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:	April 30, 2024
Date of reporting period:	April 30, 2024

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL

30,

2024

2024

Annual

Report

iShares

Trust

iShares

Cohen

&

Steers

REIT

ETF

|

ICF

|

Cboe

BZX

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

April

30,

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

impressive.

Meanwhile,

both

international

developed

market

equities

and

emerging

market

stocks

also

gained,

albeit

at

a

notably

slower

pace

than

that

of

U.S.

stocks.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

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,

and

recent

statements

from

the

Fed

seem

to

support

this

view.

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,

we

believe

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

April

30,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

20.98

%

22.66

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.66

13.32

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

18.63

9.28

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

15.40

9.88

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.66

5.36

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

3.66

(6.40

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.97

(1.47

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.06

2.08

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.99

9.01

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Market

Overview

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

4

Fund

Summary

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

5

About

Fund

Performance

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

7

Disclosure

of Expenses

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

7

Schedule

of

Investments

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

8

Financial

Statements:

Statement

of

Assets

and

Liabilities

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

11

Statement

of

Operations

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

12

Statements

of

Changes

in

Net

Assets

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

13

Financial

Highlights

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

14

Notes

to

Financial

Statements

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

15

Report

of

Independent

Registered

Public

Accounting

Firm

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

20

Important

Tax

Information

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

21

Statement

Regarding

Liquidity

Risk

Management

Program

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

22

Supplemental

Information

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

23

Trustee

and

Officer

Information

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

24

General

Information

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

26

Market

Overview

2024

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended April

30,

2024

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

22.30%.

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

environment

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.

Consumers

were

emboldened

by

a

strong

labor

market,

as

employers

continued

to

add

jobs,

and

average

hourly

wages

increased

notably.

Higher

asset

values

also

supported

consumer

spending,

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.

While

consumer

sentiment

rose

amid

healthy

household

balance

sheets

and

an

improving

economy,

it

remained

below

pre-pandemic

levels,

as

elevated

inflation

and

high

interest

rates

weighed

on

consumers’

outlook.

Inflation

declined

early

in

the

reporting

period,

decreasing

from

4.1%

in

May

2023

to

3%

in

June

2023,

but

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,

to

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.

While

investors

closely

watched

the

Fed

for

signs

of

a

shift

toward

lower

interest

rates,

tenacious

inflation

later

in

the

reporting

period

led

investors

to

limit

their

expectations.

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

April

30,

2024

5

Fund

Summary

iShares

®

Cohen

&

Steers

REIT

ETF

Investment

Objective

The

iShares

Cohen

&

Steers

REIT

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

real

estate

investment

trusts

(“REITs”),

as

represented

by

the

Cohen

&

Steers

Realty

Majors

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.70‌)%

1.68‌%

5.27‌%

(1.70‌)%

8.67‌%

67.17‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.61‌)

1.69‌

5.28‌

(1.61‌)

8.75‌

67.36‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.34‌)

2.05‌

5.65‌

(1.34‌)

10.66‌

73.24‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,104.60‌

$

1.67‌

$

1,000.00‌

$

1,023.27‌

$

1.61‌

0.32‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

April

30,

2024

(continued)

2024

iShares

Annual

Report

to

Shareholders

6

iShares

®

Cohen

&

Steers

REIT

ETF

Portfolio

Management

Commentary

U.S.

real

estate

investment

trusts

(“REITs”)

declined

during

the

reporting

period,

as

higher

interest

rates

increased

borrowing

costs,

and

higher

bond

yields

reduced

the

relative

attractiveness

of

REITs’

dividends

for

income-oriented

investors.

The

telecom

tower

REITs

industry

detracted

the

most

from

the

Index’s

performance.

Challenges

included

adding

significant

debt

at

relatively

high

interest

rates

to

finance

new

cell

towers,

contract

instability

amid

cell

phone

company

mergers,

and

the

negative

impact

of

volatile

currency

exchange

rates

on

foreign

operations.

Additionally,

the

CEO

of

a

large

company

in

the

industry

resigned,

as

an

activist

investor

pressured

the

firm

to

improve

its

governance

and

reevaluate

its

business

strategy.

These

factors

weighed

on

the

industry’s

ability

to

sustain

net

income

growth.

The

industrial

REITs

industry

also

detracted

from

the

Index’s

return.

Uncertainty

about

the

economic

outlook

constrained

demand

for

warehouse

space,

prompting

landlords

to

lower

their

forecasts

for

occupancy,

earnings,

and

planned

development.

A

12-year

low

in

home

sales

reduced

demand

for

furniture,

building

materials,

and

appliances,

prompting

some

of

the

largest

home

goods

retailers

to

close

distribution

centers.

On

the

upside,

the

retail

REITs

industry

contributed

to

the

Index’s

performance.

As

the

national

shopping

center

vacancy

rate

fell

to

5.4%,

its

lowest

level

in

over

15

years,

one

large

holder

of

retail

properties

posted

record

high

annual

operating

performance.

The

healthcare

REITs

industry

also

advanced,

helped

by

growth

in

profitability

from

senior

housing.

Higher

occupancy,

easing

labor

pressures,

and

rising

Medicaid

reimbursements

benefited

a

large

REIT

focused

on

healthcare

facilities

for

older

adults.

The

company

raised

its

net

income

outlook

while

expanding

its

senior-oriented

portfolio.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

Total

Investments

(a)

Specialized

REITs

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

42.5‌

%

Residential

REITs

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

20.1‌

Retail

REITs

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

16.3‌

Industrial

REITs

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

8.0‌

Health

Care

REITs

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

7.2‌

Office

REITs

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

4.1‌

Hotel

&

Resort

REITs

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

1.8‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

American

Tower

Corp.

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

7.6‌

%

Equinix,

Inc.

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

7.3‌

Welltower,

Inc.

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

7.2‌

Prologis,

Inc.

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

6.8‌

Simon

Property

Group,

Inc.

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

6.2‌

Realty

Income

Corp.

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

6.0‌

Digital

Realty

Trust,

Inc.

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

5.7‌

Public

Storage

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

4.9‌

Crown

Castle,

Inc.

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

4.9‌

VICI

Properties,

Inc.

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

4.0‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

7

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also, index

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included, index

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of the

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

example

shown (which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

example

provides information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

example also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Fund

and

other

funds, compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

example are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

April

30,

2024

iShares

®

Cohen

&

Steers

REIT

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Health

Care

REITs

—

7.1%

Welltower,

Inc.

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

1,430,208

$

136,270,218

Hotel

&

Resort

REITs

—

1.8%

Host

Hotels

&

Resorts,

Inc.

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

1,822,905

34,398,217

Industrial

REITs

—

7.9%

Prologis,

Inc.

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

1,268,639

129,464,610

Rexford

Industrial

Realty,

Inc.

...........

545,491

23,352,470

152,817,080

Office

REITs

—

4.1%

Alexandria

Real

Estate

Equities,

Inc.

.......

404,143

46,828,049

Boston

Properties,

Inc.

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

373,102

23,091,283

Cousins

Properties,

Inc.

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

392,196

8,996,976

78,916,308

Residential

REITs

—

19.8%

American

Homes

4

Rent

,

Class

A

.........

821,868

29,422,874

AvalonBay

Communities,

Inc.

...........

366,978

69,568,020

Equity

LifeStyle

Properties,

Inc.

..........

481,654

29,038,920

Equity

Residential

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

892,928

57,504,563

Essex

Property

Trust,

Inc.

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

165,859

40,842,779

Invitation

Homes,

Inc.

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

1,486,467

50,837,171

Mid-America

Apartment

Communities,

Inc.

...

301,531

39,199,030

Sun

Communities,

Inc.

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

321,576

35,797,840

UDR,

Inc.

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

781,978

29,777,722

381,988,919

Retail

REITs

—

16.1%

Federal

Realty

Investment

Trust

..........

189,828

19,774,383

Kimco

Realty

Corp.

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

1,718,424

32,014,239

Realty

Income

Corp.

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

2,148,967

115,055,693

Regency

Centers

Corp.

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

424,505

25,139,186

Simon

Property

Group,

Inc.

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

843,027

118,470,585

310,454,086

Specialized

REITs

—

41.8%

American

Tower

Corp.

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

847,355

145,372,224

Crown

Castle,

Inc.

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

996,954

93,494,346

Digital

Realty

Trust,

Inc.

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

782,593

108,608,257

Equinix,

Inc.

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

194,401

138,240,495

Extra

Space

Storage,

Inc.

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

545,959

73,311,374

Lamar

Advertising

Co.

,

Class

A

..........

226,308

26,217,782

Public

Storage

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

361,410

93,767,824

SBA

Communications

Corp.

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

278,789

51,888,209

VICI

Properties,

Inc.

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

2,673,312

76,323,058

807,223,569

Total

Long-Term

Investments

—

98

.6

%

(Cost:

$

1,979,383,865

)

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

1,902,068,397

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.1%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

(a)

(b)

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

2,174,840

$

2,174,840

Total

Short-Term

Securities

—

0

.1

%

(Cost:

$

2,174,840

)

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

2,174,840

Total

Investments

—

98

.7

%

(Cost:

$

1,981,558,705

)

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

1,904,243,237

Other

Assets

Less

Liabilities

—

1.3

%

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

24,128,973

Net

Assets

—

100.0%

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

$

1,928,372,210

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Cohen

&

Steers

REIT

ETF

Schedule

of

Investments

9

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

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

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

$

2,647,281

$

—

$

(

472,441

)

(a)

$

—

$

—

$

2,174,840

2,174,840

$

196,697

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

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

802

06/21/24

$

25,504

$

(

106,056

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

106,056

$

—

$

—

$

—

$

106,056

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

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

$

—

$

—

$

(

851,445

)

$

—

$

—

$

—

$

(

851,445

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

(

252,613

)

$

—

$

—

$

—

$

(

252,613

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

18,670,818

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Cohen

&

Steers

REIT

ETF

10

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

1,902,068,397

$

—

$

—

$

1,902,068,397

Short-Term

Securities

Money

Market

Funds

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

2,174,840

—

—

2,174,840

$

1,904,243,237

$

—

$

—

$

1,904,243,237

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(

106,056

)

$

—

$

—

$

(

106,056

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statement

of

Assets

and

Liabilities

April

30,

2024

11

Financial

Statements

iShares

Cohen

&

Steers

REIT

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

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

$

1,902,068,397‌

Investments,

at

value

—

affiliated

(b)

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

2,174,840‌

Cash

pledged:

Futures

contracts

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

107,000‌

Receivables:

–‌

Investment

s

sold

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

24,008,497‌

Dividends

—

unaffiliated

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

552,285‌

Dividends

—

affiliated

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

10,989‌

Other

assets

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

10,353‌

Total

a

ssets

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

1,928,932,361‌

LIABILITIES

Payables:

–‌

Investment

advisory

fees

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

525,294‌

Variation

margin

on

futures

contracts

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

34,857‌

Total

li

abilities

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

560,151‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

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

$

1,928,372,210‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

2,224,747,996‌

Accumulated

loss

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

(

296,375,786‌

)

NET

ASSETS

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

$

1,928,372,210‌

NET

ASSET

VALUE

Shares

outstanding

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

36,250,000‌

Net

asset

value

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

$

53.20‌

Shares

authorized

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

Unlimited

Par

value

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

None

(a)

  Investments,

at

cost

—

unaffiliated

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

$

1,979,383,865

(b)

  Investments,

at

cost

—

affiliated

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

$

2,174,840

See

notes

to

financial

statements.

Statement

of

Operations

Year

Ended

April

30,

2024

2024

iShares

Annual

Report

to

Shareholders

12

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

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

$

71,456,598‌

Dividends

—

affiliated

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

196,697‌

Interest

—

unaffiliated

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

22,723‌

Total

investment

income

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

71,676,018‌

EXPENSES

Investment

advisory

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

6,817,096‌

Interest

expense

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

180‌

Total

expenses

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

6,817,276‌

Net

investment

income

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

64,858,742‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

114,992,339‌

)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

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

(

67,930,620‌

)

Futures

contracts

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

(

851,445‌

)

In-kind

redemptions

—

unaffiliated

(a)

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

41,477,851‌

(27,304,214‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

(

87,435,511‌

)

Futures

contracts

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

(

252,613‌

)

(87,688,124‌)

Net

realized

and

unrealized

loss

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

(114,992,338‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

(50,133,596‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

13

Financial

Statements

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

64,858,742‌

$

66,359,085‌

Net

realized

gain

(loss)

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

(

27,304,214‌

)

37,864,098‌

Net

change

in

unrealized

appreciation

(depreciation)

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

(

87,688,124‌

)

(

563,377,383‌

)

Net

decrease

in

net

assets

resulting

from

operations

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

(50,133,596‌)

(459,154,200‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(61,558,964‌)

(60,855,631‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

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

(237,068,222‌)

43,705,708‌

NET

ASSETS

Total

decrease

in

net

assets

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

(

348,760,782‌

)

(

476,304,123‌

)

Beginning

of

year

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

2,277,132,992‌

2,753,437,115‌

End

of

year

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

$

1,928,372,210‌

$

2,277,132,992‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

14

iShares

Cohen

&

Steers

REIT

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

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

$

55.74

‌

$

68.41

‌

$

62.62

‌

$

49.68

‌

$

55.51

‌

Net

investment

income

(b)

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

1

.70

‌

1

.62

‌

1

.01

‌

1

.15

‌

1

.39

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

(2.63

)

(12.80

)

6.10

‌

13.04

‌

(5.78

)

Net

increase

(decrease)

from

investment

operations

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

(0.93

)

(11.18

)

7.11

‌

14.19

‌

(4.39

)

Distributions

from

net

investment

income

(d)

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

(1.61

)

(1.49

)

(1.32

)

(1.25

)

(1.44

)

Net

asset

value,

end

of

year

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

$

53.20

‌

$

55.74

‌

$

68.41

‌

$

62.62

‌

$

49.68

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

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

(1.70

)%

(16.31

)%

11.33

%

29.11

%

(8.10

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

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

0.33

%

0.33

%

0.32

%

0.33

%

0.34

%

Net

investment

income

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

3.10

%

2.77

%

1.46

%

2.15

%

2.43

%

Supplemental

Data

Net

assets,

end

of

year

(000)

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

$

1,928,372

‌

$

2,277,133

‌

$

2,753,437

‌

$

2,257,332

‌

$

1,842,861

‌

Portfolio

turnover

rate

(g)

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

16

%

12

%

11

%

27

%

19

%

(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

15

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

fund

(the

“Fund”):

2.

Significant

Accounting

Policies 

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis. 

Bank

Overdraft:

The

Fund

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Fund

is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statement

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Fund.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of

the

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Fund’s

investment

adviser,

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with BFA’s policies

and

procedures as

reflecting

fair

value.

BFA

has

formed

a

committee

(the

"Valuation

Committee")

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

iShares

ETF

Diversification

Classification

Cohen

&

Steers

REIT

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

Non-diversified

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

to

Shareholders

16

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Derivative

Financial

Instruments

Futures

Contracts: 

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

5.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of

the

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Fund,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the

Fund, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

the

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Fund.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

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

0.3500%

Over

$121

billion,

up

to

and

including

$181

billion

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

0.3325

Over

$181

billion,

up

to

and

including

$231

billion

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

0.3159

Over

$231

billion,

up

to

and

including

$281

billion

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

0.3001

Over

$281

billion

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

0.2851

Notes

to

Financial

Statements

(continued)

17

Notes

to

Financial

Statements

ETF

Servicing

Fees:

The

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

The

Fund

does

not

pay

BRIL

for

ETF

Services.

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended April

30,

2024,

transactions

executed

by

the

Fund

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

The

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statement

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

6.

Purchases

and

Sales

For

the year ended

April

30,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

April

30,

2024,

in-kind

transactions

were

as

follows:

7.

Income

Tax

Information

The

Fund

is

treated

as

an

entity

separate

from

the Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Fund

as

of

April

30,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of April

30,

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:

K

hi

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Cohen

&

Steers

REIT

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

$

33,710,368‌

$

26,371,829‌

$

(1,528,492‌)

iShares

ETF

Purchases

Sales

Cohen

&

Steers

REIT

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

$

338,736,305‌

$

347,839,784‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Cohen

&

Steers

REIT

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

$

99,105,080‌

$

335,462,776‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Cohen

&

Steers

REIT

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

$

41,275,665‌

$

(41,275,665‌)

—‌

iShares

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Cohen

&

Steers

REIT

Ordinary

income

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

$

61,558,964‌

$

60,855,631‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

to

Shareholders

18

As

of

April

30,

2024,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

As

of

April

30,

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:

8.

Principal

Risks

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and

its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

the

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the Fund.

Geographic/Asset

Class

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments

.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Cohen

&

Steers

REIT

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

$

8,803,232‌

$

(203,060,663‌)

$

(102,118,355‌)

$

(296,375,786‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts

and

the

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Cohen

&

Steers

REIT

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

$

2,006,161,496‌

$

155,213,036‌

$

(257,131,295‌)

$

(101,918,259‌)

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Fund

invests. 

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

9.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

the

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

the

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statement

of

Assets

and

Liabilities.

10.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

04/30/24

Year

Ended

04/30/23

iShares

ETF

Shares

Amount

Shares

Amount

Cohen

&

Steers

REIT

Shares

sold

1,800,000‌

$

99,473,083‌

5,500,000‌

$

323,631,350‌

Shares

redeemed

(6,400,000‌)

(336,541,305‌)

(4,900,000‌)

(279,925,642‌)

(4,600,000‌)

$

(237,068,222‌)

600,000‌

$

43,705,708‌

Report

of

Independent

Registered

Public

Accounting

Firm

2024

iShares

Annual

Report

to

Shareholders

20

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

iShares

Cohen

&

Steers

REIT

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

iShares

Cohen

&

Steers

REIT

ETF

(one

of

the

funds

constituting

iShares

Trust,

referred

to

hereafter

as

the

“Fund”)

as

of

April

30,

2024,

the

related

statement

of

operations

for

the

year

ended

April

30,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2024 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

April

30,

2024,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2024

and the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2024 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of April

30,

2024

by

correspondence

with

the

custodian,

transfer

agent

and

broker. We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

June

24,

2024 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

Important

Tax

Information

(unaudited)

21

Important

Tax

Information

The

following

amount,

or

maximum

amount

allowable

by

law, is

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

April

30,

2024:

The

following

amount,

or

maximum

amount

allowable

by

law, is

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

April

30,

2024:

iShares

ETF

Qualified

Dividend

Income

Cohen

&

Steers

REIT

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

$

1,716,748‌

iShares

ETF

Qualified

Business

Income

Cohen

&

Steers

REIT

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

$

63,838,094‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

2024

iShares

Annual

Report

to

Shareholders

22

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Cohen

&

Steers

REIT

ETF (the

“Fund”

or

“ETF”),

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage the

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Fund,

met

on

December

8,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Fund,

as

the

program

administrator

for the

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of the

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing the

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish the

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to the

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays, the

repatriation

of

the

local

currency

in

certain

non-U.S.

countries,

the

continued

illiquidity

of

Russian

equity

securities

and

the

suspension

of

select

sanctions

in

Venezuela.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing the

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether the

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

ETFs

for

which

the

custom

baskets

accepted

by

the

ETF

had

a

significant

change

in

its

liquidity

profile.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

23

Supplemental

Information

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Fund.

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Trustee

and

Officer

Information

(unaudited)

2024

iShares

Annual

Report

to

Shareholders

24

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Fund,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the iShares

Complex

(each,

a

“BlackRock

Fund

Complex”). The

Fund

is

included

in

the

iShares 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

iShares

Complex,

which

consists

of

404

funds

as

of

April

30,

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

Fund’s

Trustees

and

officers

may

be

found

in

the

Fund’s

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

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).

Laura

F.

Fergerson

(1962)

Trustee

(since

2024).

President,

Franklin

Templeton

Services,

LLC

(2017-2024);

Director

of

the

Board

of

Crocker

Art

Museum

Association

(since

2019);

President,

Crocker

Art

Museum

Foundation

(2022-2023).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

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).

Trustee

and

Officer

Information

(unaudited)

(continued)

25

Trustee

and

Officer

Information

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

James

Lam

(1961)

Trustee

(since

2024).

President,

James

Lam

&

Associates,

Inc.

(since

2002);

Director

of

the

FAIR

Institute

(since

2020);

adjunct

professor

at

Carnegie

Mellon

University

(since

2018);

Member,

Zicklin

School

of

Business

Dean’s

Council

of

Baruch

College

(since

2017);

Director

and

Audit

Committee

Chair

of

RiskLens,

Inc.

(2018-2023);

Director,

Risk

Oversight

Committee

Chair

and

Audit

Committee

Member

of

E*TRADE

Financial

and

E*TRADE

Bank

(2012-2020).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Director

of

WellBe

Senior

Medical

(since

2023);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-

2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

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

iShares

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

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

26

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s

 policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

iS-AR-411-0424

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by Cohen

&

Steers

Capital

Management,

Inc.,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

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.

APRIL

30,

2024

2024

Annual

Report

iShares

Trust

iShares

Morningstar

Growth

ETF

|

ILCG

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

ETF

|

IMCB

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

Growth

ETF

|

IMCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Growth

ETF

|

ISCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Value

ETF

|

ISCV

|

NYSE

Arca

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

April

30,

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

impressive.

Meanwhile,

both

international

developed

market

equities

and

emerging

market

stocks

also

gained,

albeit

at

a

notably

slower

pace

than

that

of

U.S.

stocks.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

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,

and

recent

statements

from

the

Fed

seem

to

support

this

view.

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,

we

believe

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

April

30,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

20.98

%

22.66

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.66

13.32

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

18.63

9.28

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

15.40

9.88

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.66

5.36

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

3.66

(6.40

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.97

(1.47

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.06

2.08

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.99

9.01

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Market

Overview

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

4

Fund

Summary

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

5

About

Fund

Performance

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

15

Disclosure

of Expenses

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

15

Schedules

of

Investments

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

16

Financial

Statements:

Statements

of

Assets

and

Liabilities

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

60

Statements

of

Operations

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

62

Statements

of

Changes

in

Net

Assets

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

64

Financial

Highlights

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

67

Notes

to

Financial

Statements

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

72

Report

of

Independent

Registered

Public

Accounting

Firm

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

81

Important

Tax

Information

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

82

Statement

Regarding

Liquidity

Risk

Management

Program

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

83

Supplemental

Information

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

84

Trustee

and

Officer

Information

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

85

General

Information

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

87

Glossary

of

Terms

Used

in

this

Report

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

88

Market

Overview

2024

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended April

30,

2024

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

22.30%.

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

environment

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.

Consumers

were

emboldened

by

a

strong

labor

market,

as

employers

continued

to

add

jobs,

and

average

hourly

wages

increased

notably.

Higher

asset

values

also

supported

consumer

spending,

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.

While

consumer

sentiment

rose

amid

healthy

household

balance

sheets

and

an

improving

economy,

it

remained

below

pre-pandemic

levels,

as

elevated

inflation

and

high

interest

rates

weighed

on

consumers’

outlook.

Inflation

declined

early

in

the

reporting

period,

decreasing

from

4.1%

in

May

2023

to

3%

in

June

2023,

but

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,

to

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.

While

investors

closely

watched

the

Fed

for

signs

of

a

shift

toward

lower

interest

rates,

tenacious

inflation

later

in

the

reporting

period

led

investors

to

limit

their

expectations.

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

April

30,

2024

5

Fund

Summary

iShares

®

Morningstar

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Growth

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Large-Mid

Cap

Broad

Growth

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Large

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Large-Mid

Cap

Broad

Growth

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

30.35‌%

14

.33‌%

14.51‌%

30.35‌%

95.33‌%

287.75‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

30.31‌

14.33‌

14.52‌

30.31‌

95.31‌

287.87‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

30.37‌

14.45‌

14.80‌

30.37‌

96.39‌

297.62‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,238.90‌

$

0.22‌

$

1,000.00‌

$

1,024.66‌

$

0.20‌

0.04‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

April

30,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

6

iShares

®

Morningstar

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

large-

and

mid-capitalization

U.S.

stocks

advanced

strongly

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

Growth

stocks

benefited

from

strong

corporate

earnings

and

the

resilience

of

the

U.S.

economy

in

the

face

of

higher

interest

rates.

The

information

technology

sector

was

the

largest

contributor

to

the

Index’s

return

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

investor

enthusiasm

for

products

and

technologies

associated

with

AI.

The

semiconductors

industry

gained

the

most,

as

companies

purchased

specialized

chips

to

provide

computing

capacity

for

AI

applications,

which

require

substantial

processing

power.

In

some

cases

corporations

set

up

separate

budgetary

allocations

to

expedite

increased

investment

in

AI

technologies.

Consequently,

industry

revenue

and

earnings

grew

rapidly.

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

AI

products

benefited

a

large

company

in

the

industry

with

a

significant

investment

in

a

prominent

consumer-facing

AI

platform.

Integration

of

AI

into

already

existing

productivity

software

and

cloud

services

also

propelled

gains,

as

many

customers

adopted

new

AI

features

to

automate

certain

tasks.

The

consumer

discretionary

sector

also

contributed

to

the

Index’s

performance,

as

consumers

increased

their

spending

at

a

robust

pace,

buoyed

by

strong

household

balance

sheets,

higher

wages,

and

elevated

asset

prices.

Higher

online

sales

and

new

AI

cloud

services

drove

gains

in

the

broadline

retail

industry

amid

strong

revenue

and

earnings

growth.

Advertising

revenue

also

increased,

helped

by

growth

in

online

streaming

advertising.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

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

45.1‌

%

Consumer

Discretionary

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

14.5‌

Communication

Services

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

9.7‌

Health

Care

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

8.9‌

Industrials

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

7.4‌

Financials

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

7.1‌

Consumer

Staples

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

2.3‌

Real

Estate

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

2.2‌

Materials

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

1.2‌

Energy

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

1.0‌

Utilities

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

0.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Micros

oft

Corp.

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

12.7‌

%

Apple,

Inc.

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

10.9‌

NVIDIA

Corp.

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

9.1‌

Amazon.com,

Inc.

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

7.2‌

Eli

Lilly

&

Co.

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

2.9‌

Alphabet,

Inc.,

Class

A

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

2.6‌

Meta

Platforms,

Inc.,

Class

A

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

2.5‌

Alphabet,

Inc.,

Class

C,

NVS

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

2.4‌

Tesla,

Inc.

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

2.2‌

Visa,

Inc.,

Class

A

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

1.9‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

April

30,

2024

7

Fund

Summary

iShares

®

Morningstar

Mid-Cap

ETF

Investment

Objective

The

iShares

Morningstar

Mid-Cap

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities,

as

represented

by

the

Morningstar

®

US

Mid

Cap

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Core

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Cap

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

16.78‌%

8.66‌%

9.19‌%

16.78‌%

51.47‌%

140.81‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

16.85‌

8.68‌

9.20‌

16.85‌

51.62‌

141.10‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

16.81‌

8.77‌

9.38‌

16.81‌

52.27‌

145

.02‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,223.80‌

$

0.22‌

$

1,000.00‌

$

1,024.66‌

$

0.20‌

0.04‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

April

30,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

8

iShares

®

Morningstar

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

contributed

the

most

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.

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

and

building

products.

The

information

technology

sector

was

another

significant

contributor

to

the

Index’s

return,

led

by

the

application

software

industry.

Robust

sales

of

data

analytics

software

boosted

the

industry,

propelling

revenue

above

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

(“AI”)-enabled

products

also

helped

drive

software

sales

higher.

The

technology

hardware,

storage,

and

peripherals

industry

also

gained,

as

investor

enthusiasm

for

AI

drove

sharp

stock

price

increases

for

manufacturers

of

servers

used

in

processing

generative

AI

applications.

The

financials

sector

also

contributed

to

the

Index’s

performance,

as

interest

rates

rose

to

the

highest

levels

in

22

years

while

the

economy

remained

fundamentally

healthy.

The

capital

markets

industry

advanced,

benefiting

from

growing

institutional

acceptance

of

cryptocurrencies,

which

promoted

increased

transactions

and

drove

revenues

at

cryptocurrency

trading

platforms.

Meanwhile,

higher

premiums,

greater

income

from

investments

amid

higher

bond

yields,

and

slowing

inflation

in

claim

costs

benefited

the

property

and

casualty

insurance

industry.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

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

18.1‌

%

Information

Technology

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

15.0‌

Financials

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

13.6‌

Health

Care

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

9.8‌

Consumer

Discretionary

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

9.0‌

Real

Estate

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

7.7‌

Consumer

Staples

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

7.0‌

Utilities

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

7.0‌

Materials

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

5.8‌

Energy

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

4.6‌

Communication

Services

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

2.4‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Trane

Technologies

plc

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

0.7‌

%

Crowdstrike

Holdings,

Inc.,

Class

A

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

0.7‌

NXP

Semiconductors

NV

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

0.7‌

TransDigm

Group,

Inc.

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

0.7‌

Constellation

Energy

Corp.

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

0.6‌

Marvell

Technology,

Inc.

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

0.6‌

PACCAR,

Inc.

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

0.6‌

Capital

One

Financial

Corp.

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

0.5‌

Welltower,

Inc.

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

0.5‌

Carrier

Global

Corp.

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

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

April

30,

2024

9

Fund

Summary

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Mid-Cap

Growth

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Mid

Cap

Broad

Growth

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Cap

Broad

Growth

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.84‌%

10.95‌%

11.43‌%

18.84‌%

68.15‌%

195.17‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.79‌

10.94‌

11.43‌

18.79‌

68.09‌

195.22‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.89‌

11.11‌

11.64‌

18.89‌

69.35‌

200.68‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,237.80‌

$

0.33‌

$

1,000.00‌

$

1,024.57‌

$

0.30‌

0.06‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

April

30,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

10

iShares

®

Morningstar

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.

The

information

technology

sector

contributed

the

most

to

the

Index’s

return.

The

software

industry

drove

the

largest

gains,

as

the

U.S.

economy

continued

to

expand

and

the

Fed

paused

its

interest

rate

increases.

Sales

of

cybersecurity

software

grew

substantially,

as

continued

attacks

on

corporate

systems

and

costly

data

breaches

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

industry

sales.

Robust

sales

of

data

analytics

software

also

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

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

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.

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.

On

the

downside,

the

healthcare

sector

detracted

from

the

Index’s

return,

driven

by

the

biotechnology

industry.

Investors

reacted

negatively

to

news

the

Food

and

Drug

Administration

rejected

a

heart

disease

treatment

and

to

increased

competition

for

core

products.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

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

24.4‌

%

Information

Technology

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

21.4‌

Health

Care

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

10.7‌

Financials

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

9.7‌

Consumer

Discretionary

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

9.3‌

Real

Estate

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

7.3‌

Consumer

Staples

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

5.3‌

Communication

Services

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

3.3‌

Energy

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

3.1‌

Materials

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

2.9‌

Utilities

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

2.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Trane

Technologies

plc

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

1.5‌

%

Crowdstrike

Holdings,

Inc.,

Class

A

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

1.3‌

TransDigm

Group,

Inc.

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

1.3‌

Constellation

Energy

Corp.

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

1.2‌

Marvell

Technology,

Inc.

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

1.1‌

Workday,

Inc.,

Class

A

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

1.0‌

Edwards

Lifesciences

Corp.

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

1.0‌

Dexcom,

Inc.

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

1.0‌

Hilton

Worldwide

Holdings,

Inc.

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

0.9‌

Autodesk,

Inc.

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

0.9‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

April

30,

2024

11

Fund

Summary

iShares

®

Morningstar

Small-Cap

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Small-Cap

Growth

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities,

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Small

Cap

Broad

Growth

Extended

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Broad

Growth

Extended

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

14.57‌%

5.58‌%

8.24‌%

14.57‌%

31.22‌%

120.71‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

14.82‌

5.63‌

8.26‌

14.82‌

31.51‌

121.12‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

14.46‌

5.58‌

8.28‌

14.46‌

31.17‌

121.61‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,213.40‌

$

0.33‌

$

1,000.00‌

$

1,024.57‌

$

0.30‌

0.06‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

April

30,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

12

iShares

®

Morningstar

Small-Cap

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.

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

building

products,

machinery,

manufacturing

equipment,

and

tools.

Construction

and

engineering

firms

also

benefited

from

increased

construction

activity,

as

robust

sales

of

heating,

ventilation,

air-conditioning,

and

electrical

contracting

services

and

products

drove

strong

earnings

growth.

The

information

technology

sector

was

another

significant

contributor

to

the

Index’s

return.

The

software

industry

advanced,

as

the

U.S.

economy

continued

to

expand

and

the

Fed

paused

its

interest

rate

increases.

The

rising

price

of

cryptocurrencies

late

in

the

reporting

period

buoyed

the

stock

price

of

a

software

company

with

substantial

cryptocurrency

assets.

Amid

growth

in

cloud

computing,

strong

revenue

from

a

multi-cloud

software

platform

designed

to

simplify

integration

of

products

from

different

vendors

bolstered

the

industry’s

earnings.

Use

of

generative

artificial

intelligence

in

a

business

data

search

product

also

generated

investor

enthusiasm

and

supported

the

industry.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

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

23.2‌

%

Health

Care

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

18.6‌

Information

Technology

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

18.4‌

Consumer

Discretionary

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

11.8‌

Financials

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

8.5‌

Real

Estate

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

4.8‌

Materials

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

4.1‌

Consumer

Staples

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

3.4‌

Communication

Services

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

3.2‌

Energy

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

3.1‌

Utilities

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

0.9‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

MicroStrategy,

Inc.,

Class

A

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

0.7‌

%

Shockwave

Medical,

Inc.

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

0.6‌

Sarepta

Therapeutics,

Inc.

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

0.6‌

Natera,

Inc.

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

0.5‌

Comfort

Systems

USA,

Inc.

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

0.5‌

Wingstop,

Inc.

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

0.5‌

Advanced

Drainage

Systems,

Inc.

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

0.5‌

Texas

Roadhouse,

Inc.

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

0.5‌

Tetra

Tech,

Inc.

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

0.5‌

Catalent,

Inc.

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

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

April

30,

2024

13

Fund

Summary

iShares

®

Morningstar

Small-Cap

Value

ETF

Investment

Objective

The

iShares

Morningstar

Small-Cap

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

Morningstar

®

US

Small

Cap

Broad

Value

Extended

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Value

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Broad

Value

Extended

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

13.85‌%

6.05‌%

5.88‌%

13.85‌%

34.12‌%

77.13‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

14.01‌

6.06‌

5.88‌

14.01‌

34.20‌

77.15‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

13.84‌

6.17‌

6.06‌

13.84‌

34.92‌

80.05‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,187.40‌

$

0.33‌

$

1,000.00‌

$

1,024.57‌

$

0.30‌

0.06‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(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

April

30,

2024

(continued)

2024

iShares

Annual

Report

To

Shareholders

14

iShares

®

Morningstar

Small-Cap

Value

ETF

Portfolio

Management

Commentary

Value-oriented

small-capitalization

U.S.

stocks

advanced

for

the

reporting

period,

as

receding

inflation,

shifting

monetary

policy,

and

robust

U.S.

economic

growth

supported

equities.

The

financials

sector

contributed

the

most

to

the

Index’s

return,

led

by

the

financial

services

industry.

Transaction

and

payment

processors

benefited

from

the

expansion

of

consumer

financing

offerings

into

retail

checkout,

and

strong

equity

markets

led

to

higher

annuity

account

value

for

an

annuity

provider.

Mortgage

servicing

companies

also

gained,

as

servicing

revenue

rose,

offsetting

weaker

revenue

from

mortgage

originations

amid

higher

mortgage

rates.

The

capital

markets

industry

advanced,

helped

by

strong

revenue

from

advisory

services

related

to

several

high-profile

merger

and

acquisition

deals.

Additionally,

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

industrials

sector

also

contributed

to

the

Index’s

performance.

Strong

economic

growth

increased

investor

confidence

that

demand

would

continue

to

expand,

boosting

earnings

in

the

sector.

Moderating

inflation

also

helped

the

sector

by

reducing

cost

pressures,

allowing

companies

to

maintain

profitability.

The

capital

goods

industry

was

the

leading

source

of

strength,

as

spending

on

factory

construction

increased

following

passage

of

federal

legislation

granting

subsidies

for

certain

types

of

production

facilities.

The

surge

in

manufacturing

construction

benefited

makers

of

machinery,

manufacturing

equipment,

building

products,

and

tools.

Consumers

increased

their

spending

at

a

robust

pace,

driving

substantial

gains

in

the

consumer

discretionary

sector.

Strong

consumer

spending

and

a

debt

restructuring

deal

strengthened

the

financial

position

of

a

used

car

retailer

in

the

specialty

retail

industry.

Homebuilding

stocks

also

gained,

as

low

inventories

for

existing

homes

propelled

strong

demand

for

new

home

construction.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

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

26.4‌

%

Consumer

Discretionary

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

17.5‌

Industrials

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

14.4‌

Real

Estate

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

7.6‌

Materials

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

7.1‌

Health

Care

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

7.0‌

Energy

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

6.2‌

Information

Technology

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

5.5‌

Utilities

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

3.3‌

Communication

Services

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

2.7‌

Consumer

Staples

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

2.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Toll

Brothers,

Inc.

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

0.6‌

%

Dick's

Sporting

Goods,

Inc.

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

0.6‌

Tenet

Healthcare

Corp.

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

0.6‌

East

West

Bancorp,

Inc.

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

0.5‌

Ally

Financial,

Inc.

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

0.5‌

Bath

&

Body

Works,

Inc.

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

0.5‌

Fortune

Brands

Innovations,

Inc.

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

0.5‌

Tapestry,

Inc.

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

0.5‌

Carvana

Co.,

Class

A

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

0.4‌

First

Horizon

Corp.

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

0.4‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

15

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also, 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

April

30,

2024

iShares

®

Morningstar

Growth

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

Axon

Enterprise,

Inc.

(a)

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

6,289

$

1,972,608

General

Electric

Co.

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

63,648

10,299,519

HEICO

Corp.

(b)

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

3,730

773,602

HEICO

Corp.

,

Class

A

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

6,680

1,107,878

Howmet

Aerospace,

Inc.

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

34,252

2,286,321

Huntington

Ingalls

Industries,

Inc.

.........

1,988

550,537

Textron,

Inc.

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

8,401

710,641

TransDigm

Group,

Inc.

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

4,678

5,838,284

23,539,390

Air

Freight

&

Logistics

—

0.0%

Expeditors

International

of

Washington,

Inc.

..

5,252

584,600

Automobile

Components

—

0.1%

Aptiv

plc

(a)

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

24,877

1,766,267

Automobiles

—

2.2%

(a)

Lucid

Group,

Inc.

(b)

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

77,006

196,365

Tesla,

Inc.

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

244,785

44,864,195

45,060,560

Banks

—

0.1%

First

Citizens

BancShares,

Inc.

,

Class

A

.....

1,055

1,779,532

Beverages

—

0.6%

Brown-Forman

Corp.

,

Class

A

...........

4,558

223,661

Brown-Forman

Corp.

,

Class

B,

NVS

.......

26,815

1,283,098

Celsius

Holdings,

Inc.

(a)

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

12,787

911,329

Constellation

Brands,

Inc.

,

Class

A

........

8,220

2,083,441

Monster

Beverage

Corp.

(a)

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

68,591

3,666,189

PepsiCo,

Inc.

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

25,989

4,571,725

12,739,443

Biotechnology

—

0.8%

(a)

Alnylam

Pharmaceuticals,

Inc.

...........

10,719

1,543,000

BioMarin

Pharmaceutical,

Inc.

...........

16,566

1,337,870

Exact

Sciences

Corp.

(b)

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

15,920

944,852

Incyte

Corp.

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

16,277

847,218

Neurocrine

Biosciences,

Inc.

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

8,629

1,186,833

Regeneron

Pharmaceuticals,

Inc.

.........

2,113

1,881,965

Vertex

Pharmaceuticals,

Inc.

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

22,735

8,930,535

16,672,273

Broadline

Retail

—

7.7%

Amazon.com,

Inc.

(a)

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

828,316

144,955,300

Coupang,

Inc.

,

Class

A

(a)

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

64,815

1,458,337

eBay,

Inc.

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

17,853

920,144

Etsy,

Inc.

(a)

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

6,516

447,454

MercadoLibre,

Inc.

(a)

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

4,310

6,286,997

154,068,232

Building

Products

—

0.7%

A

O

Smith

Corp.

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

6,630

549,229

Allegion

plc

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

3,939

478,825

Carlisle

Cos.,

Inc.

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

4,346

1,687,335

Carrier

Global

Corp.

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

35,425

2,178,283

Johnson

Controls

International

plc

........

30,149

1,961,796

Lennox

International,

Inc.

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

2,851

1,321,210

Trane

Technologies

plc

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

20,035

6,357,907

14,534,585

Capital

Markets

—

1.4%

Ameriprise

Financial,

Inc.

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

5,114

2,105,894

Ares

Management

Corp.

,

Class

A

.........

14,691

1,955,225

Coinbase

Global,

Inc.

,

Class

A

(a)

..........

15,099

3,079,139

FactSet

Research

Systems,

Inc.

..........

3,348

1,395,748

Security

Shares

Shares

Value

Capital

Markets

(continued)

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

9,374

$

1,079,135

Intercontinental

Exchange,

Inc.

..........

12,838

1,653,021

LPL

Financial

Holdings,

Inc.

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

6,651

1,789,984

MarketAxess

Holdings,

Inc.

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

3,331

666,500

Moody's

Corp.

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

8,562

3,170,765

Morningstar,

Inc.

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

2,342

661,966

MSCI,

Inc.

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

7,002

3,261,461

Nasdaq,

Inc.

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

11,081

663,198

Raymond

James

Financial,

Inc.

..........

7,601

927,322

S&P

Global,

Inc.

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

12,237

5,088,512

Tradeweb

Markets,

Inc.

,

Class

A

..........

9,608

977,230

28,475,100

Chemicals

—

0.8%

Air

Products

&

Chemicals,

Inc.

...........

4,384

1,036,114

Corteva,

Inc.

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

23,805

1,288,565

DuPont

de

Nemours,

Inc.

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

19,858

1,439,705

Ecolab,

Inc.

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

11,878

2,686,210

Linde

plc

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

13,035

5,747,914

PPG

Industries,

Inc.

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

11,211

1,446,219

RPM

International,

Inc.

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

6,885

736,075

Sherwin-Williams

Co.

(The)

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

5,998

1,797,061

Westlake

Corp.

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

1,501

221,187

16,399,050

Commercial

Services

&

Supplies

—

0.7%

Cintas

Corp.

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

5,260

3,462,868

Clean

Harbors,

Inc.

(a)

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

2,910

551,300

Copart,

Inc.

(a)

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

73,285

3,980,108

Republic

Services,

Inc.

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

7,118

1,364,521

Rollins,

Inc.

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

25,934

1,155,619

Veralto

Corp.

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

13,036

1,221,212

Waste

Management,

Inc.

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

9,650

2,007,393

13,743,021

Communications

Equipment

—

0.4%

Arista

Networks,

Inc.

(a)

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

22,503

5,773,370

F5,

Inc.

(a)

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

2,207

364,839

Motorola

Solutions,

Inc.

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

7,952

2,696,921

8,835,130

Construction

&

Engineering

—

0.2%

AECOM

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

4,448

410,817

EMCOR

Group,

Inc.

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

2,476

884,353

Quanta

Services,

Inc.

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

9,362

2,420,639

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......

16,166

597,495

4,313,304

Construction

Materials

—

0.3%

Martin

Marietta

Materials,

Inc.

...........

5,479

3,216,557

Vulcan

Materials

Co.

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

11,315

2,915,083

6,131,640

Consumer

Finance

—

0.1%

Discover

Financial

Services

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

11,407

1,445,609

Consumer

Staples

Distribution

&

Retail

—

1.1%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

4,523

337,778

Casey's

General

Stores,

Inc.

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

2,287

730,879

Costco

Wholesale

Corp.

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

20,116

14,541,856

Dollar

Tree,

Inc.

(a)

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

6,904

816,398

Performance

Food

Group

Co.

(a)

..........

13,669

927,852

Sysco

Corp.

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

43,981

3,268,668

US

Foods

Holding

Corp.

(a)

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

12,905

648,476

21,271,907

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Containers

&

Packaging

—

0.1%

Avery

Dennison

Corp.

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

2,999

$

651,623

Ball

Corp.

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

8,910

619,869

Crown

Holdings,

Inc.

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

4,047

332,137

1,603,629

Distributors

—

0.1%

Genuine

Parts

Co.

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

4,845

761,683

LKQ

Corp.

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

7,103

306,352

Pool

Corp.

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

1,695

614,488

1,682,523

Diversified

Consumer

Services

—

0.0%

Service

Corp.

International

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

3,978

285,262

Electric

Utilities

—

0.3%

Constellation

Energy

Corp.

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

27,142

5,046,783

NRG

Energy,

Inc.

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

7,809

567,480

5,614,263

Electrical

Equipment

—

0.7%

AMETEK,

Inc.

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

20,296

3,544,899

Eaton

Corp.

plc

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

13,283

4,227,447

Hubbell,

Inc.

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

4,390

1,626,583

Regal

Rexnord

Corp.

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

2,343

378,090

Rockwell

Automation,

Inc.

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

10,182

2,758,915

Vertiv

Holdings

Co.

,

Class

A

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

28,578

2,657,754

15,193,688

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.

,

Class

A

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

19,450

2,348,977

CDW

Corp.

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

11,881

2,873,539

Flex

Ltd.

(a)

(b)

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

17,096

489,800

Jabil,

Inc.

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

7,370

864,943

Keysight

Technologies,

Inc.

(a)

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

7,425

1,098,455

TE

Connectivity

Ltd.

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

12,510

1,769,915

Teledyne

Technologies,

Inc.

(a)

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

2,486

948,359

Trimble,

Inc.

(a)

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

11,191

672,243

Zebra

Technologies

Corp.

,

Class

A

(a)

.......

2,100

660,576

11,726,807

Energy

Equipment

&

Services

—

0.4%

Baker

Hughes

Co.

,

Class

A

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

53,206

1,735,580

Halliburton

Co.

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

78,801

2,952,673

Schlumberger

NV

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

59,504

2,825,250

7,513,503

Entertainment

—

1.8%

Electronic

Arts,

Inc.

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

12,913

1,637,627

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

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

2,024

126,035

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C,

NVS

(a)

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

18,084

1,265,337

Live

Nation

Entertainment,

Inc.

(a)

.........

12,405

1,102,928

Netflix,

Inc.

(a)

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

38,233

21,052,619

ROBLOX

Corp.

,

Class

A

(a)

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

42,678

1,517,630

Take-Two

Interactive

Software,

Inc.

(a)

.......

13,940

1,990,771

Walt

Disney

Co.

(The)

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

63,120

7,012,632

35,705,579

Financial

Services

—

4.2%

Apollo

Global

Management,

Inc.

..........

20,059

2,173,994

Block,

Inc.

,

Class

A

(a)

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

49,033

3,579,409

Corpay,

Inc.

(a)

(b)

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

3,681

1,112,177

Fiserv,

Inc.

(a)

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

16,022

2,446,079

Global

Payments,

Inc.

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

11,063

1,358,205

Jack

Henry

&

Associates,

Inc.

...........

6,415

1,043,656

Mastercard,

Inc.

,

Class

A

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

73,215

33,034,608

PayPal

Holdings,

Inc.

(a)

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

19,929

1,353,578

Security

Shares

Shares

Value

Financial

Services

(continued)

Visa,

Inc.

,

Class

A

(b)

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

139,675

$

37,518,102

83,619,808

Food

Products

—

0.2%

Hershey

Co.

(The)

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

13,194

2,558,580

Hormel

Foods

Corp.

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

8,200

291,592

Lamb

Weston

Holdings,

Inc.

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

12,746

1,062,252

McCormick

&

Co.,

Inc.

,

NVS

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

12,200

927,932

4,840,356

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

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

3,864

455,566

Ground

Transportation

—

0.7%

JB

Hunt

Transport

Services,

Inc.

.........

6,950

1,129,862

Old

Dominion

Freight

Line,

Inc.

..........

16,734

3,040,735

Saia,

Inc.

(a)

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

2,337

927,392

Uber

Technologies,

Inc.

(a)

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

128,253

8,499,326

U-Haul

Holding

Co.

(a)

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

436

27,568

U-Haul

Holding

Co.

,

NVS

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

3,773

231,361

XPO,

Inc.

(a)

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

5,231

562,123

14,418,367

Health

Care

Equipment

&

Supplies

—

2.1%

Align

Technology,

Inc.

(a)

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

3,813

1,076,715

Boston

Scientific

Corp.

(a)

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

64,861

4,661,560

Cooper

Cos.,

Inc.

(The)

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

10,010

891,491

Dexcom,

Inc.

(a)

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

33,573

4,276,864

Edwards

Lifesciences

Corp.

(a)

...........

53,258

4,509,355

GE

HealthCare

Technologies,

Inc.

........

15,166

1,156,256

IDEXX

Laboratories,

Inc.

(a)

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

7,261

3,577,930

Insulet

Corp.

(a)

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

6,148

1,057,087

Intuitive

Surgical,

Inc.

(a)

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

29,414

10,901,417

ResMed,

Inc.

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

12,953

2,771,812

STERIS

plc

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

8,785

1,797,060

Stryker

Corp.

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

14,014

4,715,711

Teleflex,

Inc.

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

1,551

323,771

41,717,029

Health

Care

Providers

&

Services

—

1.0%

Cardinal

Health,

Inc.

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

9,021

929,524

Chemed

Corp.

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

906

514,608

Humana,

Inc.

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

2,772

837,394

Molina

Healthcare,

Inc.

(a)

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

3,141

1,074,536

UnitedHealth

Group,

Inc.

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

33,269

16,092,215

19,448,277

Health

Care

REITs

—

0.2%

Healthpeak

Properties,

Inc.

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

19,639

365,482

Ventas,

Inc.

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

13,977

618,901

Welltower,

Inc.

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

30,020

2,860,306

3,844,689

Health

Care

Technology

—

0.1%

Veeva

Systems,

Inc.

,

Class

A

(a)

..........

12,857

2,552,886

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts,

Inc.

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

59,306

1,119,104

Hotels,

Restaurants

&

Leisure

—

2.8%

Airbnb,

Inc.

,

Class

A

(a)

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

36,329

5,760,690

Booking

Holdings,

Inc.

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

1,794

6,192,942

Caesars

Entertainment,

Inc.

(a)

...........

8,878

318,010

Chipotle

Mexican

Grill,

Inc.

(a)

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

2,211

6,985,876

Churchill

Downs,

Inc.

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

6,181

797,349

Darden

Restaurants,

Inc.

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

4,946

758,766

Domino's

Pizza,

Inc.

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

3,058

1,618,508

DoorDash,

Inc.

,

Class

A

(a)

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

24,497

3,166,482

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Growth

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

DraftKings,

Inc.

,

Class

A

(a)

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

41,090

$

1,707,700

Expedia

Group,

Inc.

(a)

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

6,449

868,229

Hilton

Worldwide

Holdings,

Inc.

..........

20,856

4,114,472

Las

Vegas

Sands

Corp.

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

26,912

1,193,816

Marriott

International,

Inc.

,

Class

A

........

13,340

3,149,974

McDonald's

Corp.

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

24,060

6,569,342

MGM

Resorts

International

(a)

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

24,536

967,700

Royal

Caribbean

Cruises

Ltd.

(a)

..........

11,413

1,593,597

Starbucks

Corp.

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

59,027

5,223,299

Vail

Resorts,

Inc.

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

1,787

338,404

Wynn

Resorts

Ltd.

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

8,473

776,550

Yum!

Brands,

Inc.

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

24,859

3,511,334

55,613,040

Household

Durables

—

0.0%

Garmin

Ltd.

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

6,048

873,755

Household

Products

—

0.2%

Church

&

Dwight

Co.,

Inc.

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

15,164

1,636,044

Clorox

Co.

(The)

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

4,734

700,016

Kimberly-Clark

Corp.

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

11,677

1,594,261

3,930,321

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Vistra

Corp.

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

15,240

1,155,802

Industrial

REITs

—

0.2%

Prologis,

Inc.

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

30,971

3,160,590

Rexford

Industrial

Realty,

Inc.

...........

17,322

741,555

3,902,145

Insurance

—

1.4%

American

Financial

Group,

Inc.

..........

2,290

292,547

Aon

plc

,

Class

A

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

7,295

2,057,263

Arch

Capital

Group

Ltd.

(a)

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

21,031

1,967,240

Arthur

J

Gallagher

&

Co.

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

10,776

2,529,019

Brown

&

Brown,

Inc.

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

20,542

1,674,995

Cincinnati

Financial

Corp.

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

7,158

828,109

Erie

Indemnity

Co.

,

Class

A,

NVS

.........

2,218

848,740

Everest

Group

Ltd.

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

1,814

664,668

Markel

Group,

Inc.

(a)

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

708

1,032,547

Marsh

&

McLennan

Cos.,

Inc.

...........

20,753

4,138,771

Progressive

Corp.

(The)

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

36,959

7,696,712

RenaissanceRe

Holdings

Ltd.

...........

2,435

533,874

Travelers

Cos.,

Inc.

(The)

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

7,636

1,620,054

Willis

Towers

Watson

plc

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

4,559

1,144,947

WR

Berkley

Corp.

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

11,690

899,779

27,929,265

Interactive

Media

&

Services

—

7.6%

Alphabet,

Inc.

,

Class

A

(a)

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

321,105

52,269,472

Alphabet,

Inc.

,

Class

C,

NVS

(a)

...........

287,996

47,415,661

Match

Group,

Inc.

(a)

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

23,315

718,568

Meta

Platforms,

Inc.

,

Class

A

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

115,855

49,837,345

Pinterest,

Inc.

,

Class

A

(a)

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

48,630

1,626,674

Snap,

Inc.

,

Class

A,

NVS

(a)

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

53,993

812,595

152,680,315

IT

Services

—

1.1%

Accenture

plc

,

Class

A

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

13,926

4,190,473

Akamai

Technologies,

Inc.

(a)

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

6,598

665,936

Cloudflare,

Inc.

,

Class

A

(a)

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

26,051

2,276,857

EPAM

Systems,

Inc.

(a)

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

5,081

1,195,356

Gartner,

Inc.

(a)

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

6,716

2,770,955

GoDaddy,

Inc.

,

Class

A

(a)

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

11,540

1,412,265

MongoDB,

Inc.

,

Class

A

(a)

(b)

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

5,841

2,133,016

Okta,

Inc.

,

Class

A

(a)

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

13,800

1,283,124

Security

Shares

Shares

Value

IT

Services

(continued)

Snowflake,

Inc.

,

Class

A

(a)

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

27,079

$

4,202,661

Twilio,

Inc.

,

Class

A

(a)

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

14,881

891,074

VeriSign,

Inc.

(a)

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

7,802

1,322,283

22,344,000

Life

Sciences

Tools

&

Services

—

1.0%

Agilent

Technologies,

Inc.

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

24,883

3,409,966

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

.......

812

219,037

Bio-Techne

Corp.

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

13,924

880,136

Bruker

Corp.

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

8,431

657,702

Charles

River

Laboratories

International,

Inc.

(a)

1,924

440,596

Illumina,

Inc.

(a)

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

5,707

702,246

IQVIA

Holdings,

Inc.

(a)

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

10,563

2,448,187

Mettler-Toledo

International,

Inc.

(a)

........

1,915

2,354,876

Thermo

Fisher

Scientific,

Inc.

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

10,379

5,902,745

Waters

Corp.

(a)

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

3,296

1,018,596

West

Pharmaceutical

Services,

Inc.

.......

6,275

2,243,187

20,277,274

Machinery

—

1.5%

Caterpillar,

Inc.

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

10,920

3,653,504

Cummins,

Inc.

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

5,281

1,491,830

Deere

&

Co.

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

7,356

2,879,212

Dover

Corp.

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

6,925

1,241,652

Fortive

Corp.

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

18,502

1,392,646

Graco,

Inc.

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

14,843

1,190,409

IDEX

Corp.

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

6,495

1,431,888

Ingersoll

Rand,

Inc.

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

33,526

3,128,646

Lincoln

Electric

Holdings,

Inc.

...........

5,037

1,105,773

Nordson

Corp.

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

4,526

1,168,568

Otis

Worldwide

Corp.

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

23,281

2,123,227

Parker-Hannifin

Corp.

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

4,069

2,217,239

Pentair

plc

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

8,366

661,667

Snap-on,

Inc.

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

1,945

521,182

Toro

Co.

(The)

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

8,838

774,120

Westinghouse

Air

Brake

Technologies

Corp.

..

10,688

1,721,623

Xylem,

Inc.

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

21,227

2,774,369

29,477,555

Media

—

0.2%

(a)

Liberty

Broadband

Corp.

,

Class

A

.........

606

30,379

Liberty

Broadband

Corp.

,

Class

C,

NVS

.....

4,027

200,263

Trade

Desk,

Inc.

(The)

,

Class

A

..........

39,526

3,274,729

3,505,371

Multi-Utilities

—

0.1%

Ameren

Corp.

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

7,330

541,467

CenterPoint

Energy,

Inc.

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

20,693

602,994

CMS

Energy

Corp.

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

7,493

454,151

Public

Service

Enterprise

Group,

Inc.

......

17,047

1,177,607

2,776,219

Office

REITs

—

0.0%

Alexandria

Real

Estate

Equities,

Inc.

.......

6,078

704,258

Oil,

Gas

&

Consumable

Fuels

—

0.6%

Cheniere

Energy,

Inc.

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

12,766

2,014,730

Coterra

Energy,

Inc.

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

35,945

983,455

Devon

Energy

Corp.

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

17,902

916,224

Diamondback

Energy,

Inc.

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

5,981

1,202,959

EQT

Corp.

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

23,139

927,643

Hess

Corp.

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

6,714

1,057,388

Marathon

Petroleum

Corp.

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

10,848

1,971,299

Range

Resources

Corp.

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

21,117

758,311

Targa

Resources

Corp.

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

10,785

1,230,137

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Texas

Pacific

Land

Corp.

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

1,650

$

950,895

12,013,041

Passenger

Airlines

—

0.1%

Delta

Air

Lines,

Inc.

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

31,305

1,567,441

Southwest

Airlines

Co.

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

21,461

556,698

United

Airlines

Holdings,

Inc.

(a)

...........

10,890

560,400

2,684,539

Personal

Care

Products

—

0.2%

Coty,

Inc.

,

Class

A

(a)

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

11,377

130,153

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

.....

20,571

3,017,971

3,148,124

Pharmaceuticals

—

3.9%

Eli

Lilly

&

Co.

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

74,647

58,306,772

Merck

&

Co.,

Inc.

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

125,714

16,244,763

Zoetis,

Inc.

,

Class

A

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

23,899

3,805,677

78,357,212

Professional

Services

—

1.0%

Automatic

Data

Processing,

Inc.

..........

16,010

3,872,659

Booz

Allen

Hamilton

Holding

Corp.

........

7,167

1,058,351

Broadridge

Financial

Solutions,

Inc.

.......

9,984

1,931,005

Dayforce,

Inc.

(a)

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

13,124

805,420

Equifax,

Inc.

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

10,925

2,405,576

Jacobs

Solutions,

Inc.

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

6,923

993,658

KBR,

Inc.

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

7,776

504,973

Paychex,

Inc.

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

28,698

3,409,609

Paycom

Software,

Inc.

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

4,362

819,969

Paylocity

Holding

Corp.

(a)

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

3,846

596,745

Robert

Half,

Inc.

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

2,657

183,705

TransUnion

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

10,251

748,323

Verisk

Analytics,

Inc.

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

12,861

2,803,184

20,133,177

Real

Estate

Management

&

Development

—

0.2%

(a)

CBRE

Group,

Inc.

,

Class

A

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

12,349

1,073,005

CoStar

Group,

Inc.

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

34,194

3,129,777

Zillow

Group,

Inc.

,

Class

A

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

2,100

88,200

Zillow

Group,

Inc.

,

Class

C,

NVS

.........

6,495

276,492

4,567,474

Residential

REITs

—

0.3%

American

Homes

4

Rent

,

Class

A

.........

16,558

592,777

AvalonBay

Communities,

Inc.

...........

4,551

862,733

Camden

Property

Trust

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

4,241

422,743

Equity

LifeStyle

Properties,

Inc.

..........

9,714

585,657

Equity

Residential

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

11,428

735,963

Essex

Property

Trust,

Inc.

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

2,446

602,328

Invitation

Homes,

Inc.

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

30,970

1,059,174

Mid-America

Apartment

Communities,

Inc.

...

3,934

511,420

Sun

Communities,

Inc.

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

5,579

621,054

UDR,

Inc.

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

14,630

557,110

6,550,959

Retail

REITs

—

0.1%

Realty

Income

Corp.

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

31,531

1,688,170

Regency

Centers

Corp.

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

6,079

359,998

2,048,168

Semiconductors

&

Semiconductor

Equipment

—

11.7%

Advanced

Micro

Devices,

Inc.

(a)

..........

62,554

9,907,303

Analog

Devices,

Inc.

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

12,901

2,588,070

Broadcom,

Inc.

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

14,288

18,578,258

Enphase

Energy,

Inc.

(a)

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

12,032

1,308,600

Entegris,

Inc.

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

12,483

1,659,240

First

Solar,

Inc.

(a)

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

8,965

1,580,530

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

KLA

Corp.

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

4,698

$

3,238,284

Lattice

Semiconductor

Corp.

(a)

...........

12,114

831,020

Marvell

Technology,

Inc.

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

73,439

4,840,364

Microchip

Technology,

Inc.

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

22,203

2,042,232

Monolithic

Power

Systems,

Inc.

..........

3,959

2,649,877

NVIDIA

Corp.

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

210,358

181,753,519

NXP

Semiconductors

NV

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

9,024

2,311,859

ON

Semiconductor

Corp.

(a)

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

13,795

967,857

Teradyne,

Inc.

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

6,793

790,162

235,047,175

Software

—

19.9%

Adobe,

Inc.

(a)

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

39,932

18,481,728

ANSYS,

Inc.

(a)

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

7,654

2,486,632

AppLovin

Corp.

,

Class

A

(a)

(b)

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

12,008

847,405

Aspen

Technology,

Inc.

(a)

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

2,471

486,466

Atlassian

Corp.

,

Class

A

(a)

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

12,579

2,167,362

Autodesk,

Inc.

(a)

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

18,898

4,022,439

Bentley

Systems,

Inc.

,

Class

B

...........

19,769

1,038,466

BILL

Holdings,

Inc.

(a)

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

8,643

538,977

Cadence

Design

Systems,

Inc.

(a)

.........

23,997

6,614,293

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......

20,024

5,857,821

Datadog,

Inc.

,

Class

A

(a)

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

24,148

3,030,574

DocuSign,

Inc.

(a)

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

17,892

1,012,687

Dynatrace,

Inc.

(a)

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

19,910

902,122

Fair

Isaac

Corp.

(a)

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

2,182

2,472,926

Fortinet,

Inc.

(a)

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

57,323

3,621,667

HubSpot,

Inc.

(a)

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

4,285

2,591,868

Intuit,

Inc.

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

23,538

14,725,844

Manhattan

Associates,

Inc.

(a)

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

5,402

1,113,136

Microsoft

Corp.

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

656,447

255,574,510

Nutanix,

Inc.

,

Class

A

(a)

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

21,428

1,300,680

Oracle

Corp.

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

48,395

5,504,931

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

163,229

3,586,141

Palo

Alto

Networks,

Inc.

(a)

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

27,791

8,084,124

Procore

Technologies,

Inc.

(a)

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

7,585

518,966

PTC,

Inc.

(a)

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

10,498

1,862,765

Roper

Technologies,

Inc.

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

4,348

2,223,828

Salesforce,

Inc.

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

82,782

22,263,391

ServiceNow,

Inc.

(a)

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

17,222

11,940,529

Synopsys,

Inc.

(a)

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

13,011

6,903,506

Tyler

Technologies,

Inc.

(a)

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

3,582

1,653,272

Unity

Software,

Inc.

(a)

(b)

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

21,201

514,548

Workday,

Inc.

,

Class

A

(a)

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

18,433

4,511,108

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

.

20,929

1,278,762

Zscaler,

Inc.

(a)

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

8,016

1,386,287

401,119,761

Specialized

REITs

—

1.1%

American

Tower

Corp.

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

21,234

3,642,905

Crown

Castle,

Inc.

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

13,174

1,235,458

CubeSmart

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

7,539

304,877

Digital

Realty

Trust,

Inc.

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

16,698

2,317,348

Equinix,

Inc.

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

8,298

5,900,791

Extra

Space

Storage,

Inc.

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

7,213

968,562

Iron

Mountain,

Inc.

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

11,519

892,953

Public

Storage

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

13,948

3,618,808

SBA

Communications

Corp.

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

9,499

1,767,954

VICI

Properties,

Inc.

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

48,191

1,375,853

22,025,509

Specialty

Retail

—

1.0%

AutoZone,

Inc.

(a)

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

441

1,303,773

Burlington

Stores,

Inc.

(a)

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

5,313

956,021

CarMax,

Inc.

(a)

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

7,258

493,326

Five

Below,

Inc.

(a)

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

4,620

676,091

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Growth

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

April

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

9,363

$

1,033,020

Lowe's

Cos.,

Inc.

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

12,878

2,936,055

O'Reilly

Automotive,

Inc.

(a)

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

2,375

2,406,493

Ross

Stores,

Inc.

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

27,542

3,568,066

TJX

Cos.,

Inc.

(The)

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

42,921

4,038,437

Tractor

Supply

Co.

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

5,202

1,420,562

Ulta

Beauty,

Inc.

(a)

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

2,262

915,748

Williams-Sonoma,

Inc.

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

2,121

608,260

20,355,852

Technology

Hardware,

Storage

&

Peripherals

—

11.2%

Apple,

Inc.

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

1,285,399

218,942,012

NetApp,

Inc.

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

6,327

646,683

Pure

Storage,

Inc.

,

Class

A

(a)

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

24,641

1,241,906

Super

Micro

Computer,

Inc.

(a)

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

4,354

3,739,215

224,569,816

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

Deckers

Outdoor

Corp.

(a)

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

2,261

1,850,561

Lululemon

Athletica,

Inc.

(a)

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

9,756

3,518,014

NIKE,

Inc.

,

Class

B

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

68,483

6,318,241

11,686,816

Trading

Companies

&

Distributors

—

0.5%

Fastenal

Co.

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

50,322

3,418,876

United

Rentals,

Inc.

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

3,414

2,280,518

Watsco,

Inc.

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

1,707

764,258

WW

Grainger,

Inc.

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

3,977

3,664,209

10,127,861

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

..........

9,583

1,172,193

Essential

Utilities,

Inc.

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

9,425

344,766

1,516,959

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.1%

T-Mobile

US,

Inc.

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

15,690

$

2,575,827

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

1,364,167,026

)

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

2,006,398,569

Short-Term

Securities

Money

Market

Funds

—

2.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(e)

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

44,617,398

44,630,783

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

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

4,669,839

4,669,839

Total

Short-Term

Securities

—

2

.4

%

(Cost:

$

49,298,647

)

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

49,300,622

Total

Investments

—

102

.2

%

(Cost:

$

1,413,465,673

)

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

2,055,699,191

Liabilities

in

Excess

of

Other

Assets

—

(

2.2

)

%

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

(

44,359,405

)

Net

Assets

—

100.0%

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

$

2,011,339,786

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

32,759,171

$

11,875,692

(a)

$

—

$

7,089

$

(

11,169

)

$

44,630,783

44,617,398

$

87,283

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,400,069

2,269,770

(a)

—

—

—

4,669,839

4,669,839

194,272

—

$

7,089

$

(

11,169

)

$

49,300,622

$

281,555

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Growth

ETF

Schedule

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.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

1000

Growth

E-Mini

Index

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

28

06/21/24

$

4,581

$

(

196,937

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

196,937

$

—

$

—

$

—

$

196,937

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

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

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

$

—

$

—

$

1,150,233

$

—

$

—

$

—

$

1,150,233

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

(

374,200

)

$

—

$

—

$

—

$

(

374,200

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

3,961,371

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Growth

ETF

22

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

2,006,398,569

$

—

$

—

$

2,006,398,569

Short-Term

Securities

Money

Market

Funds

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

49,300,622

—

—

49,300,622

$

2,055,699,191

$

—

$

—

$

2,055,699,191

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(

196,937

)

$

—

$

—

$

(

196,937

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2024

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.1%

Axon

Enterprise,

Inc.

(a)

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

5,992

$

1,879,451

HEICO

Corp.

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

3,572

740,833

HEICO

Corp.

,

Class

A

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

6,391

1,059,947

Howmet

Aerospace,

Inc.

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

32,628

2,177,919

Huntington

Ingalls

Industries,

Inc.

.........

3,342

925,500

L3Harris

Technologies,

Inc.

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

15,066

3,224,878

Textron,

Inc.

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

16,456

1,392,013

TransDigm

Group,

Inc.

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

4,443

5,544,997

16,945,538

Air

Freight

&

Logistics

—

0.2%

CH

Robinson

Worldwide,

Inc.

...........

9,822

697,362

Expeditors

International

of

Washington,

Inc.

..

12,133

1,350,524

2,047,886

Automobile

Components

—

0.3%

Aptiv

plc

(a)

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

23,786

1,688,806

BorgWarner,

Inc.

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

19,846

650,353

2,339,159

Automobiles

—

1.0%

Ford

Motor

Co.

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

330,420

4,014,603

General

Motors

Co.

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

97,009

4,319,811

Lucid

Group,

Inc.

(a)

(b)

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

74,971

191,176

8,525,590

Banks

—

1.9%

Citizens

Financial

Group,

Inc.

...........

37,737

1,287,209

Fifth

Third

Bancorp

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

53,520

1,951,339

First

Citizens

BancShares,

Inc.

,

Class

A

.....

1,000

1,686,760

Huntington

Bancshares,

Inc.

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

116,812

1,573,458

KeyCorp

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

78,727

1,140,754

M&T

Bank

Corp.

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

13,972

2,017,417

Regions

Financial

Corp.

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

78,512

1,512,926

Truist

Financial

Corp.

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

112,296

4,216,715

15,386,578

Beverages

—

0.8%

Brown-Forman

Corp.

,

Class

A

...........

4,059

199,175

Brown-Forman

Corp.

,

Class

B,

NVS

.......

25,567

1,223,381

Celsius

Holdings,

Inc.

(a)

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

12,251

873,129

Constellation

Brands,

Inc.

,

Class

A

........

13,116

3,324,381

Molson

Coors

Beverage

Co.

,

Class

B

......

15,010

859,473

6,479,539

Biotechnology

—

1.5%

(a)

Alnylam

Pharmaceuticals,

Inc.

...........

10,261

1,477,071

Biogen,

Inc.

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

12,182

2,616,937

BioMarin

Pharmaceutical,

Inc.

...........

15,801

1,276,089

Exact

Sciences

Corp.

(b)

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

15,240

904,494

Incyte

Corp.

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

15,560

809,898

Moderna,

Inc.

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

27,005

2,978,921

Neurocrine

Biosciences,

Inc.

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

8,246

1,134,155

United

Therapeutics

Corp.

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

3,963

928,650

12,126,215

Broadline

Retail

—

0.6%

Coupang,

Inc.

,

Class

A

(a)

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

98,501

2,216,272

eBay,

Inc.

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

43,716

2,253,123

Etsy,

Inc.

(a)

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

10,101

693,636

5,163,031

Building

Products

—

2.8%

A

O

Smith

Corp.

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

10,366

858,719

Allegion

plc

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

7,391

898,450

Builders

FirstSource,

Inc.

(a)

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

10,314

1,885,605

Security

Shares

Shares

Value

Building

Products

(continued)

Carlisle

Cos.,

Inc.

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

4,092

$

1,588,719

Carrier

Global

Corp.

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

70,579

4,339,903

Johnson

Controls

International

plc

........

57,225

3,723,631

Lennox

International,

Inc.

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

2,721

1,260,966

Masco

Corp.

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

18,850

1,290,282

Owens

Corning

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

7,465

1,255,688

Trane

Technologies

plc

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

19,122

6,068,176

23,170,139

Capital

Markets

—

3.9%

Ameriprise

Financial,

Inc.

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

8,524

3,510,098

Ares

Management

Corp.

,

Class

A

.........

14,052

1,870,181

Bank

of

New

York

Mellon

Corp.

(The)

......

63,896

3,609,485

Carlyle

Group,

Inc.

(The)

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

17,313

775,622

Coinbase

Global,

Inc.

,

Class

A

(a)

..........

14,445

2,945,769

FactSet

Research

Systems,

Inc.

..........

3,211

1,338,634

Franklin

Resources,

Inc.

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

24,364

556,474

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

8,965

1,032,051

LPL

Financial

Holdings,

Inc.

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

6,369

1,714,089

MarketAxess

Holdings,

Inc.

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

3,186

637,487

Morningstar,

Inc.

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

2,247

635,115

MSCI,

Inc.

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

6,655

3,099,832

Nasdaq,

Inc.

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

33,690

2,016,346

Northern

Trust

Corp.

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

17,448

1,437,541

Raymond

James

Financial,

Inc.

..........

15,917

1,941,874

State

Street

Corp.

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

25,955

1,881,478

T.

Rowe

Price

Group,

Inc.

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

18,692

2,048,082

Tradeweb

Markets,

Inc.

,

Class

A

..........

9,186

934,308

31,984,466

Chemicals

—

2.8%

Albemarle

Corp.

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

9,855

1,185,655

Celanese

Corp.

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

8,697

1,335,946

CF

Industries

Holdings,

Inc.

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

14,949

1,180,523

Corteva,

Inc.

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

59,219

3,205,524

Dow,

Inc.

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

58,939

3,353,629

DuPont

de

Nemours,

Inc.

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

36,137

2,619,932

Eastman

Chemical

Co.

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

9,972

941,756

International

Flavors

&

Fragrances,

Inc.

.....

21,438

1,814,727

LyondellBasell

Industries

NV

,

Class

A

......

21,745

2,173,848

Mosaic

Co.

(The)

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

27,517

863,759

PPG

Industries,

Inc.

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

19,834

2,558,586

RPM

International,

Inc.

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

10,440

1,116,140

Westlake

Corp.

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

2,898

427,049

22,777,074

Commercial

Services

&

Supplies

—

0.9%

Clean

Harbors,

Inc.

(a)

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

4,302

815,014

Copart,

Inc.

(a)

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

69,960

3,799,528

Rollins,

Inc.

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

24,776

1,104,019

Veralto

Corp.

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

19,442

1,821,326

7,539,887

Communications

Equipment

—

0.2%

F5,

Inc.

(a)

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

4,865

804,233

Juniper

Networks,

Inc.

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

26,825

934,047

1,738,280

Construction

&

Engineering

—

0.7%

AECOM

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

11,446

1,057,153

EMCOR

Group,

Inc.

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

3,969

1,417,608

Quanta

Services,

Inc.

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

12,208

3,156,500

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......

15,353

567,447

6,198,708

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

Materials

—

0.7%

Martin

Marietta

Materials,

Inc.

...........

5,194

$

3,049,242

Vulcan

Materials

Co.

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

10,797

2,781,631

5,830,873

Consumer

Finance

—

1.0%

Capital

One

Financial

Corp.

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

30,973

4,442,457

Discover

Financial

Services

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

21,082

2,671,722

Synchrony

Financial

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

33,300

1,464,534

8,578,713

Consumer

Staples

Distribution

&

Retail

—

2.0%

Albertsons

Cos.,

Inc.

,

Class

A

...........

35,223

718,549

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

10,381

775,253

Casey's

General

Stores,

Inc.

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

3,139

1,003,162

Dollar

General

Corp.

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

18,443

2,567,081

Dollar

Tree,

Inc.

(a)

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

17,348

2,051,401

Kroger

Co.

(The)

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

56,210

3,112,910

Performance

Food

Group

Co.

(a)

..........

13,079

887,803

Sysco

Corp.

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

41,875

3,112,150

US

Foods

Holding

Corp.

(a)

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

20,574

1,033,843

Walgreens

Boots

Alliance,

Inc.

...........

60,165

1,066,725

16,328,877

Containers

&

Packaging

—

1.0%

Amcor

plc

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

121,483

1,086,058

Avery

Dennison

Corp.

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

6,735

1,463,381

Ball

Corp.

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

25,267

1,757,825

Crown

Holdings,

Inc.

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

10,148

832,846

International

Paper

Co.

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

27,741

969,271

Packaging

Corp.

of

America

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

7,193

1,244,245

WestRock

Co.

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

20,722

993,827

8,347,453

Distributors

—

0.5%

Genuine

Parts

Co.

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

11,815

1,857,436

LKQ

Corp.

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

22,459

968,656

Pool

Corp.

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

3,173

1,150,308

3,976,400

Diversified

Consumer

Services

—

0.1%

Service

Corp.

International

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

12,277

880,384

Diversified

REITs

—

0.1%

WP

Carey,

Inc.

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

18,296

1,003,353

Electric

Utilities

—

3.8%

Alliant

Energy

Corp.

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

21,476

1,069,505

American

Electric

Power

Co.,

Inc.

.........

44,248

3,806,655

Avangrid,

Inc.

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

6,168

225,317

Constellation

Energy

Corp.

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

25,790

4,795,393

Edison

International

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

32,287

2,294,314

Entergy

Corp.

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

17,701

1,888,166

Evergy,

Inc.

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

18,583

974,678

Eversource

Energy

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

29,465

1,786,168

Exelon

Corp.

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

83,732

3,146,649

FirstEnergy

Corp.

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

43,236

1,657,668

NRG

Energy,

Inc.

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

18,985

1,379,640

PG&E

Corp.

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

178,647

3,056,650

Pinnacle

West

Capital

Corp.

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

9,596

706,745

PPL

Corp.

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

61,910

1,700,049

Xcel

Energy,

Inc.

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

46,416

2,493,932

30,981,529

Electrical

Equipment

—

1.3%

AMETEK,

Inc.

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

19,375

3,384,037

Hubbell,

Inc.

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

4,136

1,532,471

Regal

Rexnord

Corp.

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

5,583

900,929

Rockwell

Automation,

Inc.

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

9,646

2,613,680

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Vertiv

Holdings

Co.

,

Class

A

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

27,324

$

2,541,132

10,972,249

Electronic

Equipment,

Instruments

&

Components

—

2.1%

CDW

Corp.

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

11,257

2,722,618

Corning,

Inc.

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

65,115

2,173,539

Flex

Ltd.

(a)

(b)

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

36,588

1,048,246

Jabil,

Inc.

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

10,536

1,236,505

Keysight

Technologies,

Inc.

(a)

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

14,886

2,202,235

TD

SYNNEX

Corp.

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

4,421

520,971

TE

Connectivity

Ltd.

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

25,253

3,572,794

Teledyne

Technologies,

Inc.

(a)

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

3,938

1,502,268

Trimble,

Inc.

(a)

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

20,089

1,206,746

Zebra

Technologies

Corp.

,

Class

A

(a)

.......

4,300

1,352,608

17,538,530

Energy

Equipment

&

Services

—

0.7%

Baker

Hughes

Co.

,

Class

A

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

84,640

2,760,957

Halliburton

Co.

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

75,212

2,818,193

5,579,150

Entertainment

—

1.0%

Electronic

Arts,

Inc.

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

20,520

2,602,346

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

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

2,066

128,650

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C,

NVS

(a)

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

17,272

1,208,522

Live

Nation

Entertainment,

Inc.

(a)

.........

11,842

1,052,872

ROBLOX

Corp.

,

Class

A

(a)

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

40,178

1,428,730

Take-Two

Interactive

Software,

Inc.

(a)

.......

13,325

1,902,943

8,324,063

Financial

Services

—

2.0%

Apollo

Global

Management,

Inc.

..........

33,437

3,623,902

Block,

Inc.

,

Class

A

(a)

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

46,634

3,404,282

Corpay,

Inc.

(a)

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

5,742

1,734,888

Equitable

Holdings,

Inc.

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

26,305

970,918

Fidelity

National

Information

Services,

Inc.

...

49,903

3,389,412

Global

Payments,

Inc.

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

20,186

2,478,235

Jack

Henry

&

Associates,

Inc.

...........

6,135

998,103

16,599,740

Food

Products

—

2.6%

Archer-Daniels-Midland

Co.

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

44,686

2,621,281

Bunge

Global

SA

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

12,183

1,239,742

Campbell

Soup

Co.

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

16,809

768,339

Conagra

Brands,

Inc.

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

38,324

1,179,613

General

Mills,

Inc.

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

47,721

3,362,421

Hershey

Co.

(The)

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

12,600

2,443,392

Hormel

Foods

Corp.

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

24,473

870,260

J

M

Smucker

Co.

(The)

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

8,928

1,025,381

Kellanova

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

22,156

1,281,946

Kraft

Heinz

Co.

(The)

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

67,292

2,598,144

Lamb

Weston

Holdings,

Inc.

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

12,167

1,013,998

McCormick

&

Co.,

Inc.

,

NVS

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

21,120

1,606,387

Tyson

Foods,

Inc.

,

Class

A

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

22,652

1,373,844

21,384,748

Gas

Utilities

—

0.2%

Atmos

Energy

Corp.

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

12,459

1,468,916

Ground

Transportation

—

0.9%

JB

Hunt

Transport

Services,

Inc.

.........

6,678

1,085,642

Knight-Swift

Transportation

Holdings,

Inc.

...

12,733

588,647

Old

Dominion

Freight

Line,

Inc.

..........

15,982

2,904,089

Saia,

Inc.

(a)

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

2,229

884,534

U-Haul

Holding

Co.

,

NVS

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

8,521

522,508

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Ground

Transportation

(continued)

U-Haul

Holding

Co.

(a)

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

636

$

40,214

XPO,

Inc.

(a)

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

9,770

1,049,884

7,075,518

Health

Care

Equipment

&

Supplies

—

3.5%

Align

Technology,

Inc.

(a)

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

6,417

1,812,033

Baxter

International,

Inc.

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

42,746

1,725,656

Cooper

Cos.,

Inc.

(The)

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

16,622

1,480,355

Dexcom,

Inc.

(a)

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

32,040

4,081,576

Edwards

Lifesciences

Corp.

(a)

...........

50,608

4,284,979

GE

HealthCare

Technologies,

Inc.

........

31,745

2,420,239

Hologic,

Inc.

(a)

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

20,126

1,524,947

IDEXX

Laboratories,

Inc.

(a)

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

6,930

3,414,827

Insulet

Corp.

(a)

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

5,878

1,010,663

ResMed,

Inc.

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

12,371

2,647,270

STERIS

plc

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

8,302

1,698,257

Teleflex,

Inc.

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

3,794

791,998

Zimmer

Biomet

Holdings,

Inc.

...........

16,847

2,026,357

28,919,157

Health

Care

Providers

&

Services

—

1.8%

Cardinal

Health,

Inc.

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

20,732

2,136,225

Cencora,

Inc.

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

13,202

3,155,938

Centene

Corp.

(a)

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

44,828

3,275,134

Chemed

Corp.

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

1,268

720,224

Henry

Schein,

Inc.

(a)

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

10,222

708,180

Laboratory

Corp.

of

America

Holdings

......

7,126

1,434,963

Molina

Healthcare,

Inc.

(a)

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

4,557

1,558,950

Quest

Diagnostics,

Inc.

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

9,441

1,304,557

Universal

Health

Services,

Inc.

,

Class

B

....

4,960

845,333

15,139,504

Health

Care

REITs

—

0.8%

Healthpeak

Properties,

Inc.

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

59,707

1,111,147

Ventas,

Inc.

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

32,168

1,424,399

Welltower,

Inc.

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

46,555

4,435,761

6,971,307

Health

Care

Technology

—

0.3%

Veeva

Systems,

Inc.

,

Class

A

(a)

..........

12,270

2,436,331

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts,

Inc.

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

55,996

1,056,644

Hotels,

Restaurants

&

Leisure

—

3.1%

Caesars

Entertainment,

Inc.

(a)

...........

17,506

627,065

Carnival

Corp.

(a)

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

79,850

1,183,377

Churchill

Downs,

Inc.

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

5,928

764,712

Darden

Restaurants,

Inc.

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

10,103

1,549,901

Domino's

Pizza,

Inc.

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

2,918

1,544,410

DoorDash,

Inc.

,

Class

A

(a)

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

23,233

3,003,098

DraftKings,

Inc.

,

Class

A

(a)

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

39,164

1,627,656

Expedia

Group,

Inc.

(a)

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

11,223

1,510,952

Hilton

Worldwide

Holdings,

Inc.

..........

19,910

3,927,845

Las

Vegas

Sands

Corp.

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

25,618

1,136,414

MGM

Resorts

International

(a)

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

23,462

925,341

Royal

Caribbean

Cruises

Ltd.

(a)

..........

19,764

2,759,647

Vail

Resorts,

Inc.

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

3,053

578,147

Wynn

Resorts

Ltd.

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

8,113

743,556

Yum!

Brands,

Inc.

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

23,578

3,330,393

25,212,514

Household

Durables

—

1.6%

DR

Horton,

Inc.

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

25,868

3,685,932

Garmin

Ltd.

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

12,923

1,866,986

Lennar

Corp.

,

Class

A

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

21,021

3,187,204

Lennar

Corp.

,

Class

B

(b)

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

975

136,880

Security

Shares

Shares

Value

Household

Durables

(continued)

NVR,

Inc.

(a)

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

258

$

1,919,223

PulteGroup,

Inc.

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

18,131

2,020,156

12,816,381

Household

Products

—

0.9%

Church

&

Dwight

Co.,

Inc.

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

20,756

2,239,365

Clorox

Co.

(The)

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

10,410

1,539,327

Kimberly-Clark

Corp.

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

28,385

3,875,404

7,654,096

Independent

Power

and

Renewable

Electricity

Producers

—

0.4%

AES

Corp.

(The)

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

56,373

1,009,076

Vistra

Corp.

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

27,895

2,115,557

3,124,633

Industrial

REITs

—

0.1%

Rexford

Industrial

Realty,

Inc.

...........

16,564

709,105

Insurance

—

4.7%

Allstate

Corp.

(The)

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

22,010

3,743,021

American

Financial

Group,

Inc.

..........

6,016

768,544

American

International

Group,

Inc.

........

57,164

4,305,021

Arch

Capital

Group

Ltd.

(a)

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

31,425

2,939,494

Brown

&

Brown,

Inc.

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

19,675

1,604,299

Cincinnati

Financial

Corp.

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

13,087

1,514,035

Erie

Indemnity

Co.

,

Class

A,

NVS

.........

2,127

813,918

Everest

Group

Ltd.

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

3,624

1,327,870

Fidelity

National

Financial,

Inc.

,

Class

A

.....

21,515

1,064,992

Globe

Life,

Inc.

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

7,923

603,495

Hartford

Financial

Services

Group,

Inc.

(The)

.

23,446

2,271,683

Loews

Corp.

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

15,408

1,157,911

Markel

Group,

Inc.

(a)

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

1,015

1,480,276

Principal

Financial

Group,

Inc.

...........

19,965

1,580,030

Prudential

Financial,

Inc.

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

30,409

3,359,586

Reinsurance

Group

of

America,

Inc.

.......

5,348

1,000,023

RenaissanceRe

Holdings

Ltd.

...........

4,086

895,856

Travelers

Cos.,

Inc.

(The)

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

19,211

4,075,806

Unum

Group

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

13,557

687,340

Willis

Towers

Watson

plc

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

8,643

2,170,603

WR

Berkley

Corp.

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

17,365

1,336,584

38,700,387

Interactive

Media

&

Services

—

0.4%

(a)

Match

Group,

Inc.

...................

22,099

681,091

Pinterest,

Inc.

,

Class

A

................

46,584

1,558,235

Snap,

Inc.

,

Class

A,

NVS

...............

86,408

1,300,440

3,539,766

IT

Services

—

2.0%

Akamai

Technologies,

Inc.

(a)

.............

12,668

1,278,581

Cloudflare,

Inc.

,

Class

A

(a)

..............

24,884

2,174,862

Cognizant

Technology

Solutions

Corp.

,

Class

A

42,177

2,770,185

EPAM

Systems,

Inc.

(a)

.................

4,845

1,139,835

Gartner,

Inc.

(a)

......................

6,367

2,626,960

GoDaddy,

Inc.

,

Class

A

(a)

...............

11,017

1,348,260

MongoDB,

Inc.

,

Class

A

(a)

..............

5,581

2,038,070

Okta,

Inc.

,

Class

A

(a)

..................

13,172

1,224,733

Twilio,

Inc.

,

Class

A

(a)

.................

14,212

851,015

VeriSign,

Inc.

(a)

.....................

7,440

1,260,931

16,713,432

Life

Sciences

Tools

&

Services

—

2.4%

Agilent

Technologies,

Inc.

..............

23,602

3,234,418

Avantor,

Inc.

(a)

(b)

.....................

54,766

1,326,980

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

.......

1,805

486,899

Bio-Techne

Corp.

....................

13,316

841,704

Bruker

Corp.

.......................

7,864

613,471

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Charles

River

Laboratories

International,

Inc.

(a)

4,106

$

940,274

Illumina,

Inc.

(a)

......................

13,303

1,636,934

IQVIA

Holdings,

Inc.

(a)

.................

15,353

3,558,365

Mettler-Toledo

International,

Inc.

(a)

........

1,826

2,245,432

Revvity,

Inc.

.......................

10,391

1,064,766

Waters

Corp.

(a)

.....................

4,967

1,535,002

West

Pharmaceutical

Services,

Inc.

.......

5,994

2,142,735

19,626,980

Machinery

—

4.1%

AGCO

Corp.

.......................

5,298

604,979

CNH

Industrial

NV

(a)

..................

80,001

912,011

Cummins,

Inc.

......................

10,986

3,103,435

Dover

Corp.

.......................

11,730

2,103,189

Fortive

Corp.

.......................

29,547

2,224,003

Graco,

Inc.

........................

14,168

1,136,273

IDEX

Corp.

........................

6,113

1,347,672

Ingersoll

Rand,

Inc.

..................

31,802

2,967,763

Lincoln

Electric

Holdings,

Inc.

...........

4,808

1,055,500

Nordson

Corp.

......................

4,304

1,111,250

Otis

Worldwide

Corp.

.................

34,425

3,139,560

PACCAR,

Inc.

......................

43,251

4,589,364

Pentair

plc

........................

13,903

1,099,588

Snap-on,

Inc.

......................

4,427

1,186,259

Stanley

Black

&

Decker,

Inc.

............

12,865

1,175,861

Toro

Co.

(The)

......................

8,324

729,099

Westinghouse

Air

Brake

Technologies

Corp.

..

15,005

2,417,005

Xylem,

Inc.

........................

20,263

2,648,374

33,551,185

Media

—

1.0%

Fox

Corp.

,

Class

A,

NVS

...............

20,895

647,954

Fox

Corp.

,

Class

B

...................

11,457

328,587

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

32,230

981,081

Liberty

Broadband

Corp.

,

Class

A

(a)

........

1,474

73,891

Liberty

Broadband

Corp.

,

Class

C,

NVS

(a)

...

9,586

476,712

News

Corp.

,

Class

A,

NVS

.............

31,946

760,315

News

Corp.

,

Class

B

.................

9,053

222,161

Omnicom

Group,

Inc.

.................

16,054

1,490,453

Sirius

XM

Holdings,

Inc.

(b)

..............

54,665

160,715

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

.........

37,462

3,103,727

8,245,596

Metals

&

Mining

—

1.3%

Cleveland-Cliffs,

Inc.

(a)

................

42,403

716,611

Newmont

Corp.

.....................

93,937

3,817,599

Nucor

Corp.

.......................

20,617

3,474,583

Reliance,

Inc.

......................

4,851

1,381,177

Steel

Dynamics,

Inc.

..................

13,153

1,711,468

11,101,438

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Annaly

Capital

Management,

Inc.

.........

42,097

788,898

Multi-Utilities

—

2.3%

Ameren

Corp.

......................

20,859

1,540,854

CenterPoint

Energy,

Inc.

...............

52,994

1,544,245

CMS

Energy

Corp.

...................

24,478

1,483,612

Consolidated

Edison,

Inc.

..............

29,038

2,741,187

Dominion

Energy,

Inc.

.................

70,388

3,588,380

DTE

Energy

Co.

....................

17,368

1,916,038

NiSource,

Inc.

......................

37,594

1,047,369

Public

Service

Enterprise

Group,

Inc.

......

41,874

2,892,656

WEC

Energy

Group,

Inc.

...............

26,534

2,192,770

18,947,111

Security

Shares

Shares

Value

Office

REITs

—

0.3%

Alexandria

Real

Estate

Equities,

Inc.

.......

14,499

$

1,679,999

Boston

Properties,

Inc.

................

13,200

816,948

2,496,947

Oil,

Gas

&

Consumable

Fuels

—

3.9%

Antero

Resources

Corp.

(a)

..............

24,035

817,430

APA

Corp.

........................

31,011

974,986

Cheniere

Energy,

Inc.

.................

20,001

3,156,558

Chesapeake

Energy

Corp.

.............

8,885

798,584

Coterra

Energy,

Inc.

..................

62,607

1,712,928

Devon

Energy

Corp.

..................

53,785

2,752,716

Diamondback

Energy,

Inc.

..............

14,380

2,892,249

EQT

Corp.

........................

32,423

1,299,838

HF

Sinclair

Corp.

....................

12,721

690,114

Kinder

Morgan,

Inc.

..................

165,281

3,021,337

Marathon

Oil

Corp.

...................

49,196

1,320,913

ONEOK,

Inc.

.......................

48,962

3,873,873

Ovintiv,

Inc.

........................

21,383

1,097,376

Range

Resources

Corp.

...............

20,286

728,470

Targa

Resources

Corp.

................

18,643

2,126,421

Texas

Pacific

Land

Corp.

...............

1,578

909,401

Williams

Cos.,

Inc.

(The)

...............

102,188

3,919,932

32,093,126

Passenger

Airlines

—

0.7%

Delta

Air

Lines,

Inc.

..................

53,999

2,703,730

Southwest

Airlines

Co.

................

50,155

1,301,021

United

Airlines

Holdings,

Inc.

(a)

...........

27,483

1,414,275

5,419,026

Personal

Care

Products

—

0.7%

Coty,

Inc.

,

Class

A

(a)

..................

28,542

326,521

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

.....

19,501

2,860,992

Kenvue,

Inc.

.......................

145,770

2,743,391

5,930,904

Pharmaceuticals

—

0.3%

Jazz

Pharmaceuticals

plc

(a)

.............

5,313

588,415

Royalty

Pharma

plc

,

Class

A

............

32,470

899,419

Viatris,

Inc.

........................

96,749

1,119,386

2,607,220

Professional

Services

—

2.5%

Booz

Allen

Hamilton

Holding

Corp.

........

10,036

1,482,016

Broadridge

Financial

Solutions,

Inc.

.......

9,550

1,847,066

Dayforce,

Inc.

(a)

(b)

....................

12,561

770,869

Equifax,

Inc.

.......................

10,354

2,279,847

Jacobs

Solutions,

Inc.

.................

10,577

1,518,117

KBR,

Inc.

.........................

11,376

738,757

Leidos

Holdings,

Inc.

.................

10,889

1,526,856

Paychex,

Inc.

......................

27,225

3,234,602

Paycom

Software,

Inc.

................

4,176

785,004

Paylocity

Holding

Corp.

(a)

..............

3,698

573,782

Robert

Half,

Inc.

....................

8,837

610,990

SS&C

Technologies

Holdings,

Inc.

........

18,130

1,122,066

TransUnion

........................

15,679

1,144,567

Verisk

Analytics,

Inc.

..................

12,196

2,658,240

20,292,779

Real

Estate

Management

&

Development

—

0.7%

(a)

CBRE

Group,

Inc.

,

Class

A

.............

25,571

2,221,864

CoStar

Group,

Inc.

...................

32,632

2,986,807

Zillow

Group,

Inc.

,

Class

A

..............

4,446

186,732

Zillow

Group,

Inc.

,

Class

C,

NVS

.........

13,407

570,736

5,966,139

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Residential

REITs

—

1.6%

American

Homes

4

Rent

,

Class

A

.........

27,201

$

973,796

AvalonBay

Communities,

Inc.

...........

11,173

2,118,066

Camden

Property

Trust

................

8,977

894,827

Equity

LifeStyle

Properties,

Inc.

..........

14,424

869,623

Equity

Residential

...................

31,431

2,024,156

Essex

Property

Trust,

Inc.

..............

5,158

1,270,157

Invitation

Homes,

Inc.

.................

49,646

1,697,893

Mid-America

Apartment

Communities,

Inc.

...

9,798

1,273,740

Sun

Communities,

Inc.

................

10,046

1,118,321

UDR,

Inc.

.........................

27,583

1,050,361

13,290,940

Retail

REITs

—

1.1%

Kimco

Realty

Corp.

..................

56,695

1,056,228

Realty

Income

Corp.

..................

69,943

3,744,748

Regency

Centers

Corp.

...............

14,063

832,811

Simon

Property

Group,

Inc.

.............

27,414

3,852,489

9,486,276

Semiconductors

&

Semiconductor

Equipment

—

3.4%

Enphase

Energy,

Inc.

(a)

(b)

...............

11,555

1,256,722

Entegris,

Inc.

.......................

11,898

1,581,482

First

Solar,

Inc.

(a)

....................

8,558

1,508,775

Lattice

Semiconductor

Corp.

(a)

(b)

..........

11,598

795,623

Marvell

Technology,

Inc.

...............

69,817

4,601,639

Microchip

Technology,

Inc.

..............

44,646

4,106,539

Monolithic

Power

Systems,

Inc.

..........

3,773

2,525,382

NXP

Semiconductors

NV

..............

21,682

5,554,712

ON

Semiconductor

Corp.

(a)

.............

36,192

2,539,231

Qorvo,

Inc.

(a)

.......................

8,189

956,803

Skyworks

Solutions,

Inc.

...............

13,433

1,431,823

Teradyne,

Inc.

......................

12,842

1,493,781

28,352,512

Software

—

5.3%

ANSYS,

Inc.

(a)

......................

7,308

2,374,223

AppLovin

Corp.

,

Class

A

(a)

..............

11,524

813,249

Aspen

Technology,

Inc.

(a)

...............

2,364

465,401

Atlassian

Corp.

,

Class

A

(a)

..............

12,009

2,069,151

Autodesk,

Inc.

(a)

.....................

17,963

3,823,424

Bentley

Systems,

Inc.

,

Class

B

...........

18,923

994,025

BILL

Holdings,

Inc.

(a)

..................

8,324

519,085

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......

19,051

5,573,179

Datadog,

Inc.

,

Class

A

(a)

...............

22,900

2,873,950

DocuSign,

Inc.

(a)

....................

17,122

969,105

Dynatrace,

Inc.

(a)

....................

18,715

847,977

Fair

Isaac

Corp.

(a)

....................

2,069

2,344,860

Gen

Digital,

Inc.

.....................

49,695

1,000,857

HubSpot,

Inc.

(a)

.....................

4,061

2,456,377

Manhattan

Associates,

Inc.

(a)

............

5,157

1,062,651

Nutanix,

Inc.

,

Class

A

(a)

................

20,490

1,243,743

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

155,794

3,422,794

Procore

Technologies,

Inc.

(a)

............

7,302

499,603

PTC,

Inc.

(a)

........................

10,000

1,774,400

Tyler

Technologies,

Inc.

(a)

(b)

.............

3,412

1,574,809

Unity

Software,

Inc.

(a)

(b)

................

20,351

493,919

Workday,

Inc.

,

Class

A

(a)

...............

17,527

4,289,383

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

.

19,712

1,204,403

Zscaler,

Inc.

(a)

......................

7,633

1,320,051

44,010,619

Specialized

REITs

—

2.7%

Crown

Castle,

Inc.

...................

36,407

3,414,248

CubeSmart

........................

17,893

723,593

Digital

Realty

Trust,

Inc.

...............

24,874

3,452,014

Extra

Space

Storage,

Inc.

..............

17,185

2,307,602

Security

Shares

Shares

Value

Specialized

REITs

(continued)

Gaming

&

Leisure

Properties,

Inc.

........

20,824

$

889,810

Iron

Mountain,

Inc.

...................

24,616

1,908,232

Public

Storage

......................

13,311

3,453,539

SBA

Communications

Corp.

............

9,077

1,689,411

VICI

Properties,

Inc.

..................

87,020

2,484,421

Weyerhaeuser

Co.

...................

57,713

1,741,201

22,064,071

Specialty

Retail

—

1.7%

Best

Buy

Co.,

Inc.

...................

15,640

1,151,730

Burlington

Stores,

Inc.

(a)

...............

5,064

911,216

CarMax,

Inc.

(a)

......................

13,309

904,613

Five

Below,

Inc.

(a)

....................

4,348

636,286

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

8,946

987,012

Penske

Automotive

Group,

Inc.

..........

1,713

261,935

Ross

Stores,

Inc.

....................

26,291

3,405,999

Tractor

Supply

Co.

...................

9,098

2,484,482

Ulta

Beauty,

Inc.

(a)

...................

4,005

1,621,384

Williams-Sonoma,

Inc.

................

5,104

1,463,725

13,828,382

Technology

Hardware,

Storage

&

Peripherals

—

1.9%

Dell

Technologies,

Inc.

,

Class

C

..........

13,487

1,681,020

Hewlett

Packard

Enterprise

Co.

..........

108,229

1,839,893

HP,

Inc.

..........................

72,863

2,046,722

NetApp,

Inc.

.......................

17,542

1,792,968

Pure

Storage,

Inc.

,

Class

A

(a)

............

23,477

1,183,241

Seagate

Technology

Holdings

plc

.........

17,486

1,502,222

Super

Micro

Computer,

Inc.

(a)

............

4,145

3,559,726

Western

Digital

Corp.

(a)

(b)

...............

25,233

1,787,253

15,393,045

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Deckers

Outdoor

Corp.

(a)

...............

2,154

1,762,984

Trading

Companies

&

Distributors

—

1.9%

Fastenal

Co.

.......................

48,032

3,263,294

Ferguson

plc

.......................

17,106

3,590,549

United

Rentals,

Inc.

..................

5,690

3,800,863

Watsco,

Inc.

.......................

2,852

1,276,898

WW

Grainger,

Inc.

...................

3,795

3,496,523

15,428,127

Water

Utilities

—

0.3%

American

Water

Works

Co.,

Inc.

..........

16,402

2,006,293

Essential

Utilities,

Inc.

.................

21,150

773,667

2,779,960

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

684,688,225

)

..............................

823,750,108

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

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

—

1.5%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(e)

..................

11,383,940

$

11,387,355

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

...................

1,485,250

1,485,250

Total

Short-Term

Securities

—

1

.5

%

(Cost:

$

12,866,336

)

...............................

12,872,605

Total

Investments

—

101

.3

%

(Cost:

$

697,554,561

)

..............................

836,622,713

Liabilities

in

Excess

of

Other

Assets

—

(

1.3

)

%

.............

(

10,934,576

)

Net

Assets

—

100.0%

...............................

$

825,688,137

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

32,613,650

$

—

$

(

21,229,413

)

(a)

$

9,636

$

(

6,518

)

$

11,387,355

11,383,940

$

146,685

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,036,626

—

(

551,376

)

(a)

—

—

1,485,250

1,485,250

84,548

—

$

9,636

$

(

6,518

)

$

12,872,605

$

231,233

$

—

—

—

(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.

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

29

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

NASDAQ

100

E-Mini

Index

...................................................

1

06/21/24

$

351

$

(

18,579

)

S&P

Midcap

400

E-Mini

Index

.................................................

5

06/21/24

1,439

(

44,290

)

$

(

62,869

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

62,869

$

—

$

—

$

—

$

62,869

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

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

.......................

$

—

$

—

$

426,088

$

—

$

—

$

—

$

426,088

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

80,274

)

$

—

$

—

$

—

$

(

80,274

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,595,728

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

ETF

30

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

823,750,108

$

—

$

—

$

823,750,108

Short-Term

Securities

Money

Market

Funds

......................................

12,872,605

—

—

12,872,605

$

836,622,713

$

—

$

—

$

836,622,713

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

62,869

)

$

—

$

—

$

(

62,869

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

3.0%

Axon

Enterprise,

Inc.

(a)

................

27,458

$

8,612,476

HEICO

Corp.

(b)

.....................

16,323

3,385,390

HEICO

Corp.

,

Class

A

.................

29,125

4,830,382

Howmet

Aerospace,

Inc.

...............

149,619

9,987,068

Huntington

Ingalls

Industries,

Inc.

.........

8,669

2,400,706

Textron,

Inc.

.......................

36,699

3,104,369

TransDigm

Group,

Inc.

................

20,337

25,381,186

57,701,577

Air

Freight

&

Logistics

—

0.1%

Expeditors

International

of

Washington,

Inc.

..

22,990

2,559,017

Automobile

Components

—

0.4%

Aptiv

plc

(a)

.........................

108,503

7,703,713

Automobiles

—

0.0%

Lucid

Group,

Inc.

(a)

(b)

..................

331,409

845,093

Banks

—

0.4%

First

Citizens

BancShares,

Inc.

,

Class

A

.....

4,551

7,676,445

Beverages

—

1.0%

Brown-Forman

Corp.

,

Class

A

...........

18,838

924,381

Brown-Forman

Corp.

,

Class

B,

NVS

.......

116,845

5,591,033

Celsius

Holdings,

Inc.

(a)

(b)

...............

55,852

3,980,572

Constellation

Brands,

Inc.

,

Class

A

........

35,916

9,103,269

19,599,255

Biotechnology

—

1.3%

(a)

Alnylam

Pharmaceuticals,

Inc.

...........

46,812

6,738,588

BioMarin

Pharmaceutical,

Inc.

...........

72,364

5,844,117

Exact

Sciences

Corp.

(b)

................

69,472

4,123,163

Incyte

Corp.

.......................

71,023

3,696,747

Neurocrine

Biosciences,

Inc.

............

37,634

5,176,180

25,578,795

Broadline

Retail

—

0.6%

Coupang,

Inc.

,

Class

A

(a)

(b)

..............

279,278

6,283,755

eBay,

Inc.

.........................

77,918

4,015,894

Etsy,

Inc.

(a)

(b)

.......................

28,362

1,947,618

12,247,267

Building

Products

—

3.3%

A

O

Smith

Corp.

....................

28,858

2,390,597

Allegion

plc

........................

17,166

2,086,699

Carlisle

Cos.,

Inc.

...................

18,761

7,283,958

Carrier

Global

Corp.

..................

154,741

9,515,024

Johnson

Controls

International

plc

........

130,083

8,464,501

Lennox

International,

Inc.

..............

12,432

5,761,237

Trane

Technologies

plc

................

87,508

27,769,789

63,271,805

Capital

Markets

—

4.2%

Ameriprise

Financial,

Inc.

..............

22,330

9,195,271

Ares

Management

Corp.

,

Class

A

.........

64,148

8,537,457

Coinbase

Global,

Inc.

,

Class

A

(a)

..........

65,939

13,446,940

FactSet

Research

Systems,

Inc.

..........

14,627

6,097,850

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

40,911

4,709,674

LPL

Financial

Holdings,

Inc.

.............

29,046

7,817,150

MarketAxess

Holdings,

Inc.

.............

14,524

2,906,107

Morningstar,

Inc.

....................

10,249

2,896,880

MSCI,

Inc.

........................

30,444

14,180,511

Nasdaq,

Inc.

.......................

48,305

2,891,054

Raymond

James

Financial,

Inc.

..........

33,174

4,047,228

Tradeweb

Markets,

Inc.

,

Class

A

..........

41,926

4,264,294

80,990,416

Security

Shares

Shares

Value

Chemicals

—

1.2%

Corteva,

Inc.

.......................

104,132

$

5,636,665

DuPont

de

Nemours,

Inc.

..............

86,759

6,290,027

PPG

Industries,

Inc.

..................

48,985

6,319,065

RPM

International,

Inc.

................

30,065

3,214,249

Westlake

Corp.

.....................

6,160

907,738

22,367,744

Commercial

Services

&

Supplies

—

1.6%

Clean

Harbors,

Inc.

(a)

.................

12,661

2,398,626

Copart,

Inc.

(a)

......................

320,090

17,384,088

Rollins,

Inc.

........................

113,082

5,038,934

Veralto

Corp.

.......................

56,810

5,321,961

30,143,609

Communications

Equipment

—

0.1%

F5,

Inc.

(a)

.........................

9,642

1,593,919

Construction

&

Engineering

—

1.0%

AECOM

..........................

19,411

1,792,800

EMCOR

Group,

Inc.

..................

10,831

3,868,508

Quanta

Services,

Inc.

.................

40,897

10,574,328

WillScot

Mobile

Mini

Holdings

Corp.

(a)

......

69,981

2,586,498

18,822,134

Construction

Materials

—

1.4%

Martin

Marietta

Materials,

Inc.

...........

23,771

13,955,241

Vulcan

Materials

Co.

.................

49,407

12,728,725

26,683,966

Consumer

Finance

—

0.3%

Discover

Financial

Services

.............

49,877

6,320,912

Consumer

Staples

Distribution

&

Retail

—

1.5%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

19,792

1,478,067

Casey's

General

Stores,

Inc.

............

9,997

3,194,841

Dollar

Tree,

Inc.

(a)

(b)

..................

30,125

3,562,281

Performance

Food

Group

Co.

(a)

..........

59,633

4,047,888

Sysco

Corp.

.......................

191,632

14,242,090

US

Foods

Holding

Corp.

(a)

..............

56,523

2,840,281

29,365,448

Containers

&

Packaging

—

0.4%

Avery

Dennison

Corp.

.................

13,134

2,853,756

Ball

Corp.

.........................

38,775

2,697,577

Crown

Holdings,

Inc.

.................

17,674

1,450,505

7,001,838

Distributors

—

0.4%

Genuine

Parts

Co.

...................

21,206

3,333,795

LKQ

Corp.

........................

29,596

1,276,475

Pool

Corp.

........................

7,422

2,690,698

7,300,968

Diversified

Consumer

Services

—

0.1%

Service

Corp.

International

.............

17,434

1,250,192

Electric

Utilities

—

1.3%

Constellation

Energy

Corp.

.............

118,025

21,945,569

NRG

Energy,

Inc.

....................

34,087

2,477,102

24,422,671

Electrical

Equipment

—

2.5%

AMETEK,

Inc.

......................

88,666

15,486,404

Hubbell,

Inc.

.......................

18,953

7,022,466

Regal

Rexnord

Corp.

.................

10,239

1,652,267

Rockwell

Automation,

Inc.

..............

44,139

11,959,903

Vertiv

Holdings

Co.

,

Class

A

............

124,805

11,606,865

47,727,905

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

—

2.1%

CDW

Corp.

........................

51,510

$

12,458,209

Flex

Ltd.

(a)

(b)

.......................

73,942

2,118,438

Jabil,

Inc.

.........................

32,183

3,776,997

Keysight

Technologies,

Inc.

(a)

............

32,479

4,804,943

TE

Connectivity

Ltd.

..................

54,644

7,731,033

Teledyne

Technologies,

Inc.

(a)

............

10,839

4,134,862

Trimble,

Inc.

(a)

......................

49,003

2,943,610

Zebra

Technologies

Corp.

,

Class

A

(a)

.......

9,144

2,876,337

40,844,429

Energy

Equipment

&

Services

—

1.1%

Baker

Hughes

Co.

,

Class

A

.............

232,398

7,580,823

Halliburton

Co.

.....................

344,185

12,896,612

20,477,435

Entertainment

—

1.7%

Electronic

Arts,

Inc.

..................

56,395

7,152,014

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

...........................

8,747

544,676

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C,

NVS

(a)

.......................

78,860

5,517,834

Live

Nation

Entertainment,

Inc.

(a)

(b)

........

54,072

4,807,542

ROBLOX

Corp.

,

Class

A

(a)

..............

184,163

6,548,836

Take-Two

Interactive

Software,

Inc.

(a)

.......

60,911

8,698,700

33,269,602

Financial

Services

—

2.1%

Apollo

Global

Management,

Inc.

..........

87,614

9,495,605

Block,

Inc.

,

Class

A

(a)

.................

212,875

15,539,875

Corpay,

Inc.

(a)

......................

16,090

4,861,433

Global

Payments,

Inc.

................

48,355

5,936,543

Jack

Henry

&

Associates,

Inc.

...........

27,972

4,550,765

40,384,221

Food

Products

—

1.1%

Hershey

Co.

(The)

...................

57,640

11,177,549

Hormel

Foods

Corp.

..................

33,536

1,192,540

Lamb

Weston

Holdings,

Inc.

............

55,744

4,645,705

McCormick

&

Co.,

Inc.

,

NVS

............

52,884

4,022,357

21,038,151

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

..................

16,838

1,985,200

Ground

Transportation

—

1.4%

JB

Hunt

Transport

Services,

Inc.

.........

30,406

4,943,103

Old

Dominion

Freight

Line,

Inc.

..........

73,085

13,280,275

Saia,

Inc.

(a)

........................

10,196

4,046,079

U-Haul

Holding

Co.

(a)

.................

1,233

77,963

U-Haul

Holding

Co.

,

NVS

(b)

.............

16,594

1,017,544

XPO,

Inc.

(a)

........................

22,797

2,449,766

25,814,730

Health

Care

Equipment

&

Supplies

—

4.9%

Align

Technology,

Inc.

(a)

................

16,639

4,698,521

Cooper

Cos.,

Inc.

(The)

...............

43,829

3,903,411

Dexcom,

Inc.

(a)

.....................

146,624

18,678,431

Edwards

Lifesciences

Corp.

(a)

...........

231,591

19,608,810

GE

HealthCare

Technologies,

Inc.

........

66,324

5,056,542

IDEXX

Laboratories,

Inc.

(a)

..............

31,715

15,627,883

Insulet

Corp.

(a)

......................

26,800

4,607,992

ResMed,

Inc.

......................

56,567

12,104,772

STERIS

plc

........................

37,994

7,772,053

Teleflex,

Inc.

.......................

6,784

1,416,160

93,474,575

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

0.6%

Cardinal

Health,

Inc.

..................

39,353

$

4,054,933

Chemed

Corp.

......................

3,959

2,248,712

Molina

Healthcare,

Inc.

(a)

(b)

..............

13,517

4,624,166

10,927,811

Health

Care

REITs

—

0.9%

Healthpeak

Properties,

Inc.

.............

85,249

1,586,484

Ventas,

Inc.

.......................

61,198

2,709,847

Welltower,

Inc.

......................

131,120

12,493,114

16,789,445

Health

Care

Technology

—

0.6%

Veeva

Systems,

Inc.

,

Class

A

(a)

..........

56,149

11,148,945

Hotel

&

Resort

REITs

—

0.3%

Host

Hotels

&

Resorts,

Inc.

.............

256,557

4,841,231

Hotels,

Restaurants

&

Leisure

—

5.0%

Caesars

Entertainment,

Inc.

(a)

...........

38,708

1,386,521

Churchill

Downs,

Inc.

.................

27,022

3,485,838

Darden

Restaurants,

Inc.

..............

21,581

3,310,741

Domino's

Pizza,

Inc.

..................

13,372

7,077,399

DoorDash,

Inc.

,

Class

A

(a)

..............

106,319

13,742,794

DraftKings,

Inc.

,

Class

A

(a)

..............

179,472

7,458,856

Expedia

Group,

Inc.

(a)

.................

28,183

3,794,277

Hilton

Worldwide

Holdings,

Inc.

..........

91,115

17,975,167

Las

Vegas

Sands

Corp.

...............

117,356

5,205,912

MGM

Resorts

International

(a)

............

107,018

4,220,790

Royal

Caribbean

Cruises

Ltd.

(a)

(b)

.........

49,868

6,963,069

Vail

Resorts,

Inc.

....................

7,802

1,477,465

Wynn

Resorts

Ltd.

...................

37,002

3,391,233

Yum!

Brands,

Inc.

...................

107,896

15,240,310

94,730,372

Household

Durables

—

0.2%

Garmin

Ltd.

........................

26,418

3,816,609

Household

Products

—

0.9%

Church

&

Dwight

Co.,

Inc.

..............

66,247

7,147,389

Clorox

Co.

(The)

....................

20,727

3,064,901

Kimberly-Clark

Corp.

.................

51,011

6,964,532

17,176,822

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Vistra

Corp.

.......................

66,586

5,049,882

Industrial

REITs

—

0.2%

Rexford

Industrial

Realty,

Inc.

...........

75,540

3,233,867

Insurance

—

2.6%

American

Financial

Group,

Inc.

..........

10,029

1,281,205

Arch

Capital

Group

Ltd.

(a)

..............

91,861

8,592,678

Brown

&

Brown,

Inc.

..................

89,728

7,316,421

Cincinnati

Financial

Corp.

..............

31,270

3,617,626

Erie

Indemnity

Co.

,

Class

A,

NVS

.........

9,692

3,708,741

Everest

Group

Ltd.

...................

7,935

2,907,463

Markel

Group,

Inc.

(a)

(b)

.................

3,086

4,500,623

RenaissanceRe

Holdings

Ltd.

...........

10,659

2,336,986

Travelers

Cos.,

Inc.

(The)

..............

32,952

6,991,096

Willis

Towers

Watson

plc

...............

19,985

5,019,033

WR

Berkley

Corp.

...................

50,990

3,924,700

50,196,572

Interactive

Media

&

Services

—

0.7%

(a)

Match

Group,

Inc.

...................

100,760

3,105,423

Pinterest,

Inc.

,

Class

A

................

212,388

7,104,379

Snap,

Inc.

,

Class

A,

NVS

(b)

.............

236,189

3,554,644

13,764,446

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

—

3.2%

(a)

Akamai

Technologies,

Inc.

..............

28,852

$

2,912,032

Cloudflare,

Inc.

,

Class

A

...............

113,786

9,944,896

EPAM

Systems,

Inc.

..................

22,194

5,221,361

Gartner,

Inc.

.......................

29,132

12,019,572

GoDaddy,

Inc.

,

Class

A

................

50,451

6,174,193

MongoDB,

Inc.

,

Class

A

...............

25,521

9,319,759

Okta,

Inc.

,

Class

A

...................

60,301

5,606,787

Twilio,

Inc.

,

Class

A

..................

64,763

3,878,009

VeriSign,

Inc.

......................

34,077

5,775,370

60,851,979

Life

Sciences

Tools

&

Services

—

3.3%

Agilent

Technologies,

Inc.

..............

108,007

14,801,279

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

.......

3,546

956,533

Bio-Techne

Corp.

....................

60,742

3,839,502

Bruker

Corp.

.......................

35,864

2,797,751

Charles

River

Laboratories

International,

Inc.

(a)

8,382

1,919,478

Illumina,

Inc.

(a)

......................

24,932

3,067,883

IQVIA

Holdings,

Inc.

(a)

.................

46,136

10,692,941

Mettler-Toledo

International,

Inc.

(a)

........

8,342

10,258,157

Waters

Corp.

(a)

(b)

....................

14,400

4,450,176

West

Pharmaceutical

Services,

Inc.

.......

27,396

9,793,522

62,577,222

Machinery

—

4.7%

Cummins,

Inc.

......................

22,148

6,256,589

Dover

Corp.

.......................

30,100

5,396,930

Fortive

Corp.

.......................

80,825

6,083,698

Graco,

Inc.

........................

64,924

5,206,905

IDEX

Corp.

........................

28,029

6,179,273

Ingersoll

Rand,

Inc.

(b)

.................

145,536

13,581,420

Lincoln

Electric

Holdings,

Inc.

...........

21,955

4,819,781

Nordson

Corp.

......................

19,653

5,074,208

Otis

Worldwide

Corp.

.................

101,718

9,276,682

Pentair

plc

........................

36,614

2,895,801

Snap-on,

Inc.

......................

8,488

2,274,444

Toro

Co.

(The)

......................

37,958

3,324,741

Westinghouse

Air

Brake

Technologies

Corp.

..

46,706

7,523,402

Xylem,

Inc.

........................

92,708

12,116,936

90,010,810

Media

—

0.8%

(a)

Liberty

Broadband

Corp.

,

Class

A

.........

2,624

131,541

Liberty

Broadband

Corp.

,

Class

C,

NVS

.....

17,627

876,591

Trade

Desk,

Inc.

(The)

,

Class

A

..........

171,437

14,203,555

15,211,687

Multi-Utilities

—

0.6%

Ameren

Corp.

......................

32,156

2,375,364

CenterPoint

Energy,

Inc.

...............

90,444

2,635,538

CMS

Energy

Corp.

...................

32,661

1,979,583

Public

Service

Enterprise

Group,

Inc.

......

74,377

5,137,963

12,128,448

Office

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.

.......

26,568

3,078,434

Oil,

Gas

&

Consumable

Fuels

—

2.1%

Cheniere

Energy,

Inc.

.................

55,757

8,799,570

Coterra

Energy,

Inc.

..................

156,895

4,292,647

Devon

Energy

Corp.

..................

78,186

4,001,559

Diamondback

Energy,

Inc.

..............

26,090

5,247,482

EQT

Corp.

........................

101,110

4,053,500

Range

Resources

Corp.

...............

92,423

3,318,910

Targa

Resources

Corp.

................

47,046

5,366,067

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Texas

Pacific

Land

Corp.

...............

7,213

$

4,156,852

39,236,587

Passenger

Airlines

—

0.6%

Delta

Air

Lines,

Inc.

..................

136,832

6,851,178

Southwest

Airlines

Co.

................

94,012

2,438,672

United

Airlines

Holdings,

Inc.

(a)

...........

47,468

2,442,703

11,732,553

Personal

Care

Products

—

0.7%

Coty,

Inc.

,

Class

A

(a)

..................

48,409

553,799

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

.....

89,244

13,092,987

13,646,786

Professional

Services

—

3.7%

Booz

Allen

Hamilton

Holding

Corp.

........

31,266

4,617,050

Broadridge

Financial

Solutions,

Inc.

.......

43,609

8,434,417

Dayforce,

Inc.

(a)

(b)

....................

57,331

3,518,403

Equifax,

Inc.

.......................

47,386

10,433,923

Jacobs

Solutions,

Inc.

.................

30,183

4,332,166

KBR,

Inc.

.........................

33,933

2,203,609

Paychex,

Inc.

......................

124,585

14,801,944

Paycom

Software,

Inc.

................

19,058

3,582,523

Paylocity

Holding

Corp.

(a)

(b)

.............

16,840

2,612,894

Robert

Half,

Inc.

....................

11,682

807,694

TransUnion

........................

44,756

3,267,188

Verisk

Analytics,

Inc.

..................

55,810

12,164,348

70,776,159

Real

Estate

Management

&

Development

—

1.0%

(a)

CBRE

Group,

Inc.

,

Class

A

.............

53,836

4,677,810

CoStar

Group,

Inc.

...................

149,329

13,668,083

Zillow

Group,

Inc.

,

Class

A

..............

9,083

381,486

Zillow

Group,

Inc.

,

Class

C,

NVS

(b)

........

28,375

1,207,924

19,935,303

Residential

REITs

—

1.5%

American

Homes

4

Rent

,

Class

A

.........

72,563

2,597,755

AvalonBay

Communities,

Inc.

...........

19,849

3,762,775

Camden

Property

Trust

................

18,505

1,844,579

Equity

LifeStyle

Properties,

Inc.

..........

41,800

2,520,122

Equity

Residential

...................

49,964

3,217,682

Essex

Property

Trust,

Inc.

..............

10,687

2,631,674

Invitation

Homes,

Inc.

.................

135,090

4,620,078

Mid-America

Apartment

Communities,

Inc.

...

17,128

2,226,640

Sun

Communities,

Inc.

................

24,379

2,713,870

UDR,

Inc.

.........................

63,655

2,423,982

28,559,157

Retail

REITs

—

0.5%

Realty

Income

Corp.

..................

137,882

7,382,202

Regency

Centers

Corp.

...............

26,522

1,570,633

8,952,835

Semiconductors

&

Semiconductor

Equipment

—

4.3%

Enphase

Energy,

Inc.

(a)

(b)

...............

52,616

5,722,516

Entegris,

Inc.

.......................

54,516

7,246,267

First

Solar,

Inc.

(a)

(b)

...................

39,207

6,912,194

Lattice

Semiconductor

Corp.

(a)

...........

52,919

3,630,243

Marvell

Technology,

Inc.

(b)

..............

319,495

21,057,915

Microchip

Technology,

Inc.

..............

96,975

8,919,761

Monolithic

Power

Systems,

Inc.

..........

17,263

11,554,644

NXP

Semiconductors

NV

..............

39,414

10,097,473

ON

Semiconductor

Corp.

(a)

.............

60,163

4,221,036

Teradyne,

Inc.

......................

29,580

3,440,746

82,802,795

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

—

10.3%

ANSYS,

Inc.

(a)

......................

33,441

$

10,864,312

AppLovin

Corp.

,

Class

A

(a)

..............

52,323

3,692,434

Aspen

Technology,

Inc.

(a)

...............

10,670

2,100,603

Atlassian

Corp.

,

Class

A

(a)

..............

54,951

9,468,057

Autodesk,

Inc.

(a)

.....................

82,202

17,496,696

Bentley

Systems,

Inc.

,

Class

B

...........

86,278

4,532,183

BILL

Holdings,

Inc.

(a)

..................

37,857

2,360,763

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......

87,180

25,503,637

Datadog,

Inc.

,

Class

A

(a)

...............

104,800

13,152,400

DocuSign,

Inc.

(a)

....................

78,033

4,416,668

Dynatrace,

Inc.

(a)

....................

85,441

3,871,332

Fair

Isaac

Corp.

(a)

....................

9,470

10,732,635

HubSpot,

Inc.

(a)

.....................

18,582

11,239,694

Manhattan

Associates,

Inc.

(a)

............

23,558

4,854,362

Nutanix,

Inc.

,

Class

A

(a)

................

93,486

5,674,600

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

712,947

15,663,446

Procore

Technologies,

Inc.

(a)

............

33,269

2,276,265

PTC,

Inc.

(a)

........................

45,853

8,136,156

Tyler

Technologies,

Inc.

(a)

..............

15,635

7,216,334

Unity

Software,

Inc.

(a)

(b)

................

92,834

2,253,081

Workday,

Inc.

,

Class

A

(a)

...............

80,212

19,630,283

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

.

90,232

5,513,175

Zscaler,

Inc.

(a)

......................

34,997

6,052,381

196,701,497

Specialized

REITs

—

2.9%

Crown

Castle,

Inc.

...................

57,587

5,400,509

CubeSmart

........................

32,965

1,333,105

Digital

Realty

Trust,

Inc.

...............

72,752

10,096,522

Extra

Space

Storage,

Inc.

..............

31,444

4,222,300

Iron

Mountain,

Inc.

...................

50,294

3,898,791

Public

Storage

......................

60,916

15,804,656

SBA

Communications

Corp.

............

41,489

7,721,933

VICI

Properties,

Inc.

..................

210,684

6,015,028

54,492,844

Specialty

Retail

—

2.2%

Burlington

Stores,

Inc.

(a)

...............

23,113

4,158,953

CarMax,

Inc.

(a)

(b)

.....................

30,802

2,093,612

Five

Below,

Inc.

(a)

(b)

...................

19,828

2,901,630

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

40,900

4,512,497

Ross

Stores,

Inc.

....................

120,315

15,586,808

Tractor

Supply

Co.

...................

22,725

6,205,743

Ulta

Beauty,

Inc.

(a)

...................

9,893

4,005,082

Williams-Sonoma,

Inc.

................

9,253

2,653,575

42,117,900

Technology

Hardware,

Storage

&

Peripherals

—

1.3%

NetApp,

Inc.

.......................

27,716

2,832,852

Pure

Storage,

Inc.

,

Class

A

(a)

............

107,333

5,409,583

Super

Micro

Computer,

Inc.

(a)

............

18,966

16,288,001

24,530,436

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Deckers

Outdoor

Corp.

(a)

...............

9,877

8,084,028

Trading

Companies

&

Distributors

—

2.3%

Fastenal

Co.

.......................

219,809

14,933,824

United

Rentals,

Inc.

..................

14,904

9,955,723

Watsco,

Inc.

.......................

7,463

3,341,334

WW

Grainger,

Inc.

...................

17,369

16,002,928

44,233,809

Security

Shares

Shares

Value

Water

Utilities

—

0.3%

American

Water

Works

Co.,

Inc.

..........

41,763

$

5,108,450

Essential

Utilities,

Inc.

.................

41,216

1,507,682

6,616,132

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

1,640,637,071

)

............................

1,906,416,435

Short-Term

Securities

Money

Market

Funds

—

3.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(e)

..................

61,436,274

61,454,705

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

...................

4,090,773

4,090,773

Total

Short-Term

Securities

—

3

.4

%

(Cost:

$

65,518,751

)

...............................

65,545,478

Total

Investments

—

103

.2

%

(Cost:

$

1,706,155,822

)

............................

1,971,961,913

Liabilities

in

Excess

of

Other

Assets

—

(

3.2

)

%

.............

(

61,030,008

)

Net

Assets

—

100.0%

...............................

$

1,910,931,905

(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.

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

35

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

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

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

86,400,186

$

—

$

(

24,954,780

)

(a)

$

19,163

$

(

9,864

)

$

61,454,705

61,436,274

$

302,935

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,452,482

1,638,291

(a)

—

—

—

4,090,773

4,090,773

189,328

—

$

19,163

$

(

9,864

)

$

65,545,478

$

492,263

$

—

—

—

(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

NASDAQ

100

E-Mini

Index

...................................................

5

06/21/24

$

1,757

$

(

60,593

)

Russell

2000

E-Mini

Index

....................................................

25

06/21/24

2,482

(

111,108

)

$

(

171,701

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

171,701

$

—

$

—

$

—

$

171,701

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

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

.......................

$

—

$

—

$

770,732

$

—

$

—

$

—

$

770,732

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

228,768

)

$

—

$

—

$

—

$

(

228,768

)

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

36

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

3,513,659

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,906,416,435

$

—

$

—

$

1,906,416,435

Short-Term

Securities

Money

Market

Funds

......................................

65,545,478

—

—

65,545,478

$

1,971,961,913

$

—

$

—

$

1,971,961,913

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

171,701

)

$

—

$

—

$

(

171,701

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.2%

AAR

Corp.

(a)

.......................

3,368

$

232,863

AeroVironment,

Inc.

(a)

.................

7,193

1,149,369

BWX

Technologies,

Inc.

...............

14,636

1,401,690

Cadre

Holdings,

Inc.

..................

4,889

163,048

Curtiss-Wright

Corp.

..................

9,880

2,503,790

Ducommun,

Inc.

(a)

...................

3,821

206,678

Hexcel

Corp.

.......................

21,765

1,397,531

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

..

38,007

677,285

Leonardo

DRS,

Inc.

(a)

.................

6,565

141,279

Moog,

Inc.

,

Class

A

..................

4,455

708,657

National

Presto

Industries,

Inc.

...........

671

55,015

Rocket

Lab

USA,

Inc.

(a)

(b)

...............

68,570

257,823

Triumph

Group,

Inc.

(a)

.................

9,752

130,287

Virgin

Galactic

Holdings,

Inc.

,

Class

C

(a)

(b)

....

95,700

83,268

Woodward,

Inc.

.....................

14,499

2,354,058

11,462,641

Air

Freight

&

Logistics

—

0.2%

Air

Transport

Services

Group,

Inc.

(a)

.......

4,242

54,383

Forward

Air

Corp.

...................

3,007

66,214

GXO

Logistics,

Inc.

(a)

.................

18,738

930,529

1,051,126

Automobile

Components

—

1.7%

Autoliv,

Inc.

........................

12,048

1,443,230

Dorman

Products,

Inc.

(a)

...............

3,352

293,132

Fox

Factory

Holding

Corp.

(a)

.............

10,922

425,084

Gentex

Corp.

......................

60,388

2,071,308

Gentherm,

Inc.

(a)

....................

8,248

417,101

LCI

Industries

......................

3,542

368,297

Lear

Corp.

........................

8,757

1,102,244

Luminar

Technologies,

Inc.

,

Class

A

(a)

(b)

.....

68,818

101,163

Mobileye

Global,

Inc.

,

Class

A

(a)

(b)

.........

20,123

554,389

Modine

Manufacturing

Co.

(a)

(b)

...........

7,434

688,611

QuantumScape

Corp.

,

Class

A

(a)

(b)

........

56,102

304,073

Visteon

Corp.

(a)

.....................

7,178

794,102

XPEL,

Inc.

(a)

(b)

(c)

.....................

5,552

291,758

8,854,492

Automobiles

—

0.1%

Thor

Industries,

Inc.

..................

6,476

643,844

Banks

—

1.1%

Amerant

Bancorp,

Inc.

,

Class

A

..........

3,448

74,684

Axos

Financial,

Inc.

(a)

(b)

................

7,237

366,264

BancFirst

Corp.

.....................

3,013

268,669

Bancorp,

Inc.

(The)

(a)

.................

12,420

371,855

Bank

First

Corp.

....................

1,189

91,779

Capital

City

Bank

Group,

Inc.

............

2,126

56,381

City

Holding

Co.

....................

1,371

138,498

Coastal

Financial

Corp.

(a)

..............

1,370

52,992

Columbia

Financial,

Inc.

(a)

(b)

.............

3,413

56,656

CrossFirst

Bankshares,

Inc.

(a)

............

4,172

50,398

Cullen/Frost

Bankers,

Inc.

..............

5,599

584,200

First

Financial

Bankshares,

Inc.

..........

15,858

468,762

German

American

Bancorp,

Inc.

..........

2,904

92,144

Home

BancShares,

Inc.

...............

27,109

641,941

Lakeland

Financial

Corp.

...............

2,293

134,760

Live

Oak

Bancshares,

Inc.

..............

7,577

244,889

Origin

Bancorp,

Inc.

..................

3,558

105,673

Pathward

Financial,

Inc.

...............

2,817

141,892

Peapack-Gladstone

Financial

Corp.

.......

2,377

53,197

Seacoast

Banking

Corp.

of

Florida

........

9,508

219,349

ServisFirst

Bancshares,

Inc.

............

8,136

479,698

Southern

Missouri

Bancorp,

Inc.

..........

1,162

46,596

Security

Shares

Shares

Value

Banks

(continued)

Stock

Yards

Bancorp,

Inc.

..............

4,283

$

190,808

Texas

Capital

Bancshares,

Inc.

(a)

.........

4,979

285,795

TFS

Financial

Corp.

..................

6,577

78,990

Triumph

Financial,

Inc.

(a)

(b)

..............

3,127

220,016

WSFS

Financial

Corp.

................

5,332

227,836

5,744,722

Beverages

—

0.5%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

......

2,498

695,468

Coca-Cola

Consolidated,

Inc.

............

1,225

1,011,850

Duckhorn

Portfolio,

Inc.

(The)

(a)

..........

6,889

58,350

MGP

Ingredients,

Inc.

(b)

................

3,818

299,484

National

Beverage

Corp.

(a)

..............

4,141

184,274

Vita

Coco

Co.,

Inc.

(The)

(a)

..............

8,695

210,767

2,460,193

Biotechnology

—

7.6%

(a)

89bio,

Inc.

........................

20,349

173,170

ACADIA

Pharmaceuticals,

Inc.

(b)

..........

29,708

496,421

ADMA

Biologics,

Inc.

.................

58,201

379,470

Agios

Pharmaceuticals,

Inc.

.............

10,023

325,747

Alector,

Inc.

.......................

7,717

39,202

Alkermes

plc

.......................

40,837

1,002,140

Allogene

Therapeutics,

Inc.

.............

12,260

33,838

Alpine

Immune

Sciences,

Inc.

...........

9,393

606,694

Amicus

Therapeutics,

Inc.

..............

47,686

476,383

AnaptysBio,

Inc.

....................

1,135

27,626

Anavex

Life

Sciences

Corp.

(b)

............

10,869

39,672

Apellis

Pharmaceuticals,

Inc.

(b)

...........

25,354

1,120,393

Arcus

Biosciences,

Inc.

................

7,826

119,190

Ardelyx,

Inc.

(b)

......................

55,744

356,762

Arrowhead

Pharmaceuticals,

Inc.

.........

30,526

690,498

Aurinia

Pharmaceuticals,

Inc.

(b)

...........

34,909

177,687

Beam

Therapeutics,

Inc.

...............

13,208

280,274

Biohaven

Ltd.

......................

8,446

327,705

Blueprint

Medicines

Corp.

..............

14,195

1,296,571

Bridgebio

Pharma,

Inc.

(b)

...............

12,863

329,550

Cabaletta

Bio,

Inc.

...................

3,934

41,877

Catalyst

Pharmaceuticals,

Inc.

...........

16,731

251,801

Celldex

Therapeutics,

Inc.

..............

15,840

592,733

Cerevel

Therapeutics

Holdings,

Inc.

.......

19,723

842,369

Cogent

Biosciences,

Inc.

...............

21,564

140,166

Crinetics

Pharmaceuticals,

Inc.

..........

16,063

703,881

Cytokinetics,

Inc.

(b)

...................

23,991

1,471,128

Deciphera

Pharmaceuticals,

Inc.

.........

12,919

326,463

Denali

Therapeutics,

Inc.

...............

28,626

441,985

Dynavax

Technologies

Corp.

(b)

...........

33,468

380,531

Exelixis,

Inc.

.......................

79,947

1,875,557

Geron

Corp.

.......................

63,514

249,610

Halozyme

Therapeutics,

Inc.

............

34,096

1,299,058

Ideaya

Biosciences,

Inc.

(b)

..............

16,387

666,131

Immunovant,

Inc.

....................

16,083

441,317

Inhibrx,

Inc.

........................

4,215

143,479

Insmed,

Inc.

.......................

34,372

849,676

Intellia

Therapeutics,

Inc.

(b)

.............

11,800

252,520

Ionis

Pharmaceuticals,

Inc.

.............

17,233

711,034

Keros

Therapeutics,

Inc.

(b)

..............

6,546

369,129

Kiniksa

Pharmaceuticals

Ltd.

,

Class

A

......

4,808

90,006

Krystal

Biotech,

Inc.

..................

6,427

984,102

Kura

Oncology,

Inc.

..................

6,393

125,431

Kymera

Therapeutics,

Inc.

(b)

.............

10,703

359,835

Lyell

Immunopharma,

Inc.

(b)

.............

17,821

38,672

Madrigal

Pharmaceuticals,

Inc.

...........

1,701

347,038

MannKind

Corp.

....................

68,184

280,236

Mirum

Pharmaceuticals,

Inc.

............

8,517

213,862

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Morphic

Holding,

Inc.

.................

10,363

$

282,599

Natera,

Inc.

........................

31,076

2,886,339

Novavax,

Inc.

(b)

.....................

16,213

70,202

Olema

Pharmaceuticals,

Inc.

(b)

...........

4,353

44,270

Protagonist

Therapeutics,

Inc.

...........

14,108

354,252

PTC

Therapeutics,

Inc.

................

6,033

193,961

RAPT

Therapeutics,

Inc.

(b)

..............

2,583

19,889

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(b)

..

40,042

313,128

Relay

Therapeutics,

Inc.

...............

21,939

143,042

Replimune

Group,

Inc.

(b)

...............

6,413

40,722

REVOLUTION

Medicines,

Inc.

...........

31,530

1,175,438

Rhythm

Pharmaceuticals,

Inc.

...........

12,621

501,811

Rocket

Pharmaceuticals,

Inc.

............

17,332

372,985

Roivant

Sciences

Ltd.

.................

98,031

1,068,538

Sage

Therapeutics,

Inc.

(b)

..............

7,765

108,244

Sana

Biotechnology,

Inc.

(b)

..............

15,827

142,443

Sarepta

Therapeutics,

Inc.

..............

23,347

2,957,131

Savara,

Inc.

.......................

12,038

55,134

Scholar

Rock

Holding

Corp.

.............

8,491

124,563

Soleno

Therapeutics,

Inc.

(b)

.............

3,420

152,737

SpringWorks

Therapeutics,

Inc.

..........

15,911

742,885

Summit

Therapeutics,

Inc.

(b)

.............

21,276

83,615

Syndax

Pharmaceuticals,

Inc.

...........

21,189

447,724

Taysha

Gene

Therapies,

Inc.

............

6,820

16,573

Travere

Therapeutics,

Inc.

..............

17,994

99,507

Twist

Bioscience

Corp.

(b)

...............

13,963

436,064

Ultragenyx

Pharmaceutical,

Inc.

..........

12,257

521,413

Vaxcyte,

Inc.

.......................

12,565

760,811

Veracyte,

Inc.

(b)

.....................

18,073

353,689

Vericel

Corp.

.......................

12,355

566,724

Viking

Therapeutics,

Inc.

...............

26,722

2,126,537

Viridian

Therapeutics,

Inc.

..............

3,499

46,397

Xencor,

Inc.

.......................

14,847

310,896

Zentalis

Pharmaceuticals,

Inc.

(b)

..........

14,440

159,706

40,468,589

Broadline

Retail

—

0.3%

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc.

.......

15,972

1,168,192

Savers

Value

Village,

Inc.

(b)

.............

41,480

685,250

1,853,442

Building

Products

—

3.3%

AAON,

Inc.

........................

17,462

1,643,000

Advanced

Drainage

Systems,

Inc.

........

17,831

2,799,467

American

Woodmark

Corp.

(a)

............

1,678

154,510

Armstrong

World

Industries,

Inc.

..........

7,793

895,260

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

..........

37,522

1,712,504

AZZ,

Inc.

.........................

3,162

226,494

CSW

Industrials,

Inc.

.................

3,978

945,252

Gibraltar

Industries,

Inc.

(a)

..............

7,908

565,106

Griffon

Corp.

.......................

3,998

261,949

Insteel

Industries,

Inc.

.................

2,306

74,023

Janus

International

Group,

Inc.

(a)

.........

18,490

266,441

Masonite

International

Corp.

(a)

...........

2,371

314,276

Quanex

Building

Products

Corp.

..........

4,026

133,744

Resideo

Technologies,

Inc.

(a)

............

18,972

370,523

Simpson

Manufacturing

Co.,

Inc.

.........

11,039

1,919,572

Tecnoglass,

Inc.

.....................

5,886

326,967

Trex

Co.,

Inc.

(a)

.....................

28,059

2,484,624

UFP

Industries,

Inc.

..................

8,969

1,010,806

Zurn

Elkay

Water

Solutions

Corp.

.........

37,775

1,181,602

17,286,120

Security

Shares

Shares

Value

Capital

Markets

—

2.4%

Affiliated

Managers

Group,

Inc.

..........

2,816

$

439,578

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

............................

9,377

383,801

AssetMark

Financial

Holdings,

Inc.

(a)

.......

5,287

178,753

Blue

Owl

Capital,

Inc.

,

Class

A

...........

94,061

1,776,812

Brightsphere

Investment

Group,

Inc.

.......

8,565

190,486

Cohen

&

Steers,

Inc.

.................

6,664

458,350

Donnelley

Financial

Solutions,

Inc.

(a)

.......

3,027

190,035

Evercore,

Inc.

,

Class

A

................

3,589

651,403

Federated

Hermes,

Inc.

,

Class

B

.........

11,033

362,434

Freedom

Holding

Corp.

(a)

(b)

.............

4,447

302,440

Hamilton

Lane,

Inc.

,

Class

A

............

9,637

1,076,646

Houlihan

Lokey,

Inc.

,

Class

A

............

8,165

1,040,956

Jefferies

Financial

Group,

Inc.

...........

23,769

1,023,493

Open

Lending

Corp.

,

Class

A

(a)

...........

8,292

42,289

Perella

Weinberg

Partners

..............

5,915

88,252

PJT

Partners,

Inc.

,

Class

A

.............

5,464

516,293

Robinhood

Markets,

Inc.

,

Class

A

(a)

(b)

.......

129,785

2,140,155

SEI

Investments

Co.

..................

17,660

1,164,677

StepStone

Group,

Inc.

,

Class

A

..........

8,770

316,334

Virtus

Investment

Partners,

Inc.

..........

961

210,767

WisdomTree,

Inc.

....................

10,531

93,726

12,647,680

Chemicals

—

1.6%

Arcadium

Lithium

plc

(a)

(b)

...............

129,173

568,361

Ashland,

Inc.

.......................

4,889

466,068

Aspen

Aerogels,

Inc.

(a)

(b)

...............

13,014

203,799

Avient

Corp.

.......................

9,550

405,111

Axalta

Coating

Systems

Ltd.

(a)

...........

28,650

900,756

Balchem

Corp.

.....................

8,331

1,177,837

Ecovyst,

Inc.

(a)

......................

15,338

144,637

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(a)

(b)

..

387,304

345,127

Hawkins,

Inc.

......................

5,087

385,442

HB

Fuller

Co.

......................

5,966

445,720

Innospec,

Inc.

......................

3,460

415,200

Koppers

Holdings,

Inc.

................

2,705

138,712

NewMarket

Corp.

....................

1,125

592,785

Olin

Corp.

.........................

15,001

784,252

Orion

SA

.........................

6,625

156,748

Perimeter

Solutions

SA

(a)

...............

11,513

80,591

PureCycle

Technologies,

Inc.

(a)

(b)

..........

11,190

52,257

Quaker

Chemical

Corp.

...............

3,590

669,643

Sensient

Technologies

Corp.

............

5,910

432,730

Stepan

Co.

........................

3,248

269,552

8,635,328

Commercial

Services

&

Supplies

—

1.9%

ABM

Industries,

Inc.

..................

4,899

214,086

ACV

Auctions,

Inc.

,

Class

A

(a)

(b)

...........

35,024

611,169

Brady

Corp.

,

Class

A,

NVS

.............

6,155

363,145

Brink's

Co.

(The)

....................

7,689

672,480

Casella

Waste

Systems,

Inc.

,

Class

A

(a)

(b)

....

14,711

1,329,874

CECO

Environmental

Corp.

(a)

(b)

..........

7,566

163,577

Driven

Brands

Holdings,

Inc.

(a)

...........

5,000

71,650

Ennis,

Inc.

........................

2,939

58,486

Interface,

Inc.

......................

7,535

115,210

Liquidity

Services,

Inc.

(a)

...............

6,114

105,528

MillerKnoll,

Inc.

.....................

7,499

190,699

Montrose

Environmental

Group,

Inc.

(a)

(b)

.....

7,278

316,011

MSA

Safety,

Inc.

....................

9,607

1,733,103

OPENLANE,

Inc.

(a)

...................

18,366

315,528

SP

Plus

Corp.

(a)

.....................

2,292

117,029

Stericycle,

Inc.

(a)

....................

10,251

458,527

Tetra

Tech,

Inc.

.....................

13,730

2,673,506

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

UniFirst

Corp.

......................

2,374

$

380,149

Viad

Corp.

(a)

.......................

5,290

182,399

VSE

Corp.

........................

2,413

188,383

10,260,539

Communications

Equipment

—

0.6%

(a)

Calix,

Inc.

.........................

15,314

424,657

Ciena

Corp.

.......................

23,703

1,095,790

Digi

International,

Inc.

.................

9,350

286,671

Extreme

Networks,

Inc.

................

33,417

374,270

Harmonic,

Inc.

......................

27,150

291,591

Infinera

Corp.

(b)

.....................

37,361

180,080

Lumentum

Holdings,

Inc.

...............

6,647

290,873

Viasat,

Inc.

(b)

.......................

7,967

126,755

Viavi

Solutions,

Inc.

..................

27,174

214,675

3,285,362

Construction

&

Engineering

—

2.4%

Ameresco,

Inc.

,

Class

A

(a)

..............

4,396

92,008

API

Group

Corp.

(a)

...................

55,741

2,149,930

Arcosa,

Inc.

.......................

6,908

525,146

Argan,

Inc.

........................

1,839

110,818

Comfort

Systems

USA,

Inc.

.............

9,228

2,855,236

Construction

Partners,

Inc.

,

Class

A

(a)

......

11,210

578,884

Dycom

Industries,

Inc.

(a)

...............

4,458

624,209

Fluor

Corp.

(a)

.......................

43,977

1,773,592

Granite

Construction,

Inc.

..............

11,418

633,699

IES

Holdings,

Inc.

(a)

..................

1,518

205,112

MasTec,

Inc.

(a)

......................

9,051

802,733

MYR

Group,

Inc.

(a)

...................

4,142

688,608

Primoris

Services

Corp.

...............

7,258

338,223

Sterling

Infrastructure,

Inc.

(a)

............

7,956

808,330

Valmont

Industries,

Inc.

................

3,077

630,170

12,816,698

Construction

Materials

—

0.5%

Eagle

Materials,

Inc.

(b)

.................

6,157

1,543,622

Summit

Materials,

Inc.

,

Class

A

(a)

.........

30,757

1,196,447

United

States

Lime

&

Minerals,

Inc.

........

550

170,500

2,910,569

Consumer

Finance

—

0.7%

EZCORP,

Inc.

,

Class

A,

NVS

(a)

...........

6,417

70,459

FirstCash

Holdings,

Inc.

...............

10,072

1,137,934

LendingClub

Corp.

(a)

..................

16,289

122,493

Nelnet,

Inc.

,

Class

A

..................

1,860

175,175

SoFi

Technologies,

Inc.

(a)

(b)

.............

230,841

1,565,102

Upstart

Holdings,

Inc.

(a)

(b)

...............

18,259

404,072

3,475,235

Consumer

Staples

Distribution

&

Retail

—

0.4%

Andersons,

Inc.

(The)

.................

4,205

231,023

Grocery

Outlet

Holding

Corp.

(a)

(b)

..........

17,174

446,009

Ingles

Markets,

Inc.

,

Class

A

............

1,514

108,630

PriceSmart,

Inc.

.....................

2,748

221,461

Sprouts

Farmers

Market,

Inc.

(a)

...........

13,672

902,762

Weis

Markets,

Inc.

...................

1,341

84,657

1,994,542

Containers

&

Packaging

—

0.6%

AptarGroup,

Inc.

....................

11,873

1,714,224

Graphic

Packaging

Holding

Co.

..........

45,792

1,183,723

Myers

Industries,

Inc.

.................

3,988

87,337

2,985,284

Security

Shares

Shares

Value

Diversified

Consumer

Services

—

1.2%

Adtalem

Global

Education,

Inc.

(a)

.........

6,866

$

340,691

Bright

Horizons

Family

Solutions,

Inc.

(a)

(b)

....

13,746

1,425,598

Chegg,

Inc.

(a)

.......................

9,977

51,581

Coursera,

Inc.

(a)

.....................

27,211

278,096

European

Wax

Center,

Inc.

,

Class

A

(a)

......

3,990

46,922

Frontdoor,

Inc.

(a)

.....................

9,206

282,532

Grand

Canyon

Education,

Inc.

(a)

..........

7,238

941,085

H&R

Block,

Inc.

.....................

18,268

862,798

Laureate

Education,

Inc.

...............

23,136

335,472

Mister

Car

Wash,

Inc.

(a)

(b)

...............

10,781

72,125

OneSpaWorld

Holdings

Ltd.

(a)

...........

21,575

274,434

Perdoceo

Education

Corp.

..............

7,401

135,438

Strategic

Education,

Inc.

...............

3,968

455,685

Stride,

Inc.

(a)

.......................

7,993

533,533

Udemy,

Inc.

(a)

......................

22,410

224,548

6,260,538

Diversified

REITs

—

0.2%

Alexander

&

Baldwin,

Inc.

..............

11,330

186,605

American

Assets

Trust,

Inc.

.............

4,747

101,348

Broadstone

Net

Lease,

Inc.

.............

19,930

290,181

Empire

State

Realty

Trust,

Inc.

,

Class

A

.....

13,058

118,828

Essential

Properties

Realty

Trust,

Inc.

......

21,970

578,690

1,275,652

Diversified

Telecommunication

Services

—

0.3%

Anterix,

Inc.

(a)

......................

3,026

95,379

Globalstar,

Inc.

(a)

(b)

...................

198,890

256,568

IDT

Corp.

,

Class

B

...................

3,085

109,641

Iridium

Communications,

Inc.

............

28,792

886,506

Shenandoah

Telecommunications

Co.

......

12,483

160,032

1,508,126

Electric

Utilities

—

0.3%

Genie

Energy

Ltd.

,

Class

B

.............

2,011

30,748

IDACORP,

Inc.

.....................

5,804

550,103

MGE

Energy,

Inc.

....................

5,147

403,113

Otter

Tail

Corp.

.....................

5,029

429,276

1,413,240

Electrical

Equipment

—

1.7%

Acuity

Brands,

Inc.

...................

4,585

1,138,456

Allient,

Inc.

........................

3,781

111,124

Atkore,

Inc.

........................

3,426

600,578

Bloom

Energy

Corp.

,

Class

A

(a)

(b)

.........

51,839

576,968

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

57,534

76,520

Encore

Wire

Corp.

(b)

..................

1,590

444,182

EnerSys

..........................

5,676

513,394

Fluence

Energy,

Inc.

,

Class

A

(a)

..........

14,582

260,143

FuelCell

Energy,

Inc.

(a)

(b)

...............

110,369

102,400

Generac

Holdings,

Inc.

(a)

(b)

..............

6,567

892,849

LSI

Industries,

Inc.

...................

6,745

98,477

NEXTracker,

Inc.

,

Class

A

(a)

.............

17,956

768,337

nVent

Electric

plc

....................

26,792

1,930,899

Plug

Power,

Inc.

(a)

(b)

..................

159,901

369,371

Powell

Industries,

Inc.

.................

1,753

250,679

Preformed

Line

Products

Co.

............

349

42,240

Sensata

Technologies

Holding

plc

.........

13,738

526,303

Thermon

Group

Holdings,

Inc.

(a)

..........

4,955

158,213

Vicor

Corp.

(a)

.......................

5,933

192,111

9,053,244

Electronic

Equipment,

Instruments

&

Components

—

3.1%

Advanced

Energy

Industries,

Inc.

(b)

........

5,669

543,317

Arlo

Technologies,

Inc.

(a)

...............

24,139

298,841

Badger

Meter,

Inc.

...................

7,583

1,387,082

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

1,644

96,536

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Belden,

Inc.

.......................

6,733

$

547,191

Benchmark

Electronics,

Inc.

............

4,729

142,863

Cognex

Corp.

......................

44,433

1,845,747

Coherent

Corp.

(a)

....................

15,247

832,944

CTS

Corp.

........................

8,054

368,470

Daktronics,

Inc.

(a)

(b)

...................

3,328

31,450

ePlus,

Inc.

(a)

.......................

3,218

247,400

Evolv

Technologies

Holdings,

Inc.

,

Class

A

(a)

..

20,219

79,056

Fabrinet

(a)

.........................

9,382

1,623,743

Insight

Enterprises,

Inc.

(a)

(b)

.............

3,212

586,415

IPG

Photonics

Corp.

(a)

(b)

...............

3,754

315,261

Itron,

Inc.

(a)

........................

11,739

1,081,397

Kimball

Electronics,

Inc.

(a)

..............

3,007

62,936

Lightwave

Logic,

Inc.

(a)

(b)

...............

30,162

115,219

Littelfuse,

Inc.

......................

6,434

1,483,938

Methode

Electronics,

Inc.

..............

3,536

43,104

Mirion

Technologies,

Inc.

,

Class

A

(a)

.......

49,183

534,619

Napco

Security

Technologies,

Inc.

........

8,511

346,398

Novanta,

Inc.

(a)

.....................

9,206

1,440,739

OSI

Systems,

Inc.

(a)

..................

2,732

359,094

PAR

Technology

Corp.

(a)

(b)

..............

7,160

302,725

PC

Connection,

Inc.

..................

1,487

92,149

Plexus

Corp.

(a)

......................

4,179

422,121

Rogers

Corp.

(a)

.....................

4,806

572,346

Sanmina

Corp.

(a)

....................

5,633

341,754

SmartRent,

Inc.

,

Class

A

(a)

..............

45,829

106,323

TTM

Technologies,

Inc.

(a)

...............

8,750

130,637

16,381,815

Energy

Equipment

&

Services

—

2.0%

Archrock,

Inc.

......................

16,621

318,957

Cactus,

Inc.

,

Class

A

.................

16,138

801,090

ChampionX

Corp.

...................

48,381

1,624,150

Core

Laboratories,

Inc.

................

11,375

179,725

Diamond

Offshore

Drilling,

Inc.

(a)

..........

13,560

165,975

Dril-Quip,

Inc.

(a)

.....................

8,363

152,039

Helix

Energy

Solutions

Group,

Inc.

(a)

.......

37,389

401,558

Kodiak

Gas

Services,

Inc.

..............

2,408

65,450

Liberty

Energy,

Inc.

,

Class

A

............

12,084

265,848

Nabors

Industries

Ltd.

(a)

(b)

..............

1,361

98,033

Newpark

Resources,

Inc.

(a)

.............

7,377

51,196

NOV,

Inc.

.........................

70,319

1,300,198

Oceaneering

International,

Inc.

(a)

(b)

........

25,808

591,261

Oil

States

International,

Inc.

(a)

............

10,257

40,926

Patterson-UTI

Energy,

Inc.

.............

52,199

564,793

ProPetro

Holding

Corp.

(a)

...............

9,201

80,233

RPC,

Inc.

.........................

17,449

116,734

Select

Water

Solutions,

Inc.

,

Class

A

.......

9,333

86,237

Tidewater,

Inc.

(a)

....................

7,458

685,017

Transocean

Ltd.

(a)

(b)

..................

78,937

412,051

Valaris

Ltd.

(a)

.......................

6,517

423,996

Weatherford

International

plc

(a)

...........

18,660

2,306,749

10,732,216

Entertainment

—

1.4%

Atlanta

Braves

Holdings,

Inc.

,

Class

A

(a)

.....

2,768

111,661

Atlanta

Braves

Holdings,

Inc.

,

Class

C,

NVS

(a)

12,044

450,807

Endeavor

Group

Holdings,

Inc.

,

Class

A

.....

47,916

1,265,461

Eventbrite,

Inc.

,

Class

A

(a)

..............

13,056

68,936

IMAX

Corp.

(a)

......................

11,649

186,500

Madison

Square

Garden

Entertainment

Corp.

(a)

(b)

.......................

10,387

406,651

Madison

Square

Garden

Sports

Corp.

(a)

.....

4,263

792,577

Roku,

Inc.

,

Class

A

(a)

(b)

................

30,597

1,764,223

TKO

Group

Holdings,

Inc.

..............

13,804

1,306,825

Security

Shares

Shares

Value

Entertainment

(continued)

Warner

Music

Group

Corp.

,

Class

A

.......

33,913

$

1,119,129

7,472,770

Financial

Services

—

1.9%

Affirm

Holdings,

Inc.

,

Class

A

(a)

...........

27,553

878,390

AvidXchange

Holdings,

Inc.

(a)

............

42,798

499,025

Cass

Information

Systems,

Inc.

..........

1,406

60,725

Euronet

Worldwide,

Inc.

(a)

..............

6,352

652,223

EVERTEC,

Inc.

.....................

8,747

328,275

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

..........................

1,008

187,619

Flywire

Corp.

(a)

.....................

23,381

479,310

I3

Verticals,

Inc.

,

Class

A

(a)

..............

2,652

60,227

International

Money

Express,

Inc.

(a)

........

8,225

166,392

Marqeta,

Inc.

,

Class

A

(a)

...............

104,122

577,877

Merchants

Bancorp

..................

2,662

107,358

NMI

Holdings,

Inc.

,

Class

A

(a)

............

8,154

251,632

Remitly

Global,

Inc.

(a)

.................

35,192

627,473

Repay

Holdings

Corp.

,

Class

A

(a)

.........

11,422

116,162

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

.........

14,624

846,145

Toast,

Inc.

,

Class

A

(a)

(b)

................

99,672

2,355,249

Voya

Financial,

Inc.

..................

9,535

649,906

WEX,

Inc.

(a)

(b)

.......................

6,407

1,353,543

10,197,531

Food

Products

—

1.3%

Calavo

Growers,

Inc.

.................

1,403

37,811

Cal-Maine

Foods,

Inc.

.................

5,073

280,689

Darling

Ingredients,

Inc.

(a)

..............

26,544

1,124,669

Freshpet,

Inc.

(a)

.....................

12,061

1,279,310

Ingredion,

Inc.

......................

6,155

705,301

J

&

J

Snack

Foods

Corp.

...............

2,851

391,414

John

B

Sanfilippo

&

Son,

Inc.

............

1,316

131,205

Lancaster

Colony

Corp.

...............

3,741

713,820

Mission

Produce,

Inc.

(a)

................

7,852

89,120

Post

Holdings,

Inc.

(a)

..................

5,207

552,723

Seaboard

Corp.

.....................

23

76,133

Simply

Good

Foods

Co.

(The)

(a)

..........

23,186

845,130

Tootsie

Roll

Industries,

Inc.

.............

3,748

111,353

Utz

Brands,

Inc.

,

Class

A

...............

8,214

148,098

Vital

Farms,

Inc.

(a)

...................

6,397

171,184

Westrock

Coffee

Co.

(a)

(b)

...............

7,506

76,111

WK

Kellogg

Co.

.....................

6,375

148,793

6,882,864

Gas

Utilities

—

0.1%

Chesapeake

Utilities

Corp.

.............

2,822

298,765

New

Jersey

Resources

Corp.

............

9,502

415,142

713,907

Ground

Transportation

—

0.4%

Heartland

Express,

Inc.

................

6,263

62,254

Hertz

Global

Holdings,

Inc.

(a)

(b)

...........

13,154

59,851

Landstar

System,

Inc.

.................

3,885

677,583

Lyft,

Inc.

,

Class

A

(a)

...................

30,077

470,404

Marten

Transport

Ltd.

.................

7,546

127,678

RXO,

Inc.

(a)

........................

15,659

296,112

Ryder

System,

Inc.

...................

4,774

581,712

2,275,594

Health

Care

Equipment

&

Supplies

—

4.7%

Alphatec

Holdings,

Inc.

(a)

...............

25,339

319,778

AtriCure,

Inc.

(a)

(b)

....................

12,274

296,049

Atrion

Corp.

.......................

147

62,224

Avanos

Medical,

Inc.

(a)

................

5,430

98,174

Axonics,

Inc.

(a)

......................

13,050

868,738

CONMED

Corp.

.....................

7,939

539,693

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Envista

Holdings

Corp.

(a)

...............

15,013

$

295,456

Establishment

Labs

Holdings,

Inc.

(a)

(b)

......

6,070

303,561

Glaukos

Corp.

(a)

.....................

12,167

1,168,032

Globus

Medical,

Inc.

,

Class

A

(a)

..........

29,837

1,485,584

Haemonetics

Corp.

(a)

.................

13,081

1,202,798

ICU

Medical,

Inc.

(a)

...................

5,286

517,605

Inari

Medical,

Inc.

(a)

..................

12,450

464,883

Inspire

Medical

Systems,

Inc.

(a)

(b)

.........

7,618

1,840,966

Integer

Holdings

Corp.

(a)

...............

5,093

568,532

Integra

LifeSciences

Holdings

Corp.

(a)

......

6,733

196,402

iRhythm

Technologies,

Inc.

(a)

(b)

...........

7,868

862,175

Lantheus

Holdings,

Inc.

(a)

..............

17,612

1,171,902

LeMaitre

Vascular,

Inc.

................

5,114

331,387

LivaNova

plc

(a)

......................

13,922

776,151

Masimo

Corp.

(a)

(b)

....................

5,548

745,707

Merit

Medical

Systems,

Inc.

(a)

............

14,937

1,106,832

Neogen

Corp.

(a)

(b)

....................

56,114

691,886

Nevro

Corp.

(a)

......................

4,646

49,155

Novocure

Ltd.

(a)

.....................

14,393

176,170

Omnicell,

Inc.

(a)

.....................

4,406

118,125

OrthoPediatrics

Corp.

(a)

(b)

...............

4,073

120,683

Paragon

28,

Inc.

(a)

...................

9,358

86,281

Penumbra,

Inc.

(a)

....................

9,395

1,845,836

PROCEPT

BioRobotics

Corp.

(a)

(b)

.........

11,099

588,025

RxSight,

Inc.

(a)

......................

5,826

303,709

Shockwave

Medical,

Inc.

(a)

..............

9,524

3,144,730

SI-BONE,

Inc.

(a)

.....................

9,752

139,063

STAAR

Surgical

Co.

(a)

.................

12,598

579,004

Tandem

Diabetes

Care,

Inc.

(a)

...........

6,922

253,968

TransMedics

Group,

Inc.

(a)

(b)

.............

8,152

767,348

Treace

Medical

Concepts,

Inc.

(a)

(b)

.........

11,175

115,885

UFP

Technologies,

Inc.

(a)

...............

1,877

386,549

Varex

Imaging

Corp.

(a)

................

5,019

81,559

24,670,605

Health

Care

Providers

&

Services

—

2.9%

Acadia

Healthcare

Co.,

Inc.

(a)

............

23,662

1,749,568

Accolade,

Inc.

(a)

(b)

....................

6,794

51,838

Addus

HomeCare

Corp.

(a)

..............

3,849

370,081

agilon

health,

Inc.

(a)

(b)

.................

78,348

430,914

Amedisys,

Inc.

(a)

(b)

...................

2,806

258,292

Astrana

Health,

Inc.

(a)

.................

10,414

386,880

Castle

Biosciences,

Inc.

(a)

..............

1,914

40,366

CorVel

Corp.

(a)

......................

2,416

577,062

DocGo,

Inc.

(a)

......................

22,870

77,301

Encompass

Health

Corp.

..............

17,659

1,472,407

Ensign

Group,

Inc.

(The)

...............

14,601

1,728,174

Guardant

Health,

Inc.

(a)

................

28,337

510,066

HealthEquity,

Inc.

(a)

...................

22,094

1,743,438

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

........

33,514

419,930

LifeStance

Health

Group,

Inc.

(a)

(b)

.........

25,666

158,616

National

HealthCare

Corp.

..............

1,958

177,924

National

Research

Corp.

...............

3,746

128,301

Option

Care

Health,

Inc.

(a)

..............

45,882

1,371,413

Privia

Health

Group,

Inc.

(a)

(b)

.............

27,167

499,873

Progyny,

Inc.

(a)

(b)

....................

21,115

676,947

R1

RCM,

Inc.

(a)

.....................

50,475

620,338

RadNet,

Inc.

(a)

......................

17,836

865,046

Select

Medical

Holdings

Corp.

...........

16,847

477,949

Surgery

Partners,

Inc.

(a)

(b)

..............

17,614

439,469

US

Physical

Therapy,

Inc.

..............

2,043

207,385

15,439,578

Security

Shares

Shares

Value

Health

Care

REITs

—

0.0%

Community

Healthcare

Trust,

Inc.

.........

3,990

$

105,855

Global

Medical

REIT,

Inc.

..............

8,538

69,243

Universal

Health

Realty

Income

Trust

......

2,078

74,870

249,968

Health

Care

Technology

—

0.6%

Certara,

Inc.

(a)

(b)

.....................

28,110

480,962

Definitive

Healthcare

Corp.

,

Class

A

(a)

(b)

.....

13,758

95,480

Doximity,

Inc.

,

Class

A

(a)

(b)

..............

30,421

738,926

Evolent

Health,

Inc.

,

Class

A

(a)

(b)

..........

29,030

805,292

Health

Catalyst,

Inc.

(a)

.................

8,012

49,835

HealthStream,

Inc.

...................

6,375

164,284

Phreesia,

Inc.

(a)

.....................

12,910

267,753

Schrodinger,

Inc.

(a)

(b)

..................

8,291

202,135

Simulations

Plus,

Inc.

(b)

................

4,088

185,391

2,990,058

Hotel

&

Resort

REITs

—

0.7%

Apple

Hospitality

REIT,

Inc.

.............

58,526

863,844

Chatham

Lodging

Trust

................

4,477

41,054

DiamondRock

Hospitality

Co.

............

51,828

461,269

Pebblebrook

Hotel

Trust

...............

18,308

266,015

RLJ

Lodging

Trust

...................

40,525

445,775

Ryman

Hospitality

Properties,

Inc.

........

8,460

892,361

Sunstone

Hotel

Investors,

Inc.

...........

21,659

220,922

Xenia

Hotels

&

Resorts,

Inc.

............

27,267

378,193

3,569,433

Hotels,

Restaurants

&

Leisure

—

3.8%

Aramark

..........................

63,693

2,006,966

BJ's

Restaurants,

Inc.

(a)

................

5,980

194,888

Bowlero

Corp.

,

Class

A

(b)

...............

6,219

73,073

Boyd

Gaming

Corp.

..................

10,000

535,100

Cava

Group,

Inc.

(a)

(b)

..................

4,462

320,996

Cheesecake

Factory,

Inc.

(The)

..........

7,329

252,997

Choice

Hotels

International,

Inc.

(b)

.........

6,887

814,457

Chuy's

Holdings,

Inc.

(a)

................

3,210

94,567

Dave

&

Buster's

Entertainment,

Inc.

(a)

(b)

.....

2,954

157,744

Denny's

Corp.

(a)

.....................

4,402

35,304

Dutch

Bros,

Inc.

,

Class

A

(a)

.............

19,406

546,473

Everi

Holdings,

Inc.

(a)

.................

11,871

96,986

First

Watch

Restaurant

Group,

Inc.

(a)

(b)

......

5,048

128,825

Golden

Entertainment,

Inc.

.............

2,339

74,965

Hilton

Grand

Vacations,

Inc.

(a)

...........

10,221

425,602

Hyatt

Hotels

Corp.

,

Class

A

.............

6,184

920,117

Jack

in

the

Box,

Inc.

..................

1,854

105,808

Krispy

Kreme,

Inc.

...................

19,620

248,193

Kura

Sushi

USA,

Inc.

,

Class

A

(a)

(b)

.........

1,445

159,066

Life

Time

Group

Holdings,

Inc.

(a)

(b)

.........

15,137

206,771

Light

&

Wonder,

Inc.

,

Class

A

(a)

...........

23,292

2,079,044

Monarch

Casino

&

Resort,

Inc.

...........

3,529

239,160

Papa

John's

International,

Inc.

...........

4,976

306,969

Planet

Fitness,

Inc.

,

Class

A

(a)

...........

22,082

1,321,387

Portillo's,

Inc.

,

Class

A

(a)

(b)

..............

7,332

89,890

RCI

Hospitality

Holdings,

Inc.

............

1,150

58,374

Red

Rock

Resorts,

Inc.

,

Class

A

..........

5,228

277,711

Shake

Shack,

Inc.

,

Class

A

(a)

............

9,737

1,030,662

Sweetgreen,

Inc.

,

Class

A

(a)

(b)

............

21,697

487,532

Target

Hospitality

Corp.

(a)

..............

6,328

70,399

Texas

Roadhouse,

Inc.

................

17,273

2,777,153

United

Parks

&

Resorts,

Inc.

(a)

(b)

..........

2,741

139,298

Wendy's

Co.

(The)

...................

27,921

558,141

Wingstop,

Inc.

......................

7,296

2,807,428

Wyndham

Hotels

&

Resorts,

Inc.

.........

8,947

657,694

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Xponential

Fitness,

Inc.

,

Class

A

(a)

........

6,658

$

84,890

20,384,630

Household

Durables

—

1.3%

Cavco

Industries,

Inc.

(a)

................

2,026

737,890

Century

Communities,

Inc.

.............

2,670

211,784

Cricut,

Inc.

,

Class

A

..................

3,957

21,051

Installed

Building

Products,

Inc.

..........

3,417

805,490

iRobot

Corp.

(a)

(b)

.....................

2,898

24,807

Legacy

Housing

Corp.

(a)

...............

1,174

23,914

Skyline

Champion

Corp.

(a)

..............

13,981

1,048,435

Sonos,

Inc.

(a)

.......................

31,273

528,514

Tempur

Sealy

International,

Inc.

..........

30,603

1,531,986

TopBuild

Corp.

(a)

....................

3,994

1,616,252

Vizio

Holding

Corp.

,

Class

A

(a)

...........

18,107

191,934

6,742,057

Household

Products

—

0.4%

Energizer

Holdings,

Inc.

...............

11,590

332,865

Reynolds

Consumer

Products,

Inc.

........

4,499

128,806

Spectrum

Brands

Holdings,

Inc.

..........

7,639

625,405

WD-40

Co.

(b)

.......................

3,492

789,646

1,876,722

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Altus

Power,

Inc.

,

Class

A

(a)

.............

17,602

64,599

Montauk

Renewables,

Inc.

(a)

............

17,092

61,531

Ormat

Technologies,

Inc.

...............

13,803

881,046

Sunnova

Energy

International,

Inc.

(a)

(b)

......

15,055

63,382

1,070,558

Industrial

REITs

—

1.3%

Americold

Realty

Trust,

Inc.

.............

42,123

925,442

EastGroup

Properties,

Inc.

.............

11,959

1,857,950

First

Industrial

Realty

Trust,

Inc.

..........

31,033

1,409,519

Innovative

Industrial

Properties,

Inc.

.......

3,225

333,465

Plymouth

Industrial

REIT,

Inc.

...........

5,102

106,530

STAG

Industrial,

Inc.

.................

24,562

844,687

Terreno

Realty

Corp.

.................

22,414

1,218,201

6,695,794

Insurance

—

2.4%

Assurant,

Inc.

......................

6,796

1,185,222

Assured

Guaranty

Ltd.

................

10,745

824,142

BRP

Group,

Inc.

,

Class

A

(a)

(b)

............

16,721

445,447

Employers

Holdings,

Inc.

...............

874

37,224

Goosehead

Insurance,

Inc.

,

Class

A

(a)

(b)

.....

6,160

350,566

Hagerty,

Inc.

,

Class

A

(a)

................

7,260

64,977

Hanover

Insurance

Group,

Inc.

(The)

......

9,337

1,212,129

Kinsale

Capital

Group,

Inc.

.............

5,717

2,076,700

Lemonade,

Inc.

(a)

....................

8,464

145,835

Oscar

Health,

Inc.

,

Class

A

(a)

............

37,454

650,576

Palomar

Holdings,

Inc.

(a)

...............

6,117

481,224

Primerica,

Inc.

......................

6,234

1,320,735

ProAssurance

Corp.

(a)

.................

5,481

73,226

RLI

Corp.

.........................

6,561

927,397

Ryan

Specialty

Holdings,

Inc.

,

Class

A

......

25,699

1,267,989

Selective

Insurance

Group,

Inc.

..........

7,562

768,677

Skyward

Specialty

Insurance

Group,

Inc.

(a)

...

2,640

92,189

Tiptree,

Inc.

.......................

3,147

50,132

White

Mountains

Insurance

Group

Ltd.

(b)

....

434

771,713

12,746,100

Interactive

Media

&

Services

—

0.9%

(a)

Bumble,

Inc.

,

Class

A

.................

14,448

145,925

Cargurus,

Inc.

,

Class

A

................

22,340

501,756

Cars.com,

Inc.

......................

5,688

95,047

Security

Shares

Shares

Value

Interactive

Media

&

Services

(continued)

IAC,

Inc.

..........................

12,351

$

587,414

QuinStreet,

Inc.

.....................

12,576

227,500

Rumble,

Inc.

,

Class

A

(b)

................

20,857

147,250

TripAdvisor,

Inc.

.....................

28,062

738,872

Vimeo,

Inc.

........................

28,093

100,854

Yelp,

Inc.

.........................

16,812

676,515

Ziff

Davis,

Inc.

......................

3,457

173,230

ZipRecruiter,

Inc.

,

Class

A

..............

16,972

174,472

ZoomInfo

Technologies,

Inc.

............

72,407

1,148,375

4,717,210

IT

Services

—

0.3%

Applied

Digital

Corp.

(a)

................

17,798

48,144

BigCommerce

Holdings,

Inc.

(a)

...........

8,799

49,802

Couchbase,

Inc.

(a)

...................

8,017

193,530

DigitalOcean

Holdings,

Inc.

(a)

(b)

...........

7,314

240,338

Fastly,

Inc.

,

Class

A

(a)

.................

18,930

239,465

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(a)

.....

15,051

147,048

Hackett

Group,

Inc.

(The)

..............

4,441

96,325

Perficient,

Inc.

(a)

.....................

8,854

418,440

Squarespace,

Inc.

,

Class

A

(a)

............

11,561

403,017

Thoughtworks

Holding,

Inc.

(a)

............

7,695

17,852

1,853,961

Leisure

Products

—

0.6%

Acushnet

Holdings

Corp.

...............

4,466

272,337

Brunswick

Corp.

....................

6,049

487,791

Johnson

Outdoors,

Inc.

,

Class

A

..........

717

29,404

Mattel,

Inc.

(a)

.......................

36,410

667,031

Polaris,

Inc.

........................

4,467

380,410

Smith

&

Wesson

Brands,

Inc.

............

6,318

107,216

Topgolf

Callaway

Brands

Corp.

(a)

(b)

........

37,480

600,430

YETI

Holdings,

Inc.

(a)

.................

15,560

555,803

3,100,422

Life

Sciences

Tools

&

Services

—

1.3%

10X

Genomics,

Inc.

,

Class

A

(a)

(b)

..........

25,573

748,777

Adaptive

Biotechnologies

Corp.

(a)

(b)

........

28,498

74,665

Azenta,

Inc.

(a)

......................

13,399

702,912

BioLife

Solutions,

Inc.

(a)

................

4,719

82,771

CryoPort,

Inc.

(a)

.....................

7,221

116,908

Medpace

Holdings,

Inc.

(a)

(b)

.............

6,085

2,363,110

Mesa

Laboratories,

Inc.

...............

776

82,318

OmniAb

Operations,

Inc.

,

NVS

(a)

(d)

.........

1,386

—

OmniAb,

Inc.

(a)

......................

15,072

66,920

OmniAb,

Inc.,

15.00

Earnout

Shares

,

NVS

(a)

(d)

.

1,386

—

Pacific

Biosciences

of

California,

Inc.

(a)

(b)

....

64,873

107,040

Quanterix

Corp.

(a)

....................

5,362

86,435

Repligen

Corp.

(a)

....................

12,584

2,066,293

Sotera

Health

Co.

(a)

(b)

.................

27,440

307,328

6,805,477

Machinery

—

5.2%

Alamo

Group,

Inc.

...................

2,585

502,472

Albany

International

Corp.

,

Class

A

........

4,438

353,930

Chart

Industries,

Inc.

(a)

(b)

...............

11,043

1,590,855

Columbus

McKinnon

Corp.

.............

3,682

151,956

Crane

Co.

.........................

7,259

1,016,333

Donaldson

Co.,

Inc.

..................

31,189

2,251,846

Douglas

Dynamics,

Inc.

...............

2,263

51,234

Energy

Recovery,

Inc.

(a)

...............

14,661

218,449

Enerpac

Tool

Group

Corp.

,

Class

A

........

14,091

502,062

Enpro,

Inc.

........................

3,061

459,548

Esab

Corp.

........................

7,593

803,947

Federal

Signal

Corp.

.................

15,758

1,281,125

Flowserve

Corp.

....................

33,974

1,602,214

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Franklin

Electric

Co.,

Inc.

..............

10,397

$

1,000,919

Gorman-Rupp

Co.

(The)

...............

5,622

186,482

Helios

Technologies,

Inc.

...............

4,100

184,910

Hillenbrand,

Inc.

....................

6,205

296,103

ITT,

Inc.

..........................

15,035

1,944,627

John

Bean

Technologies

Corp.

...........

8,243

734,369

Kadant,

Inc.

(b)

......................

2,868

785,230

Lindsay

Corp.

......................

2,865

332,770

Middleby

Corp.

(The)

(a)

................

6,936

963,896

Miller

Industries,

Inc.

.................

1,214

59,134

Mueller

Industries,

Inc.

................

13,903

776,065

Mueller

Water

Products,

Inc.

,

Class

A

......

28,676

454,228

Nikola

Corp.

(a)

(b)

.....................

135,768

84,258

Omega

Flex,

Inc.

....................

901

59,700

Oshkosh

Corp.

.....................

9,623

1,080,374

Proto

Labs,

Inc.

(a)

....................

6,409

195,346

RBC

Bearings,

Inc.

(a)

(b)

................

7,025

1,717,964

SPX

Technologies,

Inc.

(a)

...............

11,771

1,433,826

Standex

International

Corp.

.............

2,153

372,211

Symbotic,

Inc.

,

Class

A

(a)

...............

5,259

202,840

Tennant

Co.

.......................

2,442

284,444

Terex

Corp.

........................

10,608

594,578

Timken

Co.

(The)

....................

7,674

684,674

Titan

International,

Inc.

(a)

...............

7,025

77,415

Trinity

Industries,

Inc.

.................

21,001

546,446

Wabash

National

Corp.

................

5,014

115,874

Watts

Water

Technologies,

Inc.

,

Class

A

.....

7,064

1,401,921

27,356,575

Marine

Transportation

—

0.3%

Genco

Shipping

&

Trading

Ltd.

...........

6,615

141,164

Kirby

Corp.

(a)

.......................

9,453

1,031,606

Matson,

Inc.

.......................

3,400

366,452

1,539,222

Media

—

0.6%

Boston

Omaha

Corp.

,

Class

A

(a)

..........

5,501

84,935

Cable

One,

Inc.

.....................

533

209,922

Gray

Television,

Inc.

..................

6,781

38,991

Integral

Ad

Science

Holding

Corp.

(a)

.......

12,890

123,615

Magnite,

Inc.

(a)

......................

30,731

271,355

New

York

Times

Co.

(The)

,

Class

A

........

40,280

1,733,248

PubMatic,

Inc.

,

Class

A

(a)

...............

10,215

229,225

Scholastic

Corp.

....................

2,156

76,797

TechTarget,

Inc.

(a)

(b)

..................

2,742

75,405

TEGNA,

Inc.

.......................

18,180

247,975

3,091,468

Metals

&

Mining

—

1.2%

Alpha

Metallurgical

Resources,

Inc.

.......

1,563

511,289

ATI,

Inc.

(a)

(b)

........................

32,996

1,969,861

Carpenter

Technology

Corp.

............

12,042

1,031,999

Century

Aluminum

Co.

(a)

...............

6,296

109,236

Compass

Minerals

International,

Inc.

.......

8,952

111,452

Haynes

International,

Inc.

..............

1,954

117,533

Hecla

Mining

Co.

....................

65,806

311,262

Ivanhoe

Electric,

Inc.

(a)

(b)

...............

10,846

109,545

Materion

Corp.

.....................

5,321

611,596

Metallus,

Inc.

(a)

.....................

4,132

84,954

MP

Materials

Corp.

,

Class

A

(a)

(b)

..........

18,111

289,776

Piedmont

Lithium,

Inc.

(a)

(b)

..............

2,398

29,376

Ramaco

Resources,

Inc.

,

Class

B

.........

559

6,210

Royal

Gold,

Inc.

.....................

9,706

1,165,982

6,460,071

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Ellington

Financial,

Inc.

................

5,874

$

67,199

Franklin

BSP

Realty

Trust,

Inc.

...........

5,872

73,341

140,540

Office

REITs

—

0.1%

COPT

Defense

Properties

..............

9,056

217,072

Easterly

Government

Properties,

Inc.

......

11,436

133,687

350,759

Oil,

Gas

&

Consumable

Fuels

—

1.0%

Antero

Midstream

Corp.

...............

35,552

492,040

Centrus

Energy

Corp.

,

Class

A

(a)

..........

3,421

146,863

Clean

Energy

Fuels

Corp.

(a)

.............

45,949

106,602

CNX

Resources

Corp.

(a)

(b)

..............

21,924

515,652

Comstock

Resources,

Inc.

..............

13,256

133,355

CONSOL

Energy,

Inc.

.................

3,956

327,399

Granite

Ridge

Resources,

Inc.

...........

7,370

48,052

Green

Plains,

Inc.

(a)

..................

12,504

258,458

Hallador

Energy

Co.

(a)

.................

2,749

14,047

HighPeak

Energy,

Inc.

(b)

...............

3,694

52,492

International

Seaways,

Inc.

.............

5,629

311,227

Kinetik

Holdings,

Inc.

,

Class

A

...........

2,088

80,054

Kosmos

Energy

Ltd.

(a)

.................

46,268

262,340

Magnolia

Oil

&

Gas

Corp.

,

Class

A

........

17,110

428,948

New

Fortress

Energy,

Inc.

,

Class

A

........

20,699

542,314

NextDecade

Corp.

(a)

..................

23,557

151,236

REX

American

Resources

Corp.

(a)

........

2,241

123,995

Riley

Exploration

Permian,

Inc.

...........

674

17,477

Southwestern

Energy

Co.

(a)

.............

105,018

786,585

Uranium

Energy

Corp.

(a)

(b)

..............

92,266

622,795

Vitesse

Energy,

Inc.

..................

3,395

75,335

5,497,266

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

................

7,361

538,752

Mercer

International,

Inc.

...............

2,904

29,418

Sylvamo

Corp.

.....................

3,655

228,437

796,607

Passenger

Airlines

—

0.5%

Allegiant

Travel

Co.

..................

1,955

106,665

American

Airlines

Group,

Inc.

(a)

...........

73,527

993,350

Frontier

Group

Holdings,

Inc.

(a)

(b)

..........

5,882

35,527

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

...........

108,185

546,334

SkyWest,

Inc.

(a)

.....................

10,433

761,922

Sun

Country

Airlines

Holdings,

Inc.

(a)

.......

9,278

123,490

2,567,288

Personal

Care

Products

—

0.9%

Beauty

Health

Co.

(The)

,

Class

A

(a)

........

23,198

74,930

BellRing

Brands,

Inc.

(a)

................

33,662

1,857,133

elf

Beauty,

Inc.

(a)

....................

13,148

2,136,944

Inter

Parfums,

Inc.

...................

4,676

544,193

USANA

Health

Sciences,

Inc.

(a)

..........

1,141

47,374

4,660,574

Pharmaceuticals

—

1.5%

(a)

Amphastar

Pharmaceuticals,

Inc.

.........

9,681

399,341

Amylyx

Pharmaceuticals,

Inc.

...........

11,585

20,969

ANI

Pharmaceuticals,

Inc.

..............

4,327

285,582

Arvinas,

Inc.

.......................

6,335

201,263

Axsome

Therapeutics,

Inc.

.............

9,392

692,754

Cassava

Sciences,

Inc.

(b)

..............

10,935

242,210

Catalent,

Inc.

......................

46,578

2,601,381

Corcept

Therapeutics,

Inc.

..............

16,951

395,298

Evolus,

Inc.

........................

11,398

134,155

Harmony

Biosciences

Holdings,

Inc.

.......

9,553

295,283

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Harrow,

Inc.

(b)

......................

8,536

$

86,982

Intra-Cellular

Therapies,

Inc.

............

24,891

1,787,423

Ligand

Pharmaceuticals,

Inc.

(b)

...........

1,881

131,463

Liquidia

Corp.

......................

12,025

154,521

Pacira

BioSciences,

Inc.

...............

6,267

164,509

Pliant

Therapeutics,

Inc.

(b)

..............

6,543

77,338

Revance

Therapeutics,

Inc.

.............

20,555

74,204

Scilex

Holding

Co.

,

(Acquired

01/06/23

,

cost

$

157,754

)

(e)

.....................

15,053

12,297

Tarsus

Pharmaceuticals,

Inc.

(b)

...........

2,889

90,801

Theravance

Biopharma,

Inc.

............

5,684

47,973

Tilray

Brands,

Inc.

,

Class

2

(b)

............

86,994

214,875

8,110,622

Professional

Services

—

3.1%

Alight,

Inc.

,

Class

A

(a)

.................

34,015

306,815

ASGN,

Inc.

(a)

(b)

......................

4,302

414,928

Barrett

Business

Services,

Inc.

...........

862

104,733

CACI

International,

Inc.

,

Class

A

(a)

........

2,918

1,173,707

CBIZ,

Inc.

(a)

........................

12,235

870,887

Clarivate

plc

(a)

(b)

.....................

46,937

317,294

CRA

International,

Inc.

................

1,702

246,943

CSG

Systems

International,

Inc.

..........

3,512

165,907

ExlService

Holdings,

Inc.

(a)

.............

42,570

1,234,530

Exponent,

Inc.

......................

13,103

1,204,297

First

Advantage

Corp.

.................

5,302

86,423

Forrester

Research,

Inc.

(a)

..............

897

16,316

Franklin

Covey

Co.

(a)

.................

3,067

119,429

FTI

Consulting,

Inc.

(a)

(b)

................

9,166

1,959,966

Genpact

Ltd.

.......................

17,339

533,001

Huron

Consulting

Group,

Inc.

(a)

...........

4,542

423,496

ICF

International,

Inc.

.................

2,952

425,944

Insperity,

Inc.

.......................

8,798

905,578

Kforce,

Inc.

........................

2,945

181,883

Korn

Ferry

........................

7,220

438,398

Legalzoom.com,

Inc.

(a)

................

30,345

362,623

Maximus,

Inc.

......................

7,484

600,816

NV5

Global,

Inc.

(a)

(b)

..................

3,648

340,140

Parsons

Corp.

(a)

.....................

11,244

882,767

Paycor

HCM,

Inc.

(a)

(b)

.................

16,724

290,496

Planet

Labs

PBC

,

Class

A

(a)

(b)

............

51,815

87,567

Resources

Connection,

Inc.

.............

3,774

41,703

Science

Applications

International

Corp.

....

5,253

676,061

Sterling

Check

Corp.

(a)

(b)

...............

3,101

46,918

TriNet

Group,

Inc.

...................

4,129

414,428

Upwork,

Inc.

(a)

......................

32,302

377,933

Verra

Mobility

Corp.

,

Class

A

(a)

(b)

..........

42,800

1,009,224

16,261,151

Real

Estate

Management

&

Development

—

0.5%

DigitalBridge

Group,

Inc.

,

Class

A

.........

19,403

318,985

eXp

World

Holdings,

Inc.

(b)

..............

21,179

210,943

Forestar

Group,

Inc.

(a)

.................

1,786

55,348

FRP

Holdings,

Inc.

(a)

..................

3,984

120,755

Howard

Hughes

Holdings,

Inc.

(a)

..........

4,023

262,139

Jones

Lang

LaSalle,

Inc.

(a)

..............

4,644

839,171

Marcus

&

Millichap,

Inc.

...............

2,533

80,220

St.

Joe

Co.

(The)

....................

9,176

524,867

2,412,428

Residential

REITs

—

0.3%

Apartment

Income

REIT

Corp.

...........

19,850

761,843

Apartment

Investment

&

Management

Co.

,

Class

A

(a)

.......................

12,185

97,480

Centerspace

.......................

1,636

110,021

Independence

Realty

Trust,

Inc.

..........

26,817

422,904

Security

Shares

Shares

Value

Residential

REITs

(continued)

NexPoint

Residential

Trust,

Inc.

..........

2,841

$

97,276

Veris

Residential,

Inc.

.................

14,749

212,533

1,702,057

Retail

REITs

—

1.2%

Acadia

Realty

Trust

..................

11,597

200,396

Agree

Realty

Corp.

..................

10,958

627,017

Brixmor

Property

Group,

Inc.

............

30,873

682,293

Federal

Realty

Investment

Trust

..........

11,644

1,212,955

Getty

Realty

Corp.

...................

3,741

101,381

InvenTrust

Properties

Corp.

.............

7,249

183,690

Kite

Realty

Group

Trust

................

56,741

1,236,954

NETSTREIT

Corp.

...................

17,624

296,964

Phillips

Edison

&

Co.,

Inc.

..............

16,995

555,737

Retail

Opportunity

Investments

Corp.

......

10,680

131,044

SITE

Centers

Corp.

..................

20,864

281,455

Tanger,

Inc.

........................

13,254

375,751

Urban

Edge

Properties

................

14,752

246,801

Whitestone

REIT

....................

5,788

66,562

6,199,000

Semiconductors

&

Semiconductor

Equipment

—

3.8%

Aehr

Test

Systems

(a)

(b)

.................

7,534

90,257

Allegro

MicroSystems,

Inc.

(a)

(b)

...........

19,508

579,193

Alpha

&

Omega

Semiconductor

Ltd.

(a)

......

3,625

79,279

Ambarella,

Inc.

(a)

....................

5,158

237,113

Amkor

Technology,

Inc.

................

14,909

482,306

Axcelis

Technologies,

Inc.

(a)

.............

8,376

867,083

Cirrus

Logic,

Inc.

(a)

...................

4,701

416,368

Cohu,

Inc.

(a)

.......................

12,184

369,419

Credo

Technology

Group

Holding

Ltd.

(a)

.....

34,144

610,153

Diodes,

Inc.

(a)

......................

4,598

335,700

FormFactor,

Inc.

(a)

...................

20,094

895,991

Ichor

Holdings

Ltd.

(a)

..................

7,452

288,989

Impinj,

Inc.

(a)

(b)

......................

5,985

953,889

indie

Semiconductor,

Inc.

,

Class

A

(a)

(b)

......

36,909

207,429

Kulicke

&

Soffa

Industries,

Inc.

...........

13,953

645,745

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

.........................

14,150

1,442,592

MKS

Instruments,

Inc.

................

4,516

537,314

Navitas

Semiconductor

Corp.

(a)

..........

30,844

133,555

Onto

Innovation,

Inc.

(a)

................

12,707

2,357,021

PDF

Solutions,

Inc.

(a)

.................

7,474

224,818

Power

Integrations,

Inc.

...............

6,705

447,358

Rambus,

Inc.

(a)

.....................

27,803

1,524,160

Semtech

Corp.

(a)

....................

6,544

246,185

Silicon

Laboratories,

Inc.

(a)

(b)

.............

8,170

992,573

SiTime

Corp.

(a)

......................

4,489

400,060

SolarEdge

Technologies,

Inc.

(a)

...........

14,669

860,337

Synaptics,

Inc.

(a)

....................

6,902

620,904

Ultra

Clean

Holdings,

Inc.

(a)

.............

7,791

325,898

Universal

Display

Corp.

...............

12,231

1,932,253

Veeco

Instruments,

Inc.

(a)

..............

4,623

163,377

Wolfspeed,

Inc.

(a)

(b)

...................

23,524

635,854

19,903,173

Software

—

10.5%

A10

Networks,

Inc.

...................

18,301

239,011

ACI

Worldwide,

Inc.

(a)

.................

17,811

607,355

Agilysys,

Inc.

(a)

.....................

5,926

492,154

Alarm.com

Holdings,

Inc.

(a)

.............

12,808

851,732

Alkami

Technology,

Inc.

(a)

..............

10,800

259,956

Altair

Engineering,

Inc.

,

Class

A

(a)

(b)

........

14,080

1,132,736

Amplitude,

Inc.

,

Class

A

(a)

..............

16,960

166,038

Appfolio,

Inc.

,

Class

A

(a)

...............

5,409

1,226,653

Appian

Corp.

,

Class

A

(a)

...............

7,939

297,236

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Asana,

Inc.

,

Class

A

(a)

(b)

................

21,571

$

320,761

AvePoint,

Inc.

,

Class

A

(a)

...............

25,648

199,285

Blackbaud,

Inc.

(a)

....................

11,363

885,405

BlackLine,

Inc.

(a)

....................

12,583

730,443

Box,

Inc.

,

Class

A

(a)

..................

37,146

966,539

Braze,

Inc.

,

Class

A

(a)

.................

11,932

499,951

C3.ai,

Inc.

,

Class

A

(a)

(b)

................

25,314

570,324

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

...

34,531

387,438

Cerence,

Inc.

(a)

.....................

6,176

56,263

Cleanspark,

Inc.

(a)

(b)

..................

45,305

742,096

Clear

Secure,

Inc.

,

Class

A

.............

19,641

343,128

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a)

(b)

32,658

515,343

CommVault

Systems,

Inc.

(a)

.............

5,470

560,511

Confluent,

Inc.

,

Class

A

(a)

..............

53,006

1,490,529

Dolby

Laboratories,

Inc.

,

Class

A

.........

15,232

1,182,917

DoubleVerify

Holdings,

Inc.

(a)

(b)

...........

31,776

931,037

Dropbox,

Inc.

,

Class

A

(a)

...............

63,910

1,480,156

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

(b)

...

16,908

82,004

Elastic

NV

(a)

.......................

21,040

2,150,709

Enfusion,

Inc.

,

Class

A

(a)

...............

7,559

70,374

Envestnet,

Inc.

(a)

(b)

...................

7,641

474,277

Everbridge,

Inc.

(a)

....................

10,534

366,057

EverCommerce,

Inc.

(a)

(b)

...............

5,377

48,393

Five9,

Inc.

(a)

.......................

18,724

1,077,941

Freshworks,

Inc.

,

Class

A

(a)

.............

42,945

766,568

Gitlab,

Inc.

,

Class

A

(a)

.................

23,264

1,220,662

Guidewire

Software,

Inc.

(a)

..............

13,476

1,487,750

HashiCorp,

Inc.

,

Class

A

(a)

(b)

.............

29,333

952,149

Informatica,

Inc.

,

Class

A

(a)

(b)

............

5,935

183,807

Instructure

Holdings,

Inc.

(a)

(b)

............

5,524

105,674

Intapp,

Inc.

(a)

.......................

6,419

198,476

InterDigital,

Inc.

.....................

6,334

625,356

Jamf

Holding

Corp.

(a)

.................

12,634

245,984

JFrog

Ltd.

(a)

........................

19,522

778,537

Klaviyo,

Inc.

,

Class

A

(a)

(b)

...............

9,431

211,254

LiveRamp

Holdings,

Inc.

(a)

..............

9,565

307,132

Marathon

Digital

Holdings,

Inc.

(a)

(b)

........

57,634

925,602

Matterport,

Inc.

,

Class

A

(a)

(b)

.............

21,477

98,794

MeridianLink,

Inc.

(a)

..................

4,844

80,798

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

...........

3,704

3,944,871

Mitek

Systems,

Inc.

(a)

.................

11,328

143,073

Model

N,

Inc.

(a)

.....................

9,903

293,624

N-able,

Inc.

(a)

.......................

17,597

215,739

nCino,

Inc.

(a)

.......................

15,790

460,436

Olo,

Inc.

,

Class

A

(a)

...................

25,647

123,106

PagerDuty,

Inc.

(a)

....................

22,947

458,022

Pegasystems,

Inc.

...................

10,527

625,514

PowerSchool

Holdings,

Inc.

,

Class

A

(a)

......

18,495

320,333

Progress

Software

Corp.

...............

4,293

213,877

PROS

Holdings,

Inc.

(a)

(b)

...............

11,190

366,473

Q2

Holdings,

Inc.

(a)

(b)

..................

15,036

772,700

Qualys,

Inc.

(a)

......................

9,524

1,561,079

Rapid7,

Inc.

(a)

......................

15,868

710,886

RingCentral,

Inc.

,

Class

A

(a)

.............

8,051

238,471

Riot

Platforms,

Inc.

(a)

(b)

................

55,063

556,687

Samsara,

Inc.

,

Class

A

(a)

(b)

..............

43,603

1,523,053

SEMrush

Holdings,

Inc.

,

Class

A

(a)

........

7,733

94,652

SentinelOne,

Inc.

,

Class

A

(a)

.............

62,296

1,316,315

Smartsheet,

Inc.

,

Class

A

(a)

.............

34,958

1,322,461

SolarWinds

Corp.

...................

6,507

71,707

Sprinklr,

Inc.

,

Class

A

(a)

(b)

...............

31,860

372,443

Sprout

Social,

Inc.

,

Class

A

(a)

(b)

...........

12,058

608,326

SPS

Commerce,

Inc.

(a)

................

9,444

1,642,028

Tenable

Holdings,

Inc.

(a)

...............

30,279

1,361,647

Teradata

Corp.

(a)

....................

25,138

932,620

Security

Shares

Shares

Value

Software

(continued)

UiPath,

Inc.

,

Class

A

(a)

(b)

...............

110,538

$

2,096,906

Varonis

Systems,

Inc.

(a)

(b)

...............

27,957

1,223,119

Vertex,

Inc.

,

Class

A

(a)

(b)

................

11,552

336,510

Weave

Communications,

Inc.

(a)

..........

8,879

94,917

Workiva,

Inc.

,

Class

A

(a)

................

12,942

1,019,830

Yext,

Inc.

(a)

........................

29,021

159,325

Zeta

Global

Holdings

Corp.

,

Class

A

(a)

(b)

.....

40,806

504,362

Zuora,

Inc.

,

Class

A

(a)

.................

34,128

336,502

55,614,909

Specialized

REITs

—

0.6%

EPR

Properties

.....................

6,644

269,680

Farmland

Partners,

Inc.

...............

11,506

123,805

Four

Corners

Property

Trust,

Inc.

.........

8,379

196,487

Gladstone

Land

Corp.

................

3,129

39,676

Lamar

Advertising

Co.

,

Class

A

..........

8,460

980,091

National

Storage

Affiliates

Trust

..........

9,846

345,004

PotlatchDeltic

Corp.

..................

9,010

360,490

Rayonier,

Inc.

......................

14,941

443,150

Safehold,

Inc.

......................

11,918

217,384

2,975,767

Specialty

Retail

—

1.7%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

........

8,682

1,055,037

Academy

Sports

&

Outdoors,

Inc.

(b)

........

6,885

401,396

American

Eagle

Outfitters,

Inc.

...........

28,511

691,677

Arko

Corp.

........................

8,259

35,514

Beyond,

Inc.

(a)

......................

3,342

67,274

Boot

Barn

Holdings,

Inc.

(a)

..............

3,501

372,751

Camping

World

Holdings,

Inc.

,

Class

A

.....

7,323

148,437

Chewy,

Inc.

,

Class

A

(a)

(b)

...............

30,937

463,746

GameStop

Corp.

,

Class

A

(a)

(b)

............

22,898

253,939

Gap,

Inc.

(The)

.....................

29,495

605,237

Murphy

USA,

Inc.

...................

5,321

2,201,936

National

Vision

Holdings,

Inc.

(a)

..........

6,657

115,965

Revolve

Group,

Inc.

,

Class

A

(a)

(b)

..........

5,601

111,516

RH

(a)

(b)

...........................

2,021

499,288

Urban

Outfitters,

Inc.

(a)

................

8,438

328,744

Valvoline,

Inc.

(a)

.....................

33,791

1,436,793

Warby

Parker,

Inc.

,

Class

A

(a)

(b)

...........

18,997

223,025

Winmark

Corp.

.....................

677

243,260

9,255,535

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

(a)

Corsair

Gaming,

Inc.

.................

5,493

60,973

IonQ,

Inc.

(b)

........................

44,075

376,841

437,814

Textiles,

Apparel

&

Luxury

Goods

—

1.0%

Columbia

Sportswear

Co.

..............

5,492

437,328

Crocs,

Inc.

(a)

.......................

6,632

824,822

Figs,

Inc.

,

Class

A

(a)

..................

32,421

165,671

Movado

Group,

Inc.

..................

1,679

42,764

Oxford

Industries,

Inc.

................

1,365

147,120

Ralph

Lauren

Corp.

..................

5,116

837,182

Skechers

USA,

Inc.

,

Class

A

(a)

...........

34,592

2,284,802

Steven

Madden

Ltd.

..................

6,674

269,696

Wolverine

World

Wide,

Inc.

.............

6,350

68,199

5,077,584

Trading

Companies

&

Distributors

—

2.0%

Applied

Industrial

Technologies,

Inc.

.......

10,005

1,833,416

Beacon

Roofing

Supply,

Inc.

(a)

...........

6,441

634,632

BlueLinx

Holdings,

Inc.

(a)

...............

703

77,098

Core

&

Main,

Inc.

,

Class

A

(a)

.............

25,549

1,442,752

Custom

Truck

One

Source,

Inc.

(a)

(b)

........

15,934

79,511

Distribution

Solutions

Group,

Inc.

(a)

........

2,758

90,931

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

DXP

Enterprises,

Inc.

(a)

................

1,609

$

78,455

FTAI

Aviation

Ltd.

....................

18,274

1,283,017

GATX

Corp.

.......................

2,781

340,283

Global

Industrial

Co.

..................

2,996

115,376

H&E

Equipment

Services,

Inc.

...........

5,380

259,800

Herc

Holdings,

Inc.

...................

3,322

475,146

McGrath

RentCorp

...................

6,320

674,091

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

.....

6,941

633,297

Rush

Enterprises,

Inc.

,

Class

A

..........

7,371

323,734

Rush

Enterprises,

Inc.

,

Class

B

..........

1,046

42,792

SiteOne

Landscape

Supply,

Inc.

(a)

.........

11,530

1,808,942

Titan

Machinery,

Inc.

(a)

................

1,986

44,208

Transcat,

Inc.

(a)

(b)

....................

2,272

243,945

10,481,426

Water

Utilities

—

0.3%

American

States

Water

Co.

.............

9,643

683,110

California

Water

Service

Group

..........

7,086

348,064

Consolidated

Water

Co.

Ltd.

............

2,684

68,308

Middlesex

Water

Co.

.................

2,802

142,118

SJW

Group

........................

4,626

251,886

York

Water

Co.

(The)

.................

3,640

129,256

1,622,742

Wireless

Telecommunication

Services

—

0.0%

Gogo,

Inc.

(a)

.......................

8,003

72,507

Total

Long-Term

Investments

—

99

.9

%

(Cost:

$

492,075,620

)

..............................

528,503,561

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

13.8%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(h)

..................

72,365,198

$

72,386,907

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

...................

651,228

651,228

Total

Short-Term

Securities

—

13

.8

%

(Cost:

$

73,011,116

)

...............................

73,038,135

Total

Investments

—

113

.7

%

(Cost:

$

565,086,736

)

..............................

601,541,696

Liabilities

in

Excess

of

Other

Assets

—

(

13.7

)

%

............

(

72,297,413

)

Net

Assets

—

100.0%

...............................

$

529,244,283

(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

$12,297,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$157,754.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

62,391,598

$

9,998,045

(a)

$

—

$

3,515

$

(

6,251

)

$

72,386,907

72,365,198

$

680,326

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

808,997

—

(

157,769

)

(a)

—

—

651,228

651,228

51,835

—

$

3,515

$

(

6,251

)

$

73,038,135

$

732,161

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

6

06/21/24

$

596

$

(

38,643

)

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

47

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

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

38,643

$

—

$

—

$

—

$

38,643

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

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

.......................

$

—

$

—

$

137,735

$

—

$

—

$

—

$

137,735

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

36,896

)

$

—

$

—

$

—

$

(

36,896

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

884,048

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

528,491,264

$

12,297

$

—

$

528,503,561

Short-Term

Securities

Money

Market

Funds

......................................

73,038,135

—

—

73,038,135

$

601,529,399

$

12,297

$

—

$

601,541,696

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

38,643

)

$

—

$

—

$

(

38,643

)

(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

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.7%

AAR

Corp.

(a)

.......................

4,218

$

291,633

AerSale

Corp.

(a)

(b)

....................

5,299

37,782

BWX

Technologies,

Inc.

...............

6,972

667,708

Eve

Holding,

Inc.

(a)

(b)

..................

6,165

33,229

Mercury

Systems,

Inc.

(a)

...............

10,244

288,881

Moog,

Inc.

,

Class

A

..................

2,344

372,860

National

Presto

Industries,

Inc.

...........

698

57,229

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

..

20,920

669,440

Triumph

Group,

Inc.

(a)

.................

7,632

101,964

V2X,

Inc.

(a)

........................

2,509

121,887

2,642,613

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)

.......

6,885

88,266

Forward

Air

Corp.

...................

3,728

82,090

GXO

Logistics,

Inc.

(a)

.................

9,168

455,283

Hub

Group,

Inc.

,

Class

A

...............

12,303

494,827

1,120,466

Automobile

Components

—

1.3%

Adient

plc

(a)

(b)

.......................

18,534

553,611

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

22,922

168,247

Autoliv,

Inc.

........................

4,931

590,684

Dana,

Inc.

.........................

25,614

318,382

Dorman

Products,

Inc.

(a)

...............

2,657

232,355

Garrett

Motion,

Inc.

(a)

(b)

................

25,809

246,734

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

.......

54,025

646,139

LCI

Industries

......................

2,300

239,154

Lear

Corp.

........................

4,801

604,302

Modine

Manufacturing

Co.

(a)

............

3,783

350,419

Patrick

Industries,

Inc.

................

4,293

448,576

Phinia,

Inc.

........................

9,026

352,014

QuantumScape

Corp.

,

Class

A

(a)

(b)

........

25,143

136,275

Standard

Motor

Products,

Inc.

...........

4,008

128,657

Stoneridge,

Inc.

(a)

....................

5,349

80,128

5,095,677

Automobiles

—

0.5%

Harley-Davidson,

Inc.

.................

27,526

946,619

Thor

Industries,

Inc.

..................

5,176

514,598

Winnebago

Industries,

Inc.

.............

5,794

356,795

1,818,012

Banks

—

13.3%

1st

Source

Corp.

....................

3,343

165,813

Amalgamated

Financial

Corp.

...........

3,331

81,743

Amerant

Bancorp,

Inc.

,

Class

A

..........

3,583

77,608

Ameris

Bancorp

.....................

12,621

599,245

Associated

Banc-Corp.

................

29,896

629,909

Atlantic

Union

Bankshares

Corp.

.........

14,713

467,432

Axos

Financial,

Inc.

(a)

.................

5,206

263,476

Banc

of

California,

Inc.

................

30,360

415,628

BancFirst

Corp.

.....................

1,781

158,812

Bank

First

Corp.

....................

896

69,162

Bank

of

Hawaii

Corp.

.................

7,863

445,753

Bank

OZK

........................

21,393

955,197

BankUnited,

Inc.

....................

14,118

377,374

Banner

Corp.

......................

6,812

297,208

Berkshire

Hills

Bancorp,

Inc.

............

8,615

183,672

BOK

Financial

Corp.

..................

4,887

433,623

Brookline

Bancorp,

Inc.

................

17,813

147,848

Byline

Bancorp,

Inc.

..................

6,025

130,562

Cadence

Bank

.....................

35,520

982,838

Cambridge

Bancorp

..................

1,418

87,023

Camden

National

Corp.

...............

2,841

88,696

Security

Shares

Shares

Value

Banks

(continued)

Capital

City

Bank

Group,

Inc.

............

1,384

$

36,704

Capitol

Federal

Financial,

Inc.

...........

24,872

118,639

Cathay

General

Bancorp

...............

13,921

479,439

Central

Pacific

Financial

Corp.

...........

3,937

78,504

City

Holding

Co.

....................

1,699

171,633

Coastal

Financial

Corp.

(a)

..............

1,114

43,089

Columbia

Banking

System,

Inc.

..........

41,006

771,323

Columbia

Financial,

Inc.

(a)

..............

3,401

56,457

Comerica,

Inc.

......................

26,098

1,309,337

Commerce

Bancshares,

Inc.

............

25,093

1,372,085

Community

Bank

System,

Inc.

...........

10,566

456,662

Community

Trust

Bancorp,

Inc.

..........

3,105

130,441

ConnectOne

Bancorp,

Inc.

.............

7,594

136,009

CrossFirst

Bankshares,

Inc.

(a)

(b)

..........

5,215

62,997

Cullen/Frost

Bankers,

Inc.

..............

7,305

762,204

Customers

Bancorp,

Inc.

(a)

..............

5,695

260,091

CVB

Financial

Corp.

..................

26,261

429,105

Dime

Community

Bancshares,

Inc.

........

7,589

138,120

Eagle

Bancorp,

Inc.

..................

5,975

110,478

East

West

Bancorp,

Inc.

...............

27,839

2,073,727

Eastern

Bankshares,

Inc.

..............

31,750

398,780

Enterprise

Financial

Services

Corp.

.......

7,363

279,868

Farmers

National

Banc

Corp.

............

7,492

88,630

FB

Financial

Corp.

...................

7,124

261,095

First

Bancorp

......................

38,639

770,474

First

Bancshares,

Inc.

(The)

.............

5,204

124,584

First

Busey

Corp.

....................

10,704

239,127

First

Commonwealth

Financial

Corp.

.......

19,869

262,072

First

Financial

Bancorp

................

18,892

417,702

First

Financial

Bankshares,

Inc.

..........

16,373

483,986

First

Hawaiian,

Inc.

..................

25,272

532,986

First

Horizon

Corp.

...................

109,198

1,629,234

First

Interstate

BancSystem,

Inc.

,

Class

A

...

17,689

472,296

First

Merchants

Corp.

.................

11,990

400,706

First

Mid

Bancshares,

Inc.

..............

4,569

141,456

FNB

Corp.

........................

68,549

914,444

Fulton

Financial

Corp.

.................

30,950

512,222

German

American

Bancorp,

Inc.

..........

3,893

123,525

Glacier

Bancorp,

Inc.

.................

21,990

795,598

Great

Southern

Bancorp,

Inc.

............

1,855

95,347

Hancock

Whitney

Corp.

...............

17,109

776,577

Hanmi

Financial

Corp.

................

6,196

94,799

HarborOne

Bancorp,

Inc.

..............

7,522

76,198

HBT

Financial,

Inc.

...................

2,748

50,714

Heartland

Financial

USA,

Inc.

...........

8,190

344,881

Heritage

Commerce

Corp.

..............

12,971

102,990

Heritage

Financial

Corp.

...............

7,055

125,156

Hilltop

Holdings,

Inc.

..................

9,150

267,729

Home

BancShares,

Inc.

...............

18,560

439,501

Hope

Bancorp,

Inc.

..................

23,555

236,021

Horizon

Bancorp,

Inc.

.................

8,718

100,083

Independent

Bank

Corp.

...............

8,174

410,662

Independent

Bank

Group,

Inc.

...........

6,976

259,786

International

Bancshares

Corp.

..........

10,609

590,391

Kearny

Financial

Corp.

................

11,507

62,138

Lakeland

Bancorp,

Inc.

................

12,976

158,177

Lakeland

Financial

Corp.

...............

3,270

192,178

Mercantile

Bank

Corp.

................

3,314

119,569

Metrocity

Bankshares,

Inc.

.............

4,089

93,965

Midland

States

Bancorp,

Inc.

............

4,516

98,900

National

Bank

Holdings

Corp.

,

Class

A

.....

6,807

222,793

NBT

Bancorp,

Inc.

...................

9,231

323,177

New

York

Community

Bancorp,

Inc.

.......

141,369

374,628

Nicolet

Bankshares,

Inc.

...............

2,686

205,560

Northwest

Bancshares,

Inc.

.............

23,767

251,930

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

OceanFirst

Financial

Corp.

.............

11,886

$

175,437

OFG

Bancorp

......................

9,147

330,298

Old

National

Bancorp

.................

55,748

922,072

Old

Second

Bancorp,

Inc.

..............

8,973

122,930

Origin

Bancorp,

Inc.

..................

3,231

95,961

Pacific

Premier

Bancorp,

Inc.

............

17,152

368,768

Park

National

Corp.

..................

2,834

373,266

Pathward

Financial,

Inc.

...............

2,633

132,624

Peapack-Gladstone

Financial

Corp.

.......

1,687

37,755

Peoples

Bancorp,

Inc.

................

6,804

197,588

Pinnacle

Financial

Partners,

Inc.

..........

15,188

1,164,920

Popular,

Inc.

.......................

13,240

1,125,268

Preferred

Bank

.....................

1,197

90,601

Premier

Financial

Corp.

...............

6,916

134,032

Prosperity

Bancshares,

Inc.

.............

18,346

1,136,902

Provident

Financial

Services,

Inc.

.........

14,131

207,443

QCR

Holdings,

Inc.

..................

3,227

177,356

Republic

Bancorp,

Inc.

,

Class

A

..........

1,878

95,252

S&T

Bancorp,

Inc.

...................

7,184

216,598

Sandy

Spring

Bancorp,

Inc.

.............

8,898

181,964

Seacoast

Banking

Corp.

of

Florida

........

8,283

191,089

ServisFirst

Bancshares,

Inc.

............

4,379

258,186

Simmons

First

National

Corp.

,

Class

A

.....

23,992

410,023

Southern

Missouri

Bancorp,

Inc.

..........

1,192

47,799

Southside

Bancshares,

Inc.

.............

5,858

156,174

SouthState

Corp.

....................

14,385

1,088,944

Stellar

Bancorp,

Inc.

..................

10,250

227,550

Stock

Yards

Bancorp,

Inc.

..............

2,418

107,722

Synovus

Financial

Corp.

...............

27,854

996,895

Texas

Capital

Bancshares,

Inc.

(a)

.........

5,421

311,165

TFS

Financial

Corp.

..................

6,380

76,624

Tompkins

Financial

Corp.

..............

2,538

111,621

Towne

Bank

.......................

13,897

359,515

TriCo

Bancshares

...................

6,359

221,102

Triumph

Financial,

Inc.

(a)

(b)

..............

2,102

147,897

TrustCo

Bank

Corp.

..................

3,711

98,787

Trustmark

Corp.

....................

11,169

330,602

UMB

Financial

Corp.

.................

8,757

697,583

United

Bankshares,

Inc.

...............

26,396

856,814

United

Community

Banks,

Inc.

...........

23,481

592,426

Univest

Financial

Corp.

................

5,722

119,418

Valley

National

Bancorp

...............

85,792

601,402

Veritex

Holdings,

Inc.

.................

9,951

193,845

WaFd,

Inc.

........................

12,740

345,127

Webster

Financial

Corp.

...............

32,692

1,432,890

WesBanco,

Inc.

.....................

11,821

319,167

Westamerica

Bancorp

................

5,005

232,983

Western

Alliance

Bancorp

..............

20,565

1,168,709

Wintrust

Financial

Corp.

...............

12,145

1,173,693

WSFS

Financial

Corp.

................

6,740

288,000

Zions

Bancorp

NA

...................

29,152

1,188,819

52,617,907

Beverages

—

0.0%

(a)

Duckhorn

Portfolio,

Inc.

(The)

(b)

..........

5,151

43,629

National

Beverage

Corp.

...............

1,722

76,629

120,258

Biotechnology

—

2.0%

(a)

Agios

Pharmaceuticals,

Inc.

.............

3,324

108,030

Akero

Therapeutics,

Inc.

...............

10,923

217,259

Alector,

Inc.

(b)

......................

7,402

37,602

Allogene

Therapeutics,

Inc.

(b)

............

10,983

30,313

Amicus

Therapeutics,

Inc.

..............

15,321

153,057

AnaptysBio,

Inc.

....................

2,126

51,747

Security

Shares

Shares

Value

Biotechnology

(continued)

Anavex

Life

Sciences

Corp.

.............

7,964

$

29,069

Arcturus

Therapeutics

Holdings,

Inc.

(b)

......

4,854

124,117

Arcus

Biosciences,

Inc.

................

4,515

68,763

Beam

Therapeutics,

Inc.

...............

4,038

85,686

Biohaven

Ltd.

(b)

.....................

7,265

281,882

Bridgebio

Pharma,

Inc.

................

11,499

294,604

Cabaletta

Bio,

Inc.

(b)

..................

4,320

45,986

Catalyst

Pharmaceuticals,

Inc.

...........

7,379

111,054

CRISPR

Therapeutics

AG

(b)

.............

15,029

796,387

Dyne

Therapeutics,

Inc.

...............

10,199

258,137

Editas

Medicine,

Inc.

(b)

................

16,104

83,902

Geron

Corp.

.......................

42,869

168,475

Inhibrx,

Inc.

........................

2,631

89,559

Intellia

Therapeutics,

Inc.

(b)

.............

8,069

172,677

Ionis

Pharmaceuticals,

Inc.

(b)

............

15,130

624,264

Iovance

Biotherapeutics,

Inc.

(b)

...........

42,960

506,069

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

....

26,775

207,506

Kiniksa

Pharmaceuticals

Ltd.

,

Class

A

......

2,657

49,739

Kura

Oncology,

Inc.

(b)

.................

8,678

170,262

Lyell

Immunopharma,

Inc.

..............

18,680

40,536

Madrigal

Pharmaceuticals,

Inc.

(b)

.........

1,336

272,571

Myriad

Genetics,

Inc.

.................

17,493

342,338

Novavax,

Inc.

(b)

.....................

9,587

41,512

Olema

Pharmaceuticals,

Inc.

............

4,718

47,982

PTC

Therapeutics,

Inc.

(b)

...............

10,203

328,026

RAPT

Therapeutics,

Inc.

(b)

..............

3,591

27,651

REGENXBIO,

Inc.

...................

7,659

117,566

Replimune

Group,

Inc.

(b)

...............

3,027

19,222

Sage

Therapeutics,

Inc.

...............

4,711

65,671

Sana

Biotechnology,

Inc.

(b)

..............

7,851

70,659

Savara,

Inc.

.......................

7,481

34,263

Summit

Therapeutics,

Inc.

(b)

.............

7,488

29,428

Taysha

Gene

Therapies,

Inc.

............

6,403

15,559

TG

Therapeutics,

Inc.

(b)

................

27,543

376,237

Ultragenyx

Pharmaceutical,

Inc.

..........

5,386

229,120

Vaxcyte,

Inc.

.......................

10,695

647,582

Vir

Biotechnology,

Inc.

................

17,507

148,109

Viridian

Therapeutics,

Inc.

(b)

.............

6,540

86,720

Zymeworks,

Inc.

....................

8,176

70,150

7,777,048

Broadline

Retail

—

0.6%

Dillard's,

Inc.

,

Class

A

(b)

................

890

389,811

Kohl's

Corp.

.......................

19,729

472,313

Macy's,

Inc.

.......................

54,179

998,519

Nordstrom,

Inc.

.....................

20,722

393,925

2,254,568

Building

Products

—

1.4%

American

Woodmark

Corp.

(a)

............

1,993

183,515

Apogee

Enterprises,

Inc.

...............

4,351

268,805

Armstrong

World

Industries,

Inc.

..........

2,798

321,434

AZZ,

Inc.

.........................

2,491

178,430

Fortune

Brands

Innovations,

Inc.

.........

24,866

1,817,705

Griffon

Corp.

.......................

5,456

357,477

Hayward

Holdings,

Inc.

(a)

(b)

..............

24,788

336,621

Insteel

Industries,

Inc.

.................

1,839

59,032

Janus

International

Group,

Inc.

(a)

(b)

........

8,493

122,384

JELD-WEN

Holding,

Inc.

(a)

..............

16,046

328,943

Masonite

International

Corp.

(a)

...........

2,509

332,568

Masterbrand,

Inc.

(a)

..................

25,089

418,234

Quanex

Building

Products

Corp.

..........

3,364

111,752

Resideo

Technologies,

Inc.

(a)

............

14,264

278,576

UFP

Industries,

Inc.

..................

5,334

601,142

5,716,618

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Capital

Markets

—

2.9%

Affiliated

Managers

Group,

Inc.

..........

4,510

$

704,011

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

............................

6,044

247,381

B

Riley

Financial,

Inc.

(b)

................

3,209

110,390

BGC

Group,

Inc.

,

Class

A

..............

76,301

597,437

Diamond

Hill

Investment

Group,

Inc.

.......

574

85,652

Donnelley

Financial

Solutions,

Inc.

(a)

.......

2,404

150,923

Evercore,

Inc.

,

Class

A

................

4,351

789,706

Federated

Hermes,

Inc.

,

Class

B

.........

8,821

289,770

Houlihan

Lokey,

Inc.

,

Class

A

............

4,025

513,147

Invesco

Ltd.

.......................

64,186

909,516

Janus

Henderson

Group

plc

............

26,463

826,175

Jefferies

Financial

Group,

Inc.

...........

13,135

565,593

Moelis

&

Co.

,

Class

A

.................

13,184

647,071

Open

Lending

Corp.

,

Class

A

(a)

...........

13,351

68,090

Perella

Weinberg

Partners

..............

3,531

52,682

Piper

Sandler

Cos.

...................

2,885

564,854

SEI

Investments

Co.

..................

8,070

532,216

StepStone

Group,

Inc.

,

Class

A

..........

3,965

143,018

Stifel

Financial

Corp.

.................

19,864

1,587,531

StoneX

Group,

Inc.

(a)

.................

5,393

391,532

TPG,

Inc.

,

Class

A

...................

11,699

504,227

Victory

Capital

Holdings,

Inc.

,

Class

A

......

7,734

393,351

Virtu

Financial,

Inc.

,

Class

A

.............

17,064

370,289

Virtus

Investment

Partners,

Inc.

..........

641

140,584

WisdomTree,

Inc.

....................

14,581

129,771

11,314,917

Chemicals

—

3.0%

AdvanSix,

Inc.

......................

5,270

133,120

Arcadium

Lithium

plc

(a)

(b)

...............

104,850

461,340

Ashland,

Inc.

.......................

6,366

606,871

Avient

Corp.

.......................

10,742

455,676

Axalta

Coating

Systems

Ltd.

(a)

...........

18,934

595,285

Cabot

Corp.

.......................

10,896

994,042

Chemours

Co.

(The)

..................

29,322

784,364

Ecovyst,

Inc.

(a)

......................

9,486

89,453

Element

Solutions,

Inc.

................

44,622

1,032,107

FMC

Corp.

........................

24,607

1,452,059

HB

Fuller

Co.

......................

6,113

456,702

Huntsman

Corp.

....................

32,751

781,439

Ingevity

Corp.

(a)

.....................

7,129

364,577

Innospec,

Inc.

......................

2,251

270,120

Koppers

Holdings,

Inc.

................

2,078

106,560

Kronos

Worldwide,

Inc.

................

4,542

52,006

LSB

Industries,

Inc.

(a)

.................

10,438

97,073

Mativ

Holdings,

Inc.

..................

10,680

195,017

Minerals

Technologies,

Inc.

.............

5,891

429,395

NewMarket

Corp.

....................

645

339,863

Olin

Corp.

.........................

12,705

664,217

Orion

SA

.........................

5,528

130,793

Perimeter

Solutions

SA

(a)

...............

18,268

127,876

PureCycle

Technologies,

Inc.

(a)

(b)

..........

10,392

48,531

Scotts

Miracle-Gro

Co.

(The)

............

7,980

546,949

Sensient

Technologies

Corp.

............

3,850

281,897

Stepan

Co.

........................

1,873

155,440

Tronox

Holdings

plc

..................

23,486

399,027

12,051,799

Commercial

Services

&

Supplies

—

1.3%

ABM

Industries,

Inc.

..................

9,132

399,069

ACCO

Brands

Corp.

..................

18,511

89,223

Brady

Corp.

,

Class

A,

NVS

.............

3,709

218,831

BrightView

Holdings,

Inc.

(a)

.............

7,919

89,089

Brink's

Co.

(The)

....................

2,633

230,282

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

(continued)

Cimpress

plc

(a)

......................

3,133

$

267,151

CoreCivic,

Inc.

(a)

....................

22,358

333,134

Deluxe

Corp.

.......................

8,189

161,733

Driven

Brands

Holdings,

Inc.

(a)

...........

8,861

126,978

Ennis,

Inc.

........................

2,911

57,929

Enviri

Corp.

(a)

......................

15,702

122,162

GEO

Group,

Inc.

(The)

(a)

...............

24,091

357,992

Healthcare

Services

Group,

Inc.

(a)

.........

13,637

144,825

HNI

Corp.

.........................

9,155

384,052

Interface,

Inc.

......................

5,870

89,752

Matthews

International

Corp.

,

Class

A

......

5,895

159,047

MillerKnoll,

Inc.

.....................

8,710

221,495

OPENLANE,

Inc.

(a)

...................

7,639

131,238

Pitney

Bowes,

Inc.

...................

4,409

18,782

SP

Plus

Corp.

(a)

.....................

2,091

106,767

Steelcase,

Inc.

,

Class

A

...............

17,222

207,181

Stericycle,

Inc.

(a)

....................

9,725

434,999

UniFirst

Corp.

......................

1,152

184,470

Vestis

Corp.

.......................

25,822

475,641

VSE

Corp.

........................

842

65,735

5,077,557

Communications

Equipment

—

0.4%

ADTRAN

Holdings,

Inc.

...............

14,445

63,269

Ciena

Corp.

(a)

......................

10,988

507,975

Infinera

Corp.

(a)

.....................

11,746

56,616

Lumentum

Holdings,

Inc.

(a)

(b)

............

8,143

356,338

NetScout

Systems,

Inc.

(a)

..............

13,504

260,087

Viasat,

Inc.

(a)

.......................

9,037

143,779

Viavi

Solutions,

Inc.

(a)

.................

23,224

183,469

1,571,533

Construction

&

Engineering

—

0.7%

Ameresco,

Inc.

,

Class

A

(a)

(b)

.............

3,159

66,118

Arcosa,

Inc.

.......................

4,328

329,015

Argan,

Inc.

........................

1,184

71,348

Dycom

Industries,

Inc.

(a)

...............

2,164

303,003

IES

Holdings,

Inc.

(a)

..................

555

74,992

MasTec,

Inc.

(a)

......................

5,141

455,955

MDU

Resources

Group,

Inc.

............

39,060

964,782

Primoris

Services

Corp.

...............

4,947

230,530

Valmont

Industries,

Inc.

................

1,750

358,400

2,854,143

Construction

Materials

—

0.1%

Eagle

Materials,

Inc.

(b)

.................

2,179

546,297

Consumer

Finance

—

1.8%

Ally

Financial,

Inc.

...................

53,462

2,050,268

Atlanticus

Holdings

Corp.

(a)

.............

1,108

29,307

Bread

Financial

Holdings,

Inc.

...........

9,370

345,847

Credit

Acceptance

Corp.

(a)

(b)

.............

1,295

665,267

Encore

Capital

Group,

Inc.

(a)

............

4,478

184,001

Enova

International,

Inc.

(a)

..............

5,644

341,631

EZCORP,

Inc.

,

Class

A,

NVS

(a)

...........

5,195

57,041

Green

Dot

Corp.

,

Class

A

(a)

.............

5,076

44,415

LendingClub

Corp.

(a)

..................

9,412

70,778

Navient

Corp.

......................

16,871

253,402

Nelnet,

Inc.

,

Class

A

..................

2,356

221,888

NerdWallet,

Inc.

,

Class

A

(a)

(b)

............

7,322

92,038

OneMain

Holdings,

Inc.

................

22,851

1,190,766

PRA

Group,

Inc.

(a)

...................

7,382

175,618

PROG

Holdings,

Inc.

.................

8,927

296,733

SLM

Corp.

........................

44,532

943,633

World

Acceptance

Corp.

(a)

..............

707

97,262

7,059,895

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

—

0.5%

Andersons,

Inc.

(The)

.................

3,006

$

165,150

Chefs'

Warehouse,

Inc.

(The)

(a)

..........

7,048

233,148

Grocery

Outlet

Holding

Corp.

(a)

...........

5,417

140,680

Ingles

Markets,

Inc.

,

Class

A

............

1,737

124,630

PriceSmart,

Inc.

.....................

2,848

229,520

SpartanNash

Co.

....................

6,826

130,308

Sprouts

Farmers

Market,

Inc.

(a)

(b)

.........

9,610

634,548

United

Natural

Foods,

Inc.

(a)

.............

11,651

104,043

Weis

Markets,

Inc.

...................

2,226

140,527

1,902,554

Containers

&

Packaging

—

1.6%

AptarGroup,

Inc.

....................

3,904

563,660

Berry

Global

Group,

Inc.

...............

22,823

1,292,695

Graphic

Packaging

Holding

Co.

..........

25,276

653,385

Greif,

Inc.

,

Class

A,

NVS

...............

5,007

306,829

Greif,

Inc.

,

Class

B

...................

588

36,738

Myers

Industries,

Inc.

.................

3,220

70,518

O-I

Glass,

Inc.

(a)

.....................

30,441

455,397

Pactiv

Evergreen,

Inc.

................

6,851

104,409

Sealed

Air

Corp.

....................

28,374

893,213

Silgan

Holdings,

Inc.

..................

16,293

760,231

Sonoco

Products

Co.

.................

19,278

1,080,532

TriMas

Corp.

.......................

8,224

213,742

6,431,349

Diversified

Consumer

Services

—

0.6%

ADT,

Inc.

.........................

44,053

286,345

Adtalem

Global

Education,

Inc.

(a)

.........

2,185

108,420

Chegg,

Inc.

(a)

.......................

12,271

63,441

European

Wax

Center,

Inc.

,

Class

A

(a)

......

3,651

42,936

Frontdoor,

Inc.

(a)

.....................

8,135

249,663

Graham

Holdings

Co.

,

Class

B

...........

707

495,869

H&R

Block,

Inc.

.....................

14,463

683,087

Laureate

Education,

Inc.

...............

8,366

121,307

Mister

Car

Wash,

Inc.

(a)

(b)

...............

10,389

69,502

Perdoceo

Education

Corp.

..............

6,323

115,711

Strategic

Education,

Inc.

...............

1,522

174,786

Stride,

Inc.

(a)

.......................

2,195

146,516

2,557,583

Diversified

REITs

—

0.4%

Alexander

&

Baldwin,

Inc.

..............

6,255

103,020

American

Assets

Trust,

Inc.

.............

6,087

129,958

Armada

Hoffler

Properties,

Inc.

..........

13,188

138,738

Broadstone

Net

Lease,

Inc.

.............

18,661

271,704

Empire

State

Realty

Trust,

Inc.

,

Class

A

.....

15,813

143,898

Essential

Properties

Realty

Trust,

Inc.

......

15,957

420,307

Gladstone

Commercial

Corp.

............

8,047

107,588

Global

Net

Lease,

Inc.

................

38,856

270,049

1,585,262

Diversified

Telecommunication

Services

—

0.6%

ATN

International,

Inc.

................

2,174

41,480

Cogent

Communications

Holdings,

Inc.

.....

8,614

552,846

Consolidated

Communications

Holdings,

Inc.

(a)

14,430

62,338

Frontier

Communications

Parent,

Inc.

(a)

(b)

....

43,584

1,008,534

IDT

Corp.

,

Class

B

...................

1,661

59,032

Liberty

Latin

America

Ltd.

,

Class

A

(a)

(b)

......

7,748

58,497

Liberty

Latin

America

Ltd.

,

Class

C,

NVS

(a)

...

24,564

185,213

Lumen

Technologies,

Inc.

(a)

.............

196,147

233,415

2,201,355

Electric

Utilities

—

1.2%

ALLETE,

Inc.

......................

11,369

673,272

Genie

Energy

Ltd.

,

Class

B

.............

1,430

21,865

Hawaiian

Electric

Industries,

Inc.

.........

21,851

215,232

Security

Shares

Shares

Value

Electric

Utilities

(continued)

IDACORP,

Inc.

.....................

5,537

$

524,797

MGE

Energy,

Inc.

....................

2,780

217,730

OGE

Energy

Corp.

...................

39,667

1,374,462

Otter

Tail

Corp.

.....................

4,330

369,609

PNM

Resources,

Inc.

.................

16,973

629,019

Portland

General

Electric

Co.

............

19,962

862,957

4,888,943

Electrical

Equipment

—

1.5%

Acuity

Brands,

Inc.

...................

2,597

644,835

Atkore,

Inc.

(b)

.......................

4,748

832,324

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

30,921

41,125

Encore

Wire

Corp.

...................

1,789

499,775

EnerSys

..........................

3,627

328,062

Freyr

Battery,

Inc.

(a)

(b)

.................

21,308

35,158

Generac

Holdings,

Inc.

(a)

(b)

..............

7,139

970,618

GrafTech

International

Ltd.

.............

38,095

65,523

NEXTracker,

Inc.

,

Class

A

(a)

.............

9,706

415,320

nVent

Electric

plc

....................

12,165

876,732

Powell

Industries,

Inc.

.................

492

70,356

Preformed

Line

Products

Co.

............

200

24,206

Sensata

Technologies

Holding

plc

.........

19,366

741,912

SunPower

Corp.

(a)

(b)

..................

15,888

32,729

Sunrun,

Inc.

(a)

(b)

.....................

42,906

441,503

Thermon

Group

Holdings,

Inc.

(a)

..........

2,746

87,680

6,107,858

Electronic

Equipment,

Instruments

&

Components

—

2.3%

Advanced

Energy

Industries,

Inc.

(b)

........

3,091

296,242

Arrow

Electronics,

Inc.

(a)

...............

10,699

1,365,941

Avnet,

Inc.

........................

17,337

847,259

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

758

44,510

Belden,

Inc.

.......................

3,084

250,637

Benchmark

Electronics,

Inc.

............

3,529

106,611

Coherent

Corp.

(a)

(b)

...................

14,105

770,556

Crane

NXT

Co.

.....................

11,130

676,815

Daktronics,

Inc.

(a)

....................

4,829

45,634

ePlus,

Inc.

(a)

.......................

2,889

222,106

Insight

Enterprises,

Inc.

(a)

(b)

.............

3,093

564,689

IPG

Photonics

Corp.

(a)

(b)

...............

3,210

269,576

Kimball

Electronics,

Inc.

(a)

..............

2,515

52,639

Knowles

Corp.

(a)

....................

17,870

282,882

Methode

Electronics,

Inc.

..............

4,128

50,320

OSI

Systems,

Inc.

(a)

..................

1,225

161,014

PC

Connection,

Inc.

..................

1,306

80,933

Plexus

Corp.

(a)

......................

2,216

223,838

Sanmina

Corp.

(a)

....................

6,849

415,529

ScanSource,

Inc.

(a)

...................

4,994

207,850

TTM

Technologies,

Inc.

(a)

...............

13,566

202,541

Vishay

Intertechnology,

Inc.

.............

23,698

548,372

Vontier

Corp.

.......................

30,470

1,237,996

8,924,490

Energy

Equipment

&

Services

—

1.1%

Archrock,

Inc.

......................

15,984

306,733

Atlas

Energy

Solutions,

Inc.

.............

2,206

48,995

Bristow

Group,

Inc.

(a)

.................

4,334

114,028

Diamond

Offshore

Drilling,

Inc.

(a)

..........

9,971

122,045

Helmerich

&

Payne,

Inc.

...............

19,441

764,615

Kodiak

Gas

Services,

Inc.

..............

1,814

49,305

Liberty

Energy,

Inc.

,

Class

A

............

21,842

480,524

Nabors

Industries

Ltd.

(a)

...............

747

53,806

Newpark

Resources,

Inc.

(a)

.............

9,959

69,115

NOV,

Inc.

.........................

23,813

440,302

Oil

States

International,

Inc.

(a)

............

4,578

18,266

Patterson-UTI

Energy,

Inc.

.............

34,315

371,288

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

ProFrac

Holding

Corp.

,

Class

A

(a)

(b)

........

5,291

$

38,466

ProPetro

Holding

Corp.

(a)

...............

8,964

78,166

RPC,

Inc.

.........................

6,267

41,926

Select

Water

Solutions,

Inc.

,

Class

A

.......

10,932

101,012

Tidewater,

Inc.

(a)

....................

3,740

343,519

Transocean

Ltd.

(a)

(b)

..................

82,101

428,567

US

Silica

Holdings,

Inc.

(a)

..............

15,095

232,916

Valaris

Ltd.

(a)

.......................

6,595

429,071

4,532,665

Entertainment

—

0.3%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

48,608

142,422

Cinemark

Holdings,

Inc.

(a)

(b)

.............

21,881

375,040

Eventbrite,

Inc.

,

Class

A

(a)

..............

6,510

34,373

Lions

Gate

Entertainment

Corp.

,

Class

A

(a)

...

10,653

107,489

Lions

Gate

Entertainment

Corp.

,

Class

B,

NVS

(a)

.........................

26,464

249,555

Playtika

Holding

Corp.

................

11,729

85,035

Sphere

Entertainment

Co.

,

Class

A

(a)

.......

4,780

185,751

Vivid

Seats,

Inc.

,

Class

A

(a)

(b)

............

14,664

77,133

1,256,798

Financial

Services

—

3.0%

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

23,053

734,930

A-Mark

Precious

Metals,

Inc.

............

3,500

140,245

Cannae

Holdings,

Inc.

(a)

(b)

..............

12,314

239,507

Cass

Information

Systems,

Inc.

..........

1,502

64,871

Compass

Diversified

Holdings

...........

11,458

251,732

Enact

Holdings,

Inc.

..................

6,098

181,294

Essent

Group

Ltd.

...................

21,066

1,115,866

Euronet

Worldwide,

Inc.

(a)

..............

3,901

400,555

EVERTEC,

Inc.

.....................

5,440

204,163

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

..........................

1,019

189,666

I3

Verticals,

Inc.

,

Class

A

(a)

..............

2,456

55,776

Jackson

Financial,

Inc.

,

Class

A

..........

11,664

796,885

Merchants

Bancorp

..................

1,114

44,928

MGIC

Investment

Corp.

...............

54,577

1,106,822

Mr

Cooper

Group,

Inc.

(a)

...............

12,390

956,508

NCR

Atleos

Corp.

(a)

..................

14,066

280,335

NMI

Holdings,

Inc.

,

Class

A

(a)

............

9,033

278,758

PennyMac

Financial

Services,

Inc.

........

5,267

451,066

Radian

Group,

Inc.

...................

30,009

896,369

Repay

Holdings

Corp.

,

Class

A

(a)

.........

7,355

74,800

Rocket

Cos.,

Inc.

,

Class

A

(a)

(b)

............

23,706

291,110

Voya

Financial,

Inc.

..................

13,364

910,890

Walker

&

Dunlop,

Inc.

.................

6,602

604,941

Western

Union

Co.

(The)

..............

66,793

897,698

WEX,

Inc.

(a)

........................

3,520

743,635

11,913,350

Food

Products

—

1.3%

B&G

Foods,

Inc.

....................

15,374

170,651

Calavo

Growers,

Inc.

.................

2,336

62,955

Cal-Maine

Foods,

Inc.

.................

4,174

230,947

Darling

Ingredients,

Inc.

(a)

..............

11,179

473,654

Flowers

Foods,

Inc.

..................

37,416

933,155

Fresh

Del

Monte

Produce,

Inc.

...........

5,976

152,806

Hain

Celestial

Group,

Inc.

(The)

(a)

.........

16,906

103,803

Ingredion,

Inc.

......................

8,170

936,200

J

&

J

Snack

Foods

Corp.

...............

808

110,930

John

B

Sanfilippo

&

Son,

Inc.

............

758

75,573

Lancaster

Colony

Corp.

...............

1,065

203,213

Mission

Produce,

Inc.

(a)

................

2,914

33,074

Pilgrim's

Pride

Corp.

(a)

................

8,234

296,589

Post

Holdings,

Inc.

(a)

..................

5,756

610,999

Security

Shares

Shares

Value

Food

Products

(continued)

Seaboard

Corp.

.....................

35

$

115,854

TreeHouse

Foods,

Inc.

(a)

...............

9,622

361,306

Utz

Brands,

Inc.

,

Class

A

...............

5,756

103,781

WK

Kellogg

Co.

.....................

9,140

213,328

5,188,818

Gas

Utilities

—

1.3%

Chesapeake

Utilities

Corp.

.............

2,173

230,056

National

Fuel

Gas

Co.

................

17,489

928,666

New

Jersey

Resources

Corp.

............

12,041

526,071

Northwest

Natural

Holding

Co.

...........

7,267

277,236

ONE

Gas,

Inc.

......................

10,281

663,330

Southwest

Gas

Holdings,

Inc.

...........

10,603

791,196

Spire,

Inc.

.........................

10,430

644,470

UGI

Corp.

.........................

41,481

1,060,254

5,121,279

Ground

Transportation

—

1.0%

ArcBest

Corp.

......................

4,655

516,286

Avis

Budget

Group,

Inc.

...............

3,654

348,774

Covenant

Logistics

Group,

Inc.

,

Class

A

.....

1,554

70,225

Heartland

Express,

Inc.

................

4,572

45,446

Hertz

Global

Holdings,

Inc.

(a)

(b)

...........

15,375

69,956

Landstar

System,

Inc.

.................

4,139

721,883

Lyft,

Inc.

,

Class

A

(a)

...................

44,094

689,630

Marten

Transport

Ltd.

.................

6,011

101,706

RXO,

Inc.

(a)

........................

11,106

210,015

Ryder

System,

Inc.

...................

5,102

621,679

Schneider

National,

Inc.

,

Class

B

.........

7,363

152,267

Universal

Logistics

Holdings,

Inc.

.........

1,444

64,518

Werner

Enterprises,

Inc.

...............

12,452

425,858

4,038,243

Health

Care

Equipment

&

Supplies

—

1.3%

Artivion,

Inc.

(a)

......................

7,981

156,587

Atrion

Corp.

.......................

155

65,610

Avanos

Medical,

Inc.

(a)

................

4,972

89,894

Dentsply

Sirona,

Inc.

.................

40,440

1,213,604

Embecta

Corp.

.....................

10,324

104,582

Enovis

Corp.

(a)

......................

10,360

572,183

Envista

Holdings

Corp.

(a)

...............

22,332

439,494

Integer

Holdings

Corp.

(a)

...............

2,709

302,406

Integra

LifeSciences

Holdings

Corp.

(a)

......

8,698

253,721

Masimo

Corp.

(a)

(b)

....................

5,532

743,556

Nevro

Corp.

(a)

......................

3,372

35,676

Novocure

Ltd.

(a)

.....................

9,923

121,457

Omnicell,

Inc.

(a)

.....................

5,578

149,546

QuidelOrtho

Corp.

(a)

..................

9,782

396,660

Tandem

Diabetes

Care,

Inc.

(a)

...........

7,613

279,321

Varex

Imaging

Corp.

(a)

................

4,083

66,349

4,990,646

Health

Care

Providers

&

Services

—

2.0%

Accolade,

Inc.

(a)

(b)

....................

8,802

67,159

Agiliti,

Inc.

(a)

.......................

6,215

63,082

Amedisys,

Inc.

(a)

....................

3,877

356,878

AMN

Healthcare

Services,

Inc.

(a)

(b)

........

7,447

446,671

Brookdale

Senior

Living,

Inc.

(a)

(b)

..........

34,324

233,060

Castle

Biosciences,

Inc.

(a)

..............

3,306

69,724

Cross

Country

Healthcare,

Inc.

(a)

.........

6,549

115,262

DaVita,

Inc.

(a)

.......................

10,885

1,513,124

Encompass

Health

Corp.

..............

6,211

517,873

Fulgent

Genetics,

Inc.

(a)

(b)

..............

3,951

80,403

ModivCare,

Inc.

(a)

....................

2,190

51,399

National

HealthCare

Corp.

..............

1,389

126,219

NeoGenomics,

Inc.

(a)

.................

24,996

347,944

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

OPKO

Health,

Inc.

(a)

(b)

.................

87,573

$

106,839

Owens

&

Minor,

Inc.

(a)

.................

14,036

347,251

Patterson

Cos.,

Inc.

..................

17,115

435,919

Pediatrix

Medical

Group,

Inc.

(a)

...........

16,492

146,284

Premier,

Inc.

,

Class

A

.................

23,651

493,833

Select

Medical

Holdings

Corp.

...........

7,932

225,031

Tenet

Healthcare

Corp.

(a)

...............

19,872

2,231,427

US

Physical

Therapy,

Inc.

..............

1,273

129,222

8,104,604

Health

Care

REITs

—

1.1%

CareTrust

REIT,

Inc.

..................

25,291

625,193

Community

Healthcare

Trust,

Inc.

.........

1,925

51,070

Global

Medical

REIT,

Inc.

..............

5,925

48,052

LTC

Properties,

Inc.

..................

8,298

274,664

Medical

Properties

Trust,

Inc.

............

118,511

545,151

National

Health

Investors,

Inc.

...........

8,265

521,191

Omega

Healthcare

Investors,

Inc.

.........

48,274

1,468,012

Sabra

Health

Care

REIT,

Inc.

............

41,640

579,629

Universal

Health

Realty

Income

Trust

......

1,206

43,452

4,156,414

Health

Care

Technology

—

0.2%

(a)

Health

Catalyst,

Inc.

..................

4,976

30,951

Multiplan

Corp.

,

Class

A

(b)

..............

56,442

36,676

Schrodinger,

Inc.

....................

4,819

117,487

Teladoc

Health,

Inc.

..................

31,082

396,295

581,409

Hotel

&

Resort

REITs

—

0.5%

Chatham

Lodging

Trust

................

5,795

53,140

Park

Hotels

&

Resorts,

Inc.

.............

41,553

670,250

Pebblebrook

Hotel

Trust

(b)

..............

9,385

136,364

Ryman

Hospitality

Properties,

Inc.

........

5,022

529,721

Service

Properties

Trust

...............

32,735

200,666

Summit

Hotel

Properties,

Inc.

............

20,994

126,174

Sunstone

Hotel

Investors,

Inc.

...........

20,717

211,313

1,927,628

Hotels,

Restaurants

&

Leisure

—

2.3%

Accel

Entertainment,

Inc.

,

Class

A

(a)

.......

10,775

115,723

Bally's

Corp.

(a)

(b)

.....................

5,754

75,608

Biglari

Holdings,

Inc.

,

Class

B,

NVS

(a)

......

150

29,566

Bloomin'

Brands,

Inc.

.................

15,515

400,132

Bowlero

Corp.

,

Class

A

(b)

...............

2,902

34,099

Boyd

Gaming

Corp.

..................

6,767

362,102

Brinker

International,

Inc.

(a)

.............

8,663

464,337

Cheesecake

Factory,

Inc.

(The)

..........

3,962

136,768

Chuy's

Holdings,

Inc.

(a)

(b)

...............

1,005

29,607

Cracker

Barrel

Old

Country

Store,

Inc.

......

4,372

254,407

Dave

&

Buster's

Entertainment,

Inc.

(a)

......

4,160

222,144

Denny's

Corp.

(a)

.....................

7,194

57,696

Dine

Brands

Global,

Inc.

...............

2,905

128,110

Everi

Holdings,

Inc.

(a)

.................

7,241

59,159

Golden

Entertainment,

Inc.

.............

2,682

85,958

Hilton

Grand

Vacations,

Inc.

(a)

(b)

..........

7,484

311,634

Hyatt

Hotels

Corp.

,

Class

A

(b)

............

3,196

475,533

Jack

in

the

Box,

Inc.

..................

2,445

139,536

Marriott

Vacations

Worldwide

Corp.

........

6,326

607,992

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

(b)

....

83,969

1,588,693

Papa

John's

International,

Inc.

...........

2,650

163,479

Penn

Entertainment,

Inc.

(a)

..............

29,950

495,373

Portillo's,

Inc.

,

Class

A

(a)

...............

3,432

42,076

RCI

Hospitality

Holdings,

Inc.

............

745

37,816

Red

Rock

Resorts,

Inc.

,

Class

A

..........

5,791

307,618

Sabre

Corp.

(a)

......................

71,353

204,783

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Six

Flags

Entertainment

Corp.

(a)

..........

14,000

$

330,120

Target

Hospitality

Corp.

(a)

(b)

.............

2,510

27,924

Travel

+

Leisure

Co.

..................

14,092

613,566

United

Parks

&

Resorts,

Inc.

(a)

(b)

..........

5,109

259,639

Wendy's

Co.

(The)

...................

12,043

240,740

Wyndham

Hotels

&

Resorts,

Inc.

.........

9,386

689,965

8,991,903

Household

Durables

—

3.7%

Century

Communities,

Inc.

.............

3,631

288,011

Cricut,

Inc.

,

Class

A

..................

2,906

15,460

Ethan

Allen

Interiors,

Inc.

..............

4,524

127,758

Green

Brick

Partners,

Inc.

(a)

.............

5,934

321,207

Helen

of

Troy

Ltd.

(a)

(b)

.................

4,696

435,366

Installed

Building

Products,

Inc.

..........

2,098

494,561

iRobot

Corp.

(a)

(b)

.....................

3,270

27,991

KB

Home

.........................

13,860

897,574

La-Z-Boy,

Inc.

......................

8,418

276,447

Legacy

Housing

Corp.

(a)

...............

1,229

25,035

Leggett

&

Platt,

Inc.

..................

26,080

471,266

LGI

Homes,

Inc.

(a)

...................

4,004

360,080

M/I

Homes,

Inc.

(a)

....................

5,518

641,302

Meritage

Homes

Corp.

................

6,914

1,145,926

Mohawk

Industries,

Inc.

(a)

..............

10,518

1,212,936

Newell

Brands,

Inc.

..................

71,678

569,123

Taylor

Morrison

Home

Corp.

(a)

...........

19,979

1,119,024

Tempur

Sealy

International,

Inc.

..........

10,205

510,862

Toll

Brothers,

Inc.

....................

21,243

2,530,255

TopBuild

Corp.

(a)

(b)

...................

3,215

1,301,014

TRI

Pointe

Homes,

Inc.

(a)

...............

19,215

708,073

Whirlpool

Corp.

.....................

10,810

1,025,437

Worthington

Enterprises,

Inc.

............

6,321

361,308

14,866,016

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

(a)

.............

1,917

78,501

Central

Garden

&

Pet

Co.

,

Class

A,

NVS

(a)

...

10,244

362,945

Energizer

Holdings,

Inc.

...............

4,441

127,546

Reynolds

Consumer

Products,

Inc.

........

5,300

151,739

720,731

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Clearway

Energy,

Inc.

,

Class

A

...........

7,404

160,741

Clearway

Energy,

Inc.

,

Class

C

..........

15,624

365,289

Sunnova

Energy

International,

Inc.

(a)

(b)

......

7,698

32,408

558,438

Industrial

REITs

—

0.5%

Americold

Realty

Trust,

Inc.

.............

21,039

462,227

Innovative

Industrial

Properties,

Inc.

.......

3,101

320,643

LXP

Industrial

Trust

..................

57,692

481,728

Plymouth

Industrial

REIT,

Inc.

...........

4,076

85,107

STAG

Industrial,

Inc.

.................

17,131

589,135

1,938,840

Insurance

—

3.4%

Ambac

Financial

Group,

Inc.

(a)

...........

8,882

128,345

American

Equity

Investment

Life

Holding

Co.

.

12,168

682,746

AMERISAFE,

Inc.

...................

3,831

174,694

Assurant,

Inc.

......................

5,190

905,136

Assured

Guaranty

Ltd.

................

3,216

246,667

Axis

Capital

Holdings

Ltd.

..............

15,096

925,838

Brighthouse

Financial,

Inc.

(a)

............

12,162

586,817

CNO

Financial

Group,

Inc.

..............

21,750

572,678

Crawford

&

Co.

,

Class

A,

NVS

...........

3,394

31,496

Employers

Holdings,

Inc.

...............

3,063

130,453

Enstar

Group

Ltd.

(a)

..................

2,273

660,011

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

F&G

Annuities

&

Life,

Inc.

..............

3,451

$

130,517

First

American

Financial

Corp.

...........

20,245

1,084,525

Horace

Mann

Educators

Corp.

...........

7,990

294,511

James

River

Group

Holdings

Ltd.

.........

7,616

67,706

Kemper

Corp.

......................

11,149

650,098

Lemonade,

Inc.

(a)

(b)

...................

5,925

102,088

Lincoln

National

Corp.

................

33,332

908,964

Mercury

General

Corp.

................

5,317

277,866

National

Western

Life

Group,

Inc.

,

Class

A

...

403

196,994

Old

Republic

International

Corp.

..........

51,724

1,544,479

Primerica,

Inc.

......................

2,218

469,905

ProAssurance

Corp.

(a)

.................

5,867

78,383

RLI

Corp.

.........................

3,127

442,001

Safety

Insurance

Group,

Inc.

............

2,862

227,729

Selective

Insurance

Group,

Inc.

..........

6,321

642,530

SiriusPoint

Ltd.

(a)

....................

18,837

221,900

Skyward

Specialty

Insurance

Group,

Inc.

(a)

...

2,239

78,186

Stewart

Information

Services

Corp.

........

5,371

333,056

Tiptree,

Inc.

.......................

2,218

35,333

Trupanion,

Inc.

(a)

....................

6,663

149,918

United

Fire

Group,

Inc.

................

4,377

96,688

White

Mountains

Insurance

Group

Ltd.

(b)

....

174

309,396

13,387,654

Interactive

Media

&

Services

—

0.3%

Bumble,

Inc.

,

Class

A

(a)

................

7,935

80,144

Cars.com,

Inc.

(a)

.....................

8,207

137,139

Getty

Images

Holdings,

Inc.

(a)

(b)

..........

8,791

32,351

IAC,

Inc.

(a)

.........................

5,059

240,606

Shutterstock,

Inc.

....................

4,899

209,236

Taboola.com

Ltd.

(a)

...................

30,461

127,936

Vimeo,

Inc.

(a)

.......................

9,016

32,367

Ziff

Davis,

Inc.

(a)

.....................

6,146

307,976

1,167,755

IT

Services

—

0.5%

BigCommerce

Holdings,

Inc.

(a)

...........

7,203

40,769

DigitalOcean

Holdings,

Inc.

(a)

............

4,088

134,332

DXC

Technology

Co.

(a)

(b)

...............

36,054

702,692

Fastly,

Inc.

,

Class

A

(a)

(b)

................

9,358

118,379

Hackett

Group,

Inc.

(The)

..............

1,452

31,494

Kyndryl

Holdings,

Inc.

(a)

................

45,131

887,275

Thoughtworks

Holding,

Inc.

(a)

............

9,794

22,722

1,937,663

Leisure

Products

—

1.2%

Acushnet

Holdings

Corp.

...............

2,643

161,170

Brunswick

Corp.

....................

8,994

725,276

Hasbro,

Inc.

.......................

25,939

1,590,061

Johnson

Outdoors,

Inc.

,

Class

A

..........

883

36,212

Malibu

Boats,

Inc.

,

Class

A

(a)

............

3,963

134,821

Mattel,

Inc.

(a)

.......................

39,119

716,660

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

.......

65,861

204,828

Polaris,

Inc.

........................

6,639

565,377

Smith

&

Wesson

Brands,

Inc.

............

4,255

72,207

Sturm

Ruger

&

Co.,

Inc.

...............

3,453

159,632

Vista

Outdoor,

Inc.

(a)

..................

11,109

389,815

YETI

Holdings,

Inc.

(a)

(b)

................

5,232

186,887

4,942,946

Life

Sciences

Tools

&

Services

—

0.3%

BioLife

Solutions,

Inc.

(a)

(b)

...............

2,979

52,252

CryoPort,

Inc.

(a)

(b)

....................

4,300

69,617

Fortrea

Holdings,

Inc.

(a)

................

16,241

594,258

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

21,783

178,621

Mesa

Laboratories,

Inc.

...............

442

46,887

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

OmniAb,

Inc.

(a)

......................

7,618

$

33,824

Quanterix

Corp.

(a)

(b)

..................

2,178

35,109

1,010,568

Machinery

—

2.6%

3D

Systems

Corp.

(a)

..................

26,423

88,517

Albany

International

Corp.

,

Class

A

........

2,782

221,865

Allison

Transmission

Holdings,

Inc.

........

17,684

1,300,658

Astec

Industries,

Inc.

.................

4,450

186,010

Atmus

Filtration

Technologies,

Inc.

(a)

.......

3,149

95,383

Barnes

Group,

Inc.

...................

9,774

339,353

Columbus

McKinnon

Corp.

.............

2,832

116,877

Crane

Co.

.........................

4,098

573,761

Douglas

Dynamics,

Inc.

...............

2,718

61,536

Enpro,

Inc.

........................

1,594

239,307

Esab

Corp.

........................

4,728

500,601

Gates

Industrial

Corp.

plc

(a)

.............

28,209

497,043

Greenbrier

Cos.,

Inc.

(The)

.............

6,075

300,044

Helios

Technologies,

Inc.

...............

2,821

127,227

Hillenbrand,

Inc.

....................

8,996

429,289

Hillman

Solutions

Corp.

(a)

..............

37,981

363,098

Hyster-Yale

Materials

Handling,

Inc.

.......

2,189

128,210

ITT,

Inc.

..........................

4,722

610,744

Kennametal,

Inc.

....................

14,981

352,503

Middleby

Corp.

(The)

(a)

................

4,867

676,367

Miller

Industries,

Inc.

.................

1,263

61,521

Mueller

Industries,

Inc.

................

11,776

657,336

Mueller

Water

Products,

Inc.

,

Class

A

......

9,029

143,019

Nikola

Corp.

(a)

(b)

.....................

87,110

54,061

Oshkosh

Corp.

.....................

4,779

536,538

REV

Group,

Inc.

....................

8,259

180,542

Standex

International

Corp.

.............

705

121,880

Tennant

Co.

.......................

1,832

213,391

Terex

Corp.

........................

5,159

289,162

Timken

Co.

(The)

....................

7,201

642,473

Titan

International,

Inc.

(a)

...............

5,086

56,048

Wabash

National

Corp.

................

5,248

121,281

10,285,645

Marine

Transportation

—

0.2%

Genco

Shipping

&

Trading

Ltd.

...........

3,349

71,468

Kirby

Corp.

(a)

.......................

4,011

437,720

Matson,

Inc.

.......................

4,274

460,652

969,840

Media

—

1.4%

Advantage

Solutions,

Inc.

,

Class

A

(a)

.......

21,180

90,227

Altice

USA,

Inc.

,

Class

A

(a)

..............

42,428

81,886

Cable

One,

Inc.

.....................

493

194,168

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

.....

57,863

80,430

EchoStar

Corp.

,

Class

A

(a)

..............

23,741

379,619

Gray

Television,

Inc.

..................

11,644

66,953

John

Wiley

&

Sons,

Inc.

,

Class

A

.........

8,706

327,084

Liberty

Media

Corp.-Liberty

SiriusXM

,

NVS

(a)

.

31,582

759,863

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A,

NVS

(a)

.........................

15,454

371,823

Nexstar

Media

Group,

Inc.

..............

6,392

1,023,104

Paramount

Global

,

Class

A

(b)

............

951

19,676

Paramount

Global

,

Class

B,

NVS

.........

101,729

1,158,693

Scholastic

Corp.

....................

3,367

119,933

Sinclair,

Inc.

,

Class

A

(b)

................

7,237

89,015

Stagwell,

Inc.

,

Class

A

(a)

...............

19,869

118,221

TechTarget,

Inc.

(a)

....................

3,078

84,645

TEGNA,

Inc.

.......................

23,558

321,331

Thryv

Holdings,

Inc.

(a)

.................

6,235

143,467

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

WideOpenWest,

Inc.

(a)

................

9,620

$

34,343

5,464,481

Metals

&

Mining

—

2.1%

Alcoa

Corp.

........................

35,231

1,238,017

Alpha

Metallurgical

Resources,

Inc.

.......

912

298,333

Arch

Resources,

Inc.

,

Class

A

...........

3,331

528,896

Century

Aluminum

Co.

(a)

...............

5,240

90,914

Coeur

Mining,

Inc.

(a)

..................

74,948

338,765

Commercial

Metals

Co.

................

22,961

1,233,924

Haynes

International,

Inc.

..............

934

56,180

Hecla

Mining

Co.

(b)

...................

64,351

304,380

Ivanhoe

Electric,

Inc.

(a)

(b)

...............

6,369

64,327

Kaiser

Aluminum

Corp.

................

3,133

283,505

Metallus,

Inc.

(a)

.....................

4,447

91,430

MP

Materials

Corp.

,

Class

A

(a)

(b)

..........

10,756

172,096

Piedmont

Lithium,

Inc.

(a)

(b)

..............

1,670

20,458

Radius

Recycling,

Inc.

,

Class

A

..........

5,121

89,208

Ramaco

Resources,

Inc.

,

Class

B

.........

559

6,211

Royal

Gold,

Inc.

.....................

5,577

669,965

Ryerson

Holding

Corp.

................

5,759

164,420

SunCoke

Energy,

Inc.

.................

16,401

169,094

United

States

Steel

Corp.

..............

43,985

1,605,453

Warrior

Met

Coal,

Inc.

.................

10,251

700,656

8,126,232

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.0%

AGNC

Investment

Corp.

...............

131,994

1,207,745

Apollo

Commercial

Real

Estate

Finance,

Inc.

.

24,741

238,256

Arbor

Realty

Trust,

Inc.

(b)

...............

35,434

454,618

Ares

Commercial

Real

Estate

Corp.

.......

10,429

70,813

ARMOUR

Residential

REIT,

Inc.

(b)

........

9,354

169,962

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

....

32,488

573,088

BrightSpire

Capital,

Inc.

,

Class

A

.........

25,701

161,659

Chimera

Investment

Corp.

..............

45,267

186,500

Claros

Mortgage

Trust,

Inc.

.............

23,025

200,318

Dynex

Capital,

Inc.

...................

11,409

133,143

Ellington

Financial,

Inc.

................

10,926

124,993

Franklin

BSP

Realty

Trust,

Inc.

...........

11,577

144,597

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

.....................

21,698

542,667

KKR

Real

Estate

Finance

Trust,

Inc.

.......

11,506

108,272

Ladder

Capital

Corp.

,

Class

A

...........

22,806

244,708

MFA

Financial,

Inc.

...................

20,234

214,278

New

York

Mortgage

Trust,

Inc.

...........

18,101

123,992

PennyMac

Mortgage

Investment

Trust

......

16,438

227,666

Ready

Capital

Corp.

..................

34,164

291,077

Redwood

Trust,

Inc.

..................

23,872

132,012

Rithm

Capital

Corp.

..................

95,615

1,063,239

Starwood

Property

Trust,

Inc.

............

58,542

1,110,542

TPG

RE

Finance

Trust,

Inc.

.............

10,985

80,520

Two

Harbors

Investment

Corp.

...........

18,423

232,683

8,037,348

Multi-Utilities

—

0.5%

Avista

Corp.

.......................

15,286

549,990

Black

Hills

Corp.

....................

13,443

738,021

Northwestern

Energy

Group,

Inc.

.........

11,393

574,663

Unitil

Corp.

........................

3,199

162,957

2,025,631

Office

REITs

—

1.4%

Brandywine

Realty

Trust

...............

33,744

153,198

COPT

Defense

Properties

..............

15,457

370,504

Cousins

Properties,

Inc.

...............

27,705

635,553

Douglas

Emmett,

Inc.

.................

27,024

370,499

Security

Shares

Shares

Value

Office

REITs

(continued)

Easterly

Government

Properties,

Inc.

......

10,382

$

121,366

Equity

Commonwealth

(a)

...............

20,963

392,427

Highwoods

Properties,

Inc.

.............

20,911

547,868

Hudson

Pacific

Properties,

Inc.

...........

27,909

161,872

JBG

SMITH

Properties

................

17,249

258,907

Kilroy

Realty

Corp.

...................

22,067

745,865

Paramount

Group,

Inc.

................

36,226

168,089

Peakstone

Realty

Trust

................

6,983

97,553

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

...

24,243

167,034

SL

Green

Realty

Corp.

................

12,690

632,343

Vornado

Realty

Trust

.................

33,510

872,265

5,695,343

Oil,

Gas

&

Consumable

Fuels

—

5.0%

Antero

Midstream

Corp.

...............

36,054

498,987

Berry

Corp.

........................

14,129

119,955

California

Resources

Corp.

.............

13,319

704,042

Chord

Energy

Corp.

..................

8,177

1,447,165

Civitas

Resources,

Inc.

................

13,654

982,542

CNX

Resources

Corp.

(a)

(b)

..............

14,563

342,522

Comstock

Resources,

Inc.

..............

8,182

82,311

CONSOL

Energy,

Inc.

.................

2,572

212,859

Crescent

Energy,

Inc.

,

Class

A

...........

17,143

182,402

CVR

Energy,

Inc.

....................

6,728

204,397

Delek

US

Holdings,

Inc.

...............

11,870

324,407

Dorian

LPG

Ltd.

.....................

6,797

280,852

DT

Midstream,

Inc.

...................

19,165

1,192,063

Equitrans

Midstream

Corp.

.............

85,703

1,159,562

Granite

Ridge

Resources,

Inc.

...........

7,385

48,150

Gulfport

Energy

Corp.

(a)

...............

2,424

384,713

Hallador

Energy

Co.

(a)

.................

2,319

11,850

HighPeak

Energy,

Inc.

(b)

...............

1,433

20,363

International

Seaways,

Inc.

.............

2,698

149,172

Kinetik

Holdings,

Inc.

,

Class

A

...........

2,081

79,786

Kosmos

Energy

Ltd.

(a)

(b)

................

51,733

293,326

Magnolia

Oil

&

Gas

Corp.

,

Class

A

........

20,205

506,539

Matador

Resources

Co.

...............

22,306

1,389,664

Murphy

Oil

Corp.

....................

30,438

1,358,752

Northern

Oil

&

Gas,

Inc.

...............

18,290

746,049

Par

Pacific

Holdings,

Inc.

(a)

.............

11,856

365,165

PBF

Energy,

Inc.

,

Class

A

..............

21,548

1,147,862

Peabody

Energy

Corp.

................

21,622

474,387

Permian

Resources

Corp.

,

Class

A

........

93,727

1,569,927

REX

American

Resources

Corp.

(a)

........

1,830

101,254

Riley

Exploration

Permian,

Inc.

...........

632

16,388

SandRidge

Energy,

Inc.

...............

4,047

55,444

SilverBow

Resources,

Inc.

(a)

.............

2,690

82,637

Sitio

Royalties

Corp.

,

Class

A

............

16,018

372,258

SM

Energy

Co.

.....................

22,859

1,108,433

Southwestern

Energy

Co.

(a)

.............

126,376

946,556

Talos

Energy,

Inc.

(a)

..................

21,463

282,882

VAALCO

Energy,

Inc.

.................

20,880

133,632

Vital

Energy,

Inc.

(a)

...................

4,691

248,717

Vitesse

Energy,

Inc.

..................

1,944

43,137

W&T

Offshore,

Inc.

...................

20,328

45,738

World

Kinect

Corp.

...................

11,791

277,089

19,993,936

Paper

&

Forest

Products

—

0.3%

Clearwater

Paper

Corp.

(a)

..............

3,210

144,578

Louisiana-Pacific

Corp.

................

7,017

513,574

Mercer

International,

Inc.

...............

5,322

53,912

Sylvamo

Corp.

.....................

4,232

264,500

976,564

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

56

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Passenger

Airlines

—

0.6%

Alaska

Air

Group,

Inc.

(a)

................

25,309

$

1,088,793

Allegiant

Travel

Co.

..................

1,326

72,347

American

Airlines

Group,

Inc.

(a)

(b)

.........

63,954

864,019

Frontier

Group

Holdings,

Inc.

(a)

(b)

..........

4,160

25,126

JetBlue

Airways

Corp.

(a)

(b)

..............

65,611

372,670

Spirit

Airlines,

Inc.

(b)

..................

21,389

75,503

2,498,458

Personal

Care

Products

—

0.2%

Edgewell

Personal

Care

Co.

............

9,725

365,855

Herbalife

Ltd.

(a)

.....................

19,252

166,530

Medifast,

Inc.

......................

2,185

60,153

Nu

Skin

Enterprises,

Inc.

,

Class

A

.........

9,607

112,978

Olaplex

Holdings,

Inc.

(a)

...............

26,102

36,282

USANA

Health

Sciences,

Inc.

(a)

..........

1,381

57,339

799,137

Pharmaceuticals

—

1.4%

Arvinas,

Inc.

(a)

......................

4,932

156,690

Collegium

Pharmaceutical,

Inc.

(a)

(b)

........

5,893

217,628

Corcept

Therapeutics,

Inc.

(a)

............

5,657

131,921

Elanco

Animal

Health,

Inc.

(a)

.............

93,872

1,235,356

Innoviva,

Inc.

(a)

(b)

....................

11,265

170,214

Ligand

Pharmaceuticals,

Inc.

(a)

(b)

..........

2,009

140,409

Organon

&

Co.

.....................

50,621

942,057

Pacira

BioSciences,

Inc.

(a)

..............

4,390

115,237

Perrigo

Co.

plc

.....................

26,760

873,982

Pliant

Therapeutics,

Inc.

(a)

(b)

.............

4,223

49,916

Prestige

Consumer

Healthcare,

Inc.

(a)

......

9,770

701,095

Supernus

Pharmaceuticals,

Inc.

(a)

.........

10,360

311,836

Tarsus

Pharmaceuticals,

Inc.

(a)

(b)

..........

2,871

90,236

Theravance

Biopharma,

Inc.

(a)

...........

3,428

28,932

Tilray

Brands,

Inc.

,

Class

2

(a)

(b)

...........

77,167

190,602

Ventyx

Biosciences,

Inc.

(a)

(b)

.............

9,057

33,873

5,389,984

Professional

Services

—

1.9%

Alight,

Inc.

,

Class

A

(a)

.................

48,719

439,445

ASGN,

Inc.

(a)

.......................

6,065

584,969

Barrett

Business

Services,

Inc.

...........

582

70,713

CACI

International,

Inc.

,

Class

A

(a)

........

2,184

878,470

Clarivate

plc

(a)

(b)

.....................

31,957

216,029

Concentrix

Corp.

....................

8,462

462,618

Conduent,

Inc.

(a)

....................

33,576

105,765

CSG

Systems

International,

Inc.

..........

3,339

157,734

Dun

&

Bradstreet

Holdings,

Inc.

..........

50,438

458,986

First

Advantage

Corp.

.................

5,843

95,241

Forrester

Research,

Inc.

(a)

..............

1,607

29,231

Genpact

Ltd.

.......................

17,250

530,265

Heidrick

&

Struggles

International,

Inc.

.....

3,995

117,773

HireRight

Holdings

Corp.

(a)

.............

2,299

32,876

ICF

International,

Inc.

.................

1,462

210,952

Kelly

Services,

Inc.

,

Class

A,

NVS

........

6,298

144,476

Kforce,

Inc.

........................

1,466

90,540

Korn

Ferry

........................

4,310

261,703

ManpowerGroup,

Inc.

.................

9,709

732,544

Maximus,

Inc.

......................

6,339

508,895

Resources

Connection,

Inc.

.............

3,859

42,642

Science

Applications

International

Corp.

....

6,045

777,992

Sterling

Check

Corp.

(a)

................

3,949

59,748

TriNet

Group,

Inc.

...................

3,036

304,723

TTEC

Holdings,

Inc.

..................

4,121

30,001

7,344,331

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

—

0.8%

Anywhere

Real

Estate,

Inc.

(a)

(b)

...........

21,682

$

105,375

Compass,

Inc.

,

Class

A

(a)

...............

64,643

203,625

Cushman

&

Wakefield

plc

(a)

.............

30,162

291,063

DigitalBridge

Group,

Inc.

,

Class

A

.........

14,110

231,968

Forestar

Group,

Inc.

(a)

.................

2,238

69,356

Howard

Hughes

Holdings,

Inc.

(a)

..........

2,964

193,134

Jones

Lang

LaSalle,

Inc.

(a)

..............

5,831

1,053,662

Kennedy-Wilson

Holdings,

Inc.

...........

21,728

186,644

Marcus

&

Millichap,

Inc.

...............

2,936

92,983

Newmark

Group,

Inc.

,

Class

A

...........

27,607

264,199

Opendoor

Technologies,

Inc.

(a)

...........

121,379

241,544

Redfin

Corp.

(a)

(b)

.....................

22,718

127,448

3,061,001

Residential

REITs

—

0.4%

Apartment

Income

REIT

Corp.

...........

12,112

464,859

Apartment

Investment

&

Management

Co.

,

Class

A

(a)

.......................

16,381

131,048

Centerspace

.......................

1,713

115,199

Elme

Communities

...................

17,108

259,358

Independence

Realty

Trust,

Inc.

..........

24,074

379,647

NexPoint

Residential

Trust,

Inc.

..........

2,392

81,902

UMH

Properties,

Inc.

.................

12,760

203,139

Veris

Residential,

Inc.

.................

4,908

70,724

1,705,876

Retail

REITs

—

1.6%

Acadia

Realty

Trust

..................

11,848

204,733

Agree

Realty

Corp.

..................

10,207

584,045

Alexander's,

Inc.

....................

423

89,490

Brixmor

Property

Group,

Inc.

............

35,697

788,904

CBL

&

Associates

Properties,

Inc.

.........

2,660

57,855

Federal

Realty

Investment

Trust

..........

7,083

737,836

Getty

Realty

Corp.

...................

7,021

190,269

InvenTrust

Properties

Corp.

.............

7,466

189,188

Macerich

Co.

(The)

..................

42,422

583,727

NNN

REIT,

Inc.

.....................

36,004

1,459,242

Phillips

Edison

&

Co.,

Inc.

..............

10,646

348,124

Retail

Opportunity

Investments

Corp.

......

16,603

203,719

Saul

Centers,

Inc.

...................

2,493

90,770

SITE

Centers

Corp.

..................

21,505

290,103

Tanger,

Inc.

........................

10,504

297,788

Urban

Edge

Properties

................

12,127

202,885

Whitestone

REIT

....................

5,298

60,927

6,379,605

Semiconductors

&

Semiconductor

Equipment

—

1.2%

Alpha

&

Omega

Semiconductor

Ltd.

(a)

......

1,984

43,390

Ambarella,

Inc.

(a)

....................

3,971

182,547

Amkor

Technology,

Inc.

................

11,134

360,185

Cirrus

Logic,

Inc.

(a)

(b)

..................

7,032

622,824

Diodes,

Inc.

(a)

(b)

.....................

5,486

400,533

MaxLinear,

Inc.

(a)

....................

15,003

311,913

MKS

Instruments,

Inc.

................

8,006

952,554

Photronics,

Inc.

(a)

....................

11,647

319,244

Power

Integrations,

Inc.

...............

6,079

405,591

Semtech

Corp.

(a)

(b)

...................

7,695

289,486

SMART

Global

Holdings,

Inc.

(a)

(b)

.........

9,905

180,964

Synaptics,

Inc.

(a)

....................

2,474

222,561

Ultra

Clean

Holdings,

Inc.

(a)

.............

2,855

119,425

Veeco

Instruments,

Inc.

(a)

..............

7,586

268,089

Wolfspeed,

Inc.

(a)

(b)

...................

6,845

185,020

4,864,326

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

—

1.0%

ACI

Worldwide,

Inc.

(a)

.................

8,061

$

274,880

Adeia,

Inc.

........................

21,333

209,917

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

........

139,772

387,867

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

....

10,417

116,879

Cerence,

Inc.

(a)

(b)

....................

3,473

31,639

CommVault

Systems,

Inc.

(a)

.............

4,569

468,185

Consensus

Cloud

Solutions,

Inc.

(a)

........

3,699

43,056

Digital

Turbine,

Inc.

(a)

.................

18,971

36,235

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

....

23,499

113,970

Guidewire

Software,

Inc.

(a)

..............

5,979

660,082

Informatica,

Inc.

,

Class

A

(a)

(b)

............

3,612

111,864

LiveRamp

Holdings,

Inc.

(a)

..............

5,808

186,495

Matterport,

Inc.

,

Class

A

(a)

..............

35,802

164,689

NCR

Voyix

Corp.

(a)

...................

27,879

341,518

Progress

Software

Corp.

...............

5,269

262,501

RingCentral,

Inc.

,

Class

A

(a)

.............

8,687

257,309

SolarWinds

Corp.

...................

5,412

59,640

Verint

Systems,

Inc.

(a)

.................

12,770

386,676

4,113,402

Specialized

REITs

—

0.9%

EPR

Properties

.....................

9,042

367,015

Four

Corners

Property

Trust,

Inc.

.........

11,770

276,006

Gladstone

Land

Corp.

................

4,171

52,888

Lamar

Advertising

Co.

,

Class

A

..........

10,732

1,243,302

National

Storage

Affiliates

Trust

..........

8,170

286,277

Outfront

Media,

Inc.

..................

27,496

436,087

PotlatchDeltic

Corp.

..................

8,684

347,447

Rayonier,

Inc.

......................

14,670

435,112

Uniti

Group,

Inc.

....................

47,151

271,118

3,715,252

Specialty

Retail

—

4.8%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

........

2,463

299,304

Academy

Sports

&

Outdoors,

Inc.

.........

9,229

538,051

Advance

Auto

Parts,

Inc.

...............

11,375

830,148

American

Eagle

Outfitters,

Inc.

...........

13,963

338,742

America's

Car-Mart,

Inc.

(a)

(b)

.............

1,189

68,058

Arhaus,

Inc.

,

Class

A

.................

6,804

86,139

Arko

Corp.

........................

8,128

34,950

Asbury

Automotive

Group,

Inc.

(a)

..........

4,062

853,995

AutoNation,

Inc.

(a)

(b)

..................

5,570

897,605

Bath

&

Body

Works,

Inc.

...............

43,268

1,965,233

Beyond,

Inc.

(a)

......................

6,436

129,557

Boot

Barn

Holdings,

Inc.

(a)

(b)

.............

3,305

351,883

Buckle,

Inc.

(The)

...................

6,202

231,893

Caleres,

Inc.

.......................

6,626

244,036

Camping

World

Holdings,

Inc.

,

Class

A

.....

2,470

50,067

Carvana

Co.

,

Class

A

(a)

................

21,113

1,750,690

Designer

Brands,

Inc.

,

Class

A

...........

8,749

81,278

Dick's

Sporting

Goods,

Inc.

.............

11,440

2,298,754

Foot

Locker,

Inc.

....................

16,226

338,312

GameStop

Corp.

,

Class

A

(a)

(b)

............

35,314

391,632

Gap,

Inc.

(The)

.....................

19,738

405,024

Group

1

Automotive,

Inc.

...............

2,624

771,508

Guess?,

Inc.

.......................

5,656

151,468

Haverty

Furniture

Cos.,

Inc.

.............

2,714

83,591

Hibbett,

Inc.

.......................

2,429

209,477

Leslie's,

Inc.

(a)

(b)

.....................

35,011

137,593

Lithia

Motors,

Inc.

,

Class

A

.............

5,431

1,381,538

MarineMax,

Inc.

(a)

(b)

..................

3,970

97,940

Monro,

Inc.

........................

6,156

167,751

National

Vision

Holdings,

Inc.

(a)

..........

10,445

181,952

ODP

Corp.

(The)

(a)

...................

7,158

364,414

Petco

Health

&

Wellness

Co.,

Inc.

(a)

(b)

......

18,310

27,465

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Revolve

Group,

Inc.

,

Class

A

(a)

(b)

..........

3,554

$

70,760

RH

(a)

............................

1,396

344,882

Sally

Beauty

Holdings,

Inc.

(a)

............

21,053

228,425

Shoe

Carnival,

Inc.

...................

3,345

111,857

Signet

Jewelers

Ltd.

..................

8,716

854,429

Sonic

Automotive,

Inc.

,

Class

A

..........

2,672

154,548

Upbound

Group,

Inc.

.................

9,637

298,843

Urban

Outfitters,

Inc.

(a)

................

5,035

196,164

Victoria's

Secret

&

Co.

(a)

...............

13,618

239,949

Wayfair,

Inc.

,

Class

A

(a)

(b)

...............

17,623

883,793

19,143,698

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Corsair

Gaming,

Inc.

(a)

................

5,449

60,484

Diebold

Nixdorf,

Inc.

(a)

.................

6,105

193,284

Xerox

Holdings

Corp.

.................

17,769

236,150

489,918

Textiles,

Apparel

&

Luxury

Goods

—

2.4%

Capri

Holdings

Ltd.

(a)

.................

22,961

814,656

Carter's,

Inc.

.......................

7,015

479,896

Columbia

Sportswear

Co.

..............

2,657

211,577

Crocs,

Inc.

(a)

.......................

6,760

840,741

G-III

Apparel

Group

Ltd.

(a)

(b)

.............

8,150

229,423

Hanesbrands,

Inc.

(a)

..................

69,240

315,734

Kontoor

Brands,

Inc.

..................

11,053

685,949

Levi

Strauss

&

Co.

,

Class

A

.............

18,439

391,276

Movado

Group,

Inc.

..................

1,890

48,138

Oxford

Industries,

Inc.

................

2,026

218,362

PVH

Corp.

........................

11,953

1,300,487

Ralph

Lauren

Corp.

..................

3,466

567,176

Steven

Madden

Ltd.

..................

9,097

367,610

Tapestry,

Inc.

.......................

45,242

1,806,061

Under

Armour,

Inc.

,

Class

A

(a)

............

37,219

250,484

Under

Armour,

Inc.

,

Class

C,

NVS

(a)

(b)

......

31,724

206,840

VF

Corp.

.........................

65,009

810,012

Wolverine

World

Wide,

Inc.

.............

10,753

115,487

9,659,909

Tobacco

—

0.1%

Universal

Corp.

.....................

4,840

248,921

Vector

Group

Ltd.

...................

26,915

278,570

527,491

Trading

Companies

&

Distributors

—

2.1%

Air

Lease

Corp.

,

Class

A

...............

20,686

1,039,265

Beacon

Roofing

Supply,

Inc.

(a)

...........

5,514

543,294

BlueLinx

Holdings,

Inc.

(a)

...............

1,179

129,301

Boise

Cascade

Co.

..................

7,814

1,033,558

Core

&

Main,

Inc.

,

Class

A

(a)

.............

16,260

918,202

DNOW,

Inc.

(a)

......................

20,285

286,221

DXP

Enterprises,

Inc.

(a)

................

1,294

63,096

FTAI

Aviation

Ltd.

....................

5,704

400,478

GATX

Corp.

.......................

4,339

530,920

Global

Industrial

Co.

..................

908

34,967

GMS,

Inc.

(a)

........................

7,692

711,664

H&E

Equipment

Services,

Inc.

...........

2,346

113,288

Herc

Holdings,

Inc.

...................

2,362

337,837

MRC

Global,

Inc.

(a)

...................

16,458

184,823

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

.....

3,810

347,624

Rush

Enterprises,

Inc.

,

Class

A

..........

6,187

271,733

Rush

Enterprises,

Inc.

,

Class

B

..........

903

36,942

Titan

Machinery,

Inc.

(a)

................

2,599

57,854

WESCO

International,

Inc.

..............

8,779

1,340,992

8,382,059

2024

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

58

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

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

—

0.1%

California

Water

Service

Group

..........

5,565

$

273,353

Consolidated

Water

Co.

Ltd.

............

983

25,018

Middlesex

Water

Co.

.................

1,328

67,356

SJW

Group

........................

2,294

124,908

490,635

Wireless

Telecommunication

Services

—

0.1%

Gogo,

Inc.

(a)

(b)

......................

7,511

68,050

Telephone

&

Data

Systems,

Inc.

..........

19,537

305,754

United

States

Cellular

Corp.

(a)

...........

2,824

102,680

476,484

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

389,489,050

)

..............................

396,189,656

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

7.0%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(e)

..................

27,247,289

$

27,255,463

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.28

%

...................

462,954

462,954

Total

Short-Term

Securities

—

7

.0

%

(Cost:

$

27,708,623

)

...............................

27,718,417

Total

Investments

—

106

.8

%

(Cost:

$

417,197,673

)

..............................

423,908,073

Liabilities

in

Excess

of

Other

Assets

—

(

6.8

)

%

.............

(

26,957,412

)

Net

Assets

—

100.0%

...............................

$

396,950,661

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

31,694,311

$

—

$

(

4,438,628

)

(a)

$

725

$

(

945

)

$

27,255,463

27,247,289

$

337,597

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,090,401

—

(

627,447

)

(a)

—

—

462,954

462,954

44,487

—

$

725

$

(

945

)

$

27,718,417

$

382,084

$

—

—

—

(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

....................................................

3

06/21/24

$

298

$

(

754

)

S&P

Midcap

400

E-Mini

Index

.................................................

1

06/21/24

288

2,239

$

1,485

Schedule

of

Investments

(continued)

April

30,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

59

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)

......

$

—

$

—

$

2,239

$

—

$

—

$

—

$

2,239

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

754

—

—

—

754

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

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

.......................

$

—

$

—

$

169,234

$

—

$

—

$

—

$

169,234

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

1,246

)

$

—

$

—

$

—

$

(

1,246

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

843,715

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

396,189,656

$

—

$

—

$

396,189,656

Short-Term

Securities

Money

Market

Funds

......................................

27,718,417

—

—

27,718,417

$

423,908,073

$

—

$

—

$

423,908,073

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

2,239

$

—

$

—

$

2,239

Liabilities

Equity

contracts

...........................................

(

754

)

—

—

(

754

)

$

1,485

$

—

$

—

$

1,485

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

April

30,

2024

2024

iShares

Annual

Report

to

Shareholders

60

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

2,006,398,569‌

$

823,750,108‌

$

1,906,416,435‌

$

528,503,561‌

Investments,

at

value

—

affiliated

(c)

............................................

49,300,622‌

12,872,605‌

65,545,478‌

73,038,135‌

Cash

pledged:

Futures

contracts

......................................................

227,000‌

79,000‌

260,000‌

44,000‌

Receivables:

–‌

–‌

–‌

–‌

Securities

lending

income

—

affiliated

........................................

7,083‌

6,835‌

20,212‌

27,849‌

Dividends

—

unaffiliated

.................................................

240,686‌

404,835‌

321,087‌

64,882‌

Dividends

—

affiliated

...................................................

17,936‌

5,152‌

16,071‌

5,373‌

Total

a

ssets

...........................................................

2,056,191,896‌

837,118,535‌

1,972,579,283‌

601,683,800‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

44,643,181‌

11,375,141‌

61,463,489‌

72,384,624‌

Payables:

–‌

–‌

–‌

–‌

Capital

shares

redeemed

.................................................

57,868‌

—‌

7,770‌

15,885‌

Investment

advisory

fees

.................................................

67,543‌

27,591‌

97,513‌

26,474‌

Other

accrued

expenses

.................................................

—‌

—‌

—‌

44‌

Variation

margin

on

futures

contracts

.........................................

83,518‌

27,666‌

78,606‌

12,490‌

Total

li

abilities

..........................................................

44,852,110‌

11,430,398‌

61,647,378‌

72,439,517‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

2,011,339,786‌

$

825,688,137‌

$

1,910,931,905‌

$

529,244,283‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,605,847,217‌

$

778,793,843‌

$

1,948,088,516‌

$

643,475,058‌

Accumulated

earnings

(loss)

................................................

405,492,569‌

46,894,294‌

(

37,156,611‌

)

(

114,230,775‌

)

NET

ASSETS

..........................................................

$

2,011,339,786‌

$

825,688,137‌

$

1,910,931,905‌

$

529,244,283‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

27,800,000‌

11,950,000‌

28,750,000‌

12,150,000‌

Net

asset

value

.........................................................

$

72.35‌

$

69.10‌

$

66.47‌

$

43.56‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

1,364,167,026‌

$

684,688,225‌

$

1,640,637,071‌

$

492,075,620‌

(b)

  Securities

loaned,

at

value

............................................

$

43,190,355‌

$

10,937,252‌

$

59,297,857‌

$

68,338,616‌

(c)

  Investments,

at

cost

—

affiliated

.........................................

$

49,298,647‌

$

12,866,336‌

$

65,518,751‌

$

73,011,116‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2024

61

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

396,189,656‌

Investments,

at

value

—

affiliated

(c)

..........................................................................................

27,718,417‌

Cash

pledged:

Futures

contracts

....................................................................................................

39,000‌

Receivables:

–‌

Investment

s

sold

....................................................................................................

6,189‌

Securities

lending

income

—

affiliated

......................................................................................

13,566‌

Dividends

—

unaffiliated

...............................................................................................

266,457‌

Dividends

—

affiliated

.................................................................................................

3,579‌

Total

a

ssets

.........................................................................................................

424,236,864‌

LIABILITIES

Collateral

on

securities

loaned

.............................................................................................

27,254,669‌

Payables:

–‌

Investment

advisory

fees

...............................................................................................

20,018‌

Variation

margin

on

futures

contracts

.......................................................................................

11,516‌

Total

li

abilities

........................................................................................................

27,286,203‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

........................................................................................................

$

396,950,661‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

432,517,737‌

Accumulated

loss

.....................................................................................................

(

35,567,076‌

)

NET

ASSETS

........................................................................................................

$

396,950,661‌

NET

ASSET

VALUE

Shares

outstanding

....................................................................................................

6,950,000‌

Net

asset

value

.......................................................................................................

$

57.12‌

Shares

authorized

.....................................................................................................

Unlimited

Par

value

...........................................................................................................

None

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

389,489,050‌

(b)

  Securities

loaned,

at

value

......................................................................................

$

25,799,098‌

(c)

  Investments,

at

cost

—

affiliated

...................................................................................

$

27,708,623‌

Statements

of

Operations

Year

Ended

April

30,

2024

2024

iShares

Annual

Report

to

Shareholders

62

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

13,350,637‌

$

13,205,770‌

$

16,057,792‌

$

2,884,760‌

Dividends

—

affiliated

...................................................

194,272‌

84,548‌

189,328‌

51,835‌

Interest

—

unaffiliated

...................................................

16,990‌

10,604‌

18,981‌

7,080‌

Securities

lending

income

—

affiliated

—

net

...................................

87,283‌

146,685‌

302,935‌

680,326‌

Foreign

taxes

withheld

..................................................

(

4,192‌

)

(

10,300‌

)

(

18,879‌

)

(

25‌

)

Total

investment

income

...................................................

13,644,990‌

13,437,307‌

16,550,157‌

3,623,976‌

EXPENSES

Investment

advisory

....................................................

733,545‌

307,502‌

1,024,088‌

265,989‌

Total

expenses

.........................................................

733,545‌

307,502‌

1,024,088‌

265,989‌

Net

investment

income

....................................................

12,911,445‌

13,129,805‌

15,526,069‌

3,357,987‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

462,336,176‌

$

106,549,968‌

$

277,384,109‌

$

58,981,953‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(

5,057,764‌

)

$

(

16,658,542‌

)

$

(

34,483,953‌

)

$

(

13,761,585‌

)

Investments

—

affiliated

...............................................

7,089‌

9,636‌

19,163‌

3,515‌

Foreign

currency

transactions

...........................................

152‌

—‌

—‌

—‌

Futures

contracts

....................................................

1,150,233‌

426,088‌

770,732‌

137,735‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................

77,050,647‌

5,109,900‌

70,995,277‌

9,365,214‌

73,150,357‌

(11,112,918‌)

37,301,219‌

(4,255,121‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

389,571,187‌

117,749,679‌

240,321,522‌

63,280,223‌

Investments

—

affiliated

...............................................

(

11,169‌

)

(

6,518‌

)

(

9,864‌

)

(

6,251‌

)

Futures

contracts

....................................................

(

374,200‌

)

(

80,274‌

)

(

228,768‌

)

(

36,896‌

)

389,185,818‌

117,662,887‌

240,082,890‌

63,237,076‌

Net

realized

and

unrealized

gain

.............................................

462,336,175‌

106,549,969‌

277,384,109‌

58,981,955‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

475,247,620‌

$

119,679,774‌

$

292,910,178‌

$

62,339,942‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Year

Ended

April

30,

2024

63

Financial

Statements

iShares

Morningstar

Small-Cap

Value

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

...............................................................................................

$

8,574,895‌

Dividends

—

affiliated

.................................................................................................

44,487‌

Interest

—

unaffiliated

.................................................................................................

5,790‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

337,597‌

Foreign

taxes

withheld

................................................................................................

(

7,730‌

)

Total

investment

income

.................................................................................................

8,955,039‌

EXPENSES

Investment

advisory

..................................................................................................

231,976‌

Total

expenses

.......................................................................................................

231,976‌

Net

investment

income

..................................................................................................

8,723,063‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

40,425,811‌

Net

realized

gain

from:

Investments

—

unaffiliated

...........................................................................................

$

1,282,185‌

Investments

—

affiliated

.............................................................................................

725‌

Futures

contracts

..................................................................................................

169,234‌

In-kind

redemptions

—

unaffiliated

(a)

.....................................................................................

4,626,681‌

6,078,825‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

34,349,177‌

Investments

—

affiliated

.............................................................................................

(

945‌

)

Futures

contracts

..................................................................................................

(

1,246‌

)

34,346,986‌

Net

realized

and

unrealized

gain

...........................................................................................

40,425,811‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

49,148,874‌

(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

64

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

12,911,445‌

$

11,870,073‌

$

13,129,805‌

$

12,771,284‌

Net

realized

gain

(loss)

............................................

73,150,357‌

(

106,758,696‌

)

(

11,112,918‌

)

(

28,520,129‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

389,185,818‌

86,303,003‌

117,662,887‌

(

318,487‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

475,247,620‌

(8,585,620‌)

119,679,774‌

(16,067,332‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(12,592,478‌)

(12,112,028‌)

(12,485,761‌)

(12,616,997‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.................

(60,958,531‌)

(81,276,183‌)

(6,132,909‌)

(29,684,689‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

401,696,611‌

(

101,973,831‌

)

101,061,104‌

(

58,369,018‌

)

Beginning

of

year

..................................................

1,609,643,175‌

1,711,617,006‌

724,627,033‌

782,996,051‌

End

of

year

......................................................

$

2,011,339,786‌

$

1,609,643,175‌

$

825,688,137‌

$

724,627,033‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

65

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

15,526,069‌

$

11,208,146‌

$

3,357,987‌

$

3,489,981‌

Net

realized

gain

(loss)

............................................

37,301,219‌

(

171,297,960‌

)

(

4,255,121‌

)

(

70,668,090‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

240,082,890‌

145,253,643‌

63,237,076‌

64,605,629‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

292,910,178‌

(14,836,171‌)

62,339,942‌

(2,572,480‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(15,129,939‌)

(11,519,624‌)

(3,341,553‌)

(3,674,642‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................

233,680,153‌

338,545,817‌

67,958,410‌

90,416,313‌

NET

ASSETS

Total

increase

in

net

assets

...........................................

511,460,392‌

312,190,022‌

126,956,799‌

84,169,191‌

Beginning

of

year

..................................................

1,399,471,513‌

1,087,281,491‌

402,287,484‌

318,118,293‌

End

of

year

......................................................

$

1,910,931,905‌

$

1,399,471,513‌

$

529,244,283‌

$

402,287,484‌

(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

66

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

8,723,063‌

$

8,977,551‌

Net

realized

gain

(loss)

..............................................................................

6,078,825‌

(

3,473,253‌

)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

34,346,986‌

(

22,604,189‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

49,148,874‌

(17,099,891‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(8,935,666‌)

(8,550,267‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(30,788,939‌)

45,853,900‌

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

9,424,269‌

20,203,742‌

Beginning

of

year

....................................................................................

387,526,392‌

367,322,650‌

End

of

year

........................................................................................

$

396,950,661‌

$

387,526,392‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

67

Financial

Highlights

iShares

Morningstar

Growth

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.................................

$

55.89

‌

$

56.30

‌

$

61.87

‌

$

42.80

‌

$

38.08

‌

Net

investment

income

(b)

........................................

0

.46

‌

0

.40

‌

0

.29

‌

0

.14

‌

0

.21

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

16.45

‌

(0.40

)

(5.56

)

19.07

‌

4.73

‌

Net

increase

(decrease)

from

investment

operations

.......................

16.91

‌

0.00

‌

(5.27

)

19.21

‌

4.94

‌

Distributions

from

net

investment

income

(d)

...........................

(0.45

)

(0.41

)

(0.30

)

(0.14

)

(0.22

)

Net

asset

value,

end

of

year

......................................

$

72.35

‌

$

55.89

‌

$

56.30

‌

$

61.87

‌

$

42.80

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.........................................

30.35

%

0.05

%

(8.59

)%

44.94

%

13.04

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

................................................

0.04

%

0.04

%

0.04

%

0.23

%

0.25

%

Net

investment

income

...........................................

0.70

%

0.76

%

0.45

%

0.27

%

0.54

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

2,011,340

‌

$

1,609,643

‌

$

1,711,617

‌

$

1,887,051

‌

$

1,519,374

‌

Portfolio

turnover

rate

(g)

...........................................

19

%

28

%

22

%

97

%

28

%

(a)

Per

share

amounts

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

68

iShares

Morningstar

Mid-Cap

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

................................

$

60.14

‌

$

62.39

‌

$

65.81

‌

$

43.02

‌

$

49.08

‌

Net

investment

income

(b)

.......................................

1

.10

‌

1

.03

‌

0

.82

‌

0

.57

‌

0

.67

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

8.90

‌

(2.26

)

(3.38

)

22.83

‌

(6.03

)

Net

increase

(decrease)

from

investment

operations

......................

10.00

‌

(1.23

)

(2.56

)

23.40

‌

(5.36

)

Distributions

from

net

investment

income

(d)

..........................

(1.04

)

(1.02

)

(0.86

)

(0.61

)

(0.70

)

Net

asset

value,

end

of

year

.....................................

$

69.10

‌

$

60.14

‌

$

62.39

‌

$

65.81

‌

$

43.02

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

........................................

16.78

%

(1.91

)%

(3.99

)%

54.74

%

(10.99

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...............................................

0.04

%

0.04

%

0.04

%

0.22

%

0.25

%

Net

investment

income

..........................................

1.71

%

1.72

%

1.22

%

1.06

%

1.39

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

825,688

‌

$

724,627

‌

$

782,996

‌

$

881,917

‌

$

567,905

‌

Portfolio

turnover

rate

(g)

..........................................

26

%

24

%

27

%

133

%

55

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

69

Financial

Highlights

iShares

Morningstar

Mid-Cap

Growth

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

.................................

$

56.43

‌

$

57.83

‌

$

66.52

‌

$

42.27

‌

$

40.66

‌

Net

investment

income

(b)

........................................

0

.56

‌

0

.52

‌

0

.35

‌

0

.07

‌

0

.13

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

10.03

‌

(1.40

)

(8.65

)

24.23

‌

1.61

‌

Net

increase

(decrease)

from

investment

operations

.......................

10.59

‌

(0.88

)

(8.30

)

24.30

‌

1.74

‌

Distributions

from

net

investment

income

(d)

...........................

(0.55

)

(0.52

)

(0.39

)

(0.05

)

(0.13

)

Net

asset

value,

end

of

year

......................................

$

66.47

‌

$

56.43

‌

$

57.83

‌

$

66.52

‌

$

42.27

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.........................................

18.84

%

(1.49

)%

(12.56

)%

57.51

%

4.29

%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

................................................

0.06

%

0.06

%

0.06

%

0.27

%

0.30

%

Net

investment

income

...........................................

0.91

%

0.93

%

0.51

%

0.12

%

0.31

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

1,910,932

‌

$

1,399,472

‌

$

1,087,281

‌

$

1,519,880

‌

$

532,633

‌

Portfolio

turnover

rate

(g)

...........................................

34

%

43

%

43

%

90

%

26

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Annual

Report

to

Shareholders

70

iShares

Morningstar

Small-Cap

Growth

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

................................

$

38.31

‌

$

39.27

‌

$

51.60

‌

$

31.92

‌

$

34.17

‌

Net

investment

income

(b)

.......................................

0

.32

‌

0

.35

‌

0

.31

‌

0

.05

‌

0

.08

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

5.25

‌

(0.94

)

(12.30

)

19.68

‌

(2.24

)

Net

increase

(decrease)

from

investment

operations

......................

5.57

‌

(0.59

)

(11.99

)

19.73

‌

(2.16

)

Distributions

from

net

investment

income

(d)

..........................

(0.32

)

(0.37

)

(0.34

)

(0.05

)

(0.09

)

Net

asset

value,

end

of

year

.....................................

$

43.56

‌

$

38.31

‌

$

39.27

‌

$

51.60

‌

$

31.92

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

........................................

14.57

%

(1.45

)%

(23.36

)%

61.86

%

(6.32

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...............................................

0.06

%

0.06

%

0.06

%

0.26

%

0.30

%

Net

investment

income

..........................................

0.76

%

0.94

%

0.65

%

0.11

%

0.24

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

529,244

‌

$

402,287

‌

$

318,118

‌

$

766,315

‌

$

191,512

‌

Portfolio

turnover

rate

(g)

..........................................

44

%

52

%

58

%

156

%

57

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

71

Financial

Highlights

iShares

Morningstar

Small-Cap

Value

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

year

................................

$

51.33

‌

$

54.82

‌

$

58.31

‌

$

32.95

‌

$

47.85

‌

Net

investment

income

(b)

.......................................

1

.24

‌

1

.24

‌

1

.03

‌

0

.89

‌

1

.02

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

5.82

‌

(3.55

)

(3.43

)

25.39

‌

(14.74

)

Net

increase

(decrease)

from

investment

operations

......................

7.06

‌

(2.31

)

(2.40

)

26.28

‌

(13.72

)

Distributions

from

net

investment

income

(d)

..........................

(1.27

)

(1.18

)

(1.09

)

(0.92

)

(1.18

)

Net

asset

value,

end

of

year

.....................................

$

57.12

‌

$

51.33

‌

$

54.82

‌

$

58.31

‌

$

32.95

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

........................................

13.85

%

(4.20

)%

(4.19

)%

80.90

%

(29.05

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...............................................

0.06

%

0.06

%

0.06

%

0.26

%

0.30

%

Net

investment

income

..........................................

2.26

%

2.33

%

1.76

%

2.07

%

2.34

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

396,951

‌

$

387,526

‌

$

367,323

‌

$

446,078

‌

$

257,012

‌

Portfolio

turnover

rate

(g)

..........................................

45

%

41

%

47

%

145

%

65

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2024

iShares

Annual

Report

to

Shareholders

72

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

prevailing

market

rates

as

quoted

by

one

or

more

data

service

providers.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

Certain

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of 

April

30,

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.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

iShares

ETF

Diversification

Classification

Morningstar

Growth

...................................................................................................

Non-diversified

Morningstar

Mid-Cap

..................................................................................................

Diversified

Morningstar

Mid-Cap

Growth

.............................................................................................

Diversified

Morningstar

Small-Cap

Growth

...........................................................................................

Diversified

Morningstar

Small-Cap

Value

.............................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

73

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

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

to

Shareholders

74

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Morningstar

Growth

Barclays

Bank

plc

......................................

$

1,522,810‌

$

(1,522,810‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

880,920‌

(880,920‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

1,185,401‌

(1,185,401‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

9,820‌

(9,817‌)

–‌

3‌

(b)

J.P.

Morgan

Securities

LLC

...............................

2,220,410‌

(2,220,410‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

37,142,854‌

(37,142,854‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

228,140‌

(228,140‌)

–‌

–‌

$

43,190,355‌

$

(43,190,352‌)

$

–‌

$

3‌

Morningstar

Mid-Cap

Barclays

Bank

plc

......................................

$

793,847‌

$

(793,847‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

2,861,243‌

(2,861,243‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

1,124,045‌

(1,124,045‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

27,446‌

(27,446‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

2,076,915‌

(2,076,915‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

2,665,792‌

(2,665,792‌)

–‌

–‌

Morgan

Stanley

.......................................

159,520‌

(159,520‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

1,228,444‌

(1,228,444‌)

–‌

–‌

$

10,937,252‌

$

(10,937,252‌)

$

–‌

$

–‌

Morningstar

Mid-Cap

Growth

Barclays

Bank

plc

......................................

$

9,013,785‌

$

(9,013,785‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

73,150‌

(73,150‌)

–‌

–‌

BNP

Paribas

SA

.......................................

15,639,916‌

(15,639,916‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

10,294,401‌

(10,294,401‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

6,326,984‌

(6,326,984‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

7,857,827‌

(7,857,827‌)

–‌

–‌

Morgan

Stanley

.......................................

68,638‌

(68,638‌)

–‌

–‌

National

Financial

Services

LLC

............................

1,022,465‌

(1,022,465‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

5,311,621‌

(5,311,621‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

304,679‌

(304,679‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

3,384,391‌

(3,384,391‌)

–‌

–‌

$

59,297,857‌

$

(59,297,857‌)

$

–‌

$

–‌

Morningstar

Small-Cap

Growth

Barclays

Bank

plc

......................................

$

2,843,702‌

$

(2,843,702‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

900,518‌

(900,518‌)

–‌

–‌

BNP

Paribas

SA

.......................................

9,494,422‌

(9,494,422‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

5,912,794‌

(5,912,794‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

496,247‌

(496,247‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

4,758,289‌

(4,758,289‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

122,618‌

(122,618‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

15,983,362‌

(15,983,362‌)

–‌

–‌

HSBC

Bank

plc

.......................................

83,442‌

(83,442‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

10,221,114‌

(10,221,114‌)

–‌

–‌

Jefferies

LLC

.........................................

1,219,378‌

(1,219,378‌)

–‌

–‌

Morgan

Stanley

.......................................

7,345,842‌

(7,345,842‌)

–‌

–‌

National

Financial

Services

LLC

............................

1,321,769‌

(1,321,769‌)

–‌

–‌

Natixis

SA

...........................................

1,476,990‌

(1,476,990‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

21,887‌

(21,887‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

205,725‌

(205,725‌)

–‌

–‌

Notes

to

Financial

Statements

(continued)

75

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.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Morningstar

Small-Cap

Growth

(continued)

Scotia

Capital

(USA),

Inc.

................................

2,154,572‌

(2,154,572‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

32,332‌

(32,332‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

78,146‌

(78,146‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

596,744‌

(596,744‌)

–‌

–‌

UBS

AG

............................................

894,729‌

(894,729‌)

–‌

–‌

UBS

Securities

LLC

....................................

4,253‌

(4,253‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,124,823‌

(1,124,823‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

843,030‌

(843,030‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

201,888‌

(201,888‌)

–‌

–‌

$

68,338,616‌

$

(68,338,616‌)

$

–‌

$

–‌

Morningstar

Small-Cap

Value

Barclays

Bank

plc

......................................

$

845,970‌

$

(845,970‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

43,579‌

(43,579‌)

–‌

–‌

BNP

Paribas

SA

.......................................

3,206,718‌

(3,206,718‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

802,440‌

(802,440‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

919,929‌

(919,929‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

331,718‌

(331,718‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

4,718,613‌

(4,718,613‌)

–‌

–‌

HSBC

Bank

plc

.......................................

412,861‌

(412,861‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

2,092,035‌

(2,092,035‌)

–‌

–‌

Jefferies

LLC

.........................................

273,982‌

(273,982‌)

–‌

–‌

Morgan

Stanley

.......................................

4,184,026‌

(4,184,026‌)

–‌

–‌

National

Financial

Services

LLC

............................

2,262,629‌

(2,262,629‌)

–‌

–‌

Natixis

SA

...........................................

123,037‌

(123,037‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

1,987,899‌

(1,987,899‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

798,020‌

(798,020‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

133,669‌

(133,669‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

366,068‌

(366,068‌)

–‌

–‌

UBS

AG

............................................

982,094‌

(982,094‌)

–‌

–‌

UBS

Securities

LLC

....................................

102,583‌

(102,583‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

938,124‌

(938,124‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

251,713‌

(251,713‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

21,391‌

(21,391‌)

–‌

–‌

$

25,799,098‌

$

(25,799,098‌)

$

–‌

$

–‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

April

30,

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

76

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

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

April

30,

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.

iShares

ETF

Investment

Advisory

Fees

Morningstar

Growth

................................................................................................

0.04‌

%

Morningstar

Mid-Cap

...............................................................................................

0.04‌

Morningstar

Mid-Cap

Growth

..........................................................................................

0.06‌

Morningstar

Small-Cap

Growth

........................................................................................

0.06‌

Morningstar

Small-Cap

Value

..........................................................................................

0.06‌

iShares

ETF

Amounts

Morningstar

Growth

.......................................................................................................

$

30,137‌

Morningstar

Mid-Cap

......................................................................................................

42,232‌

Morningstar

Mid-Cap

Growth

.................................................................................................

101,231‌

Morningstar

Small-Cap

Growth

...............................................................................................

183,761‌

Morningstar

Small-Cap

Value

.................................................................................................

87,207‌

Notes

to

Financial

Statements

(continued)

77

Notes

to

Financial

Statements

For

the year ended April

30,

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

April

30,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

April

30,

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

April

30,

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

April

30,

2024,

permanent

differences

attributable

to

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Morningstar

Growth

....................................................................

$

197,287,237‌

$

180,188,687‌

$

(391,140‌)

Morningstar

Mid-Cap

...................................................................

104,868,220‌

99,409,735‌

(6,570,499‌)

Morningstar

Mid-Cap

Growth

..............................................................

276,071,221‌

331,016,096‌

(18,596,311‌)

Morningstar

Small-Cap

Growth

............................................................

97,466,205‌

93,799,736‌

(2,942,125‌)

Morningstar

Small-Cap

Value

..............................................................

113,083,746‌

65,086,933‌

5,419,784‌

iShares

ETF

Purchases

Sales

Morningstar

Growth

....................................................................................

$

344,649,475‌

$

345,869,198‌

Morningstar

Mid-Cap

...................................................................................

198,912,815‌

196,313,318‌

Morningstar

Mid-Cap

Growth

..............................................................................

576,232,455‌

574,836,424‌

Morningstar

Small-Cap

Growth

............................................................................

197,146,545‌

195,503,495‌

Morningstar

Small-Cap

Value

..............................................................................

172,866,958‌

173,126,069‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Morningstar

Growth

....................................................................................

$

132,315,016‌

$

193,218,423‌

Morningstar

Mid-Cap

...................................................................................

21,815,859‌

27,911,636‌

Morningstar

Mid-Cap

Growth

..............................................................................

486,534,233‌

253,851,167‌

Morningstar

Small-Cap

Growth

............................................................................

121,012,951‌

53,665,752‌

Morningstar

Small-Cap

Value

..............................................................................

5,211,230‌

33,960,491‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Morningstar

Growth

.........................................................................

$

77,000,433‌

$

(77,000,433‌)

Morningstar

Mid-Cap

........................................................................

5,045,970‌

(5,045,970‌)

Morningstar

Mid-Cap

Growth

...................................................................

70,983,287‌

(70,983,287‌)

Morningstar

Small-Cap

Growth

.................................................................

9,332,615‌

(9,332,615‌)

Morningstar

Small-Cap

Value

...................................................................

4,605,230‌

(4,605,230‌)

—‌

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

to

Shareholders

78

The

tax

character

of

distributions

paid

was

as

follows:

As

of

April

30,

2024,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

For

the

year

ended April

30,

2024,

the

Morningstar

Small-Cap

Value

utilized

$356,431

of

its

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.

As

of

April

30,

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

iShares

ETF

Year

Ended

04/30/24

Year

Ended

04/30/23

Morningstar

Growth

Ordinary

income

...........................................................................................

$

12,592,478‌

$

12,112,028‌

Morningstar

Mid-Cap

Ordinary

income

...........................................................................................

$

12,485,761‌

$

12,616,997‌

Morningstar

Mid-Cap

Growth

Ordinary

income

...........................................................................................

$

15,129,939‌

$

11,519,624‌

Morningstar

Small-Cap

Growth

Ordinary

income

...........................................................................................

$

3,341,553‌

$

3,674,642‌

Morningstar

Small-Cap

Value

Ordinary

income

...........................................................................................

$

8,935,666‌

$

8,550,267‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Morningstar

Growth

.....................................................

$

508,476‌

$

(236,364,376‌)

$

641,348,469‌

$

405,492,569‌

Morningstar

Mid-Cap

....................................................

681,223‌

(92,072,628‌)

138,285,699‌

46,894,294‌

Morningstar

Mid-Cap

Growth

...............................................

619,902‌

(298,363,261‌)

260,586,748‌

(37,156,611‌)

Morningstar

Small-Cap

Growth

.............................................

822,810‌

(148,189,608‌)

33,136,023‌

(114,230,775‌)

Morningstar

Small-Cap

Value

...............................................

194,283‌

(40,914,422‌)

5,153,063‌

(35,567,076‌)

(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

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)

Morningstar

Growth

................................................

$

1,414,350,722‌

$

706,999,294‌

$

(65,650,825‌)

$

641,348,469‌

Morningstar

Mid-Cap

...............................................

698,327,983‌

193,264,783‌

(54,970,053‌)

138,294,730‌

Morningstar

Mid-Cap

Growth

.........................................

1,711,375,165‌

353,797,001‌

(93,210,253‌)

260,586,748‌

Morningstar

Small-Cap

Growth

........................................

568,405,673‌

91,273,892‌

(58,137,869‌)

33,136,023‌

Morningstar

Small-Cap

Value

.........................................

418,755,010‌

61,568,077‌

(56,415,014‌)

5,153,063‌

Notes

to

Financial

Statements

(continued)

79

Notes

to

Financial

Statements

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. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Year

Ended

04/30/24

Year

Ended

04/30/23

iShares

ETF

Shares

Amount

Shares

Amount

Morningstar

Growth

Shares

sold

2,100,000‌

$

132,898,359‌

1,750,000‌

$

92,244,933‌

Shares

redeemed

(3,100,000‌)

(193,856,890‌)

(3,350,000‌)

(173,521,116‌)

(1,000,000‌)

$

(60,958,531‌)

(1,600,000‌)

$

(81,276,183‌)

Notes

to

Financial

Statements

(continued)

2024

iShares

Annual

Report

to

Shareholders

80

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

04/30/24

Year

Ended

04/30/23

iShares

ETF

Shares

Amount

Shares

Amount

Morningstar

Mid-Cap

Shares

sold

350,000‌

$

21,981,799‌

400,000‌

$

24,432,366‌

Shares

redeemed

(450,000‌)

(28,114,708‌)

(900,000‌)

(54,117,055‌)

(100,000‌)

$

(6,132,909‌)

(500,000‌)

$

(29,684,689‌)

Morningstar

Mid-Cap

Growth

Shares

sold

7,850,000‌

$

488,966,208‌

7,600,000‌

$

424,829,525‌

Shares

redeemed

(3,900,000‌)

(255,286,055‌)

(1,600,000‌)

(86,283,708‌)

3,950,000‌

$

233,680,153‌

6,000,000‌

$

338,545,817‌

Morningstar

Small-Cap

Growth

Shares

sold

3,050,000‌

$

122,437,537‌

3,350,000‌

$

124,624,087‌

Shares

redeemed

(1,400,000‌)

(54,479,127‌)

(950,000‌)

(34,207,774‌)

1,650,000‌

$

67,958,410‌

2,400,000‌

$

90,416,313‌

Morningstar

Small-Cap

Value

Shares

sold

100,000‌

$

5,637,319‌

1,500,000‌

$

79,185,476‌

Shares

redeemed

(700,000‌)

(36,426,258‌)

(650,000‌)

(33,331,576‌)

(600,000‌)

$

(30,788,939‌)

850,000‌

$

45,853,900‌

Report

of

Independent

Registered

Public

Accounting

Firm

81

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the five

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed in

the

table

below

(five

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

April

30,

2024,

the

related

statements

of

operations

for

the

year

ended

April

30,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

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

April

30,

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

April

30,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

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

April

30,

2024

by

correspondence

with

the

custodian,

transfer

agent

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

June

24,

2024 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Value

ETF

Important

Tax

Information

(unaudited)

2024

iShares

Annual

Report

to

Shareholders

82

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

April

30,

2024:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

April

30,

2024:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended April

30,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Morningstar

Growth

.................................................................................................

$

11,572,028‌

Morningstar

Mid-Cap

................................................................................................

10,964,332‌

Morningstar

Mid-Cap

Growth

...........................................................................................

12,446,652‌

Morningstar

Small-Cap

Growth

.........................................................................................

2,140,984‌

Morningstar

Small-Cap

Value

...........................................................................................

6,683,717‌

iShares

ETF

Qualified

Business

Income

Morningstar

Growth

.................................................................................................

$

1,208,080‌

Morningstar

Mid-Cap

................................................................................................

1,976,231‌

Morningstar

Mid-Cap

Growth

...........................................................................................

3,197,552‌

Morningstar

Small-Cap

Growth

.........................................................................................

601,620‌

Morningstar

Small-Cap

Value

...........................................................................................

1,692,073‌

iShares

ETF

Dividends-Received

Deduction

Morningstar

Growth

.................................................................................................

85

.77‌

%

Morningstar

Mid-Cap

................................................................................................

79

.42‌

Morningstar

Mid-Cap

Growth

...........................................................................................

75

.22‌

Morningstar

Small-Cap

Growth

.........................................................................................

51

.06‌

Morningstar

Small-Cap

Value

...........................................................................................

73

.39‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

83

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

Morningstar

Growth

ETF,

iShares

Morningstar

Mid-Cap

ETF,

iShares

Morningstar

Mid-Cap

Growth

ETF,

iShares

Morningstar

Small-Cap

Growth

ETF

and

iShares

Morningstar

Small-Cap

Value

ETF (the

“Funds”

or

“ETFs”), each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

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)

APRIL

30,

2024

2024

iShares

Annual

Report

to

Shareholders

84

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

.

Trustee

and

Officer

Information

(unaudited)

85

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

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

iShares

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

iShares

Complex,

which

consists

of

404

funds

as

of

April

30,

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).

Laura

F.

Fergerson

(1962)

Trustee

(since

2024).

President,

Franklin

Templeton

Services,

LLC

(2017-2024);

Director

of

the

Board

of

Crocker

Art

Museum

Association

(since

2019);

President,

Crocker

Art

Museum

Foundation

(2022-2023).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

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).

Trustee

and

Officer

Information

(unaudited)

(continued)

2024

iShares

Annual

Report

to

Shareholders

86

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

James

Lam

(1961)

Trustee

(since

2024).

President,

James

Lam

&

Associates,

Inc.

(since

2002);

Director

of

the

FAIR

Institute

(since

2020);

adjunct

professor

at

Carnegie

Mellon

University

(since

2018);

Member,

Zicklin

School

of

Business

Dean’s

Council

of

Baruch

College

(since

2017);

Director

and

Audit

Committee

Chair

of

RiskLens,

Inc.

(2018-2023);

Director,

Risk

Oversight

Committee

Chair

and

Audit

Committee

Member

of

E*TRADE

Financial

and

E*TRADE

Bank

(2012-2020).

Director

of

iShares,

Inc.

(since

2024);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2024).

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Director

of

WellBe

Senior

Medical

(since

2023);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-

2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

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

iShares

Complex

(since

2023);

Deputy

Chief

Compliance

Officer

for

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

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

87

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

88

Portfolio

Abbreviation

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-AR-404-0424

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by Morningstar,

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©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 six series of the registrant for which the fiscal year-end is April 30, 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 $79,800 for the fiscal year ended

April 30, 2023

and $79,800 for the fiscal year ended April 30, 2024.

(b)

Audit-Related Fees

– There were no fees billed for the fiscal years end

ed April 30, 2023

and April 30, 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 $58,200 for the fiscal year ended

April 30, 2023

and $58,200 for the fiscal year ended April 30, 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 April 30, 2023 and April 30, 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 $58,200 for the fiscal year ended

April 30, 2023

and $58,200 for the fiscal year ended April 30, 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 – See Item 2

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR   240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) 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:	June 24, 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:		June 24, 2024
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		June 24, 2024

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 six series: iShares Cohen & Steers REIT ETF, iShares Morningstar Growth ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Mid-Cap Growth ETF, iShares Morningstar Small-Cap Growth ETF and iShares Morningstar Small-Cap Value ETF;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our  conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	June 24, 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 six series: iShares Cohen & Steers REIT ETF, iShares Morningstar Growth ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Mid-Cap Growth ETF, iShares Morningstar Small-Cap Growth ETF and iShares Morningstar Small-Cap Value ETF;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	June 24, 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 April 30, 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:	June 24, 2024	/s/ Jessica Tan	President (Principal Executive Officer)
		Jessica Tan [Signature]	[Title]

Date:	June 24, 2024	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Trent Walker [Signature]	[Title]

EX-99.CODE ETH

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.