Pharmaceuticals,

Inc.

(b)

..........

22,383

93,561

ArriVent

Biopharma,

Inc.

(b)

..............

21,786

389,098

ARS

Pharmaceuticals,

Inc.

(a)

(b)

...........

53,370

545,441

Assembly

Biosciences,

Inc.

(a)

(b)

...........

8,517

113,276

Astria

Therapeutics,

Inc.

(a)

(b)

.............

109,123

1,535,906

Atara

Biotherapeutics,

Inc.

(a)

(b)

...........

210,053

145,777

aTyr

Pharma,

Inc.

(b)

..................

125,707

245,129

Aura

Biosciences,

Inc.

(b)

...............

78,804

618,611

Avalo

Therapeutics,

Inc.

(a)

(b)

.............

1,767

38,432

Avid

Bioservices,

Inc.

(a)

(b)

...............

137,675

922,422

Avidity

Biosciences,

Inc.

(a)

(b)

.............

162,100

4,136,792

Avita

Medical,

Inc.

(a)

(b)

.................

55,154

884,119

Azitra,

Inc.

(a)

(b)

......................

4,047

832

Beyondspring,

Inc.

(a)

(b)

.................

51,589

184,173

BioAtla,

Inc.

(a)

(b)

.....................

97,911

336,814

BioCardia,

Inc.

(a)

(b)

...................

41,840

17,029

Biomea

Fusion,

Inc.

(a)

(b)

................

43,757

654,167

BioVie,

Inc.

(b)

.......................

26,100

13,796

Bioxcel

Therapeutics,

Inc.

(a)

(b)

............

46,079

129,943

Black

Diamond

Therapeutics,

Inc.

(b)

.......

71,358

361,785

Bluebird

Bio,

Inc.

(a)

(b)

..................

415,635

532,013

Bolt

Biotherapeutics,

Inc.

(a)

(b)

............

57,073

79,902

BrainStorm

Cell

Therapeutics,

Inc.

(b)

.......

105,374

59,505

C4

Therapeutics,

Inc.

(a)

(b)

...............

100,221

818,806

Cabaletta

Bio,

Inc.

(b)

..................

75,321

1,284,976

Candel

Therapeutics,

Inc.

(b)

.............

42,801

67,626

Capricor

Therapeutics,

Inc.

(b)

............

48,875

331,861

Cardiff

Oncology,

Inc.

(a)

(b)

...............

86,870

463,886

CareDx,

Inc.

(b)

......................

114,170

1,209,060

Cargo

Therapeutics,

Inc.

(b)

..............

47,066

1,050,513

Caribou

Biosciences,

Inc.

(a)

(b)

............

179,590

923,093

Carisma

Therapeutics,

Inc.

(a)

(b)

...........

57,255

129,969

Cartesian

Therapeutics,

Inc.

(a)

(b)

..........

250,267

162,674

Celcuity,

Inc.

(a)

(b)

.....................

40,147

867,175

Security

Shares

Shares

Value

Biotechnology

(continued)

CEL-SCI

Corp.

(a)

(b)

...................

92,202

$

176,106

Century

Therapeutics,

Inc.

(b)

............

52,382

218,957

Checkpoint

Therapeutics,

Inc.

(a)

(b)

.........

40,733

83,503

Chimerix,

Inc.

(b)

.....................

184,031

195,073

Cidara

Therapeutics,

Inc.

(b)

.............

191,882

176,531

Clene,

Inc.

(a)

(b)

......................

87,961

37,419

Cogent

Biosciences,

Inc.

(a)

(b)

............

182,184

1,224,276

Coherus

Biosciences,

Inc.

(a)

(b)

............

227,883

544,640

Compass

Therapeutics,

Inc.

(b)

...........

198,816

393,656

Corbus

Pharmaceuticals

Holdings,

Inc.

(a)

(b)

...

8,550

335,502

Corvus

Pharmaceuticals,

Inc.

(a)

(b)

.........

57,106

101,649

Coya

Therapeutics,

Inc.

(a)

(b)

.............

19,832

196,733

Crinetics

Pharmaceuticals,

Inc.

(b)

.........

144,487

6,763,436

Cue

Biopharma,

Inc.

(a)

(b)

...............

76,983

145,498

Cullinan

Oncology,

Inc.

(b)

...............

56,687

965,946

CytomX

Therapeutics,

Inc.

(b)

............

144,800

315,664

Day

One

Biopharmaceuticals,

Inc.

(b)

.......

137,260

2,267,535

Deciphera

Pharmaceuticals,

Inc.

(b)

........

117,127

1,842,408

DermTech,

Inc.

(a)

(b)

...................

64,248

45,102

Design

Therapeutics,

Inc.

(a)

(b)

............

71,833

289,487

DiaMedica

Therapeutics,

Inc.

(a)

(b)

.........

51,999

144,037

Disc

Medicine,

Inc.

(b)

..................

20,638

1,284,922

Dyadic

International,

Inc.

(a)

(b)

............

43,816

73,173

Dyne

Therapeutics,

Inc.

(b)

..............

129,558

3,678,152

Eagle

Pharmaceuticals,

Inc.

(b)

...........

22,685

118,869

Eiger

BioPharmaceuticals,

Inc.

(b)

..........

3,074

15,370

Elevation

Oncology,

Inc.

(b)

..............

77,886

399,555

Eliem

Therapeutics,

Inc.

(a)

(b)

.............

12,634

34,617

Elutia,

Inc.

,

Class

A

(b)

.................

14,521

45,741

Emergent

BioSolutions,

Inc.

(b)

...........

113,972

288,349

Entrada

Therapeutics,

Inc.

(b)

............

46,500

658,905

Erasca,

Inc.

(a)

(b)

.....................

178,970

368,678

Exagen,

Inc.

(b)

......................

20,909

33,245

Fennec

Pharmaceuticals,

Inc.

(b)

..........

40,002

444,822

Foghorn

Therapeutics,

Inc.

(b)

............

45,197

303,272

G1

Therapeutics,

Inc.

(a)

(b)

...............

105,951

457,708

Gain

Therapeutics,

Inc.

(a)

(b)

.............

29,923

112,810

Galectin

Therapeutics,

Inc.

(b)

............

53,011

126,696

Galecto,

Inc.

(b)

......................

35,820

27,940

Galera

Therapeutics,

Inc.

(b)

.............

88,262

12,357

Gamida

Cell

Ltd.

(a)

(b)

..................

265,871

9,598

Genelux

Corp.

(a)

(b)

...................

41,757

268,497

Generation

Bio

Co.

(a)

(b)

................

98,508

400,928

GlycoMimetics,

Inc.

(a)

(b)

................

118,412

355,236

Gossamer

Bio,

Inc.

(b)

.................

171,961

202,914

Greenwich

Lifesciences,

Inc.

(a)

(b)

..........

13,450

268,193

Gritstone

bio,

Inc.

(a)

(b)

.................

198,677

510,600

HCW

Biologics,

Inc.

(a)

(b)

................

42,652

71,229

Heron

Therapeutics,

Inc.

(a)

(b)

.............

225,049

623,386

HilleVax,

Inc.

(a)

(b)

....................

57,561

957,239

Hookipa

Pharma,

Inc.

(b)

................

153,502

109,293

Humacyte,

Inc.

(a)

(b)

...................

135,364

420,982

Ideaya

Biosciences,

Inc.

(a)

(b)

.............

144,131

6,324,468

IGM

Biosciences,

Inc.

(a)

(b)

..............

29,539

285,051

Immix

Biopharma,

Inc.

(a)

(b)

..............

16,137

49,541

ImmuCell

Corp.

(b)

....................

13,761

72,933

Immuneering

Corp.

,

Class

A

(a)

(b)

..........

49,350

142,621

Immunic,

Inc.

(b)

.....................

191,255

252,457

Immunome,

Inc.

(b)

...................

47,925

1,182,789

IN8bio,

Inc.

(b)

.......................

23,489

27,717

Inhibrx,

Inc.

(b)

......................

75,103

2,625,601

Inmune

Bio,

Inc.

(a)

(b)

..................

25,974

305,194

Inozyme

Pharma,

Inc.

(b)

...............

104,985

804,185

Intensity

Therapeutics,

Inc.

(b)

............

9,985

51,922

Invivyd,

Inc.

(a)

(b)

.....................

102,481

455,016

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

iTeos

Therapeutics,

Inc.

(b)

..............

54,742

$

746,681

Janux

Therapeutics,

Inc.

(a)

(b)

.............

37,886

1,426,408

Jasper

Therapeutics,

Inc.

(a)

(b)

............

19,133

561,745

KALA

BIO,

Inc.

(b)

....................

5,450

42,728

KalVista

Pharmaceuticals,

Inc.

(b)

..........

68,812

816,110

Karyopharm

Therapeutics,

Inc.

(b)

.........

250,748

378,629

Kezar

Life

Sciences,

Inc.

(b)

..............

151,862

136,919

Kineta,

Inc.

(b)

.......................

12,404

6,425

Kiniksa

Pharmaceuticals

Ltd.

,

Class

A

(b)

.....

69,620

1,373,603

Kinnate

Biopharma,

Inc.

(a)

(b)

.............

67,517

179,595

Kodiak

Sciences,

Inc.

(b)

................

71,478

375,974

Kronos

Bio,

Inc.

(b)

....................

96,494

125,442

Lantern

Pharma,

Inc.

(a)

(b)

...............

14,168

124,678

Larimar

Therapeutics,

Inc.

(a)

(b)

............

56,532

429,078

LENZ

Therapeutics,

Inc.

(a)

..............

8,660

193,378

Lexeo

Therapeutics,

Inc.

(a)

(b)

.............

22,753

356,767

Lexicon

Pharmaceuticals,

Inc.

(a)

(b)

.........

204,977

491,945

Lineage

Cell

Therapeutics,

Inc.

(a)

(b)

........

290,541

430,001

Longeveron,

Inc.

,

Class

A

(a)

(b)

............

1,044

3,393

Lyell

Immunopharma,

Inc.

(a)

(b)

............

381,695

851,180

MacroGenics,

Inc.

(a)

(b)

.................

133,004

1,957,819

MAIA

Biotechnology,

Inc.

(b)

.............

15,473

34,041

MannKind

Corp.

(a)

(b)

..................

570,346

2,583,667

MediciNova,

Inc.

(b)

...................

102,126

148,083

MEI

Pharma,

Inc.

....................

14,318

57,272

MeiraGTx

Holdings

plc

(b)

...............

70,784

429,659

Merrimack

Pharmaceuticals,

Inc.

(b)

........

23,087

340,995

Mersana

Therapeutics,

Inc.

(b)

............

243,001

1,088,644

MiMedx

Group,

Inc.

(a)

(b)

................

253,542

1,952,273

Mineralys

Therapeutics,

Inc.

(b)

...........

42,164

544,337

MiNK

Therapeutics,

Inc.

(b)

..............

10,841

9,847

Mirum

Pharmaceuticals,

Inc.

(a)

(b)

..........

54,240

1,362,509

Monte

Rosa

Therapeutics,

Inc.

(a)

(b)

........

68,142

480,401

Mustang

Bio,

Inc.

(a)

(b)

.................

11,887

12,362

NextCure,

Inc.

(a)

(b)

....................

49,948

111,384

Nkarta,

Inc.

(b)

.......................

66,518

719,060

Nurix

Therapeutics,

Inc.

(a)

(b)

.............

104,284

1,532,975

Nuvectis

Pharma,

Inc.

(b)

...............

15,853

129,995

Ocean

Biomedical,

Inc.

(b)

...............

19,201

72,676

Olema

Pharmaceuticals,

Inc.

(b)

...........

59,128

669,329

Omega

Therapeutics,

Inc.

(a)

(b)

............

52,206

190,552

Organogenesis

Holdings,

Inc.

,

Class

A

(a)

(b)

...

155,276

440,984

Orgenesis,

Inc.

(b)

....................

61,568

50,609

ORIC

Pharmaceuticals,

Inc.

(a)

(b)

..........

85,450

1,174,937

Outlook

Therapeutics,

Inc.

(a)

(b)

...........

17,617

210,347

Ovid

therapeutics,

Inc.

(b)

...............

129,519

395,033

Passage

Bio,

Inc.

(a)

(b)

.................

93,506

126,233

PDS

Biotechnology

Corp.

(a)

(b)

............

61,781

244,653

PepGen,

Inc.

(b)

.....................

21,766

319,960

PharmaCyte

Biotech,

Inc.

(a)

(b)

............

19,484

46,177

PMV

Pharmaceuticals,

Inc.

(b)

............

87,567

148,864

Portage

Biotech,

Inc.

(a)

(b)

...............

21,508

12,260

Poseida

Therapeutics,

Inc.

(b)

............

147,787

471,441

Praxis

Precision

Medicines,

Inc.

(b)

.........

27,765

1,694,220

Precigen,

Inc.

(a)

(b)

....................

286,296

415,129

Prelude

Therapeutics,

Inc.

(b)

.............

32,153

152,405

Protalix

BioTherapeutics,

Inc.

(b)

..........

147,495

185,844

Protara

Therapeutics,

Inc.

(a)

(b)

............

21,013

84,262

Puma

Biotechnology,

Inc.

(a)

(b)

............

77,087

408,561

Pyxis

Oncology,

Inc.

(b)

.................

77,660

330,832

Quince

Therapeutics,

Inc.

(a)

(b)

............

63,747

67,572

Rallybio

Corp.

(a)

(b)

....................

65,881

121,880

RAPT

Therapeutics,

Inc.

(a)

(b)

.............

64,181

576,345

Reneo

Pharmaceuticals,

Inc.

(b)

...........

27,539

45,715

Renovaro,

Inc.

(b)

....................

57,998

153,695

Security

Shares

Shares

Value

Biotechnology

(continued)

RenovoRx,

Inc.

(a)

(b)

...................

20,840

$

27,926

Replimune

Group,

Inc.

(b)

...............

108,539

886,764

Rezolute,

Inc.

(a)

(b)

....................

66,197

168,802

Rhythm

Pharmaceuticals,

Inc.

(a)

(b)

.........

116,969

5,068,267

Rigel

Pharmaceuticals,

Inc.

(b)

............

371,301

549,525

Sagimet

Biosciences,

Inc.

,

Class

A

(a)

(b)

......

49,942

270,686

Sangamo

Therapeutics,

Inc.

(a)

(b)

..........

319,716

214,274

Savara,

Inc.

(b)

......................

198,053

986,304

Scholar

Rock

Holding

Corp.

(b)

...........

126,110

2,239,714

SELLAS

Life

Sciences

Group,

Inc.

(a)

(b)

......

60,228

60,830

Sensei

Biotherapeutics,

Inc.

(a)

(b)

..........

31,307

32,872

Sera

Prognostics,

Inc.

,

Class

A

(a)

(b)

........

51,940

472,654

Seres

Therapeutics,

Inc.

(a)

(b)

.............

216,001

167,206

Shattuck

Labs,

Inc.

(a)

(b)

................

83,010

742,109

Solid

Biosciences,

Inc.

(a)

(b)

..............

21,400

285,048

Spero

Therapeutics,

Inc.

(a)

(b)

.............

89,918

154,659

Spruce

Biosciences,

Inc.

(a)

(b)

.............

56,986

44,785

Stoke

Therapeutics,

Inc.

(a)

(b)

.............

61,313

827,725

Summit

Therapeutics,

Inc.

(a)

(b)

............

254,006

1,051,585

Sutro

Biopharma,

Inc.

(b)

................

132,762

750,105

Syros

Pharmaceuticals,

Inc.

(a)

(b)

..........

53,217

284,711

Tango

Therapeutics,

Inc.

(b)

..............

98,145

779,271

Tenaya

Therapeutics,

Inc.

(b)

.............

100,947

527,953

Tourmaline

Bio,

Inc.

..................

37,710

863,559

TScan

Therapeutics,

Inc.

(b)

.............

57,207

454,224

Turnstone

Biologics

Corp.

(b)

.............

33,228

87,057

Tyra

Biosciences,

Inc.

(a)

(b)

..............

30,914

506,990

UNITY

Biotechnology,

Inc.

(b)

.............

28,617

46,932

UroGen

Pharma

Ltd.

(b)

................

60,702

910,530

Vanda

Pharmaceuticals,

Inc.

(b)

...........

122,666

504,157

Vaxxinity,

Inc.

,

Class

A

(b)

...............

94,431

67,754

Vera

Therapeutics,

Inc.

,

Class

A

(a)

(b)

........

87,842

3,787,747

Verve

Therapeutics,

Inc.

(a)

(b)

.............

144,238

1,915,481

Vigil

Neuroscience,

Inc.

(b)

..............

34,469

117,539

Viracta

Therapeutics,

Inc.

(a)

(b)

............

63,591

64,863

Viridian

Therapeutics,

Inc.

(a)

(b)

............

109,097

1,910,288

Vor

BioPharma,

Inc.

(a)

(b)

................

85,007

201,467

Voyager

Therapeutics,

Inc.

(a)

(b)

...........

86,316

803,602

Werewolf

Therapeutics,

Inc.

(a)

(b)

..........

44,505

288,392

X4

Pharmaceuticals,

Inc.

(a)

(b)

............

273,514

380,184

XBiotech,

Inc.

(b)

.....................

52,685

428,329

Xilio

Therapeutics,

Inc.

(b)

...............

39,630

42,800

XOMA

Corp.

(a)

(b)

.....................

16,195

389,490

Y-mAbs

Therapeutics,

Inc.

(a)

(b)

...........

80,484

1,308,670

Zura

Bio

Ltd.

,

Class

A

(b)

................

35,977

92,461

Zymeworks,

Inc.

(a)

(b)

..................

122,561

1,289,342

151,434,791

Broadline

Retail

—

0.2%

(b)

1stdibs.com,

Inc.

(a)

...................

55,228

329,159

Big

Lots,

Inc.

.......................

61,584

266,659

ContextLogic,

Inc.

,

Class

A

(a)

............

50,207

285,678

Groupon,

Inc.

(a)

.....................

43,219

576,541

1,458,037

Building

Products

—

0.5%

Alpha

Pro

Tech

Ltd.

(a)

(b)

................

22,237

138,759

Caesarstone

Ltd.

(b)

...................

48,974

200,304

Insteel

Industries,

Inc.

.................

41,019

1,567,746

Quanex

Building

Products

Corp.

..........

72,409

2,782,678

4,689,487

Capital

Markets

—

0.5%

AlTi

Global,

Inc.

,

Class

A

(b)

..............

51,989

294,258

Ashford,

Inc.

(b)

......................

1,672

3,779

Bakkt

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

154,456

71,019

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

Cohen

&

Co.,

Inc.

...................

2,038

$

14,551

Diamond

Hill

Investment

Group,

Inc.

.......

6,028

929,337

Forge

Global

Holdings,

Inc.

(b)

............

241,091

465,306

Hennessy

Advisors,

Inc.

...............

10,872

75,017

Heritage

Global,

Inc.

(b)

................

70,964

187,345

MarketWise,

Inc.

,

Class

A

..............

69,907

120,939

Marygold

Cos.,

Inc.

(The)

(a)

(b)

............

32,440

41,847

Perella

Weinberg

Partners

,

Class

C

.......

92,181

1,302,517

Siebert

Financial

Corp.

(a)

(b)

..............

30,172

63,663

Silvercrest

Asset

Management

Group,

Inc.

,

Class

A

........................

20,581

325,385

Value

Line,

Inc.

.....................

1,872

75,816

Westwood

Holdings

Group,

Inc.

..........

17,984

221,563

4,192,342

Chemicals

—

1.4%

AdvanSix,

Inc.

......................

57,445

1,642,927

Alto

Ingredients,

Inc.

(a)

(b)

...............

162,419

354,073

American

Vanguard

Corp.

..............

58,103

752,434

Arq,

Inc.

(b)

.........................

50,349

326,261

Aspen

Aerogels,

Inc.

(a)

(b)

...............

111,763

1,967,029

Core

Molding

Technologies,

Inc.

(b)

.........

15,788

298,867

Danimer

Scientific,

Inc.

,

Class

A

(a)

(b)

........

191,330

208,550

Flexible

Solutions

International,

Inc.

.......

16,060

30,193

Hawkins,

Inc.

......................

42,417

3,257,626

Intrepid

Potash,

Inc.

(a)

(b)

................

23,128

482,450

Koppers

Holdings,

Inc.

................

44,270

2,442,376

Northern

Technologies

International

Corp.

...

17,348

233,330

Origin

Materials,

Inc.

,

Class

A

(a)

(b)

.........

255,755

130,435

Rayonier

Advanced

Materials,

Inc.

(b)

.......

138,537

662,207

Valhi,

Inc.

.........................

5,387

92,549

12,881,307

Commercial

Services

&

Supplies

—

2.8%

ACCO

Brands

Corp.

..................

202,143

1,134,022

Acme

United

Corp.

...................

4,934

231,849

Aqua

Metals,

Inc.

(a)

(b)

.................

229,824

123,645

ARC

Document

Solutions,

Inc.

...........

79,591

220,467

Aris

Water

Solutions,

Inc.

,

Class

A

........

65,572

927,844

BrightView

Holdings,

Inc.

(b)

.............

90,662

1,078,878

CECO

Environmental

Corp.

(a)

(b)

..........

65,283

1,502,815

CompX

International,

Inc.

..............

3,360

115,248

Ennis,

Inc.

........................

55,741

1,143,248

Enviri

Corp.

(a)

(b)

.....................

172,559

1,578,915

Fuel

Tech,

Inc.

(b)

....................

51,802

62,680

GEO

Group,

Inc.

(The)

(b)

...............

264,014

3,727,878

Interface,

Inc.

......................

125,528

2,111,381

LanzaTech

Global,

Inc.

(a)

(b)

..............

44,274

137,028

Liquidity

Services,

Inc.

(b)

...............

50,546

940,155

Montrose

Environmental

Group,

Inc.

(a)

(b)

.....

61,696

2,416,632

NL

Industries,

Inc.

...................

17,920

131,354

Odyssey

Marine

Exploration,

Inc.

(a)

(b)

.......

40,586

154,633

Performant

Financial

Corp.

(b)

............

150,699

443,055

Perma-Fix

Environmental

Services,

Inc.

(a)

(b)

..

27,892

331,636

Quad/Graphics,

Inc.

,

Class

A

............

67,394

357,862

Quest

Resource

Holding

Corp.

(b)

..........

37,612

322,711

SP

Plus

Corp.

(b)

.....................

42,950

2,242,849

Viad

Corp.

(b)

.......................

44,602

1,761,333

Virco

Mfg.

Corp.

(a)

...................

28,452

310,980

VSE

Corp.

(a)

.......................

28,731

2,298,480

25,807,578

Communications

Equipment

—

0.9%

Applied

Optoelectronics,

Inc.

(a)

(b)

..........

74,894

1,038,031

Aviat

Networks,

Inc.

(b)

.................

24,915

955,241

BK

Technologies

Corp.

(b)

...............

5,865

85,629

Security

Shares

Shares

Value

Communications

Equipment

(continued)

CalAmp

Corp.

(a)

(b)

....................

3,326

$

11,009

Cambium

Networks

Corp.

(b)

.............

26,744

115,267

Casa

Systems,

Inc.

(b)

.................

67,437

18,451

Clearfield,

Inc.

(a)

(b)

....................

28,323

873,481

ClearOne,

Inc.

......................

27,969

51,183

Comtech

Telecommunications

Corp.

(b)

......

60,268

206,719

Digi

International,

Inc.

(a)

(b)

..............

77,875

2,486,549

DZS,

Inc.

(b)

........................

47,044

62,098

EMCORE

Corp.

(a)

(b)

..................

154,957

53,460

Franklin

Wireless

Corp.

(b)

..............

21,529

64,372

Genasys,

Inc.

(a)

(b)

....................

95,625

226,631

KVH

Industries,

Inc.

(b)

.................

40,724

207,693

Lantronix,

Inc.

(b)

.....................

68,393

243,479

NETGEAR,

Inc.

(b)

....................

63,694

1,004,454

Network-1

Technologies,

Inc.

............

32,885

68,072

Ondas

Holdings,

Inc.

(a)

(b)

...............

91,748

89,014

Optical

Cable

Corp.

(b)

.................

12,692

35,918

Ribbon

Communications,

Inc.

(a)

(b)

.........

195,662

626,119

8,522,870

Construction

&

Engineering

—

1.9%

Argan,

Inc.

........................

27,693

1,399,604

Bowman

Consulting

Group

Ltd.

(b)

.........

23,674

823,619

Concrete

Pumping

Holdings,

Inc.

(b)

........

54,681

431,980

Great

Lakes

Dredge

&

Dock

Corp.

(b)

.......

143,487

1,255,511

IES

Holdings,

Inc.

(b)

..................

17,950

2,183,438

INNOVATE

Corp.

(b)

...................

154,076

107,961

Limbach

Holdings,

Inc.

(b)

...............

20,204

836,850

Matrix

Service

Co.

(b)

..................

57,961

755,232

Northwest

Pipe

Co.

(b)

.................

21,559

747,666

Orion

Group

Holdings,

Inc.

(b)

............

62,822

515,140

Shimmick

Corp.

(b)

....................

7,350

42,336

Southland

Holdings,

Inc.

(b)

..............

9,049

46,602

Sterling

Infrastructure,

Inc.

(a)

(b)

...........

65,636

7,240,307

Tutor

Perini

Corp.

(b)

..................

92,917

1,343,580

17,729,826

Construction

Materials

—

0.2%

Smith-Midland

Corp.

(a)

(b)

...............

9,868

463,599

United

States

Lime

&

Minerals,

Inc.

........

4,510

1,344,611

1,808,210

Consumer

Finance

—

0.6%

Atlanticus

Holdings

Corp.

(b)

.............

10,282

304,244

Consumer

Portfolio

Services,

Inc.

(a)

(b)

.......

19,063

144,116

LendingTree,

Inc.

(b)

...................

23,343

988,343

Medallion

Financial

Corp.

..............

42,524

336,365

Moneylion,

Inc.

(a)

(b)

...................

14,479

1,032,642

NerdWallet,

Inc.

,

Class

A

(b)

..............

74,045

1,088,462

Nicholas

Financial,

Inc.

(a)

(b)

..............

9,505

64,254

Oportun

Financial

Corp.

(b)

..............

61,070

148,400

OppFi,

Inc.

,

Class

A

(a)

(b)

................

23,008

57,520

Regional

Management

Corp.

............

17,585

425,733

World

Acceptance

Corp.

(b)

..............

8,905

1,291,047

5,881,126

Consumer

Staples

Distribution

&

Retail

—

0.3%

HF

Foods

Group,

Inc.

(b)

................

89,620

313,670

Maison

Solutions,

Inc.

,

Class

A

(b)

.........

5,364

7,295

Natural

Grocers

by

Vitamin

Cottage,

Inc.

....

20,713

373,870

SpartanNash

Co.

....................

75,560

1,527,068

Village

Super

Market,

Inc.

,

Class

A

........

19,160

548,167

2,770,070

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Containers

&

Packaging

—

0.3%

Myers

Industries,

Inc.

.................

80,056

$

1,854,898

Ranpak

Holdings

Corp.

,

Class

A

(b)

........

94,261

741,834

2,596,732

Distributors

—

0.0%

AMCON

Distributing

Co.

(a)

..............

348

64,032

Weyco

Group,

Inc.

...................

12,923

411,985

476,017

Diversified

Consumer

Services

—

1.0%

2U,

Inc.

(a)

(b)

........................

176,128

68,637

American

Public

Education,

Inc.

(a)

(b)

........

33,803

480,002

Carriage

Services,

Inc.

................

29,442

796,112

Lincoln

Educational

Services

Corp.

(a)

(b)

......

51,442

531,396

Nerdy,

Inc.

,

Class

A

(b)

.................

141,301

411,186

OneSpaWorld

Holdings

Ltd.

(b)

...........

182,644

2,416,380

Perdoceo

Education

Corp.

..............

141,502

2,484,775

Regis

Corp.

(a)

(b)

.....................

4,854

35,386

Universal

Technical

Institute,

Inc.

(b)

........

86,418

1,377,503

Wag!

Group

Co.

(b)

...................

35,819

70,922

WW

International,

Inc.

(a)

(b)

..............

120,294

222,544

8,894,843

Diversified

REITs

—

0.4%

Alpine

Income

Property

Trust,

Inc.

........

27,483

419,940

CTO

Realty

Growth,

Inc.

...............

48,146

816,075

Gladstone

Commercial

Corp.

............

87,282

1,207,983

Modiv

Industrial,

Inc.

,

Class

C

...........

16,588

278,512

NexPoint

Diversified

Real

Estate

Trust

.....

69,586

459,268

One

Liberty

Properties,

Inc.

.............

35,709

806,666

3,988,444

Diversified

Telecommunication

Services

—

0.6%

Anterix,

Inc.

(b)

......................

28,226

948,676

ATN

International,

Inc.

................

23,619

744,117

Bandwidth,

Inc.

,

Class

A

(b)

..............

51,407

938,692

Consolidated

Communications

Holdings,

Inc.

(b)

165,332

714,234

IDT

Corp.

,

Class

B

...................

33,600

1,270,416

NextPlat

Corp.

(b)

....................

9,012

13,788

Ooma,

Inc.

(a)

(b)

......................

53,282

454,495

5,084,418

Electric

Utilities

—

0.1%

Genie

Energy

Ltd.

,

Class

B

.............

42,934

647,445

Via

Renewables,

Inc.

(a)

(b)

...............

5,802

62,719

710,164

Electrical

Equipment

—

1.3%

Allient,

Inc.

........................

28,397

1,013,205

American

Superconductor

Corp.

(a)

(b)

.......

63,715

860,790

Amprius

Technologies,

Inc.

(a)

(b)

...........

11,522

30,533

Babcock

&

Wilcox

Enterprises,

Inc.

(b)

.......

125,516

141,833

Beam

Global

(a)

(b)

....................

30,565

207,842

Blink

Charging

Co.

(a)

(b)

.................

124,303

374,152

Broadwind,

Inc.

(a)

(b)

...................

44,132

105,034

Dragonfly

Energy

Holdings

Corp.

(a)

(b)

.......

58,958

31,837

Energy

Vault

Holdings,

Inc.

(a)

(b)

...........

219,378

392,687

Eos

Energy

Enterprises,

Inc.

,

Class

A

(a)

(b)

....

332,459

342,433

Espey

Mfg.

&

Electronics

Corp.

..........

4,028

101,707

ESS

Tech,

Inc.

(a)

(b)

...................

194,102

140,394

Expion360,

Inc.

(b)

....................

9,444

29,465

Flux

Power

Holdings,

Inc.

(b)

.............

26,292

116,474

FTC

Solar,

Inc.

(a)

(b)

...................

164,917

88,890

Ideal

Power,

Inc.

(a)

(b)

..................

12,878

114,614

LSI

Industries,

Inc.

...................

61,473

929,472

NeoVolta,

Inc.

(b)

.....................

60,971

71,946

Orion

Energy

Systems,

Inc.

(b)

............

72,368

62,975

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Pioneer

Power

Solutions,

Inc.

(b)

..........

15,630

$

89,247

Powell

Industries,

Inc.

.................

20,308

2,889,828

Preformed

Line

Products

Co.

............

5,339

686,969

Servotronics,

Inc.

(b)

...................

1,427

19,621

SES

AI

Corp.

,

Class

A

(a)

(b)

..............

271,883

456,764

SKYX

Platforms

Corp.

(a)

(b)

..............

139,711

183,021

Thermon

Group

Holdings,

Inc.

(a)

(b)

.........

73,380

2,400,994

TPI

Composites,

Inc.

(a)

(b)

...............

91,546

266,399

Ultralife

Corp.

(b)

.....................

21,462

189,080

12,338,206

Electronic

Equipment,

Instruments

&

Components

—

2.6%

908

Devices,

Inc.

(a)

(b)

..................

48,413

365,518

Aeva

Technologies,

Inc.

(a)

(b)

.............

34,692

136,340

Airgain,

Inc.

(a)

(b)

.....................

19,292

105,141

Akoustis

Technologies,

Inc.

(a)

(b)

...........

205,658

121,564

AmpliTech

Group,

Inc.

(a)

(b)

..............

14,134

26,148

Arlo

Technologies,

Inc.

(b)

...............

196,454

2,485,143

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

22,876

1,379,652

Climb

Global

Solutions,

Inc.

.............

9,057

641,960

Coda

Octopus

Group,

Inc.

(b)

.............

9,897

57,106

CPS

Technologies

Corp.

(a)

(b)

.............

25,287

46,781

Daktronics,

Inc.

(b)

....................

83,633

832,985

Data

I/O

Corp.

(b)

.....................

19,685

69,291

Evolv

Technologies

Holdings,

Inc.

(b)

........

250,335

1,113,991

FARO

Technologies,

Inc.

(b)

..............

41,629

895,440

Focus

Universal,

Inc.

(a)

(b)

...............

60,643

24,864

Frequency

Electronics,

Inc.

(b)

............

14,914

162,413

Identiv,

Inc.

(a)

(b)

......................

50,652

401,164

Interlink

Electronics,

Inc.

(b)

..............

3,770

27,668

Iteris,

Inc.

(b)

........................

94,116

464,933

Key

Tronic

Corp.

(b)

...................

22,015

102,590

Kimball

Electronics,

Inc.

(a)

(b)

.............

52,433

1,135,174

LightPath

Technologies,

Inc.

,

Class

A

(b)

.....

84,351

116,404

Lightwave

Logic,

Inc.

(a)

(b)

...............

256,862

1,202,114

Luna

Innovations,

Inc.

(a)

(b)

..............

72,387

232,000

MicroVision,

Inc.

(a)

(b)

..................

419,098

771,140

Movella

Holdings,

Inc.

(a)

(b)

..............

26,211

1,546

M-Tron

Industries,

Inc.

(a)

(b)

..............

3,734

112,020

Napco

Security

Technologies,

Inc.

........

72,799

2,923,608

Neonode,

Inc.

(a)

(b)

....................

25,361

35,505

nLight,

Inc.

(a)

(b)

......................

98,127

1,275,651

Ouster,

Inc.

(a)

(b)

.....................

72,616

576,571

Powerfleet,

Inc.

(a)

(b)

...................

186,799

997,507

Presto

Automation,

Inc.

(b)

...............

6,916

1,203

Research

Frontiers,

Inc.

(a)

(b)

.............

68,941

89,623

RF

Industries

Ltd.

(b)

..................

20,166

62,515

Richardson

Electronics

Ltd.

.............

26,191

241,219

ScanSource,

Inc.

(b)

...................

54,246

2,388,994

SmartRent,

Inc.

,

Class

A

(b)

..............

412,335

1,105,058

Sobr

Safe,

Inc.

(a)

(b)

...................

20,075

8,231

Sono-Tek

Corp.

(a)

(b)

...................

18,770

91,785

Vishay

Precision

Group,

Inc.

(b)

...........

27,272

963,520

Vuzix

Corp.

(a)

(b)

.....................

131,369

158,957

Wrap

Technologies,

Inc.

(a)

(b)

.............

62,837

142,012

24,093,049

Energy

Equipment

&

Services

—

1.9%

Bristow

Group,

Inc.

(b)

.................

51,770

1,408,144

Dawson

Geophysical

Co.

(a)

(b)

............

12,564

17,841

Diamond

Offshore

Drilling,

Inc.

(a)

(b)

........

222,714

3,037,819

DMC

Global,

Inc.

(b)

...................

42,844

835,030

Energy

Services

of

America

Corp.

........

25,227

208,123

Forum

Energy

Technologies,

Inc.

(b)

........

21,131

422,197

Geospace

Technologies

Corp.

(a)

(b)

.........

27,859

367,460

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Gulf

Island

Fabrication,

Inc.

(b)

............

29,123

$

214,054

Helix

Energy

Solutions

Group,

Inc.

(b)

.......

315,587

3,420,963

Independence

Contract

Drilling,

Inc.

(a)

(b)

.....

24,396

45,377

KLX

Energy

Services

Holdings,

Inc.

(a)

(b)

.....

28,226

218,469

Mammoth

Energy

Services,

Inc.

(b)

.........

50,146

182,532

Natural

Gas

Services

Group,

Inc.

(b)

........

25,653

498,438

NCS

Multistage

Holdings,

Inc.

(b)

..........

1,324

21,197

Newpark

Resources,

Inc.

(b)

.............

163,619

1,181,329

Nine

Energy

Service,

Inc.

(a)

(b)

............

51,183

114,650

Oil

States

International,

Inc.

(b)

............

139,794

861,131

Profire

Energy,

Inc.

(a)

(b)

................

77,967

144,239

Ranger

Energy

Services,

Inc.

............

32,501

366,936

SEACOR

Marine

Holdings,

Inc.

(b)

.........

52,978

738,513

Select

Water

Solutions,

Inc.

,

Class

A

.......

174,691

1,612,398

Smart

Sand,

Inc.

(a)

(b)

..................

65,835

125,745

Solaris

Oilfield

Infrastructure,

Inc.

,

Class

A

...

64,463

558,894

TETRA

Technologies,

Inc.

(b)

.............

274,482

1,215,955

17,817,434

Entertainment

—

0.3%

Chicken

Soup

For

The

Soul

Entertainment,

Inc.

(b)

..........................

22,730

3,555

CuriosityStream,

Inc.

,

Class

A

(a)

(b)

.........

46,915

50,199

Fundamental

Global,

Inc.

(b)

.............

26,120

36,045

Gaia,

Inc.

,

Class

A

(b)

..................

32,923

101,403

GameSquare

Holdings,

Inc.

(b)

............

19,788

27,307

Golden

Matrix

Group,

Inc.

(a)

(b)

............

36,242

103,652

Kartoon

Studios,

Inc.

(a)

(b)

...............

71,049

97,337

LiveOne,

Inc.

(b)

.....................

150,803

294,066

Loop

Media,

Inc.

(b)

...................

85,683

31,394

Marcus

Corp.

(The)

(a)

.................

53,541

763,495

Playstudios,

Inc.

,

Class

A

(b)

.............

189,829

527,725

PodcastOne,

Inc.

(a)

(b)

..................

6,912

14,446

Reading

International,

Inc.

,

Class

A,

NVS

(b)

..

35,495

65,311

Reservoir

Media,

Inc.

(a)

(b)

...............

43,834

347,604

2,463,539

Financial

Services

—

1.5%

Acacia

Research

Corp.

(a)

(b)

..............

84,150

448,520

Alerus

Financial

Corp.

................

39,403

860,167

A-Mark

Precious

Metals,

Inc.

............

41,116

1,261,850

AppTech

Payments

Corp.

(b)

.............

30,483

29,264

Banco

Latinoamericano

de

Comercio

Exterior

SA

,

Class

E

.....................

60,388

1,788,693

BM

Technologies,

Inc.

,

Class

A

(b)

.........

17,452

28,796

Cantaloupe,

Inc.

(b)

...................

125,976

810,026

Cass

Information

Systems,

Inc.

..........

29,967

1,443,510

Finance

of

America

Cos.,

Inc.

,

Class

A

(a)

(b)

...

116,526

85,658

I3

Verticals,

Inc.

,

Class

A

(b)

..............

49,560

1,134,428

Income

Opportunity

Realty

Investors,

Inc.

(b)

..

1,545

25,863

International

Money

Express,

Inc.

(b)

........

68,960

1,574,357

Merchants

Bancorp

..................

34,915

1,507,630

NewtekOne,

Inc.

....................

50,664

557,304

Ocwen

Financial

Corp.

(b)

...............

14,206

383,704

Paysign,

Inc.

(b)

......................

72,278

264,537

Priority

Technology

Holdings,

Inc.

(a)

(b)

.......

37,570

122,854

Security

National

Financial

Corp.

,

Class

A

(b)

..

27,943

221,029

SWK

Holdings

Corp.

(b)

................

8,323

144,987

Usio,

Inc.

(b)

........................

46,049

78,283

Velocity

Financial,

Inc.

(b)

...............

19,185

345,330

Waterstone

Financial,

Inc.

..............

37,765

459,600

13,576,390

Food

Products

—

0.8%

Alico,

Inc.

(a)

........................

15,702

459,755

Benson

Hill,

Inc.

(a)

(b)

..................

377,962

75,781

Security

Shares

Shares

Value

Food

Products

(continued)

Bridgford

Foods

Corp.

(a)

(b)

..............

4,031

$

45,187

Calavo

Growers,

Inc.

.................

37,923

1,054,639

Farmer

Bros

Co.

(b)

...................

33,735

120,434

Forafric

Global

plc

(a)

(b)

.................

11,725

121,471

Lifeway

Foods,

Inc.

(b)

.................

8,705

149,900

Limoneira

Co.

......................

38,514

753,334

Mama's

Creations,

Inc.

(b)

...............

45,061

225,305

Real

Good

Food

Co.,

Inc.

(The)

,

Class

A

(b)

...

40,506

14,623

Rocky

Mountain

Chocolate

Factory,

Inc.

(b)

...

11,200

40,544

S&W

Seed

Co.

(a)

(b)

...................

53,359

25,810

Sadot

Group,

Inc.

(b)

..................

60,118

17,975

Seneca

Foods

Corp.

,

Class

A

(a)

(b)

.........

10,590

602,571

SunOpta,

Inc.

(b)

.....................

205,248

1,410,054

Vital

Farms,

Inc.

(b)

...................

68,404

1,590,393

Whole

Earth

Brands,

Inc.

,

Class

A

(a)

(b)

......

72,122

348,349

7,056,125

Gas

Utilities

—

0.0%

RGC

Resources,

Inc.

.................

17,604

356,305

Ground

Transportation

—

0.4%

Covenant

Logistics

Group,

Inc.

,

Class

A

.....

18,267

846,858

Daseke,

Inc.

(b)

......................

100,192

831,594

FTAI

Infrastructure,

Inc.

................

216,391

1,358,936

PAM

Transportation

Services,

Inc.

(b)

.......

13,820

224,022

Universal

Logistics

Holdings,

Inc.

.........

14,797

545,565

3,806,975

Health

Care

Equipment

&

Supplies

—

3.5%

Accuray,

Inc.

(a)

(b)

.....................

204,676

505,550

AngioDynamics,

Inc.

(a)

(b)

...............

84,675

497,042

Apyx

Medical

Corp.

(a)

(b)

................

69,173

94,075

Artivion,

Inc.

(a)

(b)

.....................

86,148

1,822,892

Autonomix

Medical,

Inc.

(b)

..............

4,433

13,343

AxoGen,

Inc.

(b)

......................

90,401

729,536

Beyond

Air,

Inc.

(a)

(b)

...................

65,575

114,100

BioSig

Technologies,

Inc.

(a)

(b)

............

14,089

9,313

Bioventus,

Inc.

,

Class

A

(b)

..............

70,542

366,818

Butterfly

Network,

Inc.

,

Class

A

(a)

(b)

........

307,193

331,768

Cerus

Corp.

(b)

......................

390,584

738,204

ClearPoint

Neuro,

Inc.

(a)

(b)

..............

50,710

344,828

Co-Diagnostics,

Inc.

(b)

.................

66,765

74,777

Cue

Health,

Inc.

(b)

...................

236,394

44,584

Cutera,

Inc.

(a)

(b)

.....................

39,244

57,689

CVRx,

Inc.

(b)

.......................

24,598

447,930

CytoSorbents

Corp.

(a)

(b)

................

87,960

83,562

Delcath

Systems,

Inc.

(a)

(b)

..............

25,116

119,803

Electromed,

Inc.

(a)

(b)

..................

16,972

274,098

enVVeno

Medical

Corp.

(a)

(b)

.............

21,547

117,216

FONAR

Corp.

(b)

.....................

13,760

293,914

Hyperfine,

Inc.

,

Class

A

(a)

(b)

.............

113,602

113,602

Inogen,

Inc.

(b)

......................

51,321

414,160

iRadimed

Corp.

.....................

16,098

708,151

IRIDEX

Corp.

(a)

(b)

....................

31,394

93,554

Kewaunee

Scientific

Corp.

(a)

(b)

...........

5,614

191,157

KORU

Medical

Systems,

Inc.

(a)

(b)

..........

74,959

176,903

LeMaitre

Vascular,

Inc.

................

43,297

2,873,189

LENSAR,

Inc.

(b)

.....................

14,955

53,090

Lucid

Diagnostics,

Inc.

(a)

(b)

..............

21,823

17,674

Monogram

Orthopaedics,

Inc.

(b)

..........

4,754

11,600

Nano-X

Imaging

Ltd.

(a)

(b)

...............

104,649

1,022,421

Neuronetics,

Inc.

(a)

(b)

..................

59,854

284,905

NeuroPace,

Inc.

(b)

...................

23,421

309,157

OraSure

Technologies,

Inc.

(b)

............

157,778

970,335

Orchestra

BioMed

Holdings,

Inc.

(a)

(b)

.......

32,682

172,234

Orthofix

Medical,

Inc.

(b)

................

77,151

1,120,233

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

OrthoPediatrics

Corp.

(a)

(b)

...............

35,045

$

1,021,912

Precision

Optics

Corp.,

Inc.

(b)

............

8,916

49,484

Pro-Dex,

Inc.

(a)

(b)

....................

4,581

80,397

ProSomnus,

Inc.

(b)

...................

16,276

9,261

Pulmonx

Corp.

(b)

....................

81,628

756,692

Pulse

Biosciences,

Inc.

(a)

(b)

..............

34,938

304,310

Retractable

Technologies,

Inc.

(b)

..........

32,108

38,530

Rockwell

Medical,

Inc.

(a)

(b)

..............

26,926

44,697

RxSight,

Inc.

(b)

......................

62,288

3,212,815

Sanara

Medtech,

Inc.

(a)

(b)

...............

8,354

309,098

Semler

Scientific,

Inc.

(a)

(b)

...............

10,176

297,241

Sensus

Healthcare,

Inc.

(b)

..............

33,428

127,026

SI-BONE,

Inc.

(b)

.....................

87,242

1,428,152

Sight

Sciences,

Inc.

(a)

(b)

................

48,161

254,290

Stereotaxis,

Inc.

(b)

...................

125,616

327,858

Strata

Skin

Sciences,

Inc.

(a)

(b)

............

41,607

15,727

Surmodics,

Inc.

(b)

....................

30,222

886,713

Tactile

Systems

Technology,

Inc.

(b)

........

51,658

839,443

Tela

Bio,

Inc.

(b)

......................

36,131

204,863

UFP

Technologies,

Inc.

(b)

...............

15,535

3,917,927

Utah

Medical

Products,

Inc.

.............

7,455

530,125

Vicarious

Surgical,

Inc.

,

Class

A

(b)

.........

234,406

70,673

Vivani

Medical,

Inc.

(a)

(b)

................

50,297

93,049

VolitionRX

Ltd.

(a)

(b)

...................

120,221

91,007

Zimvie,

Inc.

(b)

.......................

56,662

934,356

Zynex,

Inc.

(a)

(b)

......................

39,507

488,702

31,947,755

Health

Care

Providers

&

Services

—

1.1%

Accolade,

Inc.

(a)

(b)

....................

151,959

1,592,530

AirSculpt

Technologies,

Inc.

(b)

............

27,453

168,561

Aveanna

Healthcare

Holdings,

Inc.

(b)

.......

110,366

274,811

Biodesix,

Inc.

(a)

(b)

....................

60,224

86,120

CareMax,

Inc.

(a)

(b)

....................

5,377

25,917

Castle

Biosciences,

Inc.

(b)

..............

54,391

1,204,761

Cosmos

Health,

Inc.

(a)

(b)

................

20,545

14,587

Cross

Country

Healthcare,

Inc.

(a)

(b)

........

73,483

1,375,602

Cryo-Cell

International,

Inc.

(b)

............

12,039

89,811

DocGo,

Inc.

(a)

(b)

.....................

171,259

691,886

Enzo

Biochem,

Inc.

(b)

.................

96,780

122,911

Etao

International

Co.

Ltd.

(a)

(b)

...........

5,755

24,171

Great

Elm

Group,

Inc.

(b)

...............

30,806

59,148

InfuSystem

Holdings,

Inc.

(b)

.............

40,007

342,860

Joint

Corp.

(The)

(b)

...................

30,882

403,319

P3

Health

Partners,

Inc.

,

Class

A

(a)

(b)

.......

88,564

91,221

Pennant

Group,

Inc.

(The)

(b)

.............

62,447

1,225,835

PetIQ,

Inc.

,

Class

A

(a)

(b)

................

59,891

1,094,808

Psychemedics

Corp.

.................

8,699

25,488

Quipt

Home

Medical

Corp.

(a)

(b)

...........

89,039

389,100

Sonida

Senior

Living,

Inc.

(b)

.............

8,093

231,217

Viemed

Healthcare,

Inc.

(b)

..............

74,211

699,810

10,234,474

Health

Care

REITs

—

0.4%

Diversified

Healthcare

Trust

.............

523,629

1,288,127

Global

Medical

REIT,

Inc.

..............

134,339

1,175,466

Universal

Health

Realty

Income

Trust

......

28,453

1,044,510

3,508,103

Health

Care

Technology

—

0.6%

Akili,

Inc.

(b)

........................

101,959

29,527

Augmedix,

Inc.

(a)

(b)

...................

52,820

216,034

CareCloud,

Inc.

(a)

(b)

...................

22,226

25,782

DarioHealth

Corp.

(a)

(b)

.................

56,013

85,700

Forian,

Inc.

(b)

.......................

39,200

130,144

HealthStream,

Inc.

...................

52,649

1,403,622

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

iCAD,

Inc.

(a)

(b)

......................

53,913

$

86,800

LifeMD,

Inc.

(a)

(b)

.....................

64,990

668,097

OptimizeRx

Corp.

(b)

..................

34,638

420,852

Sharecare,

Inc.

,

Class

A

(a)

(b)

.............

660,435

506,884

Simulations

Plus,

Inc.

(a)

................

34,763

1,430,498

Streamline

Health

Solutions,

Inc.

(b)

........

90,821

43,594

TruBridge,

Inc.

(a)

(b)

...................

31,676

292,053

5,339,587

Hotel

&

Resort

REITs

—

0.2%

Ashford

Hospitality

Trust,

Inc.

(a)

(b)

.........

72,389

99,173

Braemar

Hotels

&

Resorts,

Inc.

..........

144,881

289,762

Chatham

Lodging

Trust

................

106,482

1,076,533

Sotherly

Hotels,

Inc.

(b)

.................

35,698

51,762

1,517,230

Hotels,

Restaurants

&

Leisure

—

1.8%

Allied

Gaming

&

Entertainment,

Inc.

(b)

......

28,041

28,321

Ark

Restaurants

Corp.

................

3,903

54,798

Biglari

Holdings,

Inc.

,

Class

B,

NVS

(b)

......

1,608

305,005

BJ's

Restaurants,

Inc.

(a)

(b)

..............

49,319

1,784,361

Canterbury

Park

Holding

Corp.

...........

7,064

159,717

Carrols

Restaurant

Group,

Inc.

...........

77,066

732,898

Century

Casinos,

Inc.

(b)

................

60,058

189,783

Chuy's

Holdings,

Inc.

(a)

(b)

...............

37,971

1,280,762

Denny's

Corp.

(b)

.....................

113,109

1,013,457

El

Pollo

Loco

Holdings,

Inc.

(b)

............

61,352

597,569

FAT

Brands,

Inc.

,

Class

B

..............

211

1,325

First

Watch

Restaurant

Group,

Inc.

(a)

(b)

......

48,600

1,196,532

Flanigan's

Enterprises,

Inc.

.............

1,838

47,006

Full

House

Resorts,

Inc.

(b)

..............

71,442

397,932

GAN

Ltd.

(b)

........................

99,292

126,101

Golden

Entertainment,

Inc.

.............

44,358

1,633,705

Good

Times

Restaurants,

Inc.

(a)

(b)

.........

19,351

47,797

Hall

of

Fame

Resort

&

Entertainment

Co.

(a)

(b)

.

7,184

25,791

Inspired

Entertainment,

Inc.

(b)

............

47,923

472,521

Kura

Sushi

USA,

Inc.

,

Class

A

(a)

(b)

.........

12,756

1,468,981

Lindblad

Expeditions

Holdings,

Inc.

(a)

(b)

.....

76,883

717,318

Mondee

Holdings,

Inc.

,

Class

A

(a)

(b)

........

102,664

237,154

Nathan's

Famous,

Inc.

(a)

...............

6,133

434,216

Noodles

&

Co.

,

Class

A

(b)

..............

84,800

161,968

ONE

Group

Hospitality,

Inc.

(The)

(b)

........

46,841

260,904

PlayAGS,

Inc.

(b)

.....................

83,001

745,349

Potbelly

Corp.

(b)

.....................

57,398

695,090

RCI

Hospitality

Holdings,

Inc.

(a)

...........

19,312

1,120,096

Red

Robin

Gourmet

Burgers,

Inc.

(a)

(b)

.......

33,424

256,028

16,192,485

Household

Durables

—

1.1%

Bassett

Furniture

Industries,

Inc.

.........

17,963

265,134

Beazer

Homes

USA,

Inc.

(b)

.............

64,691

2,121,865

Ethan

Allen

Interiors,

Inc.

..............

50,174

1,734,515

Flexsteel

Industries,

Inc.

...............

10,318

384,861

Hamilton

Beach

Brands

Holding

Co.

,

Class

A

.

19,035

463,693

Hooker

Furnishings

Corp.

..............

23,156

555,975

Hovnanian

Enterprises,

Inc.

,

Class

A

(b)

......

10,717

1,681,926

Koss

Corp.

(b)

.......................

9,087

23,354

Landsea

Homes

Corp.

(b)

...............

42,987

624,601

Legacy

Housing

Corp.

(a)

(b)

..............

23,820

512,606

Lifetime

Brands,

Inc.

..................

26,393

276,599

Live

Ventures,

Inc.

(b)

..................

3,332

89,864

Lovesac

Co.

(The)

(a)

(b)

.................

31,474

711,312

Purple

Innovation,

Inc.

(a)

...............

118,635

206,425

Traeger,

Inc.

(b)

......................

78,052

197,471

Tupperware

Brands

Corp.

(a)

(b)

............

95,608

128,115

United

Homes

Group,

Inc.

,

Class

A

(a)

(b)

......

12,018

84,006

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Durables

(continued)

Universal

Electronics,

Inc.

(b)

.............

27,386

$

274,134

VOXX

International

Corp.

,

Class

A

(a)

(b)

......

25,461

207,762

10,544,218

Household

Products

—

0.1%

Oil-Dri

Corp.

of

America

...............

10,786

804,204

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Altus

Power,

Inc.

,

Class

A

(a)

(b)

............

138,841

663,660

Industrial

REITs

—

0.3%

Industrial

Logistics

Properties

Trust

........

141,928

608,871

Plymouth

Industrial

REIT,

Inc.

...........

99,991

2,249,798

2,858,669

Insurance

—

2.0%

Ambac

Financial

Group,

Inc.

(b)

...........

96,952

1,515,360

American

Coastal

Insurance

Corp.

(b)

.......

43,201

461,819

Atlantic

American

Corp.

...............

10,460

28,033

Citizens,

Inc.

,

Class

A

(a)

(b)

..............

108,869

232,980

Crawford

&

Co.

,

Class

A,

NVS

...........

31,388

295,989

Donegal

Group,

Inc.

,

Class

A

............

34,268

484,549

eHealth,

Inc.

(b)

......................

62,123

374,602

GoHealth,

Inc.

,

Class

A

(b)

...............

8,965

94,222

Greenlight

Capital

Re

Ltd.

,

Class

A

(b)

.......

56,802

708,321

HCI

Group,

Inc.

.....................

16,003

1,857,628

Heritage

Insurance

Holdings,

Inc.

(a)

(b)

.......

58,019

617,902

Hippo

Holdings,

Inc.

(a)

(b)

................

23,169

423,298

ICC

Holdings,

Inc.

(b)

..................

3,518

56,253

Investors

Title

Co.

...................

2,657

433,596

Kingsway

Financial

Services,

Inc.

(a)

(b)

.......

24,579

204,989

Maiden

Holdings

Ltd.

(a)

(b)

...............

199,694

449,311

MBIA,

Inc.

(b)

.......................

99,164

670,349

National

Western

Life

Group,

Inc.

,

Class

A

...

4,992

2,455,864

NI

Holdings,

Inc.

(b)

...................

17,712

268,337

Root,

Inc.

,

Class

A

(b)

..................

17,789

1,086,552

Selectquote,

Inc.

(b)

...................

300,389

600,778

Skyward

Specialty

Insurance

Group,

Inc.

(b)

...

65,264

2,441,526

Tiptree,

Inc.

.......................

52,666

910,068

United

Fire

Group,

Inc.

................

46,080

1,003,162

Universal

Insurance

Holdings,

Inc.

........

53,213

1,081,288

Vericity,

Inc.

(a)

(b)

.....................

4,514

51,234

18,808,010

Interactive

Media

&

Services

—

0.8%

(b)

Arena

Group

Holdings,

Inc.

(The)

(a)

........

19,926

23,513

DHI

Group,

Inc.

(a)

....................

91,810

234,115

EverQuote,

Inc.

,

Class

A

...............

47,701

885,330

fuboTV,

Inc.

(a)

......................

621,146

981,411

MediaAlpha,

Inc.

,

Class

A

..............

50,267

1,023,939

Nextdoor

Holdings,

Inc.

,

Class

A

..........

328,571

739,285

Outbrain,

Inc.

......................

87,577

345,929

QuinStreet,

Inc.

.....................

116,070

2,049,796

System1,

Inc.

,

Class

A

................

74,157

145,348

Travelzoo

(a)

........................

13,143

133,796

TrueCar,

Inc.

.......................

194,512

659,396

7,221,858

IT

Services

—

1.0%

Applied

Digital

Corp.

(a)

(b)

...............

189,481

810,979

Backblaze,

Inc.

,

Class

A

(b)

..............

44,559

455,839

BigBear.ai

Holdings,

Inc.

(a)

(b)

.............

112,521

230,668

Brightcove,

Inc.

(b)

....................

95,997

186,234

Castellum,

Inc.

(b)

....................

41,607

10,826

Couchbase,

Inc.

(b)

...................

78,076

2,054,180

Crexendo,

Inc.

(b)

....................

28,400

136,604

CSP,

Inc.

.........................

15,257

281,644

Security

Shares

Shares

Value

IT

Services

(continued)

DecisionPoint

Systems,

Inc.

(b)

...........

12,506

$

113,429

Glimpse

Group,

Inc.

(The)

(b)

.............

28,568

31,996

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(a)

(b)

...

123,414

1,516,758

Hackett

Group,

Inc.

(The)

..............

54,655

1,328,116

Information

Services

Group,

Inc.

..........

77,891

314,680

OMNIQ

Corp.

(b)

.....................

11,287

6,038

Rackspace

Technology,

Inc.

(b)

...........

141,466

223,516

Research

Solutions,

Inc.

(b)

..............

59,280

187,325

Tucows,

Inc.

,

Class

A

(a)

(b)

...............

22,035

408,970

Unisys

Corp.

(b)

......................

146,168

717,685

9,015,487

Leisure

Products

—

0.7%

American

Outdoor

Brands,

Inc.

(b)

.........

28,234

248,459

AMMO,

Inc.

(b)

......................

196,016

539,044

Clarus

Corp.

.......................

65,412

441,531

Escalade,

Inc.

......................

21,889

300,974

Funko,

Inc.

,

Class

A

(a)

(b)

................

80,386

501,609

Interactive

Strength,

Inc.

(b)

..............

6,531

1,696

JAKKS

Pacific,

Inc.

(b)

.................

16,013

395,521

Johnson

Outdoors,

Inc.

,

Class

A

..........

11,780

543,176

Latham

Group,

Inc.

(b)

.................

85,644

339,150

Marine

Products

Corp.

................

18,155

213,321

MasterCraft

Boat

Holdings,

Inc.

(b)

.........

37,399

887,104

Smith

&

Wesson

Brands,

Inc.

............

100,514

1,744,923

Solo

Brands,

Inc.

,

Class

A

(a)

(b)

............

42,861

93,009

Vision

Marine

Technologies,

Inc.

(b)

........

22,062

13,237

6,262,754

Life

Sciences

Tools

&

Services

—

1.2%

(b)

Akoya

Biosciences,

Inc.

...............

51,658

242,276

Alpha

Teknova,

Inc.

..................

12,187

30,833

BioLife

Solutions,

Inc.

(a)

................

77,644

1,440,296

Champions

Oncology,

Inc.

(a)

.............

14,914

73,079

ChromaDex

Corp.

(a)

..................

117,109

407,539

Codexis,

Inc.

.......................

151,374

528,295

Harvard

Bioscience,

Inc.

...............

89,742

380,506

Inotiv,

Inc.

(a)

........................

49,821

545,042

Lifecore

Biomedical,

Inc.

(a)

..............

56,508

300,058

MaxCyte,

Inc.

(a)

.....................

191,886

804,002

Nautilus

Biotechnology,

Inc.

.............

110,312

324,317

OmniAb,

Inc.

(a)

......................

204,183

1,106,672

Personalis,

Inc.

(a)

....................

86,982

129,603

Quanterix

Corp.

.....................

77,978

1,837,162

Quantum-Si,

Inc.

,

Class

A

..............

224,603

442,468

Rapid

Micro

Biosystems,

Inc.

,

Class

A

(a)

.....

50,388

48,876

Seer,

Inc.

,

Class

A

...................

129,076

245,245

Singular

Genomics

Systems,

Inc.

(a)

........

125,500

64,532

Standard

BioTools,

Inc.

................

610,614

1,654,764

Telesis

Bio,

Inc.

(a)

....................

23,003

10,121

10,615,686

Machinery

—

2.7%

374Water,

Inc.

(b)

.....................

132,835

167,372

Blue

Bird

Corp.

(b)

....................

61,343

2,351,891

ClearSign

Technologies

Corp.

(a)

(b)

.........

63,626

61,399

Columbus

McKinnon

Corp.

.............

61,835

2,759,696

Commercial

Vehicle

Group,

Inc.

(b)

.........

71,834

461,893

Douglas

Dynamics,

Inc.

...............

49,608

1,196,545

Eastern

Co.

(The)

...................

11,618

396,058

FreightCar

America,

Inc.

(a)

(b)

.............

29,916

115,176

Gencor

Industries,

Inc.

(b)

...............

23,178

386,841

Graham

Corp.

(b)

.....................

21,840

595,795

Hurco

Cos.,

Inc.

.....................

13,642

275,023

Hydrofarm

Holdings

Group,

Inc.

(a)

(b)

........

93,701

101,197

Hyliion

Holdings

Corp.

,

Class

A

(a)

(b)

........

328,711

578,531

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Hyster-Yale

Materials

Handling,

Inc.

.......

24,476

$

1,570,625

L

B

Foster

Co.

,

Class

A

(b)

...............

23,130

631,680

LS

Starrett

Co.

(The)

,

Class

A

(b)

..........

13,463

213,927

Luxfer

Holdings

plc

..................

58,073

602,217

Manitex

International,

Inc.

(b)

.............

32,085

220,103

Manitowoc

Co.,

Inc.

(The)

(b)

.............

76,551

1,082,431

Mayville

Engineering

Co.,

Inc.

(b)

..........

24,384

349,423

Microvast

Holdings,

Inc.

(a)

(b)

.............

485,546

406,402

Miller

Industries,

Inc.

.................

24,293

1,217,079

Nauticus

Robotics,

Inc.

(b)

...............

29,017

9,271

NN,

Inc.

(a)

(b)

........................

97,166

460,567

Novusterra,

Inc.

(a)

(b)

(c)

.................

12,896

—

Park-Ohio

Holdings

Corp.

..............

18,828

502,331

Perma-Pipe

International

Holdings,

Inc.

(b)

....

16,333

129,031

REV

Group,

Inc.

....................

69,223

1,529,136

Shyft

Group,

Inc.

(The)

................

74,338

923,278

Taylor

Devices,

Inc.

(a)

(b)

................

5,442

270,848

Titan

International,

Inc.

(b)

...............

112,607

1,403,083

Twin

Disc,

Inc.

(a)

.....................

23,811

393,596

Velo3D,

Inc.

(a)

(b)

.....................

207,247

94,422

Wabash

National

Corp.

................

100,963

3,022,832

24,479,699

Marine

Transportation

—

0.5%

Eagle

Bulk

Shipping,

Inc.

..............

20,259

1,265,580

Genco

Shipping

&

Trading

Ltd.

...........

92,150

1,873,410

Himalaya

Shipping

Ltd.

................

65,444

504,573

Pangaea

Logistics

Solutions

Ltd.

.........

79,062

551,062

Safe

Bulkers,

Inc.

...................

144,089

714,681

4,909,306

Media

—

1.2%

AdTheorent

Holding

Co.,

Inc.

(b)

...........

148,352

476,210

Advantage

Solutions,

Inc.

,

Class

A

(a)

(b)

......

190,689

825,683

Boston

Omaha

Corp.

,

Class

A

(a)

(b)

.........

51,954

803,209

Cardlytics,

Inc.

(a)

(b)

...................

80,012

1,159,374

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

.....

820,613

1,354,011

comScore,

Inc.

(b)

....................

7,819

120,413

Cumulus

Media,

Inc.

,

Class

A

(a)

(b)

.........

33,878

121,622

Daily

Journal

Corp.

(b)

.................

3,041

1,099,656

Direct

Digital

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

6,020

91,745

Emerald

Holding,

Inc.

(a)

(b)

...............

34,200

232,902

Entravision

Communications

Corp.

,

Class

A

..

132,992

218,107

Gambling.com

Group

Ltd.

(b)

.............

33,948

309,945

Gannett

Co.,

Inc.

(a)

(b)

..................

313,431

764,772

Harte

Hanks,

Inc.

(b)

...................

13,861

103,680

iHeartMedia,

Inc.

,

Class

A

(a)

(b)

............

229,204

479,036

Innovid

Corp.

(b)

.....................

219,302

546,062

Lee

Enterprises,

Inc.

(a)

(b)

...............

12,411

165,439

Marchex,

Inc.

,

Class

B

(a)

(b)

..............

43,760

59,951

Saga

Communications,

Inc.

,

Class

A

.......

8,429

188,051

Thryv

Holdings,

Inc.

(a)

(b)

................

67,984

1,511,284

Townsquare

Media,

Inc.

,

Class

A

.........

25,877

284,130

Urban

One,

Inc.

,

Class

A

(a)

(b)

............

19,255

51,988

Urban

One,

Inc.

,

Class

D,

NVS

(b)

.........

24,018

48,997

11,016,267

Metals

&

Mining

—

1.6%

5E

Advanced

Materials,

Inc.

(a)

(b)

..........

89,069

119,352

Ampco-Pittsburgh

Corp.

(a)

(b)

.............

30,880

67,010

Ascent

Industries

Co.

(a)

(b)

...............

15,124

154,114

Caledonia

Mining

Corp.

plc

.............

36,142

400,092

Contango

ORE,

Inc.

(a)

(b)

................

17,272

342,849

Dakota

Gold

Corp.

(b)

..................

134,083

317,777

Friedman

Industries,

Inc.

...............

14,775

276,883

Gold

Resource

Corp.

(b)

................

187,218

81,365

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Haynes

International,

Inc.

..............

27,766

$

1,669,292

i-80

Gold

Corp.

(a)

(b)

...................

434,414

582,115

Idaho

Strategic

Resources,

Inc.

(b)

.........

23,035

194,876

Ivanhoe

Electric,

Inc.

(a)

(b)

...............

140,508

1,376,978

Metallus,

Inc.

(b)

.....................

93,723

2,085,337

NioCorp

Developments

Ltd.

(b)

............

3,758

10,222

Olympic

Steel,

Inc.

...................

21,553

1,527,677

Perpetua

Resources

Corp.

(b)

............

81,688

339,822

Piedmont

Lithium,

Inc.

(a)

(b)

..............

38,961

518,960

Radius

Recycling,

Inc.

,

Class

A

..........

57,684

1,218,863

Ramaco

Resources,

Inc.

,

Class

A

.........

48,999

825,143

Ramaco

Resources,

Inc.

,

Class

B

.........

9,618

120,706

SunCoke

Energy,

Inc.

.................

183,446

2,067,436

Tredegar

Corp.

.....................

58,108

378,864

Universal

Stainless

&

Alloy

Products,

Inc.

(b)

..

18,478

414,277

US

Gold

Corp.

(b)

....................

18,164

66,662

US

Goldmining,

Inc.

(b)

.................

4,028

21,348

15,178,020

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.7%

ACRES

Commercial

Realty

Corp.

(a)

(b)

......

16,852

236,939

AFC

Gamma,

Inc.

...................

35,689

441,830

AG

Mortgage

Investment

Trust,

Inc.

.......

62,172

380,493

Angel

Oak

Mortgage

REIT,

Inc.

..........

26,319

282,666

Ares

Commercial

Real

Estate

Corp.

.......

114,181

850,648

ARMOUR

Residential

REIT,

Inc.

(a)

........

107,799

2,131,186

Cherry

Hill

Mortgage

Investment

Corp.

.....

59,012

208,902

Chicago

Atlantic

Real

Estate

Finance,

Inc.

...

36,101

569,313

Dynex

Capital,

Inc.

...................

123,969

1,543,414

Ellington

Financial,

Inc.

................

164,531

1,943,111

Ellington

Residential

Mortgage

REIT

.......

35,958

248,470

Franklin

BSP

Realty

Trust,

Inc.

...........

182,208

2,434,299

Granite

Point

Mortgage

Trust,

Inc.

........

112,788

537,999

Great

Ajax

Corp.

....................

57,695

219,241

Invesco

Mortgage

Capital,

Inc.

...........

108,020

1,045,634

Lument

Finance

Trust,

Inc.

.............

68,621

170,866

Manhattan

Bridge

Capital,

Inc.

...........

18,870

95,482

Nexpoint

Real

Estate

Finance,

Inc.

........

18,010

258,624

Orchid

Island

Capital,

Inc.

(a)

.............

113,293

1,011,707

Sachem

Capital

Corp.

.................

97,061

432,892

Seven

Hills

Realty

Trust

...............

27,774

358,840

15,402,556

Multi-Utilities

—

0.2%

Unitil

Corp.

........................

35,027

1,833,663

Office

REITs

—

0.4%

City

Office

REIT,

Inc.

.................

84,933

442,501

Creative

Media

&

Community

Trust

Corp.

....

26,561

113,150

Franklin

Street

Properties

Corp.

..........

213,977

485,728

Office

Properties

Income

Trust

...........

106,549

217,360

Orion

Office

REIT,

Inc.

................

122,327

429,367

Peakstone

Realty

Trust

,

Class

E

.........

79,200

1,277,496

Postal

Realty

Trust,

Inc.

,

Class

A

.........

44,887

642,782

3,608,384

Oil,

Gas

&

Consumable

Fuels

—

4.0%

Adams

Resources

&

Energy,

Inc.

.........

5,384

156,136

Aemetis,

Inc.

(a)

(b)

....................

69,307

415,149

American

Resources

Corp.

,

Class

A

(a)

(b)

.....

147,120

207,439

Amplify

Energy

Corp.

(a)

(b)

...............

78,777

520,716

Ardmore

Shipping

Corp.

...............

91,750

1,506,535

Battalion

Oil

Corp.

(b)

..................

7,981

45,172

Berry

Corp.

........................

165,261

1,330,351

Centrus

Energy

Corp.

,

Class

A

(a)

(b)

........

26,904

1,117,323

Clean

Energy

Technologies,

Inc.

(b)

........

25,468

27,251

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Dorian

LPG

Ltd.

.....................

75,573

$

2,906,538

Empire

Petroleum

Corp.

(a)

(b)

.............

27,980

142,978

Encore

Energy

Corp.

(a)

(b)

...............

359,300

1,573,734

Energy

Fuels,

Inc.

(a)

(b)

.................

352,204

2,215,363

Epsilon

Energy

Ltd.

..................

45,364

249,275

Evolution

Petroleum

Corp.

..............

68,612

421,278

FutureFuel

Corp.

....................

57,330

461,507

Gevo,

Inc.

(a)

(b)

......................

520,658

400,230

Granite

Ridge

Resources,

Inc.

...........

73,138

475,397

Hallador

Energy

Co.

(b)

.................

49,247

262,487

Lightbridge

Corp.

(b)

...................

28,352

83,638

NACCO

Industries,

Inc.

,

Class

A

..........

9,252

279,410

NextDecade

Corp.

(a)

(b)

.................

171,278

972,859

Nordic

American

Tankers

Ltd.

...........

450,909

1,767,563

Overseas

Shipholding

Group,

Inc.

,

Class

A

..

127,975

819,040

PHX

Minerals,

Inc.

,

Class

A

(a)

............

79,143

269,878

PrimeEnergy

Resources

Corp.

(a)

(b)

.........

1,556

155,989

REX

American

Resources

Corp.

(b)

........

34,100

2,002,011

Riley

Exploration

Permian,

Inc.

...........

19,626

647,658

Ring

Energy,

Inc.

(a)

(b)

..................

260,315

510,217

SandRidge

Energy,

Inc.

...............

68,256

994,490

SilverBow

Resources,

Inc.

(b)

.............

51,252

1,749,743

Stabilis

Solutions,

Inc.

(b)

...............

6,457

26,022

Teekay

Corp.

(b)

.....................

135,713

987,991

Trio

Petroleum

Corp.

(b)

................

13,123

1,115

Uranium

Energy

Corp.

(a)

(b)

..............

844,010

5,697,068

US

Energy

Corp.

....................

22,229

24,007

VAALCO

Energy,

Inc.

.................

231,725

1,615,123

Verde

Clean

Fuels,

Inc.

,

Class

A

(b)

........

3,455

13,820

Vertex

Energy,

Inc.

(a)

(b)

................

141,222

197,711

Vital

Energy,

Inc.

(a)

(b)

..................

51,122

2,685,950

W&T

Offshore,

Inc.

...................

214,113

567,399

36,503,561

Paper

&

Forest

Products

—

0.2%

(b)

Clearwater

Paper

Corp.

...............

35,732

1,562,560

Glatfelter

Corp.

.....................

99,038

198,076

1,760,636

Passenger

Airlines

—

0.2%

(b)

Blade

Air

Mobility,

Inc.

,

Class

A

...........

130,809

372,806

Hawaiian

Holdings,

Inc.

(a)

..............

111,551

1,486,975

Mesa

Air

Group,

Inc.

(a)

................

76,147

66,979

Surf

Air

Mobility,

Inc.

(a)

.................

133,343

112,408

2,039,168

Personal

Care

Products

—

0.2%

Honest

Co.,

Inc.

(The)

(b)

...............

146,883

594,876

Lifevantage

Corp.

...................

26,651

161,239

Natural

Alternatives

International,

Inc.

(b)

.....

10,607

64,597

Natural

Health

Trends

Corp.

............

16,626

111,394

Nature's

Sunshine

Products,

Inc.

(b)

........

28,662

595,310

United-Guardian,

Inc.

.................

7,240

55,965

Upexi,

Inc.

(a)

(b)

......................

27,510

15,983

Veru,

Inc.

(b)

........................

286,137

200,324

1,799,688

Pharmaceuticals

—

4.1%

Aclaris

Therapeutics,

Inc.

(a)

(b)

............

150,562

186,697

AN2

Therapeutics,

Inc.

(a)

(b)

..............

21,415

69,599

Anebulo

Pharmaceuticals,

Inc.

(b)

..........

3,683

10,570

ANI

Pharmaceuticals,

Inc.

(b)

.............

32,276

2,231,240

Aquestive

Therapeutics,

Inc.

(a)

(b)

..........

89,982

383,323

Assertio

Holdings,

Inc.

(a)

(b)

..............

200,229

192,080

Atea

Pharmaceuticals,

Inc.

(b)

............

166,578

672,975

Athira

Pharma,

Inc.

(b)

.................

73,526

201,461

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Biote

Corp.

,

Class

A

(b)

.................

30,695

$

178,031

Bright

Green

Corp.

(a)

(b)

................

159,831

38,935

Cara

Therapeutics,

Inc.

(b)

..............

100,550

91,501

Citius

Pharmaceuticals,

Inc.

(a)

(b)

..........

291,596

261,649

Clearside

Biomedical,

Inc.

(b)

.............

121,742

186,265

Cognition

Therapeutics,

Inc.

(a)

(b)

..........

51,711

94,114

Collegium

Pharmaceutical,

Inc.

(a)

(b)

........

71,659

2,781,802

CorMedix,

Inc.

(a)

(b)

...................

119,141

505,158

Dare

Bioscience,

Inc.

(a)

(b)

...............

177,658

87,088

Durect

Corp.

(a)

(b)

.....................

58,900

71,269

Edgewise

Therapeutics,

Inc.

(b)

...........

126,589

2,308,983

Enliven

Therapeutics,

Inc.

(a)

(b)

............

51,174

900,151

Esperion

Therapeutics,

Inc.

(a)

(b)

...........

193,504

518,591

Eton

Pharmaceuticals,

Inc.

(b)

............

43,911

164,666

Evolus,

Inc.

(b)

......................

91,810

1,285,340

Eyenovia,

Inc.

(a)

(b)

....................

69,062

68,095

EyePoint

Pharmaceuticals,

Inc.

(a)

(b)

........

81,570

1,686,052

Fulcrum

Therapeutics,

Inc.

(a)

(b)

...........

125,744

1,187,023

Harrow,

Inc.

(a)

(b)

.....................

66,531

880,205

Ikena

Oncology,

Inc.

(a)

(b)

...............

66,209

94,017

Journey

Medical

Corp.

(b)

...............

14,479

53,283

Liquidia

Corp.

(a)

(b)

....................

110,608

1,631,468

Longboard

Pharmaceuticals,

Inc.

(a)

(b)

.......

54,589

1,179,122

Lyra

Therapeutics,

Inc.

(b)

...............

42,979

267,329

Marinus

Pharmaceuticals,

Inc.

(a)

(b)

.........

119,853

1,083,471

MediWound

Ltd.

(b)

...................

13,017

185,492

Mind

Medicine

MindMed,

Inc.

(a)

(b)

.........

86,148

809,791

MyMD

Pharmaceuticals,

Inc.

(a)

(b)

..........

2,752

6,577

NGM

Biopharmaceuticals,

Inc.

(a)

(b)

.........

93,493

148,654

Nuvation

Bio,

Inc.

,

Class

A

(b)

............

319,377

1,162,532

Ocular

Therapeutix,

Inc.

(a)

(b)

.............

252,808

2,300,553

Ocuphire

Pharma,

Inc.

(a)

(b)

..............

47,122

94,715

Omeros

Corp.

(a)

(b)

....................

134,732

464,826

Optinose,

Inc.

(b)

.....................

158,736

231,755

Oramed

Pharmaceuticals,

Inc.

(a)

(b)

.........

82,746

241,618

Phathom

Pharmaceuticals,

Inc.

(a)

(b)

........

70,478

748,476

Phibro

Animal

Health

Corp.

,

Class

A

.......

44,415

574,286

ProPhase

Labs,

Inc.

(b)

.................

28,634

185,262

Relmada

Therapeutics,

Inc.

(b)

............

57,216

266,054

Reviva

Pharmaceuticals

Holdings,

Inc.

(b)

....

31,727

119,928

Scilex

Holding

Co.

,

(Acquired

01/06/23

,

cost

$

1,421,381

)

(a)

(b)

(d)

..................

135,628

204,507

scPharmaceuticals,

Inc.

(a)

(b)

.............

63,931

320,934

SCYNEXIS,

Inc.

(a)

(b)

..................

81,531

119,851

SIGA

Technologies,

Inc.

...............

101,160

865,930

Tarsus

Pharmaceuticals,

Inc.

(a)

(b)

..........

63,915

2,323,310

Terns

Pharmaceuticals,

Inc.

(b)

............

95,385

625,726

TherapeuticsMD,

Inc.

(b)

................

18,382

42,095

Theravance

Biopharma,

Inc.

(a)

(b)

..........

106,820

958,175

Third

Harmonic

Bio,

Inc.

(b)

..............

42,945

405,401

Trevi

Therapeutics,

Inc.

(b)

..............

93,529

322,675

Verrica

Pharmaceuticals,

Inc.

(a)

(b)

.........

46,442

274,937

WaVe

Life

Sciences

Ltd.

(b)

..............

161,137

994,215

Xeris

Biopharma

Holdings,

Inc.

(b)

.........

289,028

638,752

Zevra

Therapeutics,

Inc.

(a)

(b)

.............

80,304

465,763

37,654,343

Professional

Services

—

1.6%

Asure

Software,

Inc.

(a)

(b)

................

50,550

393,279

Barrett

Business

Services,

Inc.

...........

14,264

1,807,534

BGSF,

Inc.

........................

22,422

233,413

BlackSky

Technology,

Inc.

,

Class

A

(b)

.......

264,725

360,026

CRA

International,

Inc.

................

14,918

2,231,435

DLH

Holdings

Corp.

(b)

.................

15,054

199,767

FiscalNote

Holdings,

Inc.

,

Class

A

(a)

(b)

......

132,128

175,730

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

Forrester

Research,

Inc.

(b)

..............

25,538

$

550,599

Franklin

Covey

Co.

(a)

(b)

................

25,499

1,001,091

Heidrick

&

Struggles

International,

Inc.

.....

43,405

1,461,012

HireQuest,

Inc.

.....................

11,499

148,912

Hudson

Global,

Inc.

(b)

.................

5,764

101,735

IBEX

Holdings

Ltd.

(b)

..................

19,963

308,029

Innodata,

Inc.

(a)

(b)

....................

57,096

376,834

Kelly

Services,

Inc.

,

Class

A,

NVS

........

68,677

1,719,672

Mastech

Digital,

Inc.

(a)

(b)

................

8,398

75,582

Mistras

Group,

Inc.

(b)

.................

45,800

437,848

Professional

Diversity

Network,

Inc.

(b)

......

12,835

22,846

RCM

Technologies,

Inc.

(a)

(b)

.............

11,863

253,512

Resources

Connection,

Inc.

.............

71,420

939,887

Skillsoft

Corp.

(a)

(b)

....................

9,276

83,484

Steel

Connect,

Inc.

(b)

.................

9,089

85,618

TrueBlue,

Inc.

(b)

.....................

66,887

837,425

Where

Food

Comes

From,

Inc.

(a)

(b)

........

5,103

53,684

Willdan

Group,

Inc.

(a)

(b)

................

26,986

782,324

14,641,278

Real

Estate

Management

&

Development

—

0.6%

Altisource

Asset

Management

Corp.

(b)

......

2,576

8,398

American

Realty

Investors,

Inc.

(b)

.........

3,213

57,577

AMREP

Corp.

(a)

(b)

....................

5,628

130,795

Comstock

Holding

Cos.,

Inc.

,

Class

A

(b)

.....

4,604

23,250

Douglas

Elliman,

Inc.

(b)

................

179,456

283,540

Fathom

Holdings,

Inc.

(b)

...............

23,700

47,163

Forestar

Group,

Inc.

(b)

.................

40,262

1,618,130

FRP

Holdings,

Inc.

(b)

..................

14,353

881,274

InterGroup

Corp.

(The)

(b)

...............

793

17,803

JW

Mays,

Inc.

(b)

.....................

844

37,980

LuxUrban

Hotels,

Inc.

(a)

(b)

...............

29,732

41,030

Maui

Land

&

Pineapple

Co.,

Inc.

(b)

........

16,520

357,823

Rafael

Holdings,

Inc.

,

Class

B

(a)

(b)

.........

29,517

50,769

RE/MAX

Holdings,

Inc.

,

Class

A

..........

37,917

332,532

Star

Holdings

(b)

.....................

28,343

366,192

Stratus

Properties,

Inc.

(b)

...............

12,536

286,197

Tejon

Ranch

Co.

(b)

...................

46,065

709,862

Transcontinental

Realty

Investors,

Inc.

(b)

....

2,703

101,768

5,352,083

Residential

REITs

—

0.3%

Bluerock

Homes

Trust,

Inc.

,

Class

A

(a)

......

7,042

119,503

BRT

Apartments

Corp.

................

25,304

425,107

Clipper

Realty,

Inc.

...................

25,003

120,764

UMH

Properties,

Inc.

.................

133,124

2,161,934

2,827,308

Retail

REITs

—

0.6%

CBL

&

Associates

Properties,

Inc.

.........

59,049

1,352,812

NETSTREIT

Corp.

...................

151,337

2,780,061

Whitestone

REIT

....................

106,391

1,335,207

5,468,080

Semiconductors

&

Semiconductor

Equipment

—

2.6%

ACM

Research,

Inc.

,

Class

A

(a)

(b)

..........

107,216

3,124,274

Aehr

Test

Systems

(a)

(b)

.................

60,752

753,325

Alpha

&

Omega

Semiconductor

Ltd.

(b)

......

50,916

1,122,189

Amtech

Systems,

Inc.

(a)

(b)

..............

24,819

134,271

Atomera,

Inc.

(a)

(b)

....................

49,495

304,889

AXT,

Inc.

(b)

........................

89,762

412,008

CEVA,

Inc.

(b)

.......................

51,071

1,159,822

CVD

Equipment

Corp.

(b)

...............

12,181

57,373

Everspin

Technologies,

Inc.

(b)

............

42,636

337,677

GSI

Technology,

Inc.

(a)

(b)

...............

39,593

134,616

Ichor

Holdings

Ltd.

(b)

..................

63,177

2,439,896

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

indie

Semiconductor,

Inc.

,

Class

A

(a)

(b)

......

329,862

$

2,335,423

inTEST

Corp.

(b)

.....................

25,933

343,612

Kopin

Corp.

(a)

(b)

.....................

238,911

430,040

Navitas

Semiconductor

Corp.

(a)

(b)

.........

248,482

1,185,259

NVE

Corp.

........................

10,404

938,233

Photronics,

Inc.

(b)

....................

133,813

3,789,584

Pixelworks,

Inc.

(a)

(b)

...................

119,593

308,550

QuickLogic

Corp.

(a)

(b)

..................

29,705

476,171

SkyWater

Technology,

Inc.

(b)

............

40,585

412,749

SMART

Global

Holdings,

Inc.

(b)

...........

113,164

2,978,476

SPI

Energy

Co.

Ltd.

(b)

.................

52,874

32,644

Transphorm,

Inc.

(b)

...................

65,181

320,039

23,531,120

Software

—

3.7%

8x8,

Inc.

(a)

(b)

........................

271,486

733,012

A10

Networks,

Inc.

...................

155,161

2,124,154

American

Software,

Inc.

,

Class

A

.........

70,993

812,870

Arteris,

Inc.

(a)

(b)

......................

38,288

280,268

AudioEye,

Inc.

(a)

(b)

...................

15,805

158,208

AvePoint,

Inc.

,

Class

A

(a)

(b)

..............

325,957

2,581,579

Aware,

Inc.

(b)

.......................

30,579

57,183

Bit

Digital,

Inc.

(a)

(b)

....................

198,292

569,098

Cipher

Mining,

Inc.

(a)

(b)

.................

92,789

477,863

Cleanspark,

Inc.

(a)

(b)

..................

422,528

8,961,819

CoreCard

Corp.

(a)

(b)

..................

15,508

171,363

CS

Disco,

Inc.

(a)

(b)

....................

49,916

405,817

CXApp,

Inc.

(a)

(b)

.....................

4,181

10,244

CYNGN,

Inc.

(b)

......................

29,184

4,850

Dave,

Inc.

(b)

........................

15,973

593,237

Digimarc

Corp.

(a)

(b)

...................

31,202

848,070

eGain

Corp.

(b)

......................

45,022

290,392

Expensify,

Inc.

,

Class

A

(b)

..............

120,201

221,170

Intellicheck,

Inc.

(a)

(b)

..................

41,262

143,592

Issuer

Direct

Corp.

(b)

..................

5,998

77,494

Kaltura,

Inc.

(a)

(b)

.....................

187,925

253,699

LivePerson,

Inc.

(a)

(b)

..................

173,033

172,583

Mawson

Infrastructure

Group,

Inc.

(a)

(b)

......

26,029

39,824

Mitek

Systems,

Inc.

(a)

(b)

................

95,282

1,343,476

NextNav,

Inc.

(a)

(b)

....................

122,638

806,958

ON24,

Inc.

........................

63,793

455,482

OneSpan,

Inc.

(b)

.....................

87,936

1,022,696

Porch

Group,

Inc.

(a)

(b)

.................

171,710

740,070

Quantum

Computing,

Inc.

(a)

(b)

............

91,715

90,807

Red

Violet,

Inc.

(a)

(b)

...................

24,593

480,793

Rekor

Systems,

Inc.

(a)

(b)

................

136,876

313,446

ReposiTrak,

Inc.

(a)

...................

25,847

409,675

Rimini

Street,

Inc.

(b)

..................

115,378

376,132

Smith

Micro

Software,

Inc.

(a)

(b)

...........

116,334

40,054

SoundHound

AI,

Inc.

,

Class

A

(a)

(b)

.........

301,967

1,778,586

SoundThinking,

Inc.

(b)

.................

21,799

346,168

SRAX,

Inc.

,

NVS

(b)

...................

49,878

2,993

Telos

Corp.

(b)

.......................

115,246

479,423

Terawulf,

Inc.

(a)

(b)

....................

337,648

888,014

Upland

Software,

Inc.

(b)

................

62,136

192,000

Veritone,

Inc.

(a)

(b)

....................

58,475

307,579

Viant

Technology,

Inc.

,

Class

A

(b)

..........

32,222

343,487

Weave

Communications,

Inc.

(b)

..........

75,226

863,595

Xperi,

Inc.

(b)

........................

95,529

1,152,080

Yext,

Inc.

(b)

........................

234,424

1,413,577

33,835,480

Specialized

REITs

—

0.2%

Farmland

Partners,

Inc.

...............

97,809

1,085,680

Gladstone

Land

Corp.

................

74,291

991,042

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialized

REITs

(continued)

Global

Self

Storage,

Inc.

...............

23,267

$

103,538

2,180,260

Specialty

Retail

—

2.6%

1-800-Flowers.com,

Inc.

,

Class

A

(a)

(b)

.......

56,575

612,707

Aaron's

Co.,

Inc.

(The)

................

66,460

498,450

America's

Car-Mart,

Inc.

(a)

(b)

.............

12,887

823,093

BARK,

Inc.

(a)

(b)

......................

292,677

362,919

Barnes

&

Noble

Education,

Inc.

(a)

(b)

........

99,354

71,952

Big

5

Sporting

Goods

Corp.

.............

48,142

169,460

Build-A-Bear

Workshop,

Inc.

............

28,367

847,322

Caleres,

Inc.

.......................

74,522

3,057,638

CarParts.com,

Inc.

(a)

(b)

.................

120,625

195,413

Cato

Corp.

(The)

,

Class

A

..............

37,978

219,133

Children's

Place,

Inc.

(The)

(a)

(b)

...........

25,929

299,221

Citi

Trends,

Inc.

(a)

(b)

...................

18,014

488,720

Conn's,

Inc.

(a)

(b)

.....................

30,080

100,768

Container

Store

Group,

Inc.

(The)

(b)

........

70,819

80,734

Destination

XL

Group,

Inc.

(b)

............

121,929

438,944

Duluth

Holdings,

Inc.

,

Class

B

(b)

..........

30,444

149,176

Envela

Corp.

(a)

(b)

....................

16,593

76,660

Genesco,

Inc.

(a)

(b)

....................

23,950

673,953

GrowGeneration

Corp.

(a)

(b)

..............

129,759

371,111

Haverty

Furniture

Cos.,

Inc.

.............

32,093

1,095,013

Hibbett,

Inc.

.......................

25,425

1,952,894

J

Jill,

Inc.

(a)

(b)

.......................

10,070

321,938

Kirkland's,

Inc.

(a)

(b)

...................

22,538

54,317

Lands'

End,

Inc.

(b)

...................

31,634

344,494

Lazydays

Holdings,

Inc.

(a)

(b)

.............

16,633

67,031

LL

Flooring

Holdings,

Inc.

(a)

(b)

............

64,358

117,775

Lulu's

Fashion

Lounge

Holdings,

Inc.

(b)

.....

36,818

51,545

MarineMax,

Inc.

(a)

(b)

..................

47,758

1,588,431

OneWater

Marine,

Inc.

,

Class

A

(a)

(b)

........

25,450

716,417

PetMed

Express,

Inc.

.................

45,037

215,727

RealReal,

Inc.

(The)

(b)

.................

210,716

823,900

Rent

the

Runway,

Inc.

,

Class

A

(a)

(b)

........

124,865

43,128

RumbleON,

Inc.

,

Class

B

(a)

(b)

............

63,975

413,278

Shoe

Carnival,

Inc.

(a)

.................

39,836

1,459,591

Sleep

Number

Corp.

(b)

................

46,462

744,786

Sportsman's

Warehouse

Holdings,

Inc.

(a)

(b)

...

82,991

258,102

Stitch

Fix,

Inc.

,

Class

A

(b)

...............

197,751

522,063

Tandy

Leather

Factory,

Inc.

(b)

............

6,278

29,193

ThredUp,

Inc.

,

Class

A

(a)

(b)

..............

163,078

326,156

Tile

Shop

Holdings,

Inc.

(b)

..............

62,482

439,248

Tilly's,

Inc.

,

Class

A

(a)

(b)

................

49,626

337,457

Torrid

Holdings,

Inc.

(a)

(b)

................

25,781

125,811

Winmark

Corp.

.....................

6,268

2,267,136

Zumiez,

Inc.

(b)

......................

34,600

525,574

24,378,379

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

AstroNova,

Inc.

(b)

....................

14,331

255,379

CompoSecure,

Inc.

,

Class

A

(a)

(b)

..........

37,208

269,014

CPI

Card

Group,

Inc.

(a)

(b)

...............

9,094

162,419

Eastman

Kodak

Co.

(a)

(b)

................

123,920

613,404

Immersion

Corp.

....................

66,998

501,145

Intevac,

Inc.

(b)

......................

56,755

217,939

Movano,

Inc.

(a)

(b)

.....................

90,485

37,198

One

Stop

Systems,

Inc.

(a)

(b)

.............

38,582

125,777

Quantum

Corp.

(a)

(b)

...................

139,844

83,221

Sonim

Technologies,

Inc.

(a)

(b)

............

44,386

27,076

TransAct

Technologies,

Inc.

(a)

(b)

...........

18,808

98,554

Turtle

Beach

Corp.

(b)

..................

35,783

616,899

3,008,025

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Allbirds,

Inc.

,

Class

A

(a)

(b)

...............

211,405

$

146,736

Crown

Crafts,

Inc.

...................

21,529

109,798

Culp,

Inc.

(b)

........................

26,805

128,664

Delta

Apparel,

Inc.

(a)

(b)

.................

13,731

41,056

Fossil

Group,

Inc.

(b)

..................

109,959

112,158

Jerash

Holdings

US,

Inc.

...............

12,639

38,675

Lakeland

Industries,

Inc.

(a)

..............

15,710

287,493

Movado

Group,

Inc.

..................

33,660

940,124

PLBY

Group,

Inc.

(a)

(b)

.................

116,510

122,335

Rocky

Brands,

Inc.

...................

15,384

417,368

Superior

Group

of

Cos.,

Inc.

............

26,686

440,853

Unifi,

Inc.

(b)

........................

36,132

216,431

Vera

Bradley,

Inc.

(b)

..................

57,853

393,400

Vince

Holding

Corp.

(b)

.................

8,387

27,258

3,422,349

Tobacco

—

0.1%

Ispire

Technology,

Inc.

(a)

(b)

..............

38,132

233,749

Turning

Point

Brands,

Inc.

..............

37,509

1,099,014

1,332,763

Trading

Companies

&

Distributors

—

1.2%

Alta

Equipment

Group,

Inc.

,

Class

A

.......

50,150

649,443

BlueLinx

Holdings,

Inc.

(b)

...............

18,522

2,412,305

Distribution

Solutions

Group,

Inc.

(b)

........

22,012

780,986

DXP

Enterprises,

Inc.

(b)

................

28,764

1,545,490

EVI

Industries,

Inc.

...................

14,327

356,742

Hudson

Technologies,

Inc.

(b)

............

95,969

1,056,619

Karat

Packaging,

Inc.

.................

14,935

427,290

Mega

Matrix

Corp.

(a)

(b)

.................

58,576

167,527

Titan

Machinery,

Inc.

(b)

................

45,119

1,119,402

Transcat,

Inc.

(a)

(b)

....................

18,006

2,006,409

Willis

Lease

Finance

Corp.

(b)

............

6,365

315,831

10,838,044

Water

Utilities

—

0.4%

Artesian

Resources

Corp.

,

Class

A,

NVS

....

20,163

748,249

Cadiz,

Inc.

(b)

.......................

90,285

261,827

Consolidated

Water

Co.

Ltd.

............

32,972

966,409

Global

Water

Resources,

Inc.

............

25,342

325,391

Pure

Cycle

Corp.

(b)

...................

45,773

434,843

York

Water

Co.

(The)

.................

31,366

1,137,645

3,874,364

Wireless

Telecommunication

Services

—

0.1%

FingerMotion,

Inc.

(a)

(b)

.................

88,889

186,667

KORE

Group

Holdings,

Inc.

(b)

............

104,403

82,176

Spok

Holdings,

Inc.

..................

38,589

615,494

SurgePays,

Inc.

(a)

(b)

..................

19,549

75,264

Tingo

Group,

Inc.

(a)

(b)

..................

270,482

6,924

966,525

Total

Common

Stocks

—

99

.8

%

(Cost:

$

1,001,731,381

)

............................

917,545,421

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Preferred

Stocks

Software

—

0.0%

BTCS,

Inc.

(b)

.......................

19,145

$

—

Total

Preferred

Stocks

—

0.0

%

(Cost:

$

–

)

.....................................

—

Rights

Biotechnology

—

0.0%

(b)(c)

Contra

Aduro

Biotech

I,

CVR

............

33,109

16,555

Disc

Medicine,

Inc.,

CVR

(a)

.............

44,944

—

OncoMed

Pharmaceuticals,

Inc.,

CVR

.....

60,904

1

Oncternal

Therapeutics,

Inc.,

CVR

(a)

.......

1,634

1,675

18,231

Diversified

Telecommunication

Services

—

0.0%

Contra

Communications,

CVR

(b)

(c)

........

4,194

5,548

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Empire

Petroleum

Corp.

(

Expires

04/03/24

,

Strike

Price

USD

6.05

)

(a)

(b)

(c)

...........

29,877

—

Pharmaceuticals

—

0.0%

Contra

CVR

Catalyst,

CVR

(b)

............

37,156

11,890

Total

Rights

—

0

.0

%

(Cost:

$

15,237

)

.................................

35,669

Total

Long-Term

Investments

—

99.8%

(Cost:

$

1,001,746,618

)

............................

917,581,090

Short-Term

Securities

Money

Market

Funds

—

17.7%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(g)

..................

153,226,157

153,302,770

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

9,846,133

9,846,133

Total

Short-Term

Securities

—

17

.7

%

(Cost:

$

163,057,264

)

..............................

163,148,903

Total

Investments

—

117

.5

%

(Cost:

$

1,164,803,882

)

............................

1,080,729,993

Liabilities

in

Excess

of

Other

Assets

—

(

17.5

)

%

............

(

160,857,024

)

Net

Assets

—

100.0%

...............................

$

919,872,969

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$204,507,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$1,421,381.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

28

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

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

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

142,621,872

$

10,665,551

(a)

$

—

$

273

$

15,074

$

153,302,770

153,226,157

$

3,351,328

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,674,220

8,171,913

(a)

—

—

—

9,846,133

9,846,133

93,103

—

$

273

$

15,074

$

163,148,903

$

3,444,431

$

—

—

—

(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

....................................................

16

06/21/24

$

1,717

$

46,376

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

46,376

$

—

$

—

$

—

$

46,376

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

382,917

$

—

$

—

$

—

$

382,917

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

3,255

$

—

$

—

$

—

$

3,255

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,115,639

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Micro-Cap

ETF

Schedules

of

Investments

29

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

.........................................

$

917,337,921

$

207,500

$

—

$

917,545,421

Preferred

Stocks

.........................................

—

—

—

—

Rights

................................................

—

11,890

23,779

35,669

Short-Term

Securities

Money

Market

Funds

......................................

163,148,903

—

—

163,148,903

$

1,080,486,824

$

219,390

$

23,779

$

1,080,729,993

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

46,376

$

—

$

—

$

46,376

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

Russell

2500

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

Axon

Enterprise,

Inc.

(a)

................

12,047

$

3,769,265

BWX

Technologies,

Inc.

...............

15,683

1,609,389

Curtiss-Wright

Corp.

..................

6,525

1,670,009

Hexcel

Corp.

.......................

14,449

1,052,610

Huntington

Ingalls

Industries,

Inc.

.........

6,733

1,962,468

Mercury

Systems,

Inc.

(a)

(b)

..............

9,178

270,751

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

(b)

.

19,670

709,497

Textron,

Inc.

.......................

33,473

3,211,065

Woodward,

Inc.

.....................

10,228

1,576,339

15,831,393

Air

Freight

&

Logistics

—

0.1%

GXO

Logistics,

Inc.

(a)

.................

20,154

1,083,479

Automobile

Components

—

0.5%

BorgWarner,

Inc.

....................

39,986

1,389,114

Gentex

Corp.

......................

40,290

1,455,275

Lear

Corp.

........................

9,908

1,435,471

Phinia,

Inc.

........................

8,185

314,549

QuantumScape

Corp.

,

Class

A

(a)

(b)

........

57,836

363,788

4,958,197

Automobiles

—

0.2%

Harley-Davidson,

Inc.

.................

21,604

944,959

Thor

Industries,

Inc.

..................

8,813

1,034,117

1,979,076

Banks

—

2.1%

Bank

OZK

........................

18,424

837,555

BOK

Financial

Corp.

..................

4,802

441,784

Columbia

Banking

System,

Inc.

..........

36,308

702,560

Comerica,

Inc.

......................

22,781

1,252,727

Commerce

Bancshares,

Inc.

............

20,762

1,104,538

Cullen/Frost

Bankers,

Inc.

..............

10,211

1,149,452

East

West

Bancorp,

Inc.

...............

24,090

1,905,760

First

Citizens

BancShares,

Inc.

,

Class

A

.....

1,863

3,046,005

First

Hawaiian,

Inc.

..................

22,217

487,885

First

Horizon

Corp.

...................

95,234

1,466,604

FNB

Corp.

........................

61,770

870,957

New

York

Community

Bancorp,

Inc.

.......

120,675

388,574

Pinnacle

Financial

Partners,

Inc.

..........

13,054

1,121,078

Popular,

Inc.

.......................

12,185

1,073,377

Prosperity

Bancshares,

Inc.

.............

15,144

996,172

Synovus

Financial

Corp.

...............

24,881

996,733

TFS

Financial

Corp.

..................

9,256

116,255

Webster

Financial

Corp.

...............

29,420

1,493,654

Western

Alliance

Bancorp

..............

18,580

1,192,650

Wintrust

Financial

Corp.

...............

10,543

1,100,584

Zions

Bancorp

NA

...................

25,026

1,086,128

22,831,032

Beverages

—

0.2%

(a)

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

.......

1,614

491,334

Celsius

Holdings,

Inc.

.................

24,635

2,042,734

2,534,068

Biotechnology

—

1.3%

(a)

Apellis

Pharmaceuticals,

Inc.

............

17,432

1,024,653

Exact

Sciences

Corp.

.................

30,551

2,109,852

Exelixis,

Inc.

.......................

52,913

1,255,626

Ionis

Pharmaceuticals,

Inc.

(b)

............

24,368

1,056,353

Natera,

Inc.

(b)

......................

18,592

1,700,424

Neurocrine

Biosciences,

Inc.

............

16,533

2,280,231

Roivant

Sciences

Ltd.

.................

62,123

654,776

Sarepta

Therapeutics,

Inc.

..............

15,310

1,982,033

Security

Shares

Shares

Value

Biotechnology

(continued)

Ultragenyx

Pharmaceutical,

Inc.

..........

13,633

$

636,525

United

Therapeutics

Corp.

..............

7,727

1,775,046

14,475,519

Broadline

Retail

—

0.3%

Kohl's

Corp.

.......................

19,100

556,765

Macy's,

Inc.

.......................

46,386

927,256

Nordstrom,

Inc.

.....................

19,971

404,812

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

......

10,629

845,750

2,734,583

Building

Products

—

2.3%

A

O

Smith

Corp.

....................

20,697

1,851,554

Advanced

Drainage

Systems,

Inc.

........

11,442

1,970,770

Allegion

plc

........................

15,050

2,027,385

Armstrong

World

Industries,

Inc.

..........

7,498

931,401

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

..........

24,741

1,242,493

Builders

FirstSource,

Inc.

(a)

.............

20,783

4,334,295

Carlisle

Cos.,

Inc.

...................

8,273

3,241,775

Fortune

Brands

Innovations,

Inc.

.........

21,683

1,835,900

Hayward

Holdings,

Inc.

(a)

...............

23,209

355,330

Lennox

International,

Inc.

..............

5,481

2,678,894

Owens

Corning

.....................

15,143

2,525,852

Trex

Co.,

Inc.

(a)

.....................

18,575

1,852,856

24,848,505

Capital

Markets

—

2.3%

Affiliated

Managers

Group,

Inc.

..........

5,749

962,785

Carlyle

Group,

Inc.

(The)

...............

36,128

1,694,764

CBOE

Global

Markets,

Inc.

.............

18,009

3,308,794

Evercore,

Inc.

,

Class

A

................

6,063

1,167,673

FactSet

Research

Systems,

Inc.

..........

6,581

2,990,341

Houlihan

Lokey,

Inc.

,

Class

A

............

8,726

1,118,586

Invesco

Ltd.

.......................

62,053

1,029,459

Janus

Henderson

Group

plc

............

23,201

763,081

Jefferies

Financial

Group,

Inc.

...........

31,180

1,375,038

Lazard,

Inc.

.......................

18,962

793,939

MarketAxess

Holdings,

Inc.

.............

6,338

1,389,607

Morningstar,

Inc.

....................

4,417

1,362,070

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

.......

108,683

2,187,789

SEI

Investments

Co.

..................

17,158

1,233,660

Stifel

Financial

Corp.

.................

16,796

1,312,943

TPG,

Inc.

,

Class

A

...................

12,491

558,348

Virtu

Financial,

Inc.

,

Class

A

.............

14,837

304,455

XP,

Inc.

,

Class

A

....................

55,588

1,426,388

24,979,720

Chemicals

—

0.9%

Ashland,

Inc.

.......................

8,634

840,693

Axalta

Coating

Systems

Ltd.

(a)

...........

38,116

1,310,809

Chemours

Co.

(The)

..................

25,549

670,917

Element

Solutions,

Inc.

................

38,468

960,931

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

..

268,949

311,981

Huntsman

Corp.

....................

28,719

747,555

NewMarket

Corp.

....................

1,071

679,678

Olin

Corp.

.........................

20,700

1,217,160

RPM

International,

Inc.

................

21,820

2,595,489

Scotts

Miracle-Gro

Co.

(The)

............

7,261

541,598

9,876,811

Commercial

Services

&

Supplies

—

0.6%

Clean

Harbors,

Inc.

(a)

.................

8,676

1,746,566

Driven

Brands

Holdings,

Inc.

(a)

...........

10,398

164,184

MSA

Safety,

Inc.

....................

6,301

1,219,811

Stericycle,

Inc.

(a)

(b)

...................

15,815

834,241

Tetra

Tech,

Inc.

.....................

9,068

1,674,950

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2500

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Vestis

Corp.

.......................

20,382

$

392,761

6,032,513

Communications

Equipment

—

0.6%

Ciena

Corp.

(a)

......................

24,819

1,227,299

F5,

Inc.

(a)

.........................

10,113

1,917,324

Juniper

Networks,

Inc.

................

54,461

2,018,325

Lumentum

Holdings,

Inc.

(a)

(b)

............

11,575

548,076

Viasat,

Inc.

(a)

(b)

......................

20,286

366,974

6,077,998

Construction

&

Engineering

—

0.9%

AECOM

..........................

23,305

2,285,754

EMCOR

Group,

Inc.

..................

7,957

2,786,541

MasTec,

Inc.

(a)

......................

10,693

997,122

MDU

Resources

Group,

Inc.

............

34,680

873,936

Valmont

Industries,

Inc.

................

3,585

818,384

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......

31,831

1,480,142

9,241,879

Construction

Materials

—

0.1%

Eagle

Materials,

Inc.

..................

5,829

1,584,031

Consumer

Finance

—

0.5%

Ally

Financial,

Inc.

...................

46,129

1,872,376

Credit

Acceptance

Corp.

(a)

..............

1,082

596,777

OneMain

Holdings,

Inc.

................

19,309

986,497

SLM

Corp.

........................

37,773

823,074

SoFi

Technologies,

Inc.

(a)

(b)

.............

163,355

1,192,491

5,471,215

Consumer

Staples

Distribution

&

Retail

—

0.9%

Albertsons

Cos.,

Inc.

,

Class

A

...........

71,365

1,530,065

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

22,805

1,725,198

Casey's

General

Stores,

Inc.

............

6,397

2,037,125

Grocery

Outlet

Holding

Corp.

(a)

...........

16,287

468,740

Maplebear,

Inc.

(a)

....................

3,911

145,841

Performance

Food

Group

Co.

(a)

..........

26,259

1,959,972

US

Foods

Holding

Corp.

(a)

..............

38,797

2,093,874

9,960,815

Containers

&

Packaging

—

1.5%

AptarGroup,

Inc.

....................

11,227

1,615,453

Ardagh

Group

SA

,

Class

A

.............

885

5,934

Ardagh

Metal

Packaging

SA

............

24,660

84,584

Avery

Dennison

Corp.

.................

13,847

3,091,343

Berry

Global

Group,

Inc.

...............

19,994

1,209,237

Crown

Holdings,

Inc.

.................

18,156

1,439,045

Graphic

Packaging

Holding

Co.

..........

52,073

1,519,490

Packaging

Corp.

of

America

............

15,176

2,880,101

Sealed

Air

Corp.

....................

22,983

854,968

Silgan

Holdings,

Inc.

..................

14,022

680,908

Sonoco

Products

Co.

.................

16,803

971,885

WestRock

Co.

......................

43,519

2,152,015

16,504,963

Distributors

—

0.2%

Pool

Corp.

........................

6,501

2,623,154

Diversified

Consumer

Services

—

0.5%

ADT,

Inc.

.........................

43,675

293,496

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

....

9,865

1,118,296

Grand

Canyon

Education,

Inc.

(a)

..........

5,094

693,854

H&R

Block,

Inc.

.....................

24,740

1,214,981

Mister

Car

Wash,

Inc.

(a)

(b)

...............

13,785

106,834

Service

Corp.

International

.............

24,526

1,820,075

5,247,536

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

—

0.1%

Frontier

Communications

Parent,

Inc.

(a)

.....

42,167

$

1,033,091

Iridium

Communications,

Inc.

............

21,354

558,621

1,591,712

Electric

Utilities

—

0.6%

Hawaiian

Electric

Industries,

Inc.

.........

19,381

218,424

IDACORP,

Inc.

.....................

8,715

809,537

NRG

Energy,

Inc.

....................

38,490

2,605,388

OGE

Energy

Corp.

...................

34,357

1,178,445

Pinnacle

West

Capital

Corp.

............

19,373

1,447,744

6,259,538

Electrical

Equipment

—

1.6%

Acuity

Brands,

Inc.

...................

5,269

1,415,938

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

60,856

115,626

Generac

Holdings,

Inc.

(a)

...............

10,229

1,290,286

Hubbell,

Inc.

.......................

9,164

3,803,518

nVent

Electric

plc

....................

28,185

2,125,149

Plug

Power,

Inc.

(a)

(b)

..................

91,817

315,851

Regal

Rexnord

Corp.

.................

11,325

2,039,633

Sensata

Technologies

Holding

plc

.........

25,904

951,713

Sunrun,

Inc.

(a)

(b)

.....................

36,517

481,294

Vertiv

Holdings

Co.

,

Class

A

............

58,704

4,794,355

17,333,363

Electronic

Equipment,

Instruments

&

Components

—

1.1%

Arrow

Electronics,

Inc.

(a)

...............

9,298

1,203,719

Avnet,

Inc.

........................

15,610

773,944

Cognex

Corp.

......................

29,725

1,260,934

Coherent

Corp.

(a)

....................

22,210

1,346,370

Crane

NXT

Co.

.....................

8,272

512,037

IPG

Photonics

Corp.

(a)

................

5,136

465,784

Jabil,

Inc.

.........................

21,327

2,856,752

Littelfuse,

Inc.

......................

4,153

1,006,480

TD

SYNNEX

Corp.

...................

9,935

1,123,648

Vontier

Corp.

.......................

26,793

1,215,330

11,764,998

Energy

Equipment

&

Services

—

0.3%

NOV,

Inc.

.........................

67,195

1,311,646

TechnipFMC

plc

.....................

74,034

1,858,994

3,170,640

Entertainment

—

0.3%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

42,048

156,419

Liberty

Media

Corp.-Liberty

Live

,

Class

A

(a)

...

3,362

142,381

Liberty

Media

Corp.-Liberty

Live

,

Class

C,

NVS

(a)

.........................

8,164

357,746

Madison

Square

Garden

Sports

Corp.

(a)

.....

3,189

588,434

Playtika

Holding

Corp.

................

5,053

35,624

Roku,

Inc.

,

Class

A

(a)

(b)

................

21,350

1,391,379

TKO

Group

Holdings,

Inc.

..............

10,632

918,711

3,590,694

Financial

Services

—

1.3%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

38,745

1,443,639

Equitable

Holdings,

Inc.

...............

56,256

2,138,291

Euronet

Worldwide,

Inc.

(a)

..............

7,536

828,432

Jack

Henry

&

Associates,

Inc.

...........

12,459

2,164,502

MGIC

Investment

Corp.

...............

47,094

1,053,022

NCR

Atleos

Corp.

(a)

..................

11,474

226,611

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

.........

9,282

613,262

Toast,

Inc.

,

Class

A

(a)

.................

63,093

1,572,278

UWM

Holdings

Corp.

,

Class

A

...........

17,329

125,808

Voya

Financial,

Inc.

..................

16,630

1,229,290

Western

Union

Co.

(The)

..............

43,838

612,855

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2500

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

WEX,

Inc.

(a)

(b)

.......................

7,309

$

1,736,107

13,744,097

Food

Products

—

0.5%

Darling

Ingredients,

Inc.

(a)

..............

27,158

1,263,118

Flowers

Foods,

Inc.

..................

32,379

769,001

Freshpet,

Inc.

(a)

.....................

7,493

868,139

Ingredion,

Inc.

......................

11,135

1,301,125

Pilgrim's

Pride

Corp.

(a)

................

7,230

248,134

Post

Holdings,

Inc.

(a)

..................

8,779

933,032

Seaboard

Corp.

.....................

39

125,733

5,508,282

Gas

Utilities

—

0.2%

National

Fuel

Gas

Co.

................

15,378

826,106

UGI

Corp.

.........................

35,938

881,919

1,708,025

Ground

Transportation

—

1.1%

Avis

Budget

Group,

Inc.

...............

3,182

389,668

Hertz

Global

Holdings,

Inc.

(a)

(b)

...........

23,196

181,625

Knight-Swift

Transportation

Holdings,

Inc.

...

26,833

1,476,351

Landstar

System,

Inc.

.................

6,163

1,187,980

Lyft,

Inc.

,

Class

A

(a)

...................

59,680

1,154,808

Ryder

System,

Inc.

...................

7,482

899,261

Saia,

Inc.

(a)

........................

4,551

2,662,335

Schneider

National,

Inc.

,

Class

B

.........

9,217

208,673

U-Haul

Holding

Co.

,

NVS

(b)

.............

17,204

1,147,163

U-Haul

Holding

Co.

(a)

.................

1,450

97,933

XPO,

Inc.

(a)

(b)

.......................

19,528

2,383,002

11,788,799

Health

Care

Equipment

&

Supplies

—

1.0%

Dentsply

Sirona,

Inc.

.................

36,418

1,208,713

Enovis

Corp.

(a)

(b)

.....................

8,973

560,364

Envista

Holdings

Corp.

(a)

(b)

..............

28,293

604,904

Globus

Medical,

Inc.

,

Class

A

(a)

(b)

.........

20,387

1,093,559

ICU

Medical,

Inc.

(a)

...................

3,506

376,264

Inspire

Medical

Systems,

Inc.

(a)

(b)

.........

4,994

1,072,661

Integra

LifeSciences

Holdings

Corp.

(a)

......

11,665

413,524

Masimo

Corp.

(a)

(b)

....................

7,423

1,090,068

Novocure

Ltd.

(a)

.....................

18,427

288,014

Penumbra,

Inc.

(a)

(b)

...................

6,226

1,389,519

QuidelOrtho

Corp.

(a)

..................

9,247

443,301

Shockwave

Medical,

Inc.

(a)

..............

6,210

2,022,162

Tandem

Diabetes

Care,

Inc.

(a)

...........

11,106

393,264

10,956,317

Health

Care

Providers

&

Services

—

1.2%

Acadia

Healthcare

Co.,

Inc.

(a)

............

15,356

1,216,502

agilon

health,

Inc.

(a)

(b)

.................

50,184

306,123

Amedisys,

Inc.

(a)

....................

5,501

506,972

Chemed

Corp.

......................

2,514

1,613,812

DaVita,

Inc.

(a)

(b)

.....................

9,268

1,279,447

Encompass

Health

Corp.

..............

16,912

1,396,593

Henry

Schein,

Inc.

(a)

..................

22,317

1,685,380

Premier,

Inc.

,

Class

A

.................

20,683

457,094

R1

RCM,

Inc.

(a)

.....................

26,258

338,203

Tenet

Healthcare

Corp.

(a)

...............

17,272

1,815,460

Universal

Health

Services,

Inc.

,

Class

B

....

10,061

1,835,730

12,451,316

Health

Care

REITs

—

0.3%

Healthcare

Realty

Trust,

Inc.

,

Class

A

......

65,690

929,513

Medical

Properties

Trust,

Inc.

(b)

...........

103,025

484,218

Security

Shares

Shares

Value

Health

Care

REITs

(continued)

Omega

Healthcare

Investors,

Inc.

.........

41,856

$

1,325,580

2,739,311

Health

Care

Technology

—

0.1%

(a)

Certara,

Inc.

(b)

......................

20,909

373,853

Doximity,

Inc.

,

Class

A

(b)

...............

19,273

518,636

Teladoc

Health,

Inc.

..................

28,196

425,760

1,318,249

Hotel

&

Resort

REITs

—

0.3%

Host

Hotels

&

Resorts,

Inc.

.............

119,968

2,480,938

Park

Hotels

&

Resorts,

Inc.

.............

35,512

621,105

3,102,043

Hotels,

Restaurants

&

Leisure

—

1.8%

Aramark

..........................

44,432

1,444,929

Boyd

Gaming

Corp.

..................

12,059

811,812

Cava

Group,

Inc.

(a)

(b)

..................

8,343

584,427

Choice

Hotels

International,

Inc.

..........

5,111

645,775

Churchill

Downs,

Inc.

.................

12,192

1,508,760

Hyatt

Hotels

Corp.

,

Class

A

.............

7,406

1,182,146

Marriott

Vacations

Worldwide

Corp.

........

5,979

644,118

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

....

72,282

1,512,862

Penn

Entertainment,

Inc.

(a)

..............

25,585

465,903

Planet

Fitness,

Inc.

,

Class

A

(a)

(b)

..........

14,645

917,216

Texas

Roadhouse,

Inc.

................

11,437

1,766,673

Travel

+

Leisure

Co.

..................

12,050

589,968

Vail

Resorts,

Inc.

....................

6,465

1,440,596

Wendy's

Co.

(The)

...................

28,748

541,612

Wingstop,

Inc.

......................

5,022

1,840,061

Wyndham

Hotels

&

Resorts,

Inc.

.........

14,013

1,075,498

Wynn

Resorts

Ltd.

...................

17,776

1,817,240

18,789,596

Household

Durables

—

1.3%

Leggett

&

Platt,

Inc.

..................

23,023

440,890

Mohawk

Industries,

Inc.

(a)

..............

9,094

1,190,314

Newell

Brands,

Inc.

..................

65,992

529,916

PulteGroup,

Inc.

....................

36,660

4,421,929

Tempur

Sealy

International,

Inc.

..........

28,513

1,620,109

Toll

Brothers,

Inc.

....................

17,738

2,294,765

TopBuild

Corp.

(a)

....................

5,425

2,390,960

Whirlpool

Corp.

.....................

9,152

1,094,854

13,983,737

Household

Products

—

0.1%

Reynolds

Consumer

Products,

Inc.

........

9,465

270,320

Spectrum

Brands

Holdings,

Inc.

..........

5,163

459,559

729,879

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Brookfield

Renewable

Corp.

............

22,998

565,061

Clearway

Energy,

Inc.

,

Class

A

...........

6,236

134,136

Clearway

Energy,

Inc.

,

Class

C

..........

12,942

298,313

Vistra

Corp.

.......................

60,552

4,217,447

5,214,957

Industrial

REITs

—

0.6%

Americold

Realty

Trust,

Inc.

.............

48,850

1,217,342

EastGroup

Properties,

Inc.

.............

7,826

1,406,880

First

Industrial

Realty

Trust,

Inc.

..........

22,728

1,194,129

Rexford

Industrial

Realty,

Inc.

...........

36,000

1,810,800

STAG

Industrial,

Inc.

.................

31,334

1,204,479

6,833,630

Insurance

—

2.5%

American

Financial

Group,

Inc.

..........

12,307

1,679,659

Assurant,

Inc.

......................

9,016

1,697,172

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2500

ETF

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Assured

Guaranty

Ltd.

................

9,451

$

824,600

Axis

Capital

Holdings

Ltd.

..............

13,443

874,064

Brighthouse

Financial,

Inc.

(a)

............

10,933

563,487

Everest

Group

Ltd.

...................

7,347

2,920,432

First

American

Financial

Corp.

...........

17,036

1,040,048

Globe

Life,

Inc.

.....................

14,875

1,731,004

Hanover

Insurance

Group,

Inc.

(The)

......

6,013

818,790

Kemper

Corp.

......................

10,456

647,436

Kinsale

Capital

Group,

Inc.

.............

3,748

1,966,726

Lincoln

National

Corp.

................

24,581

784,871

Old

Republic

International

Corp.

..........

44,304

1,361,019

Primerica,

Inc.

......................

5,990

1,515,230

Reinsurance

Group

of

America,

Inc.

.......

11,400

2,198,832

RenaissanceRe

Holdings

Ltd.

...........

8,878

2,086,596

RLI

Corp.

.........................

6,918

1,027,115

Ryan

Specialty

Holdings,

Inc.

,

Class

A

......

16,622

922,521

Unum

Group

.......................

27,519

1,476,670

White

Mountains

Insurance

Group

Ltd.

.....

431

773,343

26,909,615

Interactive

Media

&

Services

—

0.2%

(a)

IAC,

Inc.

..........................

12,747

679,925

TripAdvisor,

Inc.

(b)

...................

18,369

510,475

ZoomInfo

Technologies,

Inc.

............

52,077

834,794

2,025,194

IT

Services

—

0.4%

Amdocs

Ltd.

.......................

19,667

1,777,307

DXC

Technology

Co.

(a)

................

33,014

700,227

Globant

SA

(a)

.......................

7,042

1,421,780

Kyndryl

Holdings,

Inc.

(a)

................

39,128

851,425

4,750,739

Leisure

Products

—

0.5%

Brunswick

Corp.

....................

11,700

1,129,284

Hasbro,

Inc.

.......................

22,491

1,271,191

Mattel,

Inc.

(a)

.......................

60,554

1,199,575

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

.......

57,412

246,011

Polaris,

Inc.

........................

9,270

928,112

YETI

Holdings,

Inc.

(a)

(b)

................

14,854

572,622

5,346,795

Life

Sciences

Tools

&

Services

—

1.2%

10X

Genomics,

Inc.

,

Class

A

(a)

...........

15,832

594,175

Azenta,

Inc.

(a)

(b)

.....................

9,386

565,788

Bio-Techne

Corp.

....................

26,612

1,873,219

Bruker

Corp.

(b)

......................

17,113

1,607,595

Charles

River

Laboratories

International,

Inc.

(a)

8,712

2,360,516

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

18,789

162,901

Medpace

Holdings,

Inc.

(a)

..............

3,984

1,610,134

QIAGEN

NV

(a)

......................

37,768

1,623,646

Repligen

Corp.

(a)

(b)

...................

9,509

1,748,895

Sotera

Health

Co.

(a)

..................

21,184

254,420

12,401,289

Machinery

—

2.7%

AGCO

Corp.

.......................

10,694

1,315,576

Allison

Transmission

Holdings,

Inc.

........

15,272

1,239,476

Crane

Co.

.........................

8,196

1,107,525

Donaldson

Co.,

Inc.

..................

20,819

1,554,763

Esab

Corp.

........................

9,705

1,073,082

Flowserve

Corp.

....................

22,450

1,025,516

Gates

Industrial

Corp.

plc

(a)

.............

28,134

498,253

Graco,

Inc.

........................

28,576

2,670,713

ITT,

Inc.

..........................

14,170

1,927,545

Lincoln

Electric

Holdings,

Inc.

...........

9,543

2,437,664

Middleby

Corp.

(The)

(a)

(b)

...............

9,149

1,471,068

Security

Shares

Shares

Value

Machinery

(continued)

Nordson

Corp.

......................

9,790

$

2,687,747

Oshkosh

Corp.

.....................

11,137

1,388,895

Pentair

plc

........................

28,067

2,398,044

RBC

Bearings,

Inc.

(a)

.................

4,857

1,313,090

Snap-on,

Inc.

......................

8,900

2,636,358

Timken

Co.

(The)

....................

10,456

914,168

Toro

Co.

(The)

......................

17,818

1,632,663

29,292,146

Marine

Transportation

—

0.1%

Kirby

Corp.

(a)

.......................

10,174

969,786

Media

—

0.8%

Cable

One,

Inc.

.....................

968

409,590

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

65,997

2,153,482

Liberty

Media

Corp.-Liberty

SiriusXM

,

NVS

(a)

.

26,503

787,404

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A,

NVS

(a)

.........................

12,786

379,744

New

York

Times

Co.

(The)

,

Class

A

........

27,799

1,201,473

News

Corp.

,

Class

A,

NVS

.............

65,346

1,710,758

News

Corp.

,

Class

B

.................

19,983

540,740

Nexstar

Media

Group,

Inc.

..............

5,581

961,551

8,144,742

Metals

&

Mining

—

0.9%

Alcoa

Corp.

........................

30,440

1,028,568

Cleveland-Cliffs,

Inc.

(a)

................

85,189

1,937,198

MP

Materials

Corp.

,

Class

A

(a)

(b)

..........

17,958

256,799

Reliance,

Inc.

......................

9,794

3,272,959

Royal

Gold,

Inc.

.....................

11,285

1,374,626

SSR

Mining,

Inc.

....................

35,175

156,880

United

States

Steel

Corp.

..............

38,024

1,550,619

9,577,649

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.5%

AGNC

Investment

Corp.

...............

118,969

1,177,793

Annaly

Capital

Management,

Inc.

.........

85,944

1,692,237

Rithm

Capital

Corp.

..................

82,955

925,778

Starwood

Property

Trust,

Inc.

............

50,993

1,036,688

4,832,496

Multi-Utilities

—

0.2%

NiSource,

Inc.

......................

70,649

1,954,151

Office

REITs

—

0.4%

Boston

Properties,

Inc.

................

26,829

1,752,202

Cousins

Properties,

Inc.

...............

26,274

631,627

Highwoods

Properties,

Inc.

.............

17,803

466,083

Kilroy

Realty

Corp.

...................

20,024

729,474

Vornado

Realty

Trust

.................

30,453

876,133

4,455,519

Oil,

Gas

&

Consumable

Fuels

—

1.7%

Antero

Midstream

Corp.

...............

58,567

823,452

Antero

Resources

Corp.

(a)

..............

48,670

1,411,430

APA

Corp.

........................

62,227

2,139,364

Chesapeake

Energy

Corp.

.............

21,146

1,878,399

DT

Midstream,

Inc.

...................

16,759

1,023,975

EQT

Corp.

........................

61,921

2,295,411

HF

Sinclair

Corp.

....................

27,481

1,659,028

New

Fortress

Energy,

Inc.

,

Class

A

........

11,191

342,333

Ovintiv,

Inc.

........................

43,903

2,278,566

Range

Resources

Corp.

...............

40,274

1,386,634

Southwestern

Energy

Co.

(a)

.............

187,714

1,422,872

Texas

Pacific

Land

Corp.

...............

3,175

1,836,769

18,498,233

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2500

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

................

11,079

$

929,639

Passenger

Airlines

—

0.2%

(a)

Alaska

Air

Group,

Inc.

.................

21,433

921,404

American

Airlines

Group,

Inc.

............

111,542

1,712,170

2,633,574

Personal

Care

Products

—

0.1%

(a)

Coty,

Inc.

,

Class

A

(b)

..................

65,200

779,792

Olaplex

Holdings,

Inc.

.................

23,620

45,350

825,142

Pharmaceuticals

—

0.6%

Catalent,

Inc.

(a)

.....................

30,899

1,744,249

Elanco

Animal

Health,

Inc.

(a)

.............

83,964

1,366,934

Jazz

Pharmaceuticals

plc

(a)

.............

10,443

1,257,546

Organon

&

Co.

.....................

44,225

831,430

Perrigo

Co.

plc

.....................

23,160

745,520

5,945,679

Professional

Services

—

1.5%

Booz

Allen

Hamilton

Holding

Corp.

........

21,927

3,254,844

CACI

International,

Inc.

,

Class

A

(a)

........

3,781

1,432,356

Clarivate

plc

(a)

(b)

.....................

79,030

587,193

Concentrix

Corp.

....................

7,518

497,842

Dayforce,

Inc.

(a)

(b)

....................

25,533

1,690,540

Dun

&

Bradstreet

Holdings,

Inc.

..........

46,683

468,697

FTI

Consulting,

Inc.

(a)

.................

5,685

1,195,498

Genpact

Ltd.

.......................

30,477

1,004,217

KBR,

Inc.

.........................

23,023

1,465,644

ManpowerGroup,

Inc.

.................

8,270

642,083

Paycor

HCM,

Inc.

(a)

..................

11,009

214,015

Paylocity

Holding

Corp.

(a)

(b)

.............

7,194

1,236,361

Robert

Half,

Inc.

....................

17,664

1,400,402

Science

Applications

International

Corp.

....

8,853

1,154,343

16,244,035

Real

Estate

Management

&

Development

—

0.3%

(a)

Howard

Hughes

Holdings,

Inc.

...........

5,799

421,124

Jones

Lang

LaSalle,

Inc.

...............

8,148

1,589,593

Zillow

Group,

Inc.

,

Class

A

..............

9,203

440,456

Zillow

Group,

Inc.

,

Class

C,

NVS

(b)

........

26,534

1,294,328

3,745,501

Residential

REITs

—

0.6%

American

Homes

4

Rent

,

Class

A

.........

56,956

2,094,842

Apartment

Income

REIT

Corp.

...........

25,308

821,751

Camden

Property

Trust

................

17,747

1,746,305

Equity

LifeStyle

Properties,

Inc.

..........

30,391

1,957,180

6,620,078

Retail

REITs

—

0.8%

Agree

Realty

Corp.

..................

17,121

977,951

Brixmor

Property

Group,

Inc.

............

51,606

1,210,161

Federal

Realty

Investment

Trust

..........

13,841

1,413,443

Kimco

Realty

Corp.

..................

112,518

2,206,478

NNN

REIT,

Inc.

.....................

31,111

1,329,684

Regency

Centers

Corp.

...............

30,898

1,871,183

9,008,900

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Allegro

MicroSystems,

Inc.

(a)

............

13,079

352,610

Cirrus

Logic,

Inc.

(a)

...................

9,199

851,459

Entegris,

Inc.

.......................

25,543

3,589,813

Lattice

Semiconductor

Corp.

(a)

...........

23,356

1,827,140

MKS

Instruments,

Inc.

................

11,377

1,513,141

Qorvo,

Inc.

(a)

.......................

16,796

1,928,685

Universal

Display

Corp.

...............

8,016

1,350,295

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Wolfspeed,

Inc.

(a)

(b)

...................

21,413

$

631,684

12,044,827

Software

—

3.4%

AppLovin

Corp.

,

Class

A

(a)

..............

34,328

2,376,184

Aspen

Technology,

Inc.

(a)

...............

4,743

1,011,587

Bentley

Systems,

Inc.

,

Class

B

(b)

..........

33,258

1,736,733

BILL

Holdings,

Inc.

(a)

(b)

.................

17,572

1,207,548

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

....

58,689

701,920

Confluent,

Inc.

,

Class

A

(a)

(b)

.............

33,056

1,008,869

Dolby

Laboratories,

Inc.

,

Class

A

.........

9,978

835,857

DoubleVerify

Holdings,

Inc.

(a)

(b)

...........

24,029

844,860

Dropbox,

Inc.

,

Class

A

(a)

...............

43,604

1,059,577

Dynatrace,

Inc.

(a)

....................

44,336

2,058,964

Elastic

NV

(a)

.......................

13,719

1,375,193

Five9,

Inc.

(a)

.......................

12,395

769,853

Gen

Digital,

Inc.

.....................

94,868

2,125,043

Gitlab,

Inc.

,

Class

A

(a)

.................

15,712

916,324

Guidewire

Software,

Inc.

(a)

..............

13,955

1,628,688

HashiCorp,

Inc.

,

Class

A

(a)

..............

16,969

457,315

Informatica,

Inc.

,

Class

A

(a)

.............

7,532

263,620

Manhattan

Associates,

Inc.

(a)

............

10,537

2,636,674

nCino,

Inc.

(a)

(b)

......................

12,205

456,223

NCR

Voyix

Corp.

(a)

...................

22,387

282,748

Nutanix,

Inc.

,

Class

A

(a)

................

41,559

2,565,022

Pegasystems,

Inc.

...................

7,272

470,062

Procore

Technologies,

Inc.

(a)

............

13,726

1,127,865

PTC,

Inc.

(a)

........................

19,605

3,704,169

RingCentral,

Inc.

,

Class

A

(a)

.............

14,284

496,226

SentinelOne,

Inc.

,

Class

A

(a)

.............

41,449

966,176

Smartsheet,

Inc.

,

Class

A

(a)

.............

21,880

842,380

Teradata

Corp.

(a)

....................

16,605

642,115

UiPath,

Inc.

,

Class

A

(a)

................

65,063

1,474,978

36,042,773

Specialized

REITs

—

0.7%

CubeSmart

........................

38,300

1,731,926

EPR

Properties

.....................

12,720

539,964

Gaming

&

Leisure

Properties,

Inc.

........

43,746

2,015,378

Lamar

Advertising

Co.

,

Class

A

..........

14,859

1,774,313

National

Storage

Affiliates

Trust

..........

12,834

502,579

Rayonier,

Inc.

......................

25,340

842,302

7,406,462

Specialty

Retail

—

2.0%

Advance

Auto

Parts,

Inc.

...............

10,144

863,153

AutoNation,

Inc.

(a)

....................

4,859

804,553

Bath

&

Body

Works,

Inc.

...............

38,637

1,932,623

Dick's

Sporting

Goods,

Inc.

.............

9,677

2,175,970

Five

Below,

Inc.

(a)

....................

9,384

1,702,070

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

17,794

2,306,458

GameStop

Corp.

,

Class

A

(a)

(b)

............

46,178

578,148

Gap,

Inc.

(The)

.....................

33,560

924,578

Lithia

Motors,

Inc.

,

Class

A

.............

4,652

1,399,601

Murphy

USA,

Inc.

...................

3,326

1,394,259

Penske

Automotive

Group,

Inc.

..........

3,341

541,209

Petco

Health

&

Wellness

Co.,

Inc.

(a)

.......

16,812

38,331

RH

(a)

............................

2,657

925,327

Valvoline,

Inc.

(a)

.....................

22,173

988,251

Victoria's

Secret

&

Co.

(a)

(b)

..............

13,535

262,308

Wayfair,

Inc.

,

Class

A

(a)

................

14,364

975,028

Williams-Sonoma,

Inc.

................

10,905

3,462,665

21,274,532

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Pure

Storage,

Inc.

,

Class

A

(a)

............

49,492

2,573,089

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2500

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

1.4%

Birkenstock

Holding

plc

(a)

(b)

.............

4,317

$

203,978

Capri

Holdings

Ltd.

(a)

.................

19,329

875,604

Carter's,

Inc.

.......................

6,151

520,867

Columbia

Sportswear

Co.

..............

5,951

483,102

Crocs,

Inc.

(a)

.......................

10,151

1,459,714

Deckers

Outdoor

Corp.

(a)

...............

4,383

4,125,543

PVH

Corp.

........................

10,132

1,424,661

Ralph

Lauren

Corp.

,

Class

A

............

6,770

1,271,135

Skechers

USA,

Inc.

,

Class

A

(a)

...........

22,767

1,394,706

Tapestry,

Inc.

.......................

39,165

1,859,554

Under

Armour,

Inc.

,

Class

A

(a)

............

32,553

240,241

Under

Armour,

Inc.

,

Class

C,

NVS

(a)

(b)

......

35,548

253,813

VF

Corp.

.........................

59,818

917,608

15,030,526

Trading

Companies

&

Distributors

—

0.8%

Air

Lease

Corp.

,

Class

A

...............

17,721

911,568

Core

&

Main,

Inc.

,

Class

A

(a)

.............

29,833

1,707,939

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

.....

7,900

766,616

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

........

7,599

1,326,405

Watsco,

Inc.

.......................

5,750

2,483,828

WESCO

International,

Inc.

..............

7,568

1,296,247

8,492,603

Water

Utilities

—

0.1%

Essential

Utilities,

Inc.

.................

42,861

1,588,000

Total

Common

Stocks

—

57

.8

%

(Cost:

$

549,120,503

)

..............................

621,019,384

Security

Shares

Shares

Value

Investment

Companies

iShares

Russell

2000

ETF

(b)

(c)

............

2,146,791

$

451,470,147

Total

Investment

Companies

—

42

.0

%

(Cost:

$

412,295,617

)

..............................

451,470,147

Total

Long-Term

Investments

—

99.8%

(Cost:

$

961,416,120

)

..............................

1,072,489,531

Short-Term

Securities

Money

Market

Funds

—

30.5%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

..................

326,448,578

326,611,802

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

1,398,138

1,398,138

Total

Short-Term

Securities

—

30

.5

%

(Cost:

$

327,997,125

)

..............................

328,009,940

Total

Investments

—

130

.3

%

(Cost:

$

1,289,413,245

)

............................

1,400,499,471

Liabilities

in

Excess

of

Other

Assets

—

(

30.3

)

%

............

(

326,059,566

)

Net

Assets

—

100.0%

...............................

$

1,074,439,905

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

305,543,714

$

21,002,191

(a)

$

—

$

49,592

$

16,305

$

326,611,802

326,448,578

$

1,069,248

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

697,539

700,599

(a)

—

—

—

1,398,138

1,398,138

61,174

—

iShares

Russell

2000

ETF

...

297,675,029

142,062,950

(

53,131,277

)

3,334,490

61,528,955

451,470,147

2,146,791

4,994,685

—

$

3,384,082

$

61,545,260

$

779,480,087

$

6,125,107

$

—

—

—

(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.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2500

ETF

36

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

....................................................

9

06/21/24

$

966

$

23,574

S&P

Midcap

400

E-Mini

Index

.................................................

2

06/21/24

615

23,703

$

47,277

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

47,277

$

—

$

—

$

—

$

47,277

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

260,681

$

—

$

—

$

—

$

260,681

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

20,558

$

—

$

—

$

—

$

20,558

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,570,993

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

2500

ETF

Schedules

of

Investments

37

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

.........................................

$

621,013,450

$

5,934

$

—

$

621,019,384

Investment

Companies

....................................

451,470,147

—

—

451,470,147

Short-Term

Securities

Money

Market

Funds

......................................

328,009,940

—

—

328,009,940

$

1,400,493,537

$

5,934

$

—

$

1,400,499,471

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

47,277

$

—

$

—

$

47,277

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.8%

Axon

Enterprise,

Inc.

(a)

................

205,796

$

64,389,452

BWX

Technologies,

Inc.

...............

267,477

27,448,490

Curtiss-Wright

Corp.

..................

111,559

28,552,410

HEICO

Corp.

(b)

.....................

132,056

25,222,696

HEICO

Corp.

,

Class

A

.................

237,058

36,492,709

Hexcel

Corp.

.......................

247,920

18,060,972

Howmet

Aerospace,

Inc.

...............

1,108,248

75,837,411

Huntington

Ingalls

Industries,

Inc.

.........

114,360

33,332,509

Mercury

Systems,

Inc.

(a)

(b)

..............

155,983

4,601,499

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

..

335,901

12,115,949

Textron,

Inc.

.......................

571,154

54,790,803

TransDigm

Group,

Inc.

................

154,853

190,716,955

Woodward,

Inc.

.....................

175,241

27,008,143

598,569,998

Air

Freight

&

Logistics

—

0.3%

CH

Robinson

Worldwide,

Inc.

...........

335,131

25,516,874

Expeditors

International

of

Washington,

Inc.

..

422,347

51,344,725

GXO

Logistics,

Inc.

(a)

.................

343,506

18,466,883

95,328,482

Automobile

Components

—

0.4%

Aptiv

plc

(a)

.........................

791,207

63,019,638

BorgWarner,

Inc.

....................

681,157

23,663,394

Gentex

Corp.

......................

685,624

24,764,739

Lear

Corp.

........................

169,755

24,594,104

Phinia,

Inc.

........................

140,093

5,383,774

QuantumScape

Corp.

,

Class

A

(a)

(b)

........

983,058

6,183,435

147,609,084

Automobiles

—

0.2%

Harley-Davidson,

Inc.

.................

373,848

16,352,111

Lucid

Group,

Inc.

(a)

(b)

..................

2,174,723

6,197,961

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

........

1,972,637

21,600,375

Thor

Industries,

Inc.

..................

151,134

17,734,064

61,884,511

Banks

—

2.5%

Bank

OZK

........................

312,528

14,207,523

BOK

Financial

Corp.

..................

84,039

7,731,588

Citizens

Financial

Group,

Inc.

...........

1,358,247

49,290,784

Columbia

Banking

System,

Inc.

..........

606,892

11,743,360

Comerica,

Inc.

......................

385,660

21,207,443

Commerce

Bancshares,

Inc.

............

352,108

18,732,146

Cullen/Frost

Bankers,

Inc.

..............

173,684

19,551,608

East

West

Bancorp,

Inc.

...............

410,085

32,441,824

Fifth

Third

Bancorp

..................

1,983,393

73,802,054

First

Citizens

BancShares,

Inc.

,

Class

A

.....

31,783

51,965,205

First

Hawaiian,

Inc.

..................

376,145

8,260,144

First

Horizon

Corp.

...................

1,624,294

25,014,128

FNB

Corp.

........................

1,043,904

14,719,046

Huntington

Bancshares,

Inc.

............

4,208,887

58,713,974

KeyCorp

..........................

2,730,807

43,174,059

M&T

Bank

Corp.

....................

483,351

70,298,569

New

York

Community

Bancorp,

Inc.

(b)

......

2,062,382

6,640,870

NU

Holdings

Ltd.

,

Class

A

(a)

.............

6,831,406

81,498,674

Pinnacle

Financial

Partners,

Inc.

..........

220,705

18,954,145

Popular,

Inc.

.......................

207,577

18,285,458

Prosperity

Bancshares,

Inc.

.............

255,805

16,826,853

Regions

Financial

Corp.

...............

2,707,061

56,956,563

Synovus

Financial

Corp.

...............

421,791

16,896,947

TFS

Financial

Corp.

..................

149,476

1,877,419

Webster

Financial

Corp.

...............

500,776

25,424,397

Western

Alliance

Bancorp

..............

316,942

20,344,507

Wintrust

Financial

Corp.

...............

178,751

18,659,817

Security

Shares

Shares

Value

Banks

(continued)

Zions

Bancorp

NA

...................

426,961

$

18,530,107

821,749,212

Beverages

—

0.3%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

......

27,509

8,374,290

Brown-Forman

Corp.

,

Class

A

...........

144,336

7,642,591

Brown-Forman

Corp.

,

Class

B,

NVS

.......

535,369

27,635,748

Celsius

Holdings,

Inc.

(a)

(b)

...............

419,820

34,811,474

Molson

Coors

Beverage

Co.

,

Class

B

......

512,263

34,449,687

112,913,790

Biotechnology

—

1.4%

(a)

Alnylam

Pharmaceuticals,

Inc.

(b)

..........

365,812

54,670,603

Apellis

Pharmaceuticals,

Inc.

(b)

...........

295,341

17,360,144

Biogen,

Inc.

.......................

421,138

90,809,987

BioMarin

Pharmaceutical,

Inc.

...........

545,743

47,665,194

Exact

Sciences

Corp.

(b)

................

520,861

35,970,661

Exelixis,

Inc.

.......................

895,768

21,256,575

Incyte

Corp.

.......................

540,109

30,770,010

Ionis

Pharmaceuticals,

Inc.

(b)

............

418,891

18,158,925

Natera,

Inc.

(b)

......................

317,429

29,032,056

Neurocrine

Biosciences,

Inc.

............

282,811

39,005,293

Roivant

Sciences

Ltd.

.................

1,060,686

11,179,630

Sarepta

Therapeutics,

Inc.

..............

260,924

33,779,221

Ultragenyx

Pharmaceutical,

Inc.

..........

232,504

10,855,612

United

Therapeutics

Corp.

(b)

.............

131,607

30,232,760

470,746,671

Broadline

Retail

—

0.6%

Coupang,

Inc.

,

Class

A

(a)

...............

3,197,294

56,879,860

eBay,

Inc.

.........................

1,518,373

80,139,727

Etsy,

Inc.

(a)

(b)

.......................

347,616

23,888,171

Kohl's

Corp.

.......................

328,017

9,561,696

Macy's,

Inc.

.......................

795,222

15,896,488

Nordstrom,

Inc.

.....................

338,906

6,869,625

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

.....

179,991

14,321,884

207,557,451

Building

Products

—

2.4%

A

O

Smith

Corp.

....................

354,210

31,687,627

Advanced

Drainage

Systems,

Inc.

........

195,363

33,649,323

Allegion

plc

........................

256,018

34,488,185

Armstrong

World

Industries,

Inc.

..........

129,032

16,028,355

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

..........

418,904

21,037,359

Builders

FirstSource,

Inc.

(a)

(b)

............

354,895

74,013,352

Carlisle

Cos.,

Inc.

...................

141,221

55,337,449

Carrier

Global

Corp.

..................

2,435,260

141,561,664

Fortune

Brands

Innovations,

Inc.

.........

368,998

31,243,061

Hayward

Holdings,

Inc.

(a)

...............

397,464

6,085,174

Lennox

International,

Inc.

..............

93,449

45,674,133

Masco

Corp.

.......................

658,262

51,923,706

Owens

Corning

.....................

258,646

43,142,153

Trane

Technologies

plc

................

664,997

199,632,099

Trex

Co.,

Inc.

(a)

(b)

....................

317,391

31,659,752

817,163,392

Capital

Markets

—

5.1%

Affiliated

Managers

Group,

Inc.

..........

98,599

16,512,375

Ameriprise

Financial,

Inc.

..............

292,898

128,418,199

Ares

Management

Corp.

,

Class

A

.........

489,147

65,046,768

Bank

of

New

York

Mellon

Corp.

(The)

......

2,222,950

128,086,379

Blue

Owl

Capital,

Inc.

,

Class

A

...........

1,335,633

25,190,038

Carlyle

Group,

Inc.

(The)

...............

617,389

28,961,718

CBOE

Global

Markets,

Inc.

.............

307,670

56,528,209

Coinbase

Global,

Inc.

,

Class

A

(a)

..........

500,695

132,744,258

Evercore,

Inc.

,

Class

A

................

103,276

19,889,925

FactSet

Research

Systems,

Inc.

..........

112,299

51,027,543

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

(continued)

Franklin

Resources,

Inc.

...............

881,362

$

24,775,086

Houlihan

Lokey,

Inc.

,

Class

A

............

148,326

19,013,910

Interactive

Brokers

Group,

Inc.

,

Class

A

(b)

....

303,323

33,884,212

Invesco

Ltd.

.......................

1,062,885

17,633,262

Janus

Henderson

Group

plc

............

391,799

12,886,269

Jefferies

Financial

Group,

Inc.

...........

531,352

23,432,623

KKR

&

Co.,

Inc.

.....................

1,938,563

194,980,667

Lazard,

Inc.

.......................

320,459

13,417,618

LPL

Financial

Holdings,

Inc.

.............

220,654

58,296,787

MarketAxess

Holdings,

Inc.

.............

108,135

23,708,599

Morningstar,

Inc.

....................

75,333

23,230,437

MSCI,

Inc.

........................

224,258

125,685,396

Nasdaq,

Inc.

.......................

1,075,841

67,885,567

Northern

Trust

Corp.

..................

592,702

52,703,062

Raymond

James

Financial,

Inc.

..........

553,031

71,020,241

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

.......

1,856,504

37,371,425

SEI

Investments

Co.

..................

294,731

21,191,159

State

Street

Corp.

...................

882,622

68,244,333

Stifel

Financial

Corp.

.................

287,887

22,504,127

T.

Rowe

Price

Group,

Inc.

..............

644,414

78,566,955

TPG,

Inc.

,

Class

A

...................

213,208

9,530,398

Tradeweb

Markets,

Inc.

,

Class

A

..........

335,440

34,942,785

Virtu

Financial,

Inc.

,

Class

A

.............

256,893

5,271,444

XP,

Inc.

,

Class

A

....................

946,517

24,287,626

1,716,869,400

Chemicals

—

2.6%

Albemarle

Corp.

....................

342,285

45,092,626

Ashland,

Inc.

.......................

145,561

14,173,275

Axalta

Coating

Systems

Ltd.

(a)

...........

643,938

22,145,028

Celanese

Corp.

.....................

288,815

49,635,746

CF

Industries

Holdings,

Inc.

.............

562,027

46,766,267

Chemours

Co.

(The)

..................

440,011

11,554,689

Corteva,

Inc.

.......................

2,062,772

118,960,061

DuPont

de

Nemours,

Inc.

..............

1,258,128

96,460,674

Eastman

Chemical

Co.

................

345,693

34,645,353

Element

Solutions,

Inc.

................

651,556

16,275,869

FMC

Corp.

........................

364,917

23,245,213

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

..

4,571,620

5,303,079

Huntsman

Corp.

....................

483,322

12,580,872

International

Flavors

&

Fragrances,

Inc.

.....

746,674

64,206,497

LyondellBasell

Industries

NV

,

Class

A

......

755,743

77,297,394

Mosaic

Co.

(The)

....................

950,192

30,843,232

NewMarket

Corp.

....................

18,320

11,626,238

Olin

Corp.

.........................

355,757

20,918,512

PPG

Industries,

Inc.

..................

686,078

99,412,702

RPM

International,

Inc.

................

371,791

44,224,539

Scotts

Miracle-Gro

Co.

(The)

............

122,234

9,117,434

Westlake

Corp.

.....................

94,708

14,471,382

868,956,682

Commercial

Services

&

Supplies

—

1.8%

Cintas

Corp.

.......................

253,261

173,997,905

Clean

Harbors,

Inc.

(a)

(b)

................

147,616

29,716,577

Copart,

Inc.

(a)

(b)

.....................

2,508,375

145,285,080

Driven

Brands

Holdings,

Inc.

(a)

(b)

..........

188,247

2,972,420

MSA

Safety,

Inc.

....................

108,347

20,974,896

RB

Global,

Inc.

(b)

....................

531,825

40,509,110

Republic

Services,

Inc.

................

603,422

115,519,107

Rollins,

Inc.

........................

748,093

34,614,263

Stericycle,

Inc.

(a)

(b)

...................

269,577

14,220,187

Tetra

Tech,

Inc.

.....................

154,883

28,608,439

Vestis

Corp.

.......................

349,374

6,732,437

613,150,421

Security

Shares

Shares

Value

Communications

Equipment

—

0.3%

Ciena

Corp.

(a)

......................

420,116

$

20,774,736

F5,

Inc.

(a)

.........................

172,855

32,771,580

Juniper

Networks,

Inc.

................

928,355

34,404,836

Lumentum

Holdings,

Inc.

(a)

(b)

............

198,140

9,381,929

Ubiquiti,

Inc.

.......................

12,892

1,493,538

Viasat,

Inc.

(a)

(b)

......................

349,307

6,318,964

105,145,583

Construction

&

Engineering

—

0.8%

AECOM

..........................

396,060

38,845,565

EMCOR

Group,

Inc.

..................

135,321

47,389,414

MasTec,

Inc.

(a)

......................

183,131

17,076,966

MDU

Resources

Group,

Inc.

............

591,671

14,910,109

Quanta

Services,

Inc.

.................

420,292

109,191,862

Valmont

Industries,

Inc.

................

61,309

13,995,618

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......

543,370

25,266,705

266,676,239

Construction

Materials

—

0.7%

Eagle

Materials,

Inc.

..................

99,454

27,026,624

Martin

Marietta

Materials,

Inc.

(b)

..........

180,515

110,825,379

Vulcan

Materials

Co.

.................

387,392

105,727,025

243,579,028

Consumer

Finance

—

0.7%

Ally

Financial,

Inc.

...................

785,812

31,896,109

Credit

Acceptance

Corp.

(a)

(b)

.............

18,564

10,238,974

Discover

Financial

Services

.............

729,863

95,677,741

OneMain

Holdings,

Inc.

................

327,258

16,719,611

SLM

Corp.

........................

639,171

13,927,536

SoFi

Technologies,

Inc.

(a)

(b)

.............

2,801,474

20,450,760

Synchrony

Financial

..................

1,186,849

51,176,929

240,087,660

Consumer

Staples

Distribution

&

Retail

—

1.2%

Albertsons

Cos.,

Inc.

,

Class

A

...........

1,216,597

26,083,840

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

......

388,990

29,427,094

Casey's

General

Stores,

Inc.

............

108,742

34,628,890

Dollar

Tree,

Inc.

(a)

(b)

..................

600,976

80,019,954

Grocery

Outlet

Holding

Corp.

(a)

(b)

..........

279,989

8,058,083

Kroger

Co.

(The)

....................

1,908,051

109,006,954

Maplebear,

Inc.

(a)

....................

66,144

2,466,510

Performance

Food

Group

Co.

(a)

..........

446,977

33,362,363

US

Foods

Holding

Corp.

(a)

(b)

.............

660,770

35,661,757

Walgreens

Boots

Alliance,

Inc.

...........

2,094,735

45,434,802

404,150,247

Containers

&

Packaging

—

1.3%

Amcor

plc

.........................

4,209,711

40,034,352

AptarGroup,

Inc.

....................

191,315

27,528,315

Ardagh

Group

SA

,

Class

A

.............

58,704

393,610

Ardagh

Metal

Packaging

SA

............

423,698

1,453,284

Avery

Dennison

Corp.

.................

235,488

52,572,696

Ball

Corp.

.........................

901,082

60,696,883

Berry

Global

Group,

Inc.

...............

338,221

20,455,606

Crown

Holdings,

Inc.

.................

309,623

24,540,719

Graphic

Packaging

Holding

Co.

..........

892,364

26,039,182

International

Paper

Co.

................

1,013,832

39,559,725

Packaging

Corp.

of

America

............

258,092

48,980,700

Sealed

Air

Corp.

....................

419,777

15,615,704

Silgan

Holdings,

Inc.

..................

235,386

11,430,344

Sonoco

Products

Co.

.................

288,271

16,673,595

WestRock

Co.

......................

741,040

36,644,428

422,619,143

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Distributors

—

0.5%

Genuine

Parts

Co.

...................

410,163

$

63,546,554

LKQ

Corp.

........................

780,702

41,697,294

Pool

Corp.

........................

110,843

44,725,150

149,968,998

Diversified

Consumer

Services

—

0.3%

ADT,

Inc.

.........................

746,109

5,013,852

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

....

169,051

19,163,621

Grand

Canyon

Education,

Inc.

(a)

..........

87,870

11,968,773

H&R

Block,

Inc.

.....................

423,654

20,805,648

Mister

Car

Wash,

Inc.

(a)

(b)

...............

235,345

1,823,924

Service

Corp.

International

.............

418,708

31,072,321

89,848,139

Diversified

REITs

—

0.1%

WP

Carey,

Inc.

.....................

632,314

35,687,802

Diversified

Telecommunication

Services

—

0.1%

Frontier

Communications

Parent,

Inc.

(a)

(b)

....

718,542

17,604,279

Iridium

Communications,

Inc.

............

363,145

9,499,873

27,104,152

Electric

Utilities

—

2.6%

Alliant

Energy

Corp.

..................

744,176

37,506,471

Avangrid,

Inc.

......................

210,670

7,676,815

Constellation

Energy

Corp.

.............

940,131

173,783,215

Edison

International

..................

1,103,796

78,071,491

Entergy

Corp.

......................

618,943

65,409,896

Evergy,

Inc.

........................

652,062

34,807,070

Eversource

Energy

..................

1,018,842

60,896,186

FirstEnergy

Corp.

...................

1,592,749

61,511,966

Hawaiian

Electric

Industries,

Inc.

.........

329,267

3,710,839

IDACORP,

Inc.

.....................

147,180

13,671,550

NRG

Energy,

Inc.

....................

654,400

44,296,336

OGE

Energy

Corp.

...................

587,008

20,134,374

PG&E

Corp.

.......................

5,954,411

99,795,928

Pinnacle

West

Capital

Corp.

............

331,342

24,761,188

PPL

Corp.

........................

2,159,377

59,447,649

Xcel

Energy,

Inc.

....................

1,611,317

86,608,289

872,089,263

Electrical

Equipment

—

1.5%

Acuity

Brands,

Inc.

...................

89,940

24,169,576

AMETEK,

Inc.

......................

672,702

123,037,196

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

1,061,766

2,017,355

Generac

Holdings,

Inc.

(a)

(b)

..............

174,645

22,029,720

Hubbell,

Inc.

.......................

156,675

65,027,959

nVent

Electric

plc

....................

480,104

36,199,842

Plug

Power,

Inc.

(a)

(b)

..................

1,541,596

5,303,090

Regal

Rexnord

Corp.

.................

192,876

34,736,968

Rockwell

Automation,

Inc.

..............

336,060

97,904,360

Sensata

Technologies

Holding

plc

.........

444,715

16,338,829

Sunrun,

Inc.

(a)

(b)

.....................

632,875

8,341,292

Vertiv

Holdings

Co.

,

Class

A

(b)

...........

1,001,854

81,821,416

516,927,603

Electronic

Equipment,

Instruments

&

Components

—

2.4%

Amphenol

Corp.

,

Class

A

..............

1,704,383

196,600,579

Arrow

Electronics,

Inc.

(a)

...............

157,231

20,355,125

Avnet,

Inc.

........................

265,336

13,155,359

CDW

Corp.

........................

395,277

101,103,951

Cognex

Corp.

......................

506,239

21,474,658

Coherent

Corp.

(a)

(b)

...................

380,835

23,086,218

Corning,

Inc.

.......................

2,222,279

73,246,316

Crane

NXT

Co.

.....................

142,219

8,803,356

IPG

Photonics

Corp.

(a)

................

88,455

8,021,984

Jabil,

Inc.

(b)

........................

363,833

48,735,430

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Keysight

Technologies,

Inc.

(a)

(b)

...........

510,170

$

79,780,385

Littelfuse,

Inc.

......................

71,296

17,278,586

TD

SYNNEX

Corp.

...................

170,968

19,336,481

Teledyne

Technologies,

Inc.

(a)

............

136,289

58,511,593

Trimble,

Inc.

(a)

......................

720,749

46,387,406

Vontier

Corp.

.......................

453,710

20,580,286

Zebra

Technologies

Corp.

,

Class

A

(a)

.......

149,701

45,125,869

801,583,582

Energy

Equipment

&

Services

—

0.8%

Baker

Hughes

Co.

,

Class

A

.............

2,920,797

97,846,700

Halliburton

Co.

.....................

2,627,219

103,564,973

NOV,

Inc.

.........................

1,148,393

22,416,631

TechnipFMC

plc

.....................

1,267,339

31,822,882

255,651,186

Entertainment

—

1.6%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

718,226

2,671,801

Electronic

Arts,

Inc.

..................

791,457

105,002,600

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

...........................

68,719

4,036,554

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C,

NVS

(a)

.......................

565,205

37,077,448

Liberty

Media

Corp.-Liberty

Live

,

Class

A

(a)

...

56,319

2,385,110

Liberty

Media

Corp.-Liberty

Live

,

Class

C,

NVS

(a)

.........................

134,355

5,887,436

Live

Nation

Entertainment,

Inc.

(a)

(b)

........

456,610

48,295,640

Madison

Square

Garden

Sports

Corp.

(a)

.....

54,608

10,076,268

Playtika

Holding

Corp.

................

67,826

478,173

ROBLOX

Corp.

,

Class

A

(a)

(b)

.............

1,371,429

52,361,159

Roku,

Inc.

,

Class

A

(a)

(b)

................

364,550

23,757,724

Spotify

Technology

SA

(a)

...............

409,089

107,958,587

Take-Two

Interactive

Software,

Inc.

(a)

(b)

.....

481,602

71,513,081

TKO

Group

Holdings,

Inc.

..............

180,279

15,577,908

Warner

Bros

Discovery,

Inc.

(a)

(b)

..........

6,442,897

56,246,491

543,325,980

Financial

Services

—

2.5%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

657,777

24,508,771

Apollo

Global

Management,

Inc.

..........

1,525,266

171,516,162

Block,

Inc.

,

Class

A

(a)

.................

1,612,154

136,355,985

Corpay,

Inc.

(a)

......................

205,793

63,495,372

Equitable

Holdings,

Inc.

...............

973,327

36,996,159

Euronet

Worldwide,

Inc.

(a)

..............

129,382

14,222,963

Fidelity

National

Information

Services,

Inc.

...

1,732,377

128,507,726

Global

Payments,

Inc.

................

754,446

100,839,252

Jack

Henry

&

Associates,

Inc.

...........

213,592

37,107,338

MGIC

Investment

Corp.

...............

800,261

17,893,836

NCR

Atleos

Corp.

(a)

..................

196,469

3,880,263

Rocket

Cos.,

Inc.

,

Class

A

(a)

(b)

............

359,339

5,228,383

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

.........

158,096

10,445,403

Toast,

Inc.

,

Class

A

(a)

(b)

................

1,078,264

26,870,339

UWM

Holdings

Corp.

,

Class

A

...........

285,069

2,069,601

Voya

Financial,

Inc.

..................

285,064

21,071,931

Western

Union

Co.

(The)

..............

783,130

10,948,157

WEX,

Inc.

(a)

(b)

.......................

124,146

29,488,399

841,446,040

Food

Products

—

1.4%

Bunge

Global

SA

....................

422,738

43,339,100

Campbell

Soup

Co.

..................

559,128

24,853,240

Conagra

Brands,

Inc.

.................

1,387,419

41,123,099

Darling

Ingredients,

Inc.

(a)

(b)

.............

462,727

21,521,433

Flowers

Foods,

Inc.

..................

549,528

13,051,290

Freshpet,

Inc.

(a)

.....................

127,604

14,784,199

Hormel

Foods

Corp.

..................

843,846

29,441,787

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Ingredion,

Inc.

......................

190,120

$

22,215,522

J

M

Smucker

Co.

(The)

................

300,704

37,849,612

Kellanova

.........................

760,324

43,558,962

Lamb

Weston

Holdings,

Inc.

............

425,168

45,293,147

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

...

732,874

56,292,052

Pilgrim's

Pride

Corp.

(a)

................

124,374

4,268,516

Post

Holdings,

Inc.

(a)

(b)

.................

151,259

16,075,807

Seaboard

Corp.

(b)

....................

621

2,002,054

Tyson

Foods,

Inc.

,

Class

A

.............

812,780

47,734,569

WK

Kellogg

Co.

.....................

197,964

3,721,723

467,126,112

Gas

Utilities

—

0.2%

Atmos

Energy

Corp.

..................

439,542

52,248,357

National

Fuel

Gas

Co.

................

259,298

13,929,489

UGI

Corp.

.........................

616,680

15,133,327

81,311,173

Ground

Transportation

—

1.1%

Avis

Budget

Group,

Inc.

...............

54,313

6,651,170

Hertz

Global

Holdings,

Inc.

(a)

(b)

...........

386,730

3,028,096

JB

Hunt

Transport

Services,

Inc.

.........

239,995

47,819,004

Knight-Swift

Transportation

Holdings,

Inc.

...

456,504

25,116,850

Landstar

System,

Inc.

.................

105,023

20,244,233

Lyft,

Inc.

,

Class

A

(a)

...................

1,018,965

19,716,973

Old

Dominion

Freight

Line,

Inc.

..........

576,678

126,471,252

Ryder

System,

Inc.

...................

128,872

15,489,126

Saia,

Inc.

(a)

(b)

.......................

77,703

45,456,255

Schneider

National,

Inc.

,

Class

B

.........

162,710

3,683,754

U-Haul

Holding

Co.

,

NVS

(b)

.............

293,831

19,592,651

U-Haul

Holding

Co.

(a)

.................

22,225

1,501,077

XPO,

Inc.

(a)

........................

333,571

40,705,669

375,476,110

Health

Care

Equipment

&

Supplies

—

3.0%

Align

Technology,

Inc.

(a)

................

223,088

73,155,017

Baxter

International,

Inc.

...............

1,478,106

63,174,250

Cooper

Cos.,

Inc.

(The)

...............

568,633

57,693,504

Dentsply

Sirona,

Inc.

.................

618,805

20,538,138

Dexcom,

Inc.

(a)

(b)

....................

1,130,490

156,798,963

Enovis

Corp.

(a)

(b)

.....................

155,704

9,723,715

Envista

Holdings

Corp.

(a)

...............

476,835

10,194,732

Globus

Medical,

Inc.

,

Class

A

(a)

..........

347,057

18,616,138

Hologic,

Inc.

(a)

......................

674,970

52,620,661

ICU

Medical,

Inc.

(a)

...................

60,277

6,468,928

IDEXX

Laboratories,

Inc.

(a)

..............

240,708

129,965,471

Inspire

Medical

Systems,

Inc.

(a)

(b)

.........

85,360

18,334,474

Insulet

Corp.

(a)

......................

202,310

34,675,934

Integra

LifeSciences

Holdings

Corp.

(a)

......

198,134

7,023,850

Masimo

Corp.

(a)

(b)

....................

126,732

18,610,594

Novocure

Ltd.

(a)

.....................

315,414

4,929,921

Penumbra,

Inc.

(a)

(b)

...................

105,785

23,609,096

QuidelOrtho

Corp.

(a)

..................

156,356

7,495,707

ResMed,

Inc.

......................

423,963

83,957,393

Shockwave

Medical,

Inc.

(a)

..............

106,043

34,530,782

STERIS

plc

........................

289,902

65,175,768

Tandem

Diabetes

Care,

Inc.

(a)

(b)

..........

192,176

6,804,952

Teleflex,

Inc.

.......................

136,906

30,964,030

Zimmer

Biomet

Holdings,

Inc.

...........

613,262

80,938,319

1,016,000,337

Health

Care

Providers

&

Services

—

1.7%

Acadia

Healthcare

Co.,

Inc.

(a)

............

263,243

20,854,111

agilon

health,

Inc.

(a)

(b)

.................

883,412

5,388,813

Amedisys,

Inc.

(a)

....................

94,333

8,693,729

Cardinal

Health,

Inc.

..................

720,927

80,671,731

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

Cencora,

Inc.

......................

491,568

$

119,446,108

Chemed

Corp.

......................

42,900

27,538,797

DaVita,

Inc.

(a)

(b)

.....................

157,415

21,731,141

Encompass

Health

Corp.

..............

289,655

23,919,710

Henry

Schein,

Inc.

(a)

(b)

.................

379,947

28,693,597

Laboratory

Corp.

of

America

Holdings

......

247,416

54,050,499

Molina

Healthcare,

Inc.

(a)

...............

168,824

69,357,964

Premier,

Inc.

,

Class

A

.................

351,454

7,767,133

Quest

Diagnostics,

Inc.

................

327,559

43,601,379

R1

RCM,

Inc.

(a)

.....................

458,466

5,905,042

Tenet

Healthcare

Corp.

(a)

...............

295,241

31,032,782

Universal

Health

Services,

Inc.

,

Class

B

....

171,774

31,341,884

579,994,420

Health

Care

REITs

—

0.9%

Healthcare

Realty

Trust,

Inc.

,

Class

A

......

1,117,678

15,815,144

Healthpeak

Properties,

Inc.

.............

2,068,287

38,780,381

Medical

Properties

Trust,

Inc.

(b)

...........

1,728,887

8,125,769

Omega

Healthcare

Investors,

Inc.

.........

717,712

22,729,939

Ventas,

Inc.

.......................

1,169,900

50,937,446

Welltower,

Inc.

......................

1,619,820

151,355,981

287,744,660

Health

Care

Technology

—

0.4%

(a)

Certara,

Inc.

(b)

......................

354,376

6,336,243

Doximity,

Inc.

,

Class

A

(b)

...............

328,917

8,851,157

Teladoc

Health,

Inc.

(b)

.................

492,203

7,432,265

Veeva

Systems,

Inc.

,

Class

A

............

423,516

98,124,422

120,744,087

Hotel

&

Resort

REITs

—

0.2%

Host

Hotels

&

Resorts,

Inc.

.............

2,039,480

42,176,447

Park

Hotels

&

Resorts,

Inc.

.............

606,227

10,602,910

52,779,357

Hotels,

Restaurants

&

Leisure

—

3.4%

Aramark

..........................

758,844

24,677,607

Boyd

Gaming

Corp.

..................

209,398

14,096,673

Caesars

Entertainment,

Inc.

(a)

...........

599,508

26,222,480

Carnival

Corp.

(a)

.....................

2,904,510

47,459,693

Cava

Group,

Inc.

(a)

(b)

..................

140,148

9,817,367

Choice

Hotels

International,

Inc.

(b)

.........

86,665

10,950,123

Churchill

Downs,

Inc.

.................

207,942

25,732,823

Darden

Restaurants,

Inc.

..............

347,843

58,141,957

Domino's

Pizza,

Inc.

..................

101,981

50,672,319

DoorDash,

Inc.

,

Class

A

(a)

..............

906,310

124,817,013

DraftKings,

Inc.

,

Class

A

(a)

..............

1,223,234

55,547,056

Expedia

Group,

Inc.

(a)

.................

388,055

53,454,576

Hilton

Worldwide

Holdings,

Inc.

(b)

.........

728,188

155,329,782

Hyatt

Hotels

Corp.

,

Class

A

(b)

............

127,980

20,428,168

Marriott

Vacations

Worldwide

Corp.

........

104,334

11,239,902

MGM

Resorts

International

(a)

............

801,595

37,843,300

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

....

1,237,667

25,904,370

Penn

Entertainment,

Inc.

(a)

(b)

............

434,828

7,918,218

Planet

Fitness,

Inc.

,

Class

A

(a)

...........

251,564

15,755,453

Royal

Caribbean

Cruises

Ltd.

(a)

(b)

.........

684,471

95,148,314

Texas

Roadhouse,

Inc.

................

195,659

30,223,446

Travel

+

Leisure

Co.

..................

207,287

10,148,772

Vail

Resorts,

Inc.

....................

110,558

24,635,639

Wendy's

Co.

(The)

...................

495,644

9,337,933

Wingstop,

Inc.

......................

85,762

31,423,197

Wyndham

Hotels

&

Resorts,

Inc.

.........

238,604

18,312,857

Wynn

Resorts

Ltd.

...................

302,958

30,971,396

Yum!

Brands,

Inc.

...................

819,058

113,562,392

1,139,772,826

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Durables

—

1.9%

DR

Horton,

Inc.

.....................

884,832

$

145,599,106

Garmin

Ltd.

........................

447,769

66,659,371

Leggett

&

Platt,

Inc.

..................

389,012

7,449,580

Lennar

Corp.

,

Class

A

.................

708,204

121,796,924

Lennar

Corp.

,

Class

B

(b)

...............

38,950

6,005,311

Mohawk

Industries,

Inc.

(a)

(b)

.............

155,626

20,369,887

Newell

Brands,

Inc.

..................

1,122,802

9,016,100

NVR,

Inc.

(a)

(b)

.......................

8,517

68,987,359

PulteGroup,

Inc.

....................

626,448

75,562,158

Tempur

Sealy

International,

Inc.

..........

488,069

27,732,080

Toll

Brothers,

Inc.

....................

302,813

39,174,918

TopBuild

Corp.

(a)

....................

92,425

40,734,470

Whirlpool

Corp.

.....................

157,213

18,807,391

647,894,655

Household

Products

—

0.4%

Church

&

Dwight

Co.,

Inc.

..............

713,618

74,437,493

Clorox

Co.

(The)

....................

361,860

55,404,385

Reynolds

Consumer

Products,

Inc.

........

162,696

4,646,598

Spectrum

Brands

Holdings,

Inc.

..........

88,066

7,838,755

142,327,231

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

AES

Corp.

(The)

....................

1,957,736

35,102,207

Brookfield

Renewable

Corp.

............

394,203

9,685,568

Clearway

Energy,

Inc.

,

Class

A

...........

109,369

2,352,527

Clearway

Energy,

Inc.

,

Class

C

..........

235,175

5,420,784

Vistra

Corp.

.......................

1,033,793

72,003,682

124,564,768

Industrial

REITs

—

0.4%

Americold

Realty

Trust,

Inc.

.............

826,889

20,606,074

EastGroup

Properties,

Inc.

.............

134,089

24,105,179

First

Industrial

Realty

Trust,

Inc.

..........

387,764

20,373,121

Rexford

Industrial

Realty,

Inc.

...........

615,541

30,961,712

STAG

Industrial,

Inc.

.................

533,559

20,510,008

116,556,094

Insurance

—

5.0%

Aflac,

Inc.

.........................

1,696,608

145,670,763

Allstate

Corp.

(The)

..................

767,120

132,719,431

American

Financial

Group,

Inc.

..........

210,267

28,697,240

Arch

Capital

Group

Ltd.

(a)

..............

1,046,121

96,703,425

Arthur

J

Gallagher

&

Co.

...............

627,213

156,828,339

Assurant,

Inc.

......................

153,979

28,985,007

Assured

Guaranty

Ltd.

................

162,197

14,151,688

Axis

Capital

Holdings

Ltd.

..............

227,368

14,783,467

Brighthouse

Financial,

Inc.

(a)

............

189,503

9,766,985

Brown

&

Brown,

Inc.

(b)

.................

693,776

60,733,151

Cincinnati

Financial

Corp.

..............

449,402

55,802,246

CNA

Financial

Corp.

..................

79,820

3,625,424

Everest

Group

Ltd.

...................

125,508

49,889,430

Fidelity

National

Financial,

Inc.

,

Class

A

.....

746,217

39,624,123

First

American

Financial

Corp.

...........

292,129

17,834,476

Globe

Life,

Inc.

.....................

254,164

29,577,065

Hanover

Insurance

Group,

Inc.

(The)

......

103,866

14,143,433

Hartford

Financial

Services

Group,

Inc.

(The)

.

862,777

88,909,170

Kemper

Corp.

......................

178,257

11,037,673

Kinsale

Capital

Group,

Inc.

(b)

............

63,939

33,551,351

Lincoln

National

Corp.

................

489,910

15,642,826

Loews

Corp.

(b)

......................

534,818

41,870,901

Markel

Group,

Inc.

(a)

..................

38,432

58,473,519

Old

Republic

International

Corp.

..........

757,264

23,263,150

Primerica,

Inc.

......................

102,371

25,895,768

Principal

Financial

Group,

Inc.

...........

694,629

59,953,429

Prudential

Financial,

Inc.

...............

1,060,222

124,470,063

Security

Shares

Shares

Value

Insurance

(continued)

Reinsurance

Group

of

America,

Inc.

.......

193,938

$

37,406,761

RenaissanceRe

Holdings

Ltd.

...........

151,671

35,647,235

RLI

Corp.

.........................

118,255

17,557,320

Ryan

Specialty

Holdings,

Inc.

,

Class

A

......

283,705

15,745,628

Unum

Group

.......................

475,886

25,536,043

White

Mountains

Insurance

Group

Ltd.

(b)

....

7,269

13,042,767

Willis

Towers

Watson

plc

...............

301,246

82,842,650

WR

Berkley

Corp.

...................

586,077

51,832,650

1,662,214,597

Interactive

Media

&

Services

—

0.4%

(a)

IAC,

Inc.

..........................

218,330

11,645,722

Match

Group,

Inc.

(b)

..................

791,358

28,710,468

Pinterest,

Inc.

,

Class

A

(b)

...............

1,712,888

59,385,827

TripAdvisor,

Inc.

.....................

318,035

8,838,193

ZoomInfo

Technologies,

Inc.

(b)

...........

886,855

14,216,286

122,796,496

IT

Services

—

2.1%

Akamai

Technologies,

Inc.

(a)

.............

436,019

47,421,427

Amdocs

Ltd.

.......................

335,739

30,340,734

Cloudflare,

Inc.

,

Class

A

(a)

(b)

.............

859,818

83,256,177

Cognizant

Technology

Solutions

Corp.

,

Class

A

1,467,779

107,573,523

DXC

Technology

Co.

(a)

(b)

...............

563,516

11,952,174

EPAM

Systems,

Inc.

(a)

.................

162,132

44,774,373

Gartner,

Inc.

(a)

......................

221,006

105,346,930

Globant

SA

(a)

.......................

120,519

24,332,786

GoDaddy,

Inc.

,

Class

A

(a)

...............

410,887

48,764,069

Kyndryl

Holdings,

Inc.

(a)

(b)

..............

667,430

14,523,277

MongoDB,

Inc.

,

Class

A

(a)

(b)

.............

198,114

71,051,605

Okta,

Inc.

,

Class

A

(a)

(b)

.................

446,269

46,688,663

Twilio,

Inc.

,

Class

A

(a)

.................

496,435

30,357,000

VeriSign,

Inc.

(a)

.....................

259,232

49,127,056

715,509,794

Leisure

Products

—

0.3%

Brunswick

Corp.

....................

201,930

19,490,284

Hasbro,

Inc.

.......................

383,099

21,652,755

Mattel,

Inc.

(a)

(b)

......................

1,031,775

20,439,463

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

.......

975,765

4,181,153

Polaris,

Inc.

........................

158,951

15,914,174

YETI

Holdings,

Inc.

(a)

(b)

................

253,662

9,778,670

91,456,499

Life

Sciences

Tools

&

Services

—

2.9%

10X

Genomics,

Inc.

,

Class

A

(a)

(b)

..........

267,924

10,055,188

Agilent

Technologies,

Inc.

..............

854,279

124,306,137

Avantor,

Inc.

(a)

(b)

.....................

1,967,791

50,316,416

Azenta,

Inc.

(a)

(b)

.....................

160,169

9,654,987

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

.......

60,381

20,883,976

Bio-Techne

Corp.

(b)

...................

453,572

31,926,933

Bruker

Corp.

(b)

......................

292,140

27,443,632

Charles

River

Laboratories

International,

Inc.

(a)

(b)

148,683

40,285,659

Fortrea

Holdings,

Inc.

(a)

................

261,872

10,511,542

ICON

plc

(a)

........................

238,060

79,976,257

Illumina,

Inc.

(a)

......................

461,958

63,436,073

IQVIA

Holdings,

Inc.

(a)

.................

531,877

134,506,375

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

338,353

2,933,520

Medpace

Holdings,

Inc.

(a)

..............

68,022

27,491,091

Mettler-Toledo

International,

Inc.

(a)

........

62,462

83,155,036

QIAGEN

NV

(a)

......................

649,908

27,939,545

Repligen

Corp.

(a)

(b)

...................

162,076

29,809,018

Revvity,

Inc.

.......................

362,401

38,052,105

Sotera

Health

Co.

(a)

(b)

.................

360,515

4,329,785

Waters

Corp.

(a)

(b)

....................

171,295

58,964,878

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

West

Pharmaceutical

Services,

Inc.

.......

216,061

$

85,497,498

961,475,651

Machinery

—

5.1%

AGCO

Corp.

.......................

183,104

22,525,454

Allison

Transmission

Holdings,

Inc.

........

261,831

21,250,204

CNH

Industrial

NV

...................

2,846,181

36,886,506

Crane

Co.

.........................

140,184

18,943,064

Cummins,

Inc.

......................

398,281

117,353,497

Donaldson

Co.,

Inc.

..................

354,418

26,467,936

Dover

Corp.

.......................

407,667

72,234,516

Esab

Corp.

........................

165,160

18,261,741

Flowserve

Corp.

....................

385,794

17,623,070

Fortive

Corp.

.......................

1,032,417

88,808,510

Gates

Industrial

Corp.

plc

(a)

.............

480,799

8,514,950

Graco,

Inc.

........................

487,459

45,557,918

IDEX

Corp.

........................

220,857

53,893,525

Ingersoll

Rand,

Inc.

(b)

.................

1,183,279

112,352,341

ITT,

Inc.

..........................

241,221

32,813,293

Lincoln

Electric

Holdings,

Inc.

...........

163,375

41,732,510

Middleby

Corp.

(The)

(a)

................

155,708

25,036,289

Nordson

Corp.

......................

166,826

45,800,410

Oshkosh

Corp.

.....................

189,883

23,680,309

Otis

Worldwide

Corp.

.................

1,207,479

119,866,440

PACCAR,

Inc.

......................

1,498,654

185,668,244

Parker-Hannifin

Corp.

.................

373,545

207,612,576

Pentair

plc

........................

478,374

40,872,275

RBC

Bearings,

Inc.

(a)

(b)

................

82,972

22,431,480

Snap-on,

Inc.

......................

151,876

44,988,709

Stanley

Black

&

Decker,

Inc.

............

446,900

43,764,917

Timken

Co.

(The)

....................

180,048

15,741,597

Toro

Co.

(The)

......................

303,642

27,822,717

Westinghouse

Air

Brake

Technologies

Corp.

..

520,852

75,877,719

Xylem,

Inc.

........................

693,764

89,662,059

1,704,044,776

Marine

Transportation

—

0.1%

Kirby

Corp.

(a)

.......................

173,462

16,534,398

Media

—

1.2%

Cable

One,

Inc.

.....................

16,620

7,032,421

Fox

Corp.

,

Class

A,

NVS

...............

716,663

22,410,052

Fox

Corp.

,

Class

B

...................

392,885

11,244,369

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

1,127,193

36,780,308

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

.......

50,730

2,897,697

Liberty

Broadband

Corp.

,

Class

C,

NVS

(a)

...

339,743

19,443,492

Liberty

Media

Corp.-Liberty

SiriusXM

,

NVS

(a)

.

449,448

13,353,100

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A,

NVS

(a)

.........................

214,142

6,360,017

New

York

Times

Co.

(The)

,

Class

A

........

473,391

20,459,959

News

Corp.

,

Class

A,

NVS

.............

1,112,365

29,121,716

News

Corp.

,

Class

B

(b)

................

343,026

9,282,283

Nexstar

Media

Group,

Inc.

..............

94,196

16,229,029

Omnicom

Group,

Inc.

.................

576,211

55,754,176

Paramount

Global

,

Class

A

(b)

............

32,810

716,242

Paramount

Global

,

Class

B,

NVS

.........

1,684,772

19,829,767

Sirius

XM

Holdings,

Inc.

(b)

..............

1,896,031

7,356,600

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

(b)

........

1,288,048

112,601,156

390,872,384

Metals

&

Mining

—

1.1%

Alcoa

Corp.

........................

524,067

17,708,224

Cleveland-Cliffs,

Inc.

(a)

................

1,457,804

33,150,463

MP

Materials

Corp.

,

Class

A

(a)

(b)

..........

309,202

4,421,589

Nucor

Corp.

.......................

718,014

142,094,970

Reliance,

Inc.

......................

166,626

55,683,077

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Royal

Gold,

Inc.

.....................

192,315

$

23,425,890

SSR

Mining,

Inc.

....................

590,507

2,633,661

Steel

Dynamics,

Inc.

..................

444,648

65,910,173

United

States

Steel

Corp.

..............

646,617

26,369,041

371,397,088

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

AGNC

Investment

Corp.

...............

2,040,475

20,200,703

Annaly

Capital

Management,

Inc.

.........

1,468,672

28,918,152

Rithm

Capital

Corp.

..................

1,406,576

15,697,388

Starwood

Property

Trust,

Inc.

............

865,001

17,585,470

82,401,713

Multi-Utilities

—

1.6%

Ameren

Corp.

......................

766,311

56,676,362

CenterPoint

Energy,

Inc.

...............

1,840,524

52,436,529

CMS

Energy

Corp.

...................

851,778

51,396,284

Consolidated

Edison,

Inc.

..............

1,015,003

92,172,422

DTE

Energy

Co.

....................

602,176

67,528,017

NiSource,

Inc.

......................

1,211,986

33,523,533

Public

Service

Enterprise

Group,

Inc.

......

1,454,530

97,133,513

WEC

Energy

Group,

Inc.

...............

921,661

75,686,801

526,553,461

Office

REITs

—

0.4%

Alexandria

Real

Estate

Equities,

Inc.

.......

506,200

65,254,242

Boston

Properties,

Inc.

................

458,478

29,943,198

Cousins

Properties,

Inc.

...............

445,966

10,721,023

Highwoods

Properties,

Inc.

.............

308,203

8,068,754

Kilroy

Realty

Corp.

...................

341,505

12,441,027

NET

Lease

Office

Properties

(b)

...........

41,371

984,630

Vornado

Realty

Trust

.................

517,715

14,894,661

142,307,535

Oil,

Gas

&

Consumable

Fuels

—

4.2%

Antero

Midstream

Corp.

...............

991,983

13,947,281

Antero

Resources

Corp.

(a)

..............

828,668

24,031,372

APA

Corp.

........................

1,063,458

36,561,686

Cheniere

Energy,

Inc.

.................

700,663

113,002,929

Chesapeake

Energy

Corp.

(b)

............

364,004

32,334,475

Coterra

Energy,

Inc.

..................

2,183,572

60,877,987

Devon

Energy

Corp.

..................

1,874,862

94,080,575

Diamondback

Energy,

Inc.

..............

520,872

103,221,204

DT

Midstream,

Inc.

...................

283,050

17,294,355

EQT

Corp.

........................

1,052,285

39,008,205

Hess

Corp.

........................

811,705

123,898,651

HF

Sinclair

Corp.

....................

466,446

28,159,345

Marathon

Oil

Corp.

...................

1,703,957

48,290,142

New

Fortress

Energy,

Inc.

,

Class

A

(b)

.......

192,271

5,881,570

ONEOK,

Inc.

.......................

1,700,548

136,332,933

Ovintiv,

Inc.

........................

748,699

38,857,478

Phillips

66

.........................

1,285,224

209,928,487

Range

Resources

Corp.

...............

686,217

23,626,451

Southwestern

Energy

Co.

(a)

(b)

............

3,214,316

24,364,515

Targa

Resources

Corp.

................

646,522

72,403,999

Texas

Pacific

Land

Corp.

...............

54,145

31,323,424

Williams

Cos.,

Inc.

(The)

...............

3,560,615

138,757,167

1,416,184,231

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

................

188,082

15,781,961

Passenger

Airlines

—

0.7%

Alaska

Air

Group,

Inc.

(a)

................

365,316

15,704,936

American

Airlines

Group,

Inc.

(a)

...........

1,895,978

29,103,262

Delta

Air

Lines,

Inc.

..................

1,874,000

89,708,380

Southwest

Airlines

Co.

................

1,736,872

50,699,294

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Passenger

Airlines

(continued)

United

Airlines

Holdings,

Inc.

(a)

(b)

..........

956,232

$

45,784,388

231,000,260

Personal

Care

Products

—

0.0%

(a)(b)

Coty,

Inc.

,

Class

A

...................

1,110,205

13,278,052

Olaplex

Holdings,

Inc.

.................

368,592

707,696

13,985,748

Pharmaceuticals

—

0.5%

Catalent,

Inc.

(a)

.....................

525,744

29,678,249

Elanco

Animal

Health,

Inc.

(a)

.............

1,438,479

23,418,438

Jazz

Pharmaceuticals

plc

(a)

.............

179,006

21,555,902

Organon

&

Co.

.....................

755,605

14,205,374

Perrigo

Co.

plc

.....................

393,880

12,678,997

Royalty

Pharma

plc

,

Class

A

............

1,082,091

32,863,104

Viatris,

Inc.

........................

3,499,086

41,779,087

176,179,151

Professional

Services

—

2.6%

Booz

Allen

Hamilton

Holding

Corp.

........

373,989

55,514,927

Broadridge

Financial

Solutions,

Inc.

.......

342,378

70,139,557

CACI

International,

Inc.

,

Class

A

(a)

........

64,642

24,488,329

Clarivate

plc

(a)

(b)

.....................

1,374,768

10,214,526

Concentrix

Corp.

(b)

...................

128,982

8,541,188

Dayforce,

Inc.

(a)

(b)

....................

435,947

28,864,051

Dun

&

Bradstreet

Holdings,

Inc.

..........

804,011

8,072,270

Equifax,

Inc.

.......................

356,404

95,345,198

FTI

Consulting,

Inc.

(a)

.................

97,684

20,541,968

Genpact

Ltd.

.......................

519,495

17,117,360

Jacobs

Solutions,

Inc.

.................

368,024

56,576,329

KBR,

Inc.

.........................

391,956

24,951,919

Leidos

Holdings,

Inc.

.................

398,008

52,174,869

ManpowerGroup,

Inc.

.................

142,904

11,095,067

Paychex,

Inc.

......................

942,177

115,699,336

Paycom

Software,

Inc.

................

150,743

29,999,364

Paycor

HCM,

Inc.

(a)

(b)

.................

186,974

3,634,775

Paylocity

Holding

Corp.

(a)

(b)

.............

123,028

21,143,592

Robert

Half,

Inc.

....................

302,713

23,999,087

Science

Applications

International

Corp.

....

153,117

19,964,926

SS&C

Technologies

Holdings,

Inc.

........

635,520

40,908,422

TransUnion

........................

563,494

44,966,821

Verisk

Analytics,

Inc.

..................

417,283

98,366,122

882,320,003

Real

Estate

Management

&

Development

—

0.8%

(a)

CBRE

Group,

Inc.

,

Class

A

.............

887,630

86,313,141

CoStar

Group,

Inc.

(b)

..................

1,181,112

114,095,419

Howard

Hughes

Holdings,

Inc.

(b)

..........

99,680

7,238,762

Jones

Lang

LaSalle,

Inc.

(b)

..............

138,619

27,043,181

Zillow

Group,

Inc.

,

Class

A

(b)

............

159,021

7,610,745

Zillow

Group,

Inc.

,

Class

C,

NVS

(b)

........

451,969

22,047,048

264,348,296

Residential

REITs

—

1.5%

American

Homes

4

Rent

,

Class

A

.........

974,474

35,841,154

Apartment

Income

REIT

Corp.

...........

431,115

13,998,304

AvalonBay

Communities,

Inc.

...........

413,902

76,803,655

Camden

Property

Trust

................

302,557

29,771,609

Equity

LifeStyle

Properties,

Inc.

..........

518,899

33,417,096

Equity

Residential

...................

1,090,153

68,799,556

Essex

Property

Trust,

Inc.

..............

186,703

45,706,761

Invitation

Homes,

Inc.

.................

1,787,098

63,638,560

Mid-America

Apartment

Communities,

Inc.

...

339,587

44,682,857

Sun

Communities,

Inc.

................

359,125

46,176,292

UDR,

Inc.

.........................

957,161

35,807,393

494,643,237

Security

Shares

Shares

Value

Retail

REITs

—

1.3%

Agree

Realty

Corp.

..................

291,682

$

16,660,876

Brixmor

Property

Group,

Inc.

............

879,666

20,628,168

Federal

Realty

Investment

Trust

..........

236,578

24,159,345

Kimco

Realty

Corp.

..................

1,915,663

37,566,151

NNN

REIT,

Inc.

.....................

531,458

22,714,515

Realty

Income

Corp.

..................

2,431,620

131,550,642

Regency

Centers

Corp.

...............

528,794

32,023,765

Simon

Property

Group,

Inc.

.............

948,814

148,479,903

433,783,365

Semiconductors

&

Semiconductor

Equipment

—

2.7%

Allegro

MicroSystems,

Inc.

(a)

(b)

...........

223,862

6,035,320

Cirrus

Logic,

Inc.

(a)

...................

157,069

14,538,307

Enphase

Energy,

Inc.

(a)

(b)

...............

389,884

47,168,166

Entegris,

Inc.

.......................

435,857

61,255,343

First

Solar,

Inc.

(a)

(b)

...................

310,474

52,408,011

GLOBALFOUNDRIES,

Inc.

(a)

(b)

...........

229,223

11,944,811

Lattice

Semiconductor

Corp.

(a)

(b)

..........

397,374

31,086,568

Marvell

Technology,

Inc.

...............

2,498,055

177,062,138

Microchip

Technology,

Inc.

..............

1,552,816

139,303,123

MKS

Instruments,

Inc.

(b)

...............

193,263

25,703,979

Monolithic

Power

Systems,

Inc.

..........

134,413

91,054,054

ON

Semiconductor

Corp.

(a)

(b)

............

1,260,340

92,698,007

Qorvo,

Inc.

(a)

.......................

285,540

32,788,558

Skyworks

Solutions,

Inc.

...............

464,530

50,317,890

Teradyne,

Inc.

(b)

.....................

450,018

50,775,531

Universal

Display

Corp.

...............

136,823

23,047,834

Wolfspeed,

Inc.

(a)

(b)

...................

366,909

10,823,816

918,011,456

Software

—

4.5%

ANSYS,

Inc.

(a)

......................

253,296

87,934,239

AppLovin

Corp.

,

Class

A

(a)

(b)

.............

585,987

40,562,020

Aspen

Technology,

Inc.

(a)

...............

80,727

17,217,455

Bentley

Systems,

Inc.

,

Class

B

(b)

..........

569,460

29,737,201

BILL

Holdings,

Inc.

(a)

(b)

.................

299,458

20,578,754

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

....

987,897

11,815,248

Confluent,

Inc.

,

Class

A

(a)

(b)

.............

558,765

17,053,508

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......

623,581

199,913,833

Datadog,

Inc.

,

Class

A

(a)

(b)

..............

814,473

100,668,863

DocuSign,

Inc.

(a)

....................

589,776

35,121,161

Dolby

Laboratories,

Inc.

,

Class

A

.........

172,610

14,459,540

DoubleVerify

Holdings,

Inc.

(a)

............

410,322

14,426,921

Dropbox,

Inc.

,

Class

A

(a)

...............

754,443

18,332,965

Dynatrace,

Inc.

(a)

....................

753,334

34,984,831

Elastic

NV

(a)

.......................

234,186

23,474,805

Fair

Isaac

Corp.

(a)

....................

70,877

88,568,608

Five9,

Inc.

(a)

(b)

......................

210,701

13,086,639

Gen

Digital,

Inc.

.....................

1,622,681

36,348,054

Gitlab,

Inc.

,

Class

A

(a)

.................

265,140

15,462,965

Guidewire

Software,

Inc.

(a)

(b)

.............

238,594

27,846,306

HashiCorp,

Inc.

,

Class

A

(a)

(b)

.............

288,985

7,788,146

HubSpot,

Inc.

(a)

(b)

....................

135,587

84,953,391

Informatica,

Inc.

,

Class

A

(a)

(b)

............

130,754

4,576,390

Manhattan

Associates,

Inc.

(a)

............

179,981

45,036,646

nCino,

Inc.

(a)

(b)

......................

207,309

7,749,210

NCR

Voyix

Corp.

(a)

...................

374,159

4,725,628

Nutanix,

Inc.

,

Class

A

(a)

(b)

...............

709,318

43,779,107

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

5,627,477

129,488,246

Pegasystems,

Inc.

...................

124,199

8,028,223

Procore

Technologies,

Inc.

(a)

(b)

...........

232,028

19,065,741

PTC,

Inc.

(a)

........................

334,929

63,281,485

RingCentral,

Inc.

,

Class

A

(a)

.............

243,846

8,471,210

SentinelOne,

Inc.

,

Class

A

(a)

.............

700,041

16,317,956

Smartsheet,

Inc.

,

Class

A

(a)

.............

376,892

14,510,342

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Teradata

Corp.

(a)

....................

288,196

$

11,144,539

Tyler

Technologies,

Inc.

(a)

..............

121,345

51,572,838

UiPath,

Inc.

,

Class

A

(a)

(b)

...............

1,114,393

25,263,289

Unity

Software,

Inc.

(a)

(b)

................

852,792

22,769,546

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

.

752,311

49,178,570

Zscaler,

Inc.

(a)

(b)

.....................

258,925

49,876,723

1,515,171,142

Specialized

REITs

—

1.9%

CubeSmart

........................

652,989

29,528,163

Digital

Realty

Trust,

Inc.

...............

883,128

127,205,757

EPR

Properties

.....................

218,374

9,269,976

Extra

Space

Storage,

Inc.

..............

611,779

89,931,513

Gaming

&

Leisure

Properties,

Inc.

........

747,335

34,429,723

Iron

Mountain,

Inc.

...................

846,658

67,910,438

Lamar

Advertising

Co.

,

Class

A

..........

253,820

30,308,646

National

Storage

Affiliates

Trust

..........

219,088

8,579,486

Rayonier,

Inc.

......................

428,966

14,258,830

SBA

Communications

Corp.

............

313,735

67,986,375

VICI

Properties,

Inc.

..................

3,025,251

90,122,227

Weyerhaeuser

Co.

...................

2,139,456

76,827,865

646,358,999

Specialty

Retail

—

2.4%

Advance

Auto

Parts,

Inc.

...............

174,561

14,853,395

AutoNation,

Inc.

(a)

....................

83,909

13,893,652

Bath

&

Body

Works,

Inc.

...............

659,597

32,993,042

Best

Buy

Co.,

Inc.

...................

561,608

46,068,704

Burlington

Stores,

Inc.

(a)

(b)

..............

188,991

43,881,820

CarMax,

Inc.

(a)

(b)

.....................

461,943

40,239,855

Dick's

Sporting

Goods,

Inc.

.............

164,407

36,968,558

Five

Below,

Inc.

(a)

(b)

...................

159,610

28,950,062

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

304,818

39,510,509

GameStop

Corp.

,

Class

A

(a)

(b)

............

781,141

9,779,885

Gap,

Inc.

(The)

.....................

573,007

15,786,343

GNC

Holdings,

Inc.

,

NVS

(a)

(c)

............

262,656

3

Lithia

Motors,

Inc.

,

Class

A

.............

79,216

23,832,926

Murphy

USA,

Inc.

(b)

..................

57,046

23,913,683

Penske

Automotive

Group,

Inc.

(b)

.........

58,106

9,412,591

Petco

Health

&

Wellness

Co.,

Inc.

(a)

(b)

......

238,490

543,757

RH

(a)

(b)

...........................

45,846

15,966,328

Ross

Stores,

Inc.

....................

966,156

141,793,055

Tractor

Supply

Co.

...................

315,386

82,542,824

Ulta

Beauty,

Inc.

(a)

...................

141,537

74,006,867

Valvoline,

Inc.

(a)

.....................

378,485

16,869,076

Victoria's

Secret

&

Co.

(a)

...............

224,849

4,357,574

Wayfair,

Inc.

,

Class

A

(a)

(b)

...............

245,254

16,647,841

Williams-Sonoma,

Inc.

................

186,185

59,119,323

791,931,673

Technology

Hardware,

Storage

&

Peripherals

—

0.9%

Hewlett

Packard

Enterprise

Co.

..........

3,798,025

67,338,983

HP,

Inc.

..........................

2,523,504

76,260,291

NetApp,

Inc.

.......................

601,012

63,088,230

Pure

Storage,

Inc.

,

Class

A

(a)

............

841,556

43,752,497

Western

Digital

Corp.

(a)

................

948,493

64,725,162

315,165,163

Textiles,

Apparel

&

Luxury

Goods

—

0.8%

Birkenstock

Holding

plc

(a)

(b)

.............

73,633

3,479,159

Capri

Holdings

Ltd.

(a)

.................

330,759

14,983,383

Carter's,

Inc.

.......................

106,871

9,049,836

Columbia

Sportswear

Co.

..............

102,497

8,320,707

Crocs,

Inc.

(a)

.......................

173,305

24,921,259

Deckers

Outdoor

Corp.

(a)

...............

74,823

70,427,897

PVH

Corp.

(b)

.......................

174,616

24,552,756

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Ralph

Lauren

Corp.

,

Class

A

............

114,621

$

21,521,239

Skechers

USA,

Inc.

,

Class

A

(a)

...........

388,777

23,816,479

Tapestry,

Inc.

.......................

669,932

31,808,371

Under

Armour,

Inc.

,

Class

A

(a)

(b)

..........

565,027

4,169,899

Under

Armour,

Inc.

,

Class

C,

NVS

(a)

(b)

......

603,913

4,311,939

VF

Corp.

.........................

1,031,371

15,821,231

257,184,155

Trading

Companies

&

Distributors

—

2.0%

Air

Lease

Corp.

,

Class

A

...............

302,707

15,571,248

Core

&

Main,

Inc.

,

Class

A

(a)

.............

506,255

28,983,099

Fastenal

Co.

.......................

1,669,896

128,815,777

Ferguson

plc

.......................

596,021

130,188,867

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

.....

136,381

13,234,412

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

........

130,171

22,721,348

United

Rentals,

Inc.

..................

197,755

142,603,108

Watsco,

Inc.

.......................

98,115

42,382,737

WESCO

International,

Inc.

..............

129,515

22,183,329

WW

Grainger,

Inc.

...................

129,092

131,325,292

678,009,217

Water

Utilities

—

0.3%

American

Water

Works

Co.,

Inc.

..........

569,427

69,589,674

Essential

Utilities,

Inc.

.................

731,818

27,113,857

96,703,531

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

22,919,790,557

)

............................

33,435,007,549

Short-Term

Securities

Money

Market

Funds

—

3.1%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(f)

..................

1,022,991,753

1,023,503,249

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

36,144,065

36,144,065

Total

Short-Term

Securities

—

3

.1

%

(Cost:

$

1,058,846,447

)

............................

1,059,647,314

Total

Investments

—

102

.9

%

(Cost:

$

23,978,637,004

)

............................

34,494,654,863

Liabilities

in

Excess

of

Other

Assets

—

(

2.9

)

%

.............

(

985,953,068

)

Net

Assets

—

100.0%

...............................

$

33,508,701,795

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

46

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

1,434,054,335

$

—

$

(

410,811,879

)

(a)

$

223,229

$

37,564

$

1,023,503,249

1,022,991,753

$

11,716,481

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

26,292,390

9,851,675

(a)

—

—

—

36,144,065

36,144,065

2,423,000

—

$

223,229

$

37,564

$

1,059,647,314

$

14,139,481

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

1000

E-Mini

Index

....................................................

127

06/21/24

$

18,505

$

375,108

Russell

1000

Value

E-Mini

Index

................................................

94

06/21/24

8,380

234,960

Russell

2000

E-Mini

Index

....................................................

89

06/21/24

9,549

328,746

S&P

Midcap

400

E-Mini

Index

.................................................

116

06/21/24

35,698

1,183,792

$

2,122,606

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

2,122,606

$

—

$

—

$

—

$

2,122,606

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

12,109,524

$

—

$

—

$

—

$

12,109,524

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

884,256

$

—

$

—

$

—

$

884,256

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

ETF

Schedules

of

Investments

47

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

..................................................................................

$

70,730,436

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

33,434,613,936

$

393,610

$

3

$

33,435,007,549

Short-Term

Securities

Money

Market

Funds

......................................

1,059,647,314

—

—

1,059,647,314

$

34,494,261,250

$

393,610

$

3

$

34,494,654,863

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

2,122,606

$

—

$

—

$

2,122,606

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

March

31,

2024

iShares

®

Russell

Mid-Cap

Growth

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.6%

Axon

Enterprise,

Inc.

(a)

................

324,530

$

101,538,946

BWX

Technologies,

Inc.

(b)

..............

72,534

7,443,439

HEICO

Corp.

(b)

.....................

187,084

35,733,044

HEICO

Corp.

,

Class

A

.................

336,337

51,775,718

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

..

54,096

1,951,243

TransDigm

Group,

Inc.

................

41,359

50,937,744

249,380,134

Air

Freight

&

Logistics

—

0.3%

CH

Robinson

Worldwide,

Inc.

...........

412,188

31,383,994

Expeditors

International

of

Washington,

Inc.

(b)

.

90,447

10,995,642

42,379,636

Banks

—

0.6%

First

Citizens

BancShares,

Inc.

,

Class

A

.....

5,451

8,912,385

NU

Holdings

Ltd.

,

Class

A

(a)

.............

7,385,280

88,106,390

97,018,775

Beverages

—

0.7%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

......

39,887

12,142,401

Brown-Forman

Corp.

,

Class

A

...........

180,042

9,533,224

Brown-Forman

Corp.

,

Class

B,

NVS

.......

664,430

34,297,876

Celsius

Holdings,

Inc.

(a)

(b)

...............

662,840

54,962,693

110,936,194

Biotechnology

—

2.6%

(a)

Alnylam

Pharmaceuticals,

Inc.

(b)

..........

464,485

69,417,283

Apellis

Pharmaceuticals,

Inc.

(b)

...........

465,087

27,337,814

BioMarin

Pharmaceutical,

Inc.

...........

101,142

8,833,742

Exact

Sciences

Corp.

(b)

................

286,340

19,774,640

Exelixis,

Inc.

(b)

......................

1,042,960

24,749,441

Incyte

Corp.

(b)

......................

628,836

35,824,787

Ionis

Pharmaceuticals,

Inc.

(b)

............

564,199

24,458,027

Natera,

Inc.

(b)

......................

500,797

45,802,894

Neurocrine

Biosciences,

Inc.

............

445,901

61,498,666

Roivant

Sciences

Ltd.

.................

1,584,308

16,698,606

Sarepta

Therapeutics,

Inc.

..............

412,893

53,453,128

Ultragenyx

Pharmaceutical,

Inc.

..........

361,650

16,885,438

404,734,466

Broadline

Retail

—

0.8%

Coupang,

Inc.

,

Class

A

(a)

...............

5,052,676

89,887,106

eBay,

Inc.

.........................

149,784

7,905,599

Etsy,

Inc.

(a)

........................

307,655

21,142,052

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

(b)

.....

91,610

7,289,408

126,224,165

Building

Products

—

1.7%

A

O

Smith

Corp.

....................

60,102

5,376,725

Advanced

Drainage

Systems,

Inc.

(b)

.......

309,062

53,232,839

Allegion

plc

........................

373,604

50,328,195

Armstrong

World

Industries,

Inc.

..........

59,007

7,329,849

Trane

Technologies

plc

................

309,848

93,016,370

Trex

Co.,

Inc.

(a)

.....................

501,357

50,010,361

259,294,339

Capital

Markets

—

4.9%

Ameriprise

Financial,

Inc.

..............

462,046

202,579,448

Ares

Management

Corp.

,

Class

A

.........

770,526

102,464,547

Blue

Owl

Capital,

Inc.

,

Class

A

...........

314,940

5,939,768

FactSet

Research

Systems,

Inc.

..........

176,984

80,419,760

Houlihan

Lokey,

Inc.

,

Class

A

............

17,483

2,241,146

KKR

&

Co.,

Inc.

.....................

753,146

75,751,425

LPL

Financial

Holdings,

Inc.

.............

347,495

91,808,179

MarketAxess

Holdings,

Inc.

.............

170,504

37,383,002

Morningstar,

Inc.

....................

118,293

36,478,012

Security

Shares

Shares

Value

Capital

Markets

(continued)

MSCI,

Inc.

........................

177,078

$

99,243,365

TPG,

Inc.

,

Class

A

...................

94,637

4,230,274

Tradeweb

Markets,

Inc.

,

Class

A

..........

183,298

19,094,153

XP,

Inc.

,

Class

A

....................

122,600

3,145,916

760,778,995

Chemicals

—

0.5%

Axalta

Coating

Systems

Ltd.

(a)

...........

109,417

3,762,851

FMC

Corp.

........................

84,724

5,396,919

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

..

628,599

729,175

PPG

Industries,

Inc.

..................

272,366

39,465,833

RPM

International,

Inc.

................

111,796

13,298,134

Scotts

Miracle-Gro

Co.

(The)

............

192,961

14,392,961

77,045,873

Commercial

Services

&

Supplies

—

3.8%

Cintas

Corp.

.......................

355,650

244,342,220

Copart,

Inc.

(a)

(b)

.....................

3,957,019

229,190,541

MSA

Safety,

Inc.

....................

28,453

5,508,216

RB

Global,

Inc.

.....................

641,567

48,868,158

Rollins,

Inc.

........................

1,174,968

54,365,769

Tetra

Tech,

Inc.

.....................

44,298

8,182,284

590,457,188

Communications

Equipment

—

0.0%

Ubiquiti,

Inc.

.......................

15,595

1,806,681

Construction

&

Engineering

—

0.5%

EMCOR

Group,

Inc.

..................

73,869

25,868,924

Quanta

Services,

Inc.

.................

174,058

45,220,268

Valmont

Industries,

Inc.

................

6,081

1,388,171

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......

217,478

10,112,727

82,590,090

Construction

Materials

—

0.4%

Eagle

Materials,

Inc.

(b)

.................

103,294

28,070,145

Vulcan

Materials

Co.

.................

134,758

36,778,153

64,848,298

Consumer

Finance

—

0.1%

SLM

Corp.

........................

393,813

8,581,185

Consumer

Staples

Distribution

&

Retail

—

0.4%

Albertsons

Cos.,

Inc.

,

Class

A

...........

165,473

3,547,741

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

(b)

......

212,673

16,088,712

Casey's

General

Stores,

Inc.

............

24,790

7,894,376

Maplebear,

Inc.

(a)

....................

69,554

2,593,669

Performance

Food

Group

Co.

(a)

..........

331,430

24,737,935

54,862,433

Containers

&

Packaging

—

0.4%

Ardagh

Metal

Packaging

SA

............

637,601

2,186,971

Avery

Dennison

Corp.

.................

122,281

27,299,233

Graphic

Packaging

Holding

Co.

..........

749,708

21,876,480

Sealed

Air

Corp.

....................

362,773

13,495,156

64,857,840

Distributors

—

0.5%

Pool

Corp.

(b)

.......................

175,261

70,717,814

Diversified

Consumer

Services

—

0.3%

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

....

33,218

3,765,593

Grand

Canyon

Education,

Inc.

(a)

..........

38,557

5,251,849

H&R

Block,

Inc.

.....................

427,991

21,018,638

Service

Corp.

International

.............

240,440

17,843,052

47,879,132

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

—

0.1%

Iridium

Communications,

Inc.

............

528,305

$

13,820,459

Electrical

Equipment

—

1.4%

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

1,624,956

3,087,416

Hubbell,

Inc.

.......................

112,452

46,673,202

Rockwell

Automation,

Inc.

..............

529,920

154,381,594

Vertiv

Holdings

Co.

,

Class

A

(b)

...........

114,910

9,384,700

213,526,912

Electronic

Equipment,

Instruments

&

Components

—

2.6%

Amphenol

Corp.

,

Class

A

..............

1,352,723

156,036,598

CDW

Corp.

........................

587,145

150,179,948

Jabil,

Inc.

(b)

........................

360,467

48,284,555

Keysight

Technologies,

Inc.

(a)

(b)

...........

205,521

32,139,374

Vontier

Corp.

.......................

241,391

10,949,496

Zebra

Technologies

Corp.

,

Class

A

(a)

(b)

......

42,450

12,796,128

410,386,099

Energy

Equipment

&

Services

—

0.2%

Halliburton

Co.

.....................

831,515

32,778,321

Entertainment

—

1.9%

Live

Nation

Entertainment,

Inc.

(a)

(b)

........

163,471

17,290,328

Playtika

Holding

Corp.

................

88,863

626,484

ROBLOX

Corp.

,

Class

A

(a)

..............

2,167,828

82,767,673

Roku,

Inc.

,

Class

A

(a)

(b)

................

72,088

4,697,975

Spotify

Technology

SA

(a)

...............

646,471

170,603,697

TKO

Group

Holdings,

Inc.

..............

284,380

24,573,276

300,559,433

Financial

Services

—

4.0%

Apollo

Global

Management,

Inc.

..........

2,406,103

270,566,282

Block,

Inc.

,

Class

A

(a)

(b)

................

946,634

80,066,304

Corpay,

Inc.

(a)

(b)

.....................

301,454

93,010,617

Equitable

Holdings,

Inc.

...............

1,537,805

58,451,968

Euronet

Worldwide,

Inc.

(a)

..............

100,915

11,093,586

Jack

Henry

&

Associates,

Inc.

...........

106,126

18,437,270

Rocket

Cos.,

Inc.

,

Class

A

(a)

(b)

............

199,204

2,898,418

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

.........

247,725

16,367,191

Toast,

Inc.

,

Class

A

(a)

(b)

................

1,694,177

42,218,891

UWM

Holdings

Corp.

,

Class

A

...........

170,286

1,236,276

Western

Union

Co.

(The)

..............

226,332

3,164,121

WEX,

Inc.

(a)

........................

90,120

21,406,204

618,917,128

Food

Products

—

0.5%

Freshpet,

Inc.

(a)

.....................

55,087

6,382,380

Lamb

Weston

Holdings,

Inc.

............

633,106

67,444,782

73,827,162

Ground

Transportation

—

1.8%

Avis

Budget

Group,

Inc.

...............

29,206

3,576,567

JB

Hunt

Transport

Services,

Inc.

.........

75,166

14,976,826

Landstar

System,

Inc.

.................

130,987

25,249,054

Lyft,

Inc.

,

Class

A

(a)

...................

1,607,635

31,107,737

Old

Dominion

Freight

Line,

Inc.

..........

847,048

185,766,097

Saia,

Inc.

(a)

(b)

.......................

13,562

7,933,770

U-Haul

Holding

Co.

(a)

.................

13,120

886,125

U-Haul

Holding

Co.

,

NVS

(b)

.............

176,445

11,765,352

281,261,528

Health

Care

Equipment

&

Supplies

—

5.9%

Align

Technology,

Inc.

(a)

................

352,047

115,443,252

Dexcom,

Inc.

(a)

(b)

....................

1,783,772

247,409,177

Globus

Medical,

Inc.

,

Class

A

(a)

..........

155,480

8,339,947

IDEXX

Laboratories,

Inc.

(a)

..............

379,780

205,054,615

Inspire

Medical

Systems,

Inc.

(a)

(b)

.........

134,110

28,805,487

Insulet

Corp.

(a)

......................

319,977

54,844,058

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Masimo

Corp.

(a)

(b)

....................

198,631

$

29,168,962

Novocure

Ltd.

(a)

.....................

480,190

7,505,370

Penumbra,

Inc.

(a)

(b)

...................

167,595

37,403,852

ResMed,

Inc.

......................

669,535

132,588,016

Shockwave

Medical,

Inc.

(a)

(b)

............

166,886

54,343,088

Tandem

Diabetes

Care,

Inc.

(a)

...........

38,668

1,369,234

922,275,058

Health

Care

Providers

&

Services

—

2.5%

agilon

health,

Inc.

(a)

(b)

.................

1,204,312

7,346,303

Cardinal

Health,

Inc.

..................

582,857

65,221,698

Cencora,

Inc.

......................

775,391

188,412,259

Chemed

Corp.

......................

48,297

31,003,293

DaVita,

Inc.

(a)

(b)

.....................

248,527

34,309,153

Encompass

Health

Corp.

..............

31,840

2,629,347

Molina

Healthcare,

Inc.

(a)

(b)

..............

144,683

59,440,117

388,362,170

Health

Care

Technology

—

1.1%

(a)

Certara,

Inc.

(b)

......................

200,410

3,583,331

Doximity,

Inc.

,

Class

A

(b)

...............

224,277

6,035,294

Veeva

Systems,

Inc.

,

Class

A

............

667,852

154,734,630

164,353,255

Hotels,

Restaurants

&

Leisure

—

6.3%

Caesars

Entertainment,

Inc.

(a)

(b)

..........

387,712

16,958,523

Cava

Group,

Inc.

(a)

(b)

..................

171,907

12,042,085

Choice

Hotels

International,

Inc.

(b)

.........

135,788

17,156,814

Churchill

Downs,

Inc.

(b)

................

328,521

40,654,474

Darden

Restaurants,

Inc.

..............

256,271

42,835,698

Domino's

Pizza,

Inc.

..................

161,128

80,061,281

DoorDash,

Inc.

,

Class

A

(a)

..............

1,119,504

154,178,091

DraftKings,

Inc.

,

Class

A

(a)

..............

1,927,725

87,537,992

Expedia

Group,

Inc.

(a)

(b)

................

449,257

61,885,152

Hilton

Worldwide

Holdings,

Inc.

(b)

.........

526,244

112,253,108

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

....

468,149

9,798,358

Planet

Fitness,

Inc.

,

Class

A

(a)

(b)

..........

187,679

11,754,336

Royal

Caribbean

Cruises

Ltd.

(a)

..........

324,346

45,087,337

Texas

Roadhouse,

Inc.

................

307,669

47,525,630

Travel

+

Leisure

Co.

..................

148,610

7,275,946

Vail

Resorts,

Inc.

....................

17,567

3,914,455

Wendy's

Co.

(The)

...................

775,659

14,613,415

Wingstop,

Inc.

(b)

.....................

135,280

49,566,592

Wyndham

Hotels

&

Resorts,

Inc.

.........

26,541

2,037,022

Wynn

Resorts

Ltd.

...................

29,662

3,032,346

Yum!

Brands,

Inc.

...................

1,135,343

157,415,307

977,583,962

Household

Durables

—

0.1%

NVR,

Inc.

(a)

(b)

.......................

1,200

9,719,952

Tempur

Sealy

International,

Inc.

..........

156,423

8,887,955

TopBuild

Corp.

(a)

....................

9,524

4,197,512

22,805,419

Household

Products

—

1.2%

Church

&

Dwight

Co.,

Inc.

..............

1,009,297

105,279,770

Clorox

Co.

(The)

....................

570,390

87,332,413

192,612,183

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

AES

Corp.

(The)

....................

1,878,661

33,684,392

Vistra

Corp.

.......................

473,354

32,969,106

66,653,498

Insurance

—

1.5%

Arch

Capital

Group

Ltd.

(a)

..............

232,197

21,464,291

Arthur

J

Gallagher

&

Co.

...............

55,373

13,845,465

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

Growth

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Brighthouse

Financial,

Inc.

(a)

............

30,223

$

1,557,693

Brown

&

Brown,

Inc.

..................

427,455

37,419,411

Everest

Group

Ltd.

...................

26,553

10,554,817

Kinsale

Capital

Group,

Inc.

(b)

............

100,747

52,865,981

Lincoln

National

Corp.

................

69,702

2,225,585

Primerica,

Inc.

......................

103,973

26,301,010

RenaissanceRe

Holdings

Ltd.

...........

63,130

14,837,444

RLI

Corp.

.........................

41,475

6,157,793

Ryan

Specialty

Holdings,

Inc.

,

Class

A

......

443,332

24,604,926

Willis

Towers

Watson

plc

...............

59,604

16,391,100

228,225,516

Interactive

Media

&

Services

—

0.9%

(a)(b)

Match

Group,

Inc.

...................

1,129,263

40,969,662

Pinterest,

Inc.

,

Class

A

................

2,698,999

93,574,295

ZoomInfo

Technologies,

Inc.

............

718,983

11,525,297

146,069,254

IT

Services

—

3.7%

(a)

Cloudflare,

Inc.

,

Class

A

(b)

..............

1,355,315

131,235,151

EPAM

Systems,

Inc.

..................

256,474

70,827,860

Gartner,

Inc.

.......................

348,517

166,127,598

Globant

SA

(b)

.......................

189,732

38,306,891

GoDaddy,

Inc.

,

Class

A

................

392,826

46,620,590

MongoDB,

Inc.

,

Class

A

...............

312,129

111,941,945

Okta,

Inc.

,

Class

A

...................

44,533

4,659,042

Twilio,

Inc.

,

Class

A

..................

128,866

7,880,156

VeriSign,

Inc.

......................

22,017

4,172,442

581,771,675

Leisure

Products

—

0.2%

Brunswick

Corp.

....................

25,220

2,434,234

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

.......

1,538,072

6,590,638

Polaris,

Inc.

........................

22,755

2,278,231

YETI

Holdings,

Inc.

(a)

(b)

................

399,176

15,388,235

26,691,338

Life

Sciences

Tools

&

Services

—

6.1%

10X

Genomics,

Inc.

,

Class

A

(a)

(b)

..........

424,825

15,943,682

Agilent

Technologies,

Inc.

..............

1,095,632

159,425,412

Bio-Techne

Corp.

(b)

...................

677,579

47,694,786

Bruker

Corp.

(b)

......................

460,887

43,295,725

ICON

plc

(a)

........................

56,061

18,833,693

Illumina,

Inc.

(a)

......................

216,948

29,791,299

IQVIA

Holdings,

Inc.

(a)

(b)

................

777,885

196,719,338

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

301,775

2,616,389

Medpace

Holdings,

Inc.

(a)

..............

107,601

43,486,944

Mettler-Toledo

International,

Inc.

(a)

(b)

.......

98,681

131,373,028

Repligen

Corp.

(a)

(b)

...................

112,938

20,771,557

Sotera

Health

Co.

(a)

(b)

.................

396,462

4,761,509

Waters

Corp.

(a)

(b)

....................

270,031

92,952,771

West

Pharmaceutical

Services,

Inc.

.......

341,260

135,039,995

942,706,128

Machinery

—

1.2%

Allison

Transmission

Holdings,

Inc.

........

39,174

3,179,362

Donaldson

Co.,

Inc.

..................

232,242

17,343,833

Graco,

Inc.

........................

314,559

29,398,684

IDEX

Corp.

........................

28,449

6,942,125

Lincoln

Electric

Holdings,

Inc.

...........

240,776

61,503,821

Otis

Worldwide

Corp.

.................

113,126

11,230,018

Toro

Co.

(The)

......................

480,771

44,053,047

Xylem,

Inc.

........................

130,533

16,870,085

190,520,975

Security

Shares

Shares

Value

Media

—

1.3%

Cable

One,

Inc.

.....................

1,809

$

765,442

Liberty

Broadband

Corp.

,

Class

A

(a)

(b)

.......

15,177

866,910

Liberty

Broadband

Corp.

,

Class

C,

NVS

(a)

(b)

..

110,377

6,316,876

Nexstar

Media

Group,

Inc.

..............

51,459

8,865,871

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

(b)

........

2,032,311

177,664,628

194,479,727

Oil,

Gas

&

Consumable

Fuels

—

3.5%

Antero

Midstream

Corp.

...............

525,267

7,385,254

APA

Corp.

........................

1,237,415

42,542,328

Cheniere

Energy,

Inc.

.................

1,105,160

178,240,205

Hess

Corp.

........................

715,204

109,168,738

New

Fortress

Energy,

Inc.

,

Class

A

(b)

.......

296,039

9,055,833

ONEOK,

Inc.

.......................

148,437

11,900,194

Ovintiv,

Inc.

........................

523,393

27,164,097

Targa

Resources

Corp.

................

1,019,243

114,145,024

Texas

Pacific

Land

Corp.

...............

85,156

49,263,597

548,865,270

Passenger

Airlines

—

0.2%

American

Airlines

Group,

Inc.

(a)

...........

1,110,260

17,042,491

Delta

Air

Lines,

Inc.

..................

152,474

7,298,930

24,341,421

Pharmaceuticals

—

0.1%

Jazz

Pharmaceuticals

plc

(a)

.............

145,529

17,524,602

Professional

Services

—

4.7%

Booz

Allen

Hamilton

Holding

Corp.

........

591,097

87,742,439

Broadridge

Financial

Solutions,

Inc.

.......

451,845

92,564,967

Dayforce,

Inc.

(a)

(b)

....................

58,484

3,872,226

Equifax,

Inc.

.......................

388,850

104,025,152

FTI

Consulting,

Inc.

(a)

.................

28,739

6,043,524

Genpact

Ltd.

.......................

201,919

6,653,231

KBR,

Inc.

.........................

224,203

14,272,763

Paychex,

Inc.

......................

1,486,142

182,498,237

Paycom

Software,

Inc.

................

238,562

47,476,223

Paycor

HCM,

Inc.

(a)

(b)

.................

132,925

2,584,062

Paylocity

Holding

Corp.

(a)

(b)

.............

193,294

33,219,507

Verisk

Analytics,

Inc.

..................

658,045

155,120,948

736,073,279

Real

Estate

Management

&

Development

—

0.5%

CoStar

Group,

Inc.

(a)

(b)

.................

802,021

77,475,229

Residential

REITs

—

0.2%

Equity

LifeStyle

Properties,

Inc.

..........

267,403

17,220,753

Sun

Communities,

Inc.

................

123,926

15,934,405

UDR,

Inc.

.........................

85,807

3,210,040

36,365,198

Retail

REITs

—

0.3%

Simon

Property

Group,

Inc.

.............

325,737

50,974,583

Semiconductors

&

Semiconductor

Equipment

—

3.4%

Allegro

MicroSystems,

Inc.

(a)

(b)

...........

342,978

9,246,687

Enphase

Energy,

Inc.

(a)

(b)

...............

614,023

74,284,503

Entegris,

Inc.

.......................

35,737

5,022,478

Lattice

Semiconductor

Corp.

(a)

...........

626,992

49,049,584

Microchip

Technology,

Inc.

..............

1,746,891

156,713,592

Monolithic

Power

Systems,

Inc.

..........

211,900

143,545,298

Teradyne,

Inc.

......................

592,434

66,844,328

Universal

Display

Corp.

...............

97,738

16,463,966

521,170,436

Software

—

11.8%

ANSYS,

Inc.

(a)

......................

330,176

114,623,900

AppLovin

Corp.

,

Class

A

(a)

(b)

.............

237,705

16,453,940

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Bentley

Systems,

Inc.

,

Class

B

(b)

..........

832,928

$

43,495,500

Confluent,

Inc.

,

Class

A

(a)

(b)

.............

881,595

26,906,279

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

984,399

315,588,476

Datadog,

Inc.

,

Class

A

(a)

...............

1,284,419

158,754,188

DocuSign,

Inc.

(a)

(b)

...................

933,677

55,600,465

DoubleVerify

Holdings,

Inc.

(a)

(b)

...........

647,315

22,759,595

Dropbox,

Inc.

,

Class

A

(a)

...............

1,044,087

25,371,314

Dynatrace,

Inc.

(a)

....................

1,188,484

55,193,197

Elastic

NV

(a)

.......................

371,020

37,191,045

Fair

Isaac

Corp.

(a)

....................

111,733

139,622,674

Five9,

Inc.

(a)

(b)

......................

332,488

20,650,830

Gen

Digital,

Inc.

.....................

398,628

8,929,267

Gitlab,

Inc.

,

Class

A

(a)

.................

418,352

24,398,289

HashiCorp,

Inc.

,

Class

A

(a)

..............

307,777

8,294,590

HubSpot,

Inc.

(a)

(b)

....................

213,743

133,922,814

Informatica,

Inc.

,

Class

A

(a)

(b)

............

14,987

524,545

Manhattan

Associates,

Inc.

(a)

............

284,261

71,130,630

nCino,

Inc.

(a)

(b)

......................

27,602

1,031,763

Nutanix,

Inc.

,

Class

A

(a)

(b)

...............

271,751

16,772,472

Palantir

Technologies,

Inc.

,

Class

A

(a)

(b)

.....

8,879,288

204,312,417

Pegasystems,

Inc.

...................

194,438

12,568,472

Procore

Technologies,

Inc.

(a)

(b)

...........

366,238

30,093,777

PTC,

Inc.

(a)

........................

276,631

52,266,661

RingCentral,

Inc.

,

Class

A

(a)

(b)

............

385,511

13,392,652

SentinelOne,

Inc.

,

Class

A

(a)

.............

148,327

3,457,502

Smartsheet,

Inc.

,

Class

A

(a)

.............

588,713

22,665,451

Teradata

Corp.

(a)

....................

447,238

17,294,694

Tyler

Technologies,

Inc.

(a)

(b)

.............

145,224

61,721,652

UiPath,

Inc.

,

Class

A

(a)

(b)

...............

1,343,171

30,449,687

Unity

Software,

Inc.

(a)

(b)

................

528,000

14,097,600

Zscaler,

Inc.

(a)

(b)

.....................

408,199

78,631,373

1,838,167,711

Specialized

REITs

—

0.7%

Iron

Mountain,

Inc.

...................

661,853

53,087,229

Lamar

Advertising

Co.

,

Class

A

..........

308,353

36,820,432

SBA

Communications

Corp.

............

50,168

10,871,405

100,779,066

Specialty

Retail

—

4.7%

Best

Buy

Co.,

Inc.

...................

122,260

10,028,988

Burlington

Stores,

Inc.

(a)

...............

298,073

69,209,570

CarMax,

Inc.

(a)

(b)

.....................

41,183

3,587,451

Dick's

Sporting

Goods,

Inc.

.............

19,021

4,277,062

Five

Below,

Inc.

(a)

(b)

...................

252,909

45,872,634

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

478,991

62,086,813

Murphy

USA,

Inc.

...................

84,820

35,556,544

RH

(a)

(b)

...........................

11,512

4,009,169

Ross

Stores,

Inc.

....................

1,422,352

208,744,380

Tractor

Supply

Co.

...................

498,310

130,417,693

Ulta

Beauty,

Inc.

(a)

...................

223,622

116,927,471

Valvoline,

Inc.

(a)

.....................

158,515

7,065,014

Victoria's

Secret

&

Co.

(a)

(b)

..............

155,076

3,005,373

Wayfair,

Inc.

,

Class

A

(a)

(b)

...............

136,718

9,280,418

Williams-Sonoma,

Inc.

(b)

...............

37,842

12,015,970

722,084,550

Technology

Hardware,

Storage

&

Peripherals

—

0.8%

HP,

Inc.

..........................

811,636

24,527,640

NetApp,

Inc.

.......................

378,894

39,772,503

Pure

Storage,

Inc.

,

Class

A

(a)

............

1,041,229

54,133,496

118,433,639

Textiles,

Apparel

&

Luxury

Goods

—

1.0%

Birkenstock

Holding

plc

(a)

(b)

.............

32,941

1,556,462

Crocs,

Inc.

(a)

(b)

......................

274,496

39,472,525

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Deckers

Outdoor

Corp.

(a)

(b)

..............

117,943

$

111,015,028

Skechers

USA,

Inc.

,

Class

A

(a)

...........

43,378

2,657,336

Tapestry,

Inc.

.......................

67,170

3,189,232

157,890,583

Trading

Companies

&

Distributors

—

2.9%

Fastenal

Co.

.......................

1,972,347

152,146,847

Ferguson

plc

.......................

51,060

11,153,036

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

........

66,167

11,549,450

United

Rentals,

Inc.

..................

63,864

46,052,969

Watsco,

Inc.

.......................

38,577

16,664,107

WW

Grainger,

Inc.

...................

203,672

207,195,526

444,761,935

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

12,296,893,887

)

............................

15,499,487,940

Short-Term

Securities

Money

Market

Funds

—

3.9%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.50

%

(e)

..................

584,091,287

584,383,332

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.29

%

...................

20,637,365

20,637,365

Total

Short-Term

Securities

—

3

.9

%

(Cost:

$

604,515,194

)

..............................

605,020,697

Total

Investments

—

103

.7

%

(Cost:

$

12,901,409,081

)

............................

16,104,508,637

Liabilities

in

Excess

of

Other

Assets

—

(

3.7

)

%

.............

(

578,851,290

)

Net

Assets

—

100.0%

...............................

$

15,525,657,347

(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.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

Growth

ETF

52

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

March

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

03/31/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

03/31/24

Shares

Held

at

03/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

931,722,406

$

—

$

(

347,522,728

)

(a)

$

141,677

$

41,977

$

584,383,332

584,091,287

$

2,966,405

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

22,661,607

—

(

2,024,242

)

(a)

—

—

20,637,365

20,637,365

1,144,282

—

$

141,677

$

41,977

$

605,020,697

$

4,110,687

$

—

—

—

(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

...................................................

30

06/21/24

$

11,085

$

249,909

Russell

2000

E-Mini

Index

....................................................

116

06/21/24

12,446

493,183

$

743,092

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

743,092

$

—

$

—

$

—

$

743,092

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

March

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

9,042,674

$

—

$

—

$

—

$

9,042,674

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

537,992

)

$

—

$

—

$

—

$

(

537,992

)

Schedule

of

Investments

(continued)

March

31,

2024

iShares

®

Russell

Mid-Cap

Growth

ETF

Schedules

of

Investments

53

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

..................................................................................

$

21,570,691

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

15,499,487,940

$

—

$

—

$

15,499,487,940

Short-Term

Securities

Money

Market

Funds

......................................

605,020,697

—

—

605,020,697

$

16,104,508,637

$

—

$

—

$

16,104,508,637

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

743,092

$

—

$

—

$

743,092

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

March

31,

2024

2024

iShares

Annual

Report

to

Shareholders

54

See

notes

to

financial

statements.

iShares

Micro-

Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

917,581,090‌

$

621,019,384‌

$

33,435,007,549‌

$

15,499,487,940‌

Investments,

at

value

—

affiliated

(c)

............................................

163,148,903‌

779,480,087‌

1,059,647,314‌

605,020,697‌

Cash

...............................................................

245,644‌

180,626‌

9,957,982‌

3,197,092‌

Cash

pledged:

Futures

contracts

......................................................

115,710‌

90,000‌

4,064,420‌

1,427,990‌

Receivables:

–‌

–‌

–‌

–‌

Investment

s

sold

......................................................

1,940,624‌

—‌

—‌

—‌

Securities

lending

income

—

affiliated

........................................

226,749‌

46,896‌

689,540‌

103,553‌

Capital

shares

sold

.....................................................

—‌

32,102‌

980,485‌

—‌

Dividends

—

unaffiliated

.................................................

772,144‌

625,535‌

32,485,398‌

3,499,703‌

Dividends

—

affiliated

...................................................

13,648‌

7,863‌

276,175‌

182,583‌

Total

a

ssets

...........................................................

1,084,044,512‌

1,401,482,493‌

34,543,108,863‌

16,112,919,558‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

153,231,379‌

326,531,133‌

1,023,086,890‌

584,171,828‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

10,480,669‌

449,533‌

6,240,834‌

—‌

Capital

shares

redeemed

.................................................

—‌

—‌

—‌

97,184‌

Investment

advisory

fees

.................................................

459,394‌

61,911‌

5,079,115‌

2,993,104‌

Variation

margin

on

futures

contracts

.........................................

101‌

11‌

229‌

95‌

Total

li

abilities

..........................................................

164,171,543‌

327,042,588‌

1,034,407,068‌

587,262,211‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

919,872,969‌

$

1,074,439,905‌

$

33,508,701,795‌

$

15,525,657,347‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,246,951,882‌

$

978,530,592‌

$

24,900,127,696‌

$

13,982,124,846‌

Accumulated

earnings

(loss)

................................................

(

327,078,913‌

)

95,909,313‌

8,608,574,099‌

1,543,532,501‌

NET

ASSETS

..........................................................

$

919,872,969‌

$

1,074,439,905‌

$

33,508,701,795‌

$

15,525,657,347‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

7,600,000‌

16,400,000‌

398,100,000‌

136,000,000‌

Net

asset

value

.........................................................

$

121.04‌

$

65.51‌

$

84.17‌

$

114.16‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

1,001,746,618‌

$

549,120,503‌

$

22,919,790,557‌

$

12,296,893,887‌

(b)

  Securities

loaned,

at

value

............................................

$

146,092,938‌

$

320,703,742‌

$

997,805,491‌

$

572,406,889‌

(c)

  Investments,

at

cost

—

affiliated

.........................................

$

163,057,264‌

$

740,292,742‌

$

1,058,846,447‌

$

604,515,194‌

Statements

of

Operations

Year

Ended

March

31,

2024

55

Financial

Statements

iShares

Micro-

Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

11,823,482‌

$

7,566,634‌

$

472,791,624‌

$

100,467,722‌

Dividends

—

affiliated

...................................................

93,103‌

5,055,859‌

2,423,000‌

1,144,282‌

Interest

—

unaffiliated

...................................................

16,908‌

5,373‌

240,776‌

148,122‌

Securities

lending

income

—

affiliated

—

net

...................................

3,351,328‌

1,069,248‌

11,716,481‌

2,966,405‌

Foreign

taxes

withheld

..................................................

(

1,444‌

)

(

10,331‌

)

(

270,130‌

)

(

113,759‌

)

Total

investment

income

...................................................

15,283,377‌

13,686,783‌

486,901,751‌

104,612,772‌

EXPENSES

Investment

advisory

....................................................

5,164,353‌

1,238,377‌

53,980,962‌

30,797,043‌

Interest

expense

......................................................

34‌

42‌

292‌

179‌

Total

e

xpenses

.........................................................

5,164,387‌

1,238,419‌

53,981,254‌

30,797,222‌

Less:

–‌

–‌

–‌

–‌

Investment

advisory

fees

waived

...........................................

—‌

(

671,314‌

)

—‌

—‌

Total

ex

penses

after

fees

waived

.............................................

5,164,387‌

567,105‌

53,981,254‌

30,797,222‌

Net

investment

income

....................................................

10,118,990‌

13,119,678‌

432,920,497‌

73,815,550‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

130,441,357‌

$

166,565,686‌

$

5,614,854,740‌

$

3,138,428,776‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(

28,859,648‌

)

$

204,539‌

$

(

452,484,797‌

)

$

340,049,863‌

Investments

—

affiliated

...............................................

273‌

(

1,129,594‌

)

223,229‌

141,677‌

Futures

contracts

....................................................

382,917‌

260,681‌

12,109,524‌

9,042,674‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................

44,250,498‌

13,941,419‌

1,901,995,087‌

513,254,130‌

In-kind

redemptions

—

affiliated

(a)

.........................................

—‌

4,513,676‌

—‌

—‌

15,774,040‌

17,790,721‌

1,461,843,043‌

862,488,344‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

114,648,989‌

87,209,150‌

4,152,089,878‌

2,276,436,447‌

Investments

—

affiliated

...............................................

15,074‌

61,545,260‌

37,564‌

41,977‌

Futures

contracts

....................................................

3,255‌

20,558‌

884,256‌

(

537,992‌

)

114,667,318‌

148,774,968‌

4,153,011,698‌

2,275,940,432‌

Net

realized

and

unrealized

gain

.............................................

130,441,358‌

166,565,689‌

5,614,854,741‌

3,138,428,776‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

140,560,348‌

$

179,685,367‌

$

6,047,775,238‌

$

3,212,244,326‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2024

iShares

Annual

Report

to

Shareholders

56

See

notes

to

financial

statements.

iShares

Micro-Cap

ETF

iShares

Russell

2500

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

10,118,990‌

$

10,493,491‌

$

13,119,678‌

$

8,884,959‌

Net

realized

gain

(loss)

............................................

15,774,040‌

(

69,354,696‌

)

17,790,721‌

21,543,177‌

Net

change

in

unrealized

appreciation

(depreciation)

........................

114,667,318‌

(

140,714,448‌

)

148,774,968‌

(

64,013,718‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

140,560,348‌

(199,575,653‌)

179,685,367‌

(33,585,582‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(10,611,714‌)

(11,888,480‌)

(12,677,849‌)

(9,129,972‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(107,997,108‌)

12,741,862‌

219,866,581‌

307,131,820‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

21,951,526‌

(

198,722,271‌

)

386,874,099‌

264,416,266‌

Beginning

of

year

..................................................

897,921,443‌

1,096,643,714‌

687,565,806‌

423,149,540‌

End

of

year

......................................................

$

919,872,969‌

$

897,921,443‌

$

1,074,439,905‌

$

687,565,806‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

57

Financial

Statements

See

notes

to

financial

statements.

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/24

Year

Ended

03/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

432,920,497‌

$

419,774,547‌

$

73,815,550‌

$

77,632,646‌

Net

realized

gain

(loss)

............................................

1,461,843,043‌

548,981,246‌

862,488,344‌

(

401,341,870‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

4,153,011,698‌

(

3,631,061,373‌

)

2,275,940,432‌

(

846,539,176‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

6,047,775,238‌

(2,662,305,580‌)

3,212,244,326‌

(1,170,248,400‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(423,322,890‌)

(443,722,962‌)

(73,274,726‌)

(92,809,126‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

161,986,308‌

524,749,292‌

181,692,087‌

(309,085,530‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

5,786,438,656‌

(

2,581,279,250‌

)

3,320,661,687‌

(

1,572,143,056‌

)

Beginning

of

year

..................................................

27,722,263,139‌

30,303,542,389‌

12,204,995,660‌

13,777,138,716‌

End

of

year

......................................................

$

33,508,701,795‌

$

27,722,263,139‌

$

15,525,657,347‌

$

12,204,995,660‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

58

iShares

Micro-Cap

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

................................

$

104.41

‌

$

129.02

‌

$

146.73

‌

$

67.33

‌

$

92.88

‌

Net

investment

income

(a)

.......................................

1

.26

‌

1

.26

‌

0

.76

‌

0

.96

‌

0

.94

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.............................

16.71

‌

(24.44

)

(17.42

)

79.50

‌

(25.28

)

Net

increase

(decrease)

from

investment

operations

......................

17.97

‌

(23.18

)

(16.66

)

80.46

‌

(24.34

)

Distributions

from

net

investment

income

(c)

..........................

(1.34

)

(1.43

)

(1.05

)

(1.06

)

(1.21

)

Net

asset

value,

end

of

year

.....................................

$

121.04

‌

$

104.41

‌

$

129.02

‌

$

146.73

‌

$

67.33

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

........................................

17.36

%

(17.97

)%

(11.41

)%

120.24

%

(26.47

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

...............................................

0.60

%

0.60

%

0.60

%

0.60

%

0.60

%

Net

investment

income

..........................................

1.18

%

1.12

%

0.54

%

0.92

%

1.03

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

919,873

‌

$

897,921

‌

$

1,096,644

‌

$

1,386,589

‌

$

562,206

‌

Portfolio

turnover

rate

(f)

..........................................

35

%

35

%

44

%

35

%

24

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

59

Financial

Highlights

iShares

Russell

2500

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

...............................

$

54.79

‌

$

62.23

‌

$

62.85

‌

$

33.62

‌

$

44.13

‌

Net

investment

income

(a)

......................................

0

.91

‌

0

.99

‌

0

.79

‌

0

.75

‌

0

.72

‌

Net

realized

and

unrealized

gain

(loss)

(b)

............................

10.67

‌

(7.45

)

(0.66

)

29.21

‌

(10.50

)

Net

increase

(decrease)

from

investment

operations

.....................

11.58

‌

(6.46

)

0.13

‌

29.96

‌

(9.78

)

Distributions

from

net

investment

income

(c)

.........................

(0.86

)

(0.98

)

(0.75

)

(0.73

)

(0.73

)

Net

asset

value,

end

of

year

....................................

$

65.51

‌

$

54.79

‌

$

62.23

‌

$

62.85

‌

$

33.62

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.......................................

21.36

%

(10.30

)%

(e)

0.17

%

89.71

%

(22.47

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

..............................................

0.15

%

0.15

%

0.15

%

0.15

%

0.15

%

Total

expenses

after

fees

waived

..................................

0.07

%

0.07

%

0.07

%

0.07

%

0.07

%

Net

investment

income

.........................................

1.59

%

1.78

%

1.22

%

1.44

%

1.60

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.....................................

$

1,074,440

‌

$

687,566

‌

$

423,150

‌

$

267,118

‌

$

42,021

‌

Portfolio

turnover

rate

(g)

.........................................

9

%

11

%

12

%

16

%

14

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

60

iShares

Russell

Mid-Cap

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

Year

Ended

03/31/20

Net

asset

value,

beginning

of

year

.................................

$

69.91

‌

$

78.02

‌

$

73.93

‌

$

43.20

‌

$

53.93

‌

Net

investment

income

(a)

........................................

1

.10

‌

1

.05

‌

0

.84

‌

0

.74

‌

0

.91

‌

Net

realized

and

unrealized

gain

(loss)

(b)

..............................

14.23

‌

(8.05

)

4.14

‌

30.79

‌

(10.71

)

Net

increase

(decrease)

from

investment

operations

.......................

15.33

‌

(7.00

)

4.98

‌

31.53

‌

(9.80

)

Distributions

from

net

investment

income

(c)

...........................

(1.07

)

(1.11

)

(0.89

)

(0.80

)

(0.93

)

Net

asset

value,

end

of

year

......................................

$

84.17

‌

$

69.91

‌

$

78.02

‌

$

73.93

‌

$

43.20

‌

Total

Return

(d)

—

—

—

—

—

Based

on

net

asset

value

.........................................

22.16

%

(8.90

)%

6.72

%

73.38

%

(18.44

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

................................................

0.19

%

0.19

%

0.18

%

0.19

%

0.19

%

Net

investment

income

...........................................

1.49

%

1.52

%

1.07

%

1.23

%

1.63

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

33,508,702

‌

$

27,722,263

‌

$

30,303,542

‌

$

27,123,317

‌

$

15,753,591

‌

Portfolio

turnover

rate

(f)

...........................................

9

%

12

%

13

%

14

%

10

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

61

Financial

Highlights

iShares

Russell

Mid-Cap

Growth

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Year

Ended

03/31/22

Year

Ended

03/31/21

(a)

Year

Ended

03/31/20

(a)

Net

asset

value,

beginning

of

year

................................

$

91.08

‌

$

100.53

‌

$

102.01

‌

$

60.86

‌

$

67.81

‌

Net

investment

income

(b)

.......................................

0

.54

‌

0

.56

‌

0

.37

‌

0

.32

‌

0

.47

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

23.08

‌

(9.34

)

(1.44

)

41.16

‌

(6.97

)

Net

increase

(decrease)

from

investment

operations

......................

23.62

‌

(8.78

)

(1.07

)

41.48

‌

(6.50

)

Distributions

from

net

investment

income

(d)

..........................

(0.54

)

(0.67

)

(0.41

)

(0.33

)

(0.45

)

Net

asset

value,

end

of

year

.....................................

$

114.16

‌

$

91.08

‌

$

100.53

‌

$

102.01

‌

$

60.86

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

........................................

26.02

%

(8.67

)%

(1.09

)%

68.27

%

(9.67

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...............................................

0.23

%

0.23

%

0.23

%

0.23

%

0.24

%

Net

investment

income

..........................................

0.56

%

0.65

%

0.34

%

0.36

%

0.65

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

15,525,657

‌

$

12,204,996

‌

$

13,777,139

‌

$

14,822,269

‌

$

9,353,644

‌

Portfolio

turnover

rate

(g)

..........................................

35

%

26

%

35

%

23

%

23

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2024

iShares

Annual

Report

To

Shareholders

62

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”):

Currently

the

iShares

Russell

2500

ETF seeks

to

achieve

its

investment

objective

by

investing

a

substantial

portion

of

its

assets

in

an

iShares

fund

(an

“underlying

fund”).

The

financial

statements,

including

the

accounting

policies,

and

Schedule

of

Investments

for

the

underlying

fund

are

available

on

iShares.com

and

should

be

read

in

conjunction

with

the

Fund’s

financial

statements.

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

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

March

31,

2024

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Bank

Overdraft:

The

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

iShares

ETF

Diversification

Classification

Micro-Cap

.........................................................................................................

Diversified

Russell

2500

........................................................................................................

Diversified

Russell

Mid-Cap

.....................................................................................................

Diversified

Russell

Mid-Cap

Growth

................................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

63

Notes

to

Financial

Statements

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.

Exchange-traded

funds

and

closed-end

funds

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

fund

is

primarily

traded.

Funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

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

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

64

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

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

Micro-Cap

Barclays

Bank

plc

......................................

$

7,467,589‌

$

(7,467,589‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

623,709‌

(623,709‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

13,168‌

(13,168‌)

–‌

–‌

BNP

Paribas

SA

.......................................

11,150,873‌

(11,150,873‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

14,400,151‌

(14,400,151‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

221,964‌

(221,964‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

4,299,302‌

(4,299,302‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

15‌

–‌

–‌

15‌

Goldman

Sachs

&

Co.

LLC

...............................

24,900,695‌

(24,900,695‌)

–‌

–‌

HSBC

Bank

plc

.......................................

1,223,379‌

(1,223,379‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

26,543,668‌

(26,543,668‌)

–‌

–‌

Jefferies

LLC

.........................................

3,631,545‌

(3,631,545‌)

–‌

–‌

Morgan

Stanley

.......................................

18,417,547‌

(18,417,547‌)

–‌

–‌

National

Financial

Services

LLC

............................

6,963,414‌

(6,963,414‌)

–‌

–‌

Natixis

SA

...........................................

2,286,743‌

(2,286,743‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

37,838‌

(37,838‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

2,014,368‌

(1,995,129‌)

–‌

19,239‌

(b)

Scotia

Capital

(USA),

Inc.

................................

527,422‌

(510,763‌)

–‌

16,659‌

(b)

SG

Americas

Securities

LLC

..............................

83,521‌

(83,521‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

6,574,656‌

(6,526,670‌)

–‌

47,986‌

(b)

Toronto-Dominion

Bank

(The)

..............................

629,973‌

(629,973‌)

–‌

–‌

UBS

AG

............................................

3,246,510‌

(3,246,510‌)

–‌

–‌

UBS

Securities

LLC

....................................

312,074‌

(312,074‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

446,848‌

(446,848‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

9,021,221‌

(9,021,221‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

1,054,745‌

(1,054,745‌)

–‌

–‌

$

146,092,938‌

$

(146,009,039‌)

$

–‌

$

83,899‌

Russell

2500

Barclays

Bank

plc

......................................

$

113,921,241‌

$

(113,921,241‌)

$

–‌

$

–‌

BMO

Capital

Markets

Corp.

...............................

5,449‌

(5,449‌)

–‌

–‌

BNP

Paribas

SA

.......................................

4,177,591‌

(4,177,591‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,107,535‌

(2,107,535‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

4,233,578‌

(4,221,580‌)

–‌

11,998‌

(b)

HSBC

Bank

plc

.......................................

544,094‌

(544,094‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

3,479,866‌

(3,479,866‌)

–‌

–‌

Jefferies

LLC

.........................................

1,657,112‌

(1,657,112‌)

–‌

–‌

Morgan

Stanley

.......................................

46,047,232‌

(46,047,232‌)

–‌

–‌

National

Financial

Services

LLC

............................

63,567,956‌

(63,567,956‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

2,080,587‌

(2,080,587‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,101,373‌

(1,101,373‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

373,280‌

(373,280‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

2,294,399‌

(2,294,399‌)

–‌

–‌

UBS

AG

............................................

127,353‌

(127,353‌)

–‌

–‌

UBS

Securities

LLC

....................................

74,719,590‌

(74,719,590‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

251,482‌

(251,482‌)

–‌

–‌

Notes

to

Financial

Statements

(continued)

65

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

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Russell

2500

(continued)

Wells

Fargo

Securities

LLC

...............................

14,024‌

(14,024‌)

–‌

–‌

$

320,703,742‌

$

(320,691,744‌)

$

–‌

$

11,998‌

Russell

Mid-Cap

Barclays

Bank

plc

......................................

$

97,859,732‌

$

(97,859,732‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

235,708‌

(235,708‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

2,147,680‌

(2,147,680‌)

–‌

–‌

BNP

Paribas

SA

.......................................

58,408,882‌

(58,408,882‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

63,082,477‌

(63,082,477‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

35,110,631‌

(35,110,631‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

12,174,774‌

(12,174,774‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

91,294,362‌

(91,294,362‌)

–‌

–‌

HSBC

Bank

plc

.......................................

5,657,528‌

(5,657,528‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

122,911,243‌

(122,911,243‌)

–‌

–‌

Jefferies

LLC

.........................................

27,917,882‌

(27,917,882‌)

–‌

–‌

Morgan

Stanley

.......................................

175,448,958‌

(175,448,958‌)

–‌

–‌

National

Financial

Services

LLC

............................

5,481,503‌

(5,481,503‌)

–‌

–‌

Natixis

SA

...........................................

9,557,643‌

(9,557,643‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

19,708‌

(19,708‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

33,068,024‌

(33,068,024‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

73,017,931‌

(73,017,931‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

4,662,592‌

(4,662,592‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

2,586,774‌

(2,586,774‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

85,326,523‌

(85,326,523‌)

–‌

–‌

UBS

AG

............................................

25,489,765‌

(25,489,765‌)

–‌

–‌

UBS

Securities

LLC

....................................

455,587‌

(455,587‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

2,936,892‌

(2,936,892‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

58,881,941‌

(58,881,941‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

4,070,751‌

(4,070,751‌)

–‌

–‌

$

997,805,491‌

$

(997,805,491‌)

$

–‌

$

–‌

Russell

Mid-Cap

Growth

Barclays

Bank

plc

......................................

$

36,465,185‌

$

(36,465,185‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

3,573,141‌

(3,573,141‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

37,777‌

(37,777‌)

–‌

–‌

BNP

Paribas

SA

.......................................

42,925,774‌

(42,925,774‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

24,722,930‌

(24,722,930‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

16,851,557‌

(16,851,557‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

29,627,682‌

(29,627,682‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

33,048,858‌

(33,048,858‌)

–‌

–‌

HSBC

Bank

plc

.......................................

17,846,351‌

(17,846,351‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

53,057,337‌

(53,057,337‌)

–‌

–‌

Jefferies

LLC

.........................................

59,732,573‌

(59,732,573‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

1,785,496‌

(1,785,496‌)

–‌

–‌

Morgan

Stanley

.......................................

43,530,412‌

(43,530,412‌)

–‌

–‌

National

Financial

Services

LLC

............................

4,114,548‌

(4,114,548‌)

–‌

–‌

Natixis

SA

...........................................

537,547‌

(529,000‌)

–‌

8,547‌

(b)

RBC

Capital

Markets

LLC

................................

43,758,258‌

(43,758,258‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

62,462,480‌

(62,462,480‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

5,228,885‌

(5,228,885‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

48,846,411‌

(48,846,411‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

22,313,438‌

(22,313,438‌)

–‌

–‌

UBS

AG

............................................

11,173,307‌

(11,173,307‌)

–‌

–‌

UBS

Securities

LLC

....................................

108,700‌

(108,700‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

3,259,520‌

(3,259,520‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

6,706,196‌

(6,706,196‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

692,526‌

(692,526‌)

–‌

–‌

$

572,406,889‌

$

(572,398,342‌)

$

–‌

$

8,547‌

(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

March

31,

2024.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

66

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:

For

its

investment

advisory

services

to

the iShares

Russell

Mid-Cap

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

For

its

investment

advisory

services

to

the iShares

Russell

Mid-Cap

Growth

ETF, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Expense

Waivers:

A

fund

may

incur

its

pro

rata

share

of

fees

and

expenses

attributable

to

its

investments

in

other

investment

companies

(“acquired

fund

fees

and

expenses”).

The

total

of

the

investment

advisory

fee

and

acquired

fund

fees

and

expenses,

if

any,

is

a

fund’s

total

annual

operating

expenses.

Total

expenses

as

shown

in

the

Statements

of

Operations

does

not

include

acquired

fund

fees

and

expenses.

For

the

iShares

Russell

2500

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

the

Fund

through

July

31,

2027

in

an

amount

equal

to

the

acquired

fund

fees

and

expenses,

if

any,

attributable

to

the

Fund’s

investments

in

other

iShares

funds,

provided

that

the

waiver

be

no

greater

than

the

Fund’s

investment

advisory

fee

of

0.15%. 

These

amounts are

included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the

year ended March

31,

2024,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

as

follows:

iShares

ETF

Investment

Advisory

Fees

Micro-Cap

......................................................................................................

0.60‌

%

Russell

2500

.....................................................................................................

0.15‌

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.2000%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.1900

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.1805

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.1715

Over

$281

billion

..................................................................................................

0.1630

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.2500%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.2375

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.2257

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.2144

Over

$281

billion

..................................................................................................

0.2037

iShares

ETF

Amounts

Waived

Russell

2500

........................................................................................................

$

671,314

Notes

to

Financial

Statements

(continued)

67

Notes

to

Financial

Statements

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

March

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended March

31,

2024,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year ended

March

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

iShares

ETF

Amounts

Micro-Cap

.............................................................................................................

$

848,816‌

Russell

2500

............................................................................................................

349,890‌

Russell

Mid-Cap

.........................................................................................................

3,234,001‌

Russell

Mid-Cap

Growth

....................................................................................................

1,024,852‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Micro-Cap

..........................................................................

$

36,079,687‌

$

107,343,822‌

$

32,620,701‌

Russell

2500

.........................................................................

20,094,852‌

6,065,372‌

(2,107,541‌)

Russell

Mid-Cap

......................................................................

620,565,343‌

769,398,058‌

(320,618,268‌)

Russell

Mid-Cap

Growth

.................................................................

1,650,103,260‌

1,750,449,908‌

(83,068,843‌)

iShares

ETF

Purchases

Sales

Micro-Cap

..........................................................................................

$

299,826,057‌

$

297,885,010‌

Russell

2500

.........................................................................................

72,885,741‌

70,693,415‌

Russell

Mid-Cap

......................................................................................

2,649,429,955‌

2,592,013,976‌

Russell

Mid-Cap

Growth

.................................................................................

4,643,190,545‌

4,629,877,895‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

68

For

the year ended

March

31,

2024,

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

March

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’ financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of March

31,

2024,

permanent

differences

attributable

to

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

March

31,

2024,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

For

the

year

ended

March

31,

2024,

the

Funds

listed

below

utilized

the

following

amount

of their

respective

capital

loss

carryforwards:

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.

iShares

ETF

In-kind

Purchases

In-kind

Sales

Micro-Cap

..........................................................................................

$

52,157,942‌

$

158,402,977‌

Russell

2500

.........................................................................................

314,239,614‌

95,958,642‌

Russell

Mid-Cap

......................................................................................

3,447,905,758‌

3,302,033,741‌

Russell

Mid-Cap

Growth

.................................................................................

1,613,998,215‌

1,431,683,998‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Micro-Cap

...............................................................................

$

44,228,649‌

$

(44,228,649‌)

Russell

2500

..............................................................................

18,447,595‌

(18,447,595‌)

Russell

Mid-Cap

...........................................................................

1,896,785,084‌

(1,896,785,084‌)

Russell

Mid-Cap

Growth

......................................................................

512,948,815‌

(512,948,815‌)

—‌

iShares

ETF

Year

Ended

03/31/24

Year

Ended

03/31/23

Micro-Cap

Ordinary

income

...........................................................................................

$

10,611,714‌

$

11,888,480‌

Russell

2500

Ordinary

income

...........................................................................................

$

12,677,849‌

$

9,129,972‌

Russell

Mid-Cap

Ordinary

income

...........................................................................................

$

423,322,890‌

$

443,722,962‌

Russell

Mid-Cap

Growth

Ordinary

income

...........................................................................................

$

73,274,726‌

$

92,809,126‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Micro-Cap

...........................................................

$

341,147‌

$

(220,441,623‌)

$

(106,978,437‌)

$

(327,078,913‌)

Russell

2500

..........................................................

437,404‌

(10,466,912‌)

105,938,821‌

95,909,313‌

Russell

Mid-Cap

.......................................................

9,237,209‌

(1,452,550,796‌)

10,051,887,686‌

8,608,574,099‌

Russell

Mid-Cap

Growth

..................................................

540,824‌

(1,602,390,542‌)

3,145,382,219‌

1,543,532,501‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

were

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

partnership

income,

and

the

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes.

iShares

ETF

Amount

Utilized

Russell

2500

...................................................................................................

2

,

510

,

533‌

Russell

Mid-Cap

Growth

...........................................................................................

347,627,338‌

Notes

to

Financial

Statements

(continued)

69

Notes

to

Financial

Statements

As

of

March

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Each

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

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

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Micro-Cap

......................................................

$

1,187,708,430‌

$

191,648,748‌

$

(298,627,185‌)

$

(106,978,437‌)

Russell

2500

....................................................

1,294,560,650‌

150,740,703‌

(44,801,882‌)

105,938,821‌

Russell

Mid-Cap

..................................................

24,442,767,177‌

12,329,371,794‌

(2,277,484,108‌)

10,051,887,686‌

Russell

Mid-Cap

Growth

............................................

12,959,126,418‌

3,866,876,077‌

(721,493,858‌)

3,145,382,219‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

To

Shareholders

70

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. 

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:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

03/31/24

Year

Ended

03/31/23

iShares

ETF

Shares

Amount

Shares

Amount

Micro-Cap

Shares

sold

500,000‌

$

53,185,735‌

650,000‌

$

74,999,301‌

Shares

redeemed

(1,500,000‌)

(161,182,843‌)

(550,000‌)

(62,257,439‌)

(1,000,000‌)

$

(107,997,108‌)

100,000‌

$

12,741,862‌

Russell

2500

Shares

sold

5,500,000‌

$

316,553,547‌

8,600,000‌

$

465,221,423‌

Shares

redeemed

(1,650,000‌)

(96,686,966‌)

(2,850,000‌)

(158,089,603‌)

3,850,000‌

$

219,866,581‌

5,750,000‌

$

307,131,820‌

Russell

Mid-Cap

Shares

sold

47,350,000‌

$

3,474,609,033‌

37,800,000‌

$

2,568,756,078‌

Shares

redeemed

(45,800,000‌)

(3,312,622,725‌)

(29,650,000‌)

(2,044,006,786‌)

1,550,000‌

$

161,986,308‌

8,150,000‌

$

524,749,292‌

Russell

Mid-Cap

Growth

Shares

sold

16,750,000‌

$

1,622,096,322‌

24,700,000‌

$

2,102,349,511‌

Shares

redeemed

(14,750,000‌)

(1,440,404,235‌)

(27,750,000‌)

(2,411,435,041‌)

2,000,000‌

$

181,692,087‌

(3,050,000‌)

$

(309,085,530‌)

Report

of

Independent

Registered

Public

Accounting

Firm

71

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the four

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed in

the

table

below

(four

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

March

31,

2024,

the

related

statements

of

operations

for

the

year

ended

March

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds listed

in

the

table

below as

of

March

31,

2024,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2024 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2024

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

May

23,

2024 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Micro-Cap

ETF

iShares

Russell

2500

ETF

iShares

Russell

Mid-Cap

ETF

iShares

Russell

Mid-Cap

Growth

ETF

Important

Tax

Information

(unaudited)

2024

iShares

Annual

Report

to

Shareholders

72

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

March

31,

2024:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended March

31,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Micro-Cap

.......................................................................................................

$

8,321,093‌

Russell

2500

......................................................................................................

8,773,710‌

Russell

Mid-Cap

...................................................................................................

360,585,592‌

Russell

Mid-Cap

Growth

..............................................................................................

87,791,707‌

iShares

ETF

Qualified

Business

Income

Micro-Cap

.......................................................................................................

$

1,409,050‌

Russell

2500

......................................................................................................

2,233,092‌

Russell

Mid-Cap

...................................................................................................

70,980,592‌

Russell

Mid-Cap

Growth

..............................................................................................

4,872,382‌

iShares

ETF

Dividends-Received

Deduction

Micro-Cap

.......................................................................................................

75.57‌

%

Russell

2500

......................................................................................................

38.34‌

Russell

Mid-Cap

...................................................................................................

80.18‌

Russell

Mid-Cap

Growth

..............................................................................................

100.00‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

73

Statement

Regarding

Liquidity

Risk

Management

Program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Micro-Cap

ETF,

iShares

Russell

2500

ETF,

iShares

Russell

Mid-Cap

ETF

and

iShares

Russell

Mid-Cap

Growth

ETF (the

“Funds”

or

“ETFs”), each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

8,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays,

delays

in

the

repatriation

of

the

local

currency

in

certain

non-U.S.

countries,

the

continued

illiquidity

of

Russian

equity

securities

and

the

suspension

of

select

sanctions

in

Venezuela.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

ETFs

for

which

the

custom

baskets

accepted

by

the

ETF

had

a

significant

change

in

its

liquidity

profile.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

{Reporting

Period}

74

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

March

31,

2024

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Micro-Cap

(a)

.........................

$

1.201638‌

$

—‌

$

0.136445‌

$

1.338083‌

90‌

%

—‌

%

10‌

%

100‌

%

Russell

2500

.........................

0.863077‌

—‌

—‌

0.863077‌

100‌

—‌

—‌

100‌

Russell

Mid-Cap

(a)

.....................

1.050972‌

—‌

0.018988‌

1.069960‌

98‌

—‌

2‌

100‌

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

Trustee

and

Officer

Information

(unaudited)

75

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of 404

funds

as

of

March

31,

2024.

With

the

exception

of

Stephen

Cohen,

Robert

S.

Kapito

and

Aaron

Wasserman,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito

and

Mr. Wasserman

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

address

of

Mr.

Cohen

is

c/o

BlackRock,

Inc.,

Drapers

Gardens,

12

Throgmorton

Avenue,

London

EC2N

2DL

United

Kingdom.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Stephen

Cohen

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President

of

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Stephen

Cohen

(b)

(1975)

Trustee

(since

2024).

Senior

Managing

Director,

Head

of

Global

Product

Solutions

of

BlackRock,

Inc.

(since

2024);

Senior

Managing

Director,

Head

of

Europe,

Middle

East

and

Africa

Regions

of

BlackRock,

Inc.

(2021-2024);

Head

of

iShares

Index

and

Wealth

in

EMEA

of

BlackRock,

Inc.

(2017-2021);

Global

Head

of

Fixed

Income

Indexing

of

BlackRock,

Inc.

(2016-

2017);

Chief

Investment

Strategist

for

International

Fixed

Income

and

iShares

of

BlackRock,

Inc.

(2011-2015).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022);

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

Trustee

and

Officer

Information

(unaudited)

(continued)

2024

iShares

Annual

Report

to

Shareholders

76

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Director

of

WellBe

Senior

Medical

(since

2023);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-

2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Jessica

Tan

(1980)

President

(since

2024).

Managing

Director

of

BlackRock,

Inc.

(since

2015);

Head

of

Global

Product

Solutions,

Americas

of

BlackRock,

Inc.

(since

2024)

and

Head

of

Sustainable

and

Transition

Solutions

of

BlackRock,

Inc.

(2022-2024);

Global

Head

of

Corporate

Strategy

of

BlackRock,

Inc.

(2019-2022);

Chief

of

Staff

to

the

CEO

of

BlackRock,

Inc.

(2017-2019).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director

of

BlackRock,

Inc.

(since

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021).

Aaron

Wasserman

(1974)

Chief

Compliance

Officer

(since

2023).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Chief

Compliance

Officer

of

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

Exchange-Traded

Fund

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

Exchange-Traded

Fund

Complex

(2014-2023).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2023);

Director

of

BlackRock,

Inc.

(2018-2022).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

of

BlackRock,

Inc.

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

of

BlackRock,

Inc.

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

of

BlackRock,

Inc.

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

of

BlackRock,

Inc.

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director

of

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

of

BlackRock,

Inc.

(since

2020).

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer.

Effective

February

1,

2024,

Salim

Ramji

resigned

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Stephen

Cohen

replaced

Salim

Ramji

as

a

Trustee

of

the

Trust.

Effective

March

5,

2024,

Dominik

Rohé

resigned

as

President

of

the

Trust.

Effective

March

5,

2024,

Jessica

Tan

replaced

Dominik

Rohé

as

President

of

the

Trust.

Effective

April

8,

2024,

Laura

Fergerson

was

appointed

as

a

Trustee

of

the

Trust.

Effective

April

8,

2024,

James

Lam

was

appointed

as

a

Trustee

of

the

Trust.

Independent

Trustees

(continued)

General

Information

77

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

2024

iShares

Annual

Report

to

Shareholders

78

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

ETF

Exchange-Traded

Fund

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-318-0324

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by FTSE

Russell,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.      Code of Ethics.

The registrant

has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics.

The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3.      Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4.      Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the eighteen series of the registrant for which the fiscal year-end is March 31, 2024 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees

– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $242,700 for the fiscal year ended

March 31, 2023

and $242,700  for the fiscal year ended March 31, 2024.

(b)

Audit-Related Fees

– There were no fees billed for the fiscal years end

ed March 31, 2023

and March 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees

– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $174,600 for the fiscal year ended

March 31, 2023

and $174,600 for the fiscal year ended March 31, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees

– There were no other fees billed in each of the fiscal years end

ed March 31, 2023 and March 31, 2024

for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Not Applicable

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $174,600 for the fiscal year ended

March 31, 2023

and $174,600 for the fiscal year ended March 31, 2024.

 

(h)

The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i)

Not Applicable

(j)

Not Applicable

Item 5.      Audit Committee of Listed Registrants.

(a)

The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934.  The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.   Recovery of Erroneously Awarded Compensation.

     

Not applicable

Item 14.    Exhibits.

(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(a) (2) Section 302 Certifications are attached.

(a)

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Jessica Tan
Jessica Tan, President (Principal Executive Officer)
Date:	May 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Jessica Tan
Jessica Tan, President (Principal Executive Officer)
Date:		May 23, 2024
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		May 23, 2024

EX-99.CERT

Item 2.      Code of Ethics.

The registrant

has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics.

The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

EX-99.CERT

N-CSR Exhibit for Item 14(a)(2): SECTION 302 CERTIFICATIONS                                   EX-99.CERT

I, Jessica Tan, certify that:

1.I have reviewed this report on Form N-CSR of iShares Trust for the following eighteen series: iShares Biotechnology ETF, iShares Core S&P 500 ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares Micro-Cap ETF, iShares North American Natural Resources ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF, iShares Russell 2000 Value ETF, iShares Russell 2500 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF, iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF, iShares Semiconductor ETF and iShares U.S. Digital Infrastructure and Real Estate ETF (Formerly, iShares North American Tech-Multimedia Networking 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:	May 23, 2024	/s/ Jessica Tan	President (Principal Executive Officer)
		Jessica Tan [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 eighteen series: iShares Biotechnology ETF, iShares Core S&P 500 ETF, iShares Core S&P Total U.S. Stock Market ETF, iShares Expanded Tech Sector ETF, iShares Expanded Tech-Software Sector ETF, iShares Micro-Cap ETF, iShares North American Natural Resources ETF, iShares Russell 2000 ETF, iShares Russell 2000 Growth ETF, iShares Russell 2000 Value ETF, iShares Russell 2500 ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Growth ETF, iShares S&P Mid-Cap 400 Growth ETF, iShares S&P Mid-Cap 400 Value ETF, iShares S&P Small-Cap 600 Growth ETF, iShares Semiconductor ETF and iShares U.S. Digital Infrastructure and Real Estate ETF (Formerly, iShares North American Tech-Multimedia Networking 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;

(a)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;

(b)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

(c)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

(a)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:	May 23, 2024	/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                      

Jessica Tan, 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 March 31, 2024 (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:	May 23, 2024	/s/ Jessica Tan	President (Principal Executive Officer)
		Jessica Tan [Signature]	[Title]

Date:	May 23, 2024	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Trent Walker [Signature]	[Title]