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
Name of Fund: iShares Trust
Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San
Francisco, CA 94105
Name and address of agent for
service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE
19801
Registrant’s telephone number,
including area code: (415) 670-2000
Date of fiscal year end: 7/31/2024
Date of reporting period: 7/31/2024
Item
1 – Reports to Stockholders
(a)
The Reports to Shareholders are attached herewith.
(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 (the “board of trustees”), has determined that
(i) the registrant has the following audit committee financial experts serving
on its audit committee and (ii) each audit committee financial expert is
independent:
Richard L. Fagnani
Madhav V. Rajan
Madhav V. Rajan
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
Item
4 – Principal Accountant Fees and Services
The
principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g)
are for the twenty-one series of the registrant for which the fiscal year-end
is July 31, 2024 (the “Funds”), and whose annual financial statements are
reported in Item 1.
(a)
Audit Fees – The aggregate fees billed for each of the last two fiscal
years for professional services rendered by the principal accountant for the
audit of the Funds’ annual financial statements or services that are normally
provided by the accountant in connection with statutory and regulatory filings
or engagements for those fiscal years were $122,050 for the fiscal year ended
July 31, 2023 and $198,050 for the fiscal year ended July 31, 2024.
(b)
Audit-Related Fees – There were no fees billed for the fiscal years
ended July 31, 2023 and July 31, 2024 for assurance and related services by the
principal accountant that were reasonably related to the performance of the
audit of the Funds 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 $106,700 for the
fiscal year ended July 31, 2023 and $203,700 for the fiscal year ended July 31,
2024. These services related to the review of the Funds’ tax returns and excise
tax calculations.
(d)
All Other Fees – There were no other fees billed in each of the fiscal years
ended July 31, 2023 and July 31, 2024 for products and services provided by the
principal accountant, other than the services reported in (a) through (c) of
this Item.
(e)(1)
Audit Committee Pre-Approval Policies and Procedures:
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.
(e)(2) None of the services described in each of Items 4(b) through (d) 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 $106,700 for the fiscal year ended July 31, 2023 and $203,700 for the fiscal year ended July 31, 2024.
(h)
The registrant’s audit committee has considered whether the provision of
non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not
pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X,
if any, is compatible with maintaining the principal accountant’s independence,
and has determined that the provision of these services, if any, does not
compromise the principal accountant’s independence.
(i)
– Not Applicable
(j) – Not Applicable
Item
5 – Audit Committee of Listed Registrant
(a)
The following individuals are
members of the registrant’s separately designated standing Committee
established in accordance with Section 3(a)(58)(A) of the Securities Exchange
Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Richard L. Fagnani
Richard L. Fagnani
Laura
F. Fergerson
Cecilia
H. Herbert
Madhav
V. Rajan
(b)
Not Applicable
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – Financial Statements and Financial
Highlights for Open-End Management Investment Companies –
(a)
The registrant’s Financial
Statements are attached herewith.
(b)
The registrant’s Financial Highlights are attached herewith.
July
31,
2024
2024
Annual
Financial
Statements
iShares
Trust
iShares
Core
Aggressive
Allocation
ETF
|
AOA
|
NYSE
Arca
iShares
Core
Conservative
Allocation
ETF
|
AOK
|
NYSE
Arca
iShares
Core
Growth
Allocation
ETF
|
AOR
|
NYSE
Arca
iShares
Core
Moderate
Allocation
ETF
|
AOM
|
NYSE
Arca
iShares
Morningstar
Multi-Asset
Income
ETF
|
IYLD
|
Cboe
BZX
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
14
Statements
of
Operations
.................................................................................................
16
Statements
of
Changes
in
Net
Assets
..........................................................................................
18
Financial
Highlights
.....................................................................................................
21
Notes
to
Financial
Statements
...............................................................................................
26
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
34
Important
Tax
Information
(unaudited)
.................................................................................................
35
Additional
Information
...................................................................................................
36
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
37
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
41
iShares
®
Core
Aggressive
Allocation
ETF
Schedule
of
Investments
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
50
.0
%
iShares
Core
S&P
500
ETF
..................
1,650,624
$
913,323,272
iShares
Core
S&P
Mid-Cap
ETF
...............
896,092
55,530,821
iShares
Core
S&P
Small-Cap
ETF
.............
212,807
25,183,580
994,037,673
a
Domestic
Fixed
Income
—
16
.5
%
iShares
Core
Total
USD
Bond
Market
ETF
........
7,126,701
328,683,450
a
International
Equity
—
30
.5
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
2,933,816
158,250,035
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
6,596,028
446,748,976
604,999,011
a
International
Fixed
Income
—
2
.9
%
iShares
Core
International
Aggregate
Bond
ETF
....
1,131,480
57,660,221
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
1,679,440,639
)
...............................
1,985,380,355
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.1
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(b)
............................
1,986,529
$
1,986,529
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
1,986,529
)
..................................
1,986,529
Total
Investments
—
100.0%
(Cost:
$
1,681,427,168
)
...............................
1,987,366,884
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
43,564
)
Net
Assets
—
100.0%
.................................
$
1,987,323,320
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
......
$
—
$
—
$
(
250
)
(b)
$
250
$
—
$
—
—
$
10,454
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,259,190
—
(
272,661
)
(b)
—
—
1,986,529
1,986,529
159,601
—
iShares
Core
International
Aggregate
Bond
ETF
.........
47,857,229
15,507,902
(
7,512,146
)
(
115,579
)
1,922,815
57,660,221
1,131,480
1,836,514
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
145,127,740
31,200,903
(
24,020,639
)
(
9,901
)
5,951,932
158,250,035
2,933,816
4,515,293
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
402,513,379
82,309,990
(
72,533,874
)
5,049,244
29,410,237
446,748,976
6,596,028
13,499,274
—
iShares
Core
S&P
500
ETF
......
744,174,105
146,145,603
(
131,020,275
)
37,248,125
116,775,714
913,323,272
1,650,624
11,867,783
—
iShares
Core
S&P
Mid-Cap
ETF
...
45,736,505
11,227,714
(
8,849,824
)
2,269,641
5,146,785
55,530,821
896,092
714,416
—
iShares
Core
S&P
Small-Cap
ETF
.
19,675,962
5,481,749
(
3,224,600
)
780,376
2,470,093
25,183,580
212,807
299,361
—
iShares
Core
Total
USD
Bond
Market
ETF
.........
264,617,316
92,971,490
(
36,644,177
)
1,430,842
6,307,979
328,683,450
7,126,701
10,979,575
—
$
46,652,998
$
167,985,555
$
1,987,366,884
$
43,882,271
$
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
Core
Aggressive
Allocation
ETF
4
2024
iShares
Annual
Financial
Statements
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
July
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
6
09/20/24
$
1,667
$
10,156
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)
.............
$
—
$
—
$
10,156
$
—
$
—
$
—
$
10,156
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
782,103
$
—
$
—
$
—
$
782,103
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
90,895
)
$
—
$
—
$
—
$
(
90,895
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,660,725
a
iShares
®
Core
Aggressive
Allocation
ETF
Schedule
of
Investments
(continued)
July
31,
2024
5
Schedule
of
Investments
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
Investment
Companies
.........................................
$
1,985,380,355
$
—
$
—
$
1,985,380,355
Short-Term
Securities
Money
Market
Funds
..........................................
1,986,529
—
—
1,986,529
$
1,987,366,884
$
—
$
—
$
1,987,366,884
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
10,156
$
—
$
—
$
10,156
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
July
31,
2024
iShares
®
Core
Conservative
Allocation
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
19
.1
%
iShares
Core
S&P
500
ETF
..................
183,336
$
101,443,475
iShares
Core
S&P
Mid-Cap
ETF
...............
99,530
6,167,874
iShares
Core
S&P
Small-Cap
ETF
.............
23,631
2,796,493
110,407,842
a
Domestic
Fixed
Income
—
58
.9
%
iShares
Core
Total
USD
Bond
Market
ETF
........
7,387,779
340,724,367
a
International
Equity
—
11
.6
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
325,852
17,576,457
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
732,599
49,618,930
67,195,387
a
International
Fixed
Income
—
10
.3
%
iShares
Core
International
Aggregate
Bond
ETF
....
1,172,935
59,772,768
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
616,654,153
)
................................
578,100,364
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.1
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(b)
............................
447,253
$
447,253
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
447,253
)
...................................
447,253
Total
Investments
—
100.0%
(Cost:
$
617,101,406
)
................................
578,547,617
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
44,013
)
Net
Assets
—
100.0%
.................................
$
578,503,604
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
......
$
20,296,414
$
—
$
(
20,296,698
)
(b)
$
202
$
82
$
—
—
$
12,949
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,779,284
—
(
1,332,031
)
(b)
—
—
447,253
447,253
57,549
—
iShares
Core
International
Aggregate
Bond
ETF
.........
70,773,509
24,225,313
(
37,068,857
)
(
1,245,590
)
3,088,393
59,772,768
1,172,935
2,591,734
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
22,995,093
6,821,031
(
12,645,671
)
(
523,713
)
929,717
17,576,457
325,852
631,834
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
63,777,541
18,476,880
(
36,633,657
)
1,017,885
2,980,281
49,618,930
732,599
1,781,791
—
iShares
Core
S&P
500
ETF
......
117,911,921
34,565,461
(
70,384,482
)
8,372,358
10,978,217
101,443,475
183,336
1,666,026
—
iShares
Core
S&P
Mid-Cap
ETF
...
7,246,385
2,368,496
(
4,333,303
)
290,702
595,594
6,167,874
99,530
101,160
—
iShares
Core
S&P
Small-Cap
ETF
.
3,117,468
1,115,681
(
1,807,100
)
94,081
276,363
2,796,493
23,631
41,503
—
iShares
Core
Total
USD
Bond
Market
ETF
.........
391,329,136
139,286,316
(
196,912,792
)
(
7,637,168
)
14,658,875
340,724,367
7,387,779
14,058,844
—
$
368,757
$
33,507,522
$
578,547,617
$
20,943,390
$
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
iShares
®
Core
Conservative
Allocation
ETF
Schedule
of
Investments
(continued)
July
31,
2024
7
Schedule
of
Investments
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.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
578,100,364
$
—
$
—
$
578,100,364
Short-Term
Securities
Money
Market
Funds
......................................
447,253
—
—
447,253
$
578,547,617
$
—
$
—
$
578,547,617
Schedule
of
Investments
July
31,
2024
iShares
®
Core
Growth
Allocation
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
37
.8
%
iShares
Core
S&P
500
ETF
..................
1,306,290
$
722,796,383
iShares
Core
S&P
Mid-Cap
ETF
...............
709,160
43,946,645
iShares
Core
S&P
Small-Cap
ETF
.............
168,416
19,930,349
786,673,377
a
Domestic
Fixed
Income
—
33
.3
%
iShares
Core
Total
USD
Bond
Market
ETF
........
15,040,013
693,645,400
a
International
Equity
—
23
.0
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
2,321,795
125,237,623
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
5,220,036
353,553,038
478,790,661
a
International
Fixed
Income
—
5
.8
%
iShares
Core
International
Aggregate
Bond
ETF
....
2,387,851
121,684,887
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
1,949,999,859
)
...............................
2,080,794,325
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.1
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(b)
............................
2,386,776
$
2,386,776
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
2,386,776
)
..................................
2,386,776
Total
Investments
—
100.0%
(Cost:
$
1,952,386,635
)
...............................
2,083,181,101
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
154,583
)
Net
Assets
—
100.0%
.................................
$
2,083,026,518
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
......
$
—
$
—
$
(
1,389
)
(b)
$
1,389
$
—
$
—
—
$
25,175
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
3,504,508
—
(
1,117,732
)
(b)
—
—
2,386,776
2,386,776
215,440
—
iShares
Core
International
Aggregate
Bond
ETF
.........
111,382,020
40,255,320
(
33,696,698
)
(
410,037
)
4,154,282
121,684,887
2,387,851
4,416,826
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
126,663,234
35,173,998
(
40,909,442
)
(
580,175
)
4,890,008
125,237,623
2,321,795
3,923,907
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
351,301,792
94,323,521
(
120,345,646
)
7,509,227
20,764,144
353,553,038
5,220,036
11,447,970
—
iShares
Core
S&P
500
ETF
......
649,492,070
171,391,778
(
226,366,975
)
31,733,169
96,546,341
722,796,383
1,306,290
10,226,800
—
iShares
Core
S&P
Mid-Cap
ETF
...
39,917,768
12,315,553
(
14,421,352
)
1,436,002
4,698,674
43,946,645
709,160
617,950
—
iShares
Core
S&P
Small-Cap
ETF
.
17,172,312
5,859,056
(
5,751,143
)
523,219
2,126,905
19,930,349
168,416
256,369
—
iShares
Core
Total
USD
Bond
Market
ETF
.........
615,867,167
235,981,865
(
174,530,739
)
3,476,576
12,850,531
693,645,400
15,040,013
24,832,561
—
$
43,689,370
$
146,030,885
$
2,083,181,101
$
55,962,998
$
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
iShares
®
Core
Growth
Allocation
ETF
Schedule
of
Investments
(continued)
July
31,
2024
9
Schedule
of
Investments
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.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
2,080,794,325
$
—
$
—
$
2,080,794,325
Short-Term
Securities
Money
Market
Funds
......................................
2,386,776
—
—
2,386,776
$
2,083,181,101
$
—
$
—
$
2,083,181,101
Schedule
of
Investments
July
31,
2024
iShares
®
Core
Moderate
Allocation
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
25
.4
%
iShares
Core
S&P
500
ETF
..................
583,415
$
322,815,188
iShares
Core
S&P
Mid-Cap
ETF
...............
316,723
19,627,324
iShares
Core
S&P
Small-Cap
ETF
.............
75,219
8,901,417
351,343,929
a
Domestic
Fixed
Income
—
50
.3
%
iShares
Core
Total
USD
Bond
Market
ETF
........
15,113,565
697,037,618
a
International
Equity
—
15
.4
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
1,036,959
55,933,568
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
2,331,359
157,902,945
213,836,513
a
International
Fixed
Income
—
8
.8
%
iShares
Core
International
Aggregate
Bond
ETF
....
2,399,527
122,279,896
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
1,383,114,729
)
...............................
1,384,497,956
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.1
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(b)
............................
1,681,996
$
1,681,996
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
1,681,996
)
..................................
1,681,996
Total
Investments
—
100.0%
(Cost:
$
1,384,796,725
)
...............................
1,386,179,952
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
101,678
)
Net
Assets
—
100.0%
.................................
$
1,386,078,274
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
$
—
$
3,297
(b)
$
—
$
(
3,297
)
$
—
$
—
—
$
15,886
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
3,137,565
—
(
1,455,569
)
(b)
—
—
1,681,996
1,681,996
138,555
—
iShares
Core
International
Aggregate
Bond
ETF
........
118,727,434
29,900,774
(
30,216,661
)
(
656,224
)
4,524,573
122,279,896
2,399,527
4,421,777
—
iShares
Core
MSCI
Emerging
Markets
ETF
..
60,007,204
11,608,604
(
17,519,438
)
(
720,662
)
2,557,860
55,933,568
1,036,959
1,783,121
—
iShares
Core
MSCI
International
Developed
Markets
ETF
..
166,430,861
30,524,279
(
51,355,923
)
2,703,745
9,599,983
157,902,945
2,331,359
5,221,096
—
iShares
Core
S&P
500
ETF
.....
307,699,357
56,572,016
(
99,236,951
)
18,793,703
38,987,063
322,815,188
583,415
4,707,000
—
iShares
Core
S&P
Mid-Cap
ETF
..
18,910,825
4,203,655
(
6,182,167
)
1,094,580
1,600,431
19,627,324
316,723
284,143
—
iShares
Core
S&P
Small-Cap
ETF
8,135,704
2,073,926
(
2,450,507
)
459,657
682,637
8,901,417
75,219
118,197
—
iShares
®
Core
Moderate
Allocation
ETF
Schedule
of
Investments
(continued)
July
31,
2024
11
Schedule
of
Investments
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.
Affiliates
(continued)
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
Total
USD
Bond
Market
ETF
...
$
656,482,135
$
174,632,449
$
(
149,295,174
)
$
2,190,734
$
13,027,474
$
697,037,618
15,113,565
$
25,710,908
$
—
$
23,862,236
$
70,980,021
$
1,386,179,952
$
42,400,683
$
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
1,384,497,956
$
—
$
—
$
1,384,497,956
Short-Term
Securities
Money
Market
Funds
......................................
1,681,996
—
—
1,681,996
$
1,386,179,952
$
—
$
—
$
1,386,179,952
Schedule
of
Investments
July
31,
2024
iShares
®
Morningstar
Multi-Asset
Income
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
20
.5
%
iShares
Core
U.S.
REIT
ETF
.................
113,990
$
6,490,590
iShares
Preferred
and
Income
Securities
ETF
......
563,256
17,860,848
24,351,438
a
Domestic
Fixed
Income
—
35
.7
%
iShares
Agency
Bond
ETF
...................
58,446
6,385,810
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
(b)
486,987
17,969,820
iShares
Core
1-5
Year
USD
Bond
ETF
..........
373,453
17,925,744
42,281,374
a
International
Equity
—
19
.3
%
iShares
Latin
America
40
ETF
(b)
...............
212,929
5,280,639
iShares
MSCI
EAFE
Value
ETF
...............
318,434
17,577,557
22,858,196
a
International
Fixed
Income
—
24
.5
%
iShares
Floating
Rate
Bond
ETF
(b)
.............
344,782
17,621,808
iShares
J.P.
Morgan
EM
Corporate
Bond
ETF
.....
133,005
5,975,915
Security
Shares
Value
a
International
Fixed
Income — 24.5%
(continued)
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF
..
150,630
$
5,491,970
29,089,693
a
Total
Long-Term
Investments — 100.0%
(Cost:
$
121,061,845
)
................................
118,580,701
a
Short-Term
Securities
Money
Market
Funds
—
14
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
17,495,943
17,502,942
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
94,726
94,726
a
Total
Short-Term
Securities — 14.8%
(Cost:
$
17,597,291
)
.................................
17,597,668
Total
Investments
—
114.8%
(Cost:
$
138,659,136
)
................................
136,178,369
Liabilities
in
Excess
of
Other
Assets
—
(
14
.8
)
%
..............
(
17,525,333
)
Net
Assets
—
100.0%
.................................
$
118,653,036
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
47,039,503
$
—
$
(
29,536,897
)
(a)
$
(
1,098
)
$
1,434
$
17,502,942
17,495,943
$
271,671
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
263,003
—
(
168,277
)
(a)
—
—
94,726
94,726
10,903
—
iShares
1-3
Year
Treasury
Bond
ETF
(c)
.......
—
12,608,589
(
12,615,987
)
7,398
—
—
—
104,955
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
(c)
.......
19,703,861
1,948,969
(
21,957,208
)
265,974
38,404
—
—
567,911
—
iShares
Agency
Bond
ETF
....
—
6,418,259
(
148,362
)
84
115,829
6,385,810
58,446
35,820
—
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
........
—
18,115,585
(
416,132
)
(
2,040
)
272,407
17,969,820
486,987
200,293
—
iShares
Core
1-5
Year
USD
Bond
ETF
........
—
18,078,873
(
416,738
)
(
986
)
264,595
17,925,744
373,453
112,620
—
iShares
Core
U.S.
REIT
ETF
....
—
6,119,353
(
141,901
)
537
512,601
6,490,590
113,990
33,061
—
iShares
®
Morningstar
Multi-Asset
Income
ETF
Schedule
of
Investments
(continued)
July
31,
2024
13
Schedule
of
Investments
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.
Affiliates
(continued)
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Emerging
Markets
Dividend
ETF
(c)
.......
$
13,802,602
$
1,205,344
$
(
16,089,772
)
$
(
4,238,280
)
$
5,320,106
$
—
—
$
776,478
$
—
iShares
Floating
Rate
Bond
ETF
19,816,887
2,418,098
(
4,695,395
)
31,398
50,820
17,621,808
344,782
1,096,829
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(c)
...
26,759,088
2,105,096
(
29,399,549
)
(
2,720,361
)
3,255,726
—
—
1,255,629
—
iShares
International
Select
Dividend
ETF
(c)
.......
8,044,671
6,739,385
(
15,888,728
)
(
69,901
)
1,174,573
—
—
527,690
—
iShares
J.P.
Morgan
EM
Corporate
Bond
ETF
....
—
6,038,309
(
138,987
)
(
420
)
77,013
5,975,915
133,005
51,512
—
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF
........
6,969,761
754,272
(
2,008,232
)
(
290,953
)
67,122
5,491,970
150,630
88,075
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
(c)
.......
6,612,299
6,620,153
(
13,258,928
)
244,383
(
217,907
)
—
—
104,782
—
iShares
Latin
America
40
ETF
—
5,893,946
(
128,882
)
(
7,215
)
(
477,210
)
5,280,639
212,929
139,787
—
iShares
Mortgage
Real
Estate
ETF
(c)
14,959,742
4,248,521
(
18,316,191
)
(
2,461,709
)
1,569,637
—
—
697,044
—
iShares
MSCI
EAFE
Value
ETF
....
5,348,457
18,339,824
(
5,599,983
)
180,065
(
690,806
)
17,577,557
318,434
484,996
—
iShares
Preferred
and
Income
Securities
ETF
.
13,622,847
10,815,337
(
6,714,651
)
(
619,982
)
757,297
17,860,848
563,256
1,030,111
—
$
(
9,683,106
)
$
12,091,641
$
136,178,369
$
7,590,167
$
—
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
118,580,701
$
—
$
—
$
118,580,701
Short-Term
Securities
Money
Market
Funds
......................................
17,597,668
—
—
17,597,668
$
136,178,369
$
—
$
—
$
136,178,369
14
2024
iShares
Annual
Financial
Statements
Statements
of
Assets
and
Liabilities
July
31,
2024
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
........................................
$
1,987,366,884
$
578,547,617
$
2,083,181,101
$
1,386,179,952
Cash
pledged:
Futures
contracts
..................................................
88,000
—
—
—
Receivables:
Securities
lending
income
—
affiliated
....................................
—
—
208
1,159
Capital
shares
sold
.................................................
—
—
3,240
—
Dividends
—
affiliated
...............................................
19,097
3,897
21,236
14,674
Variation
margin
on
futures
contracts
.....................................
25,650
—
—
—
Total
assets
.......................................................
1,987,499,631
578,551,514
2,083,205,785
1,386,195,785
LIABILITIES
Payables:
Investment
advisory
fees
.............................................
176,311
47,910
179,267
117,511
Total
liabilities
......................................................
176,311
47,910
179,267
117,511
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................
$
1,987,323,320
$
578,503,604
$
2,083,026,518
$
1,386,078,274
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
1,706,521,497
$
628,043,161
$
1,985,024,784
$
1,406,085,257
Accumulated
earnings
(loss)
............................................
280,801,823
(
49,539,557
)
98,001,734
(
20,006,983
)
NET
ASSETS
......................................................
$
1,987,323,320
$
578,503,604
$
2,083,026,518
$
1,386,078,274
NET
ASSET
VALUE
Shares
outstanding
..................................................
26,250,000
15,400,000
36,500,000
31,800,000
Net
asset
value
.....................................................
$
75.71
$
37.57
$
57.07
$
43.59
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Investments,
at
cost
—
affiliated
........................................
$
1,681,427,168
$
617,101,406
$
1,952,386,635
$
1,384,796,725
15
Statements
of
Assets
and
Liabilities
(continued)
July
31,
2024
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
iShares
Morningstar
Multi-
Asset
Income
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
(b)
......................................................................................
$
136,178,369
Receivables:
Securities
lending
income
—
affiliated
...................................................................................
10,068
Dividends
—
affiliated
..............................................................................................
1,052
Total
assets
......................................................................................................
136,189,489
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
17,511,599
Payables:
Investment
advisory
fees
............................................................................................
24,854
Total
liabilities
.....................................................................................................
17,536,453
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................................
$
118,653,036
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
184,372,383
Accumulated
loss
..................................................................................................
(
65,719,347
)
NET
ASSETS
.....................................................................................................
$
118,653,036
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
5,900,000
Net
asset
value
....................................................................................................
$
20.11
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
None
(a)
Securities
loaned,
at
value
..........................................................................................
$
17,124,174
(b)
Investments,
at
cost
—
affiliated
.......................................................................................
$
138,659,136
16
2024
iShares
Annual
Financial
Statements
Statements
of
Operations
Year
Ended
July
31,
2024
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
INVESTMENT
INCOME
Dividends
—
affiliated
..............................................
$
43,871,817
$
20,930,441
$
55,937,823
$
42,384,797
Interest
—
unaffiliated
..............................................
10,705
1,843
3,733
3,143
Securities
lending
income
—
affiliated
—
net
...............................
10,454
12,949
25,175
15,886
Total
investment
income
..............................................
43,892,976
20,945,233
55,966,731
42,403,826
EXPENSES
Investment
advisory
...............................................
2,681,747
947,892
2,991,658
2,039,809
Interest
expense
.................................................
4
5
13
—
Total
expenses
....................................................
2,681,751
947,897
2,991,671
2,039,809
Less:
(
789,843
)
(
345,927
)
(
963,546
)
(
714,814
)
Investment
advisory
fees
waived
.......................................
(
789,843
)
(
345,927
)
(
963,546
)
(
714,814
)
Total
expenses
after
fees
waived
........................................
1,891,908
601,970
2,028,125
1,324,995
Net
investment
income
...............................................
42,001,068
20,343,263
53,938,606
41,078,831
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...........................................
(
3,912,689
)
(
1,535,900
)
(
4,738,562
)
(
3,472,099
)
Futures
contracts
...............................................
782,103
—
—
—
In-kind
redemptions
—
affiliated
(a)
....................................
50,565,687
1,904,657
48,427,932
27,334,335
47,435,101
368,757
43,689,370
23,862,236
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...........................................
167,985,555
33,507,522
146,030,885
70,980,021
Futures
contracts
...............................................
(
90,895
)
—
—
—
167,894,660
33,507,522
146,030,885
70,980,021
Net
realized
and
unrealized
gain
........................................
215,329,761
33,876,279
189,720,255
94,842,257
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............
$
257,330,829
$
54,219,542
$
243,658,861
$
135,921,088
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
17
Statements
of
Operations
(continued)
Year
Ended
July
31,
2024
Statements
of
Operations
See
notes
to
financial
statements.
iShares
Morningstar
Multi-
Asset
Income
ETF
INVESTMENT
INCOME
Dividends
—
affiliated
..............................................................................................
$
7,318,496
Interest
—
unaffiliated
..............................................................................................
296
Securities
lending
income
—
affiliated
—
net
...............................................................................
271,671
Total
investment
income
..............................................................................................
7,590,463
EXPENSES
Investment
advisory
...............................................................................................
308,177
Interest
expense
.................................................................................................
94
Total
expenses
....................................................................................................
308,271
Less:
(
1,239
)
Investment
advisory
fees
waived
.......................................................................................
(
1,239
)
Total
expenses
after
fees
waived
........................................................................................
307,032
Net
investment
income
...............................................................................................
7,283,431
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...........................................................................................
(
9,174,745
)
In-kind
redemptions
—
affiliated
(a)
....................................................................................
(
508,361
)
(
9,683,106
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...........................................................................................
12,091,641
12,091,641
Net
realized
and
unrealized
gain
........................................................................................
2,408,535
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
9,691,966
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
18
2024
iShares
Annual
Financial
Statements
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/24
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
42,001,068
$
31,590,513
$
20,343,263
$
19,521,721
Net
realized
gain
(loss)
.........................................
47,435,101
95,400,105
368,757
(
8,170,484
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
167,894,660
31,858,639
33,507,522
223,541
Net
increase
in
net
assets
resulting
from
operations
........................
257,330,829
158,849,257
54,219,542
11,574,778
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
42,001,864
)
(
31,583,604
)
(
20,351,701
)
(
19,515,919
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
100,041,309
50,787,208
(
134,245,040
)
(
90,629,822
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
315,370,274
178,052,861
(
100,377,199
)
(
98,570,963
)
Beginning
of
year
...............................................
1,671,953,046
1,493,900,185
678,880,803
777,451,766
End
of
year
...................................................
$
1,987,323,320
$
1,671,953,046
$
578,503,604
$
678,880,803
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
19
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/24
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
53,938,606
$
46,098,759
$
41,078,831
$
34,811,927
Net
realized
gain
.............................................
43,689,370
108,476,281
23,862,236
23,041,188
Net
change
in
unrealized
appreciation
(depreciation)
.....................
146,030,885
(
97,082
)
70,980,021
(
11,990,964
)
Net
increase
in
net
assets
resulting
from
operations
........................
243,658,861
154,477,958
135,921,088
45,862,151
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
53,941,543
)
(
46,085,797
)
(
41,086,223
)
(
34,793,702
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
..............
(
21,823,731
)
(
176,696,941
)
(
48,177,588
)
(
236,731,183
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
167,893,587
(
68,304,780
)
46,657,277
(
225,662,734
)
Beginning
of
year
...............................................
1,915,132,931
1,983,437,711
1,339,420,997
1,565,083,731
End
of
year
...................................................
$
2,083,026,518
$
1,915,132,931
$
1,386,078,274
$
1,339,420,997
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
20
2024
iShares
Annual
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
Morningstar
Multi-Asset
Income
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
7,283,431
$
8,841,563
Net
realized
loss
................................................................................
(
9,683,106
)
(
13,754,396
)
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
12,091,641
5,848,473
Net
increase
in
net
assets
resulting
from
operations
...........................................................
9,691,966
935,640
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
7,307,160
)
(
8,811,807
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.................................................
(
19,629,925
)
(
32,266,234
)
NET
ASSETS
Total
decrease
in
net
assets
..........................................................................
(
17,245,119
)
(
40,142,401
)
Beginning
of
year
..................................................................................
135,898,155
176,040,556
End
of
year
......................................................................................
$
118,653,036
$
135,898,155
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
21
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
..........................
$
67.69
$
63.03
$
70.93
$
56.77
$
54.53
Net
investment
income
(a)
................................
1
.63
1
.29
1
.43
1
.05
1
.24
Net
realized
and
unrealized
gain
(loss)
(b)
......................
7
.99
4
.63
(
7
.93
)
14.19
2
.24
Net
increase
(decrease)
from
investment
operations
...............
9
.62
5
.92
(
6
.50
)
15.24
3
.48
Distributions
from
net
investment
income
(c)
......................
(
1
.60
)
(
1
.26
)
(
1
.40
)
(
1
.08
)
(
1
.24
)
Net
asset
value,
end
of
year
..............................
$
75.71
$
67.69
$
63.03
$
70.93
$
56.77
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
14.43
%
9
.57
%
(
9
.24
)
%
27.01
%
6
.49
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.17
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
............................
0
.11
%
0
.11
%
0
.12
%
0
.20
%
0
.19
%
Net
investment
income
...................................
2
.35
%
2
.08
%
2
.11
%
1
.62
%
2
.27
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,987,323
$
1,671,953
$
1,493,900
$
1,464,706
$
1,016,165
Portfolio
turnover
rate
(f)
...................................
4
%
5
%
2
%
6
%
4
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
22
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Conservative
Allocation
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
..........................
$
35.54
$
35.74
$
40.05
$
37.15
$
35.27
Net
investment
income
(a)
................................
1
.15
0
.88
0
.68
0
.61
0
.88
Net
realized
and
unrealized
gain
(loss)
(b)
......................
2
.00
(
0
.21
)
(
4
.32
)
2
.96
1
.89
Net
increase
(decrease)
from
investment
operations
...............
3
.15
0
.67
(
3
.64
)
3
.57
2
.77
Distributions
from
net
investment
income
(c)
......................
(
1
.12
)
(
0
.87
)
(
0
.67
)
(
0
.67
)
(
0
.89
)
Net
asset
value,
end
of
year
..............................
$
37.57
$
35.54
$
35.74
$
40.05
$
37.15
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
9
.05
%
1
.98
%
(
9
.16
)
%
9
.70
%
7
.98
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.17
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
............................
0
.10
%
0
.09
%
0
.11
%
0
.19
%
0
.19
%
Net
investment
income
...................................
3
.22
%
2
.55
%
1
.79
%
1
.58
%
2
.46
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
578,504
$
678,881
$
777,452
$
945,256
$
698,418
Portfolio
turnover
rate
(f)
...................................
4
%
5
%
2
%
5
%
5
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
23
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Growth
Allocation
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
..........................
$
52.18
$
50.09
$
56.25
$
47.70
$
45.57
Net
investment
income
(a)
................................
1
.44
1
.13
1
.08
0
.84
1
.09
Net
realized
and
unrealized
gain
(loss)
(b)
......................
4
.84
2
.04
(
6
.19
)
8
.60
2
.13
Net
increase
(decrease)
from
investment
operations
...............
6
.28
3
.17
(
5
.11
)
9
.44
3
.22
Distributions
from
net
investment
income
(c)
......................
(
1
.39
)
(
1
.08
)
(
1
.05
)
(
0
.89
)
(
1
.09
)
Net
asset
value,
end
of
year
..............................
$
57.07
$
52.18
$
50.09
$
56.25
$
47.70
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
12.24
%
6
.51
%
(
9
.18
)
%
19.92
%
7
.20
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.17
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
............................
0
.10
%
0
.10
%
0
.12
%
0
.20
%
0
.19
%
Net
investment
income
...................................
2
.70
%
2
.30
%
2
.01
%
1
.59
%
2
.37
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
2,083,027
$
1,915,133
$
1,983,438
$
1,844,998
$
1,414,304
Portfolio
turnover
rate
(f)
...................................
5
%
6
%
2
%
7
%
4
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
24
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Moderate
Allocation
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
..........................
$
40.77
$
40.39
$
45.30
$
40.76
$
38.77
Net
investment
income
(a)
................................
1
.24
0
.96
0
.80
0
.68
0
.96
Net
realized
and
unrealized
gain
(loss)
(b)
......................
2
.80
0
.39
(
4
.91
)
4
.59
1
.99
Net
increase
(decrease)
from
investment
operations
...............
4
.04
1
.35
(
4
.11
)
5
.27
2
.95
Distributions
from
net
investment
income
(c)
......................
(
1
.22
)
(
0
.97
)
(
0
.80
)
(
0
.73
)
(
0
.96
)
Net
asset
value,
end
of
year
..............................
$
43.59
$
40.77
$
40.39
$
45.30
$
40.76
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
10.10
%
3
.48
%
(
9
.15
)
%
13.03
%
7
.75
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.17
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
............................
0
.10
%
0
.10
%
0
.12
%
0
.19
%
0
.19
%
Net
investment
income
...................................
3
.02
%
2
.46
%
1
.86
%
1
.57
%
2
.44
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
1,386,078
$
1,339,421
$
1,565,084
$
1,707,920
$
1,239,057
Portfolio
turnover
rate
(f)
...................................
6
%
5
%
2
%
7
%
6
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
25
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Morningstar
Multi-Asset
Income
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
.........................
$
19.70
$
20.47
$
24.32
$
22.91
$
24.96
Net
investment
income
(a)
...............................
1
.16
1
.16
0
.78
0
.74
1
.23
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
0
.40
(
0
.78
)
(
3
.82
)
1
.54
(
2
.02
)
Net
increase
(decrease)
from
investment
operations
..............
1
.56
0
.38
(
3
.04
)
2
.28
(
0
.79
)
Distributions
(c)
–
–
–
–
–
From
net
investment
income
............................
(
1
.15
)
(
1
.15
)
(
0
.81
)
(
0
.87
)
(
1
.21
)
Return
of
capital
.....................................
—
—
—
—
(
0
.05
)
Total
distributions
.....................................
(
1
.15
)
(
1
.15
)
(
0
.81
)
(
0
.87
)
(
1
.26
)
Net
asset
value,
end
of
year
.............................
$
20.11
$
19.70
$
20.47
$
24.32
$
22.91
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
8
.32
%
2
.14
%
(
12.75
)
%
10.15
%
(
3
.10
)
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
...........................
0
.25
%
0
.24
%
0
.25
%
0
.24
%
0
.22
%
Net
investment
income
..................................
5
.91
%
6
.00
%
3
.44
%
3
.16
%
5
.15
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
118,653
$
135,898
$
176,041
$
243,191
$
279,450
Portfolio
turnover
rate
(f)
..................................
97
%
70
%
73
%
94
%
66
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
26
2024
iShares
Annual
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
Each
Fund
is
a
fund
of
funds
and
seeks
to
achieve
its
investment
objective
by
investing
primarily
in
other
iShares
funds
(each,
an
“underlying
fund”
and
collectively,
the
“underlying
funds”).
The
financial
statements,
including
the
accounting
policies,
and
schedules
of
investments
for
the
underlying
funds
are
available
on
iShares.com
and
should
be
read
in
conjunction
with
the
Funds’
financial
statements.
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions
from
the
underlying
funds,
if
any,
are
recorded
on
the
ex-dividend
date.
Interest
income
is
recognized
daily
on
an
accrual
basis.
Bank
Overdraft:
Certain
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period. The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
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:
Exchange-traded
funds
and
closed-end
funds
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
fund
is
primarily
traded.
Funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
traded
price.
iShares
ETF
Diversification
Classification
Core
Aggressive
Allocation
..............................................................................................
Diversified
Core
Conservative
Allocation
.............................................................................................
Diversified
Core
Growth
Allocation
.................................................................................................
Diversified
Core
Moderate
Allocation
...............................................................................................
Diversified
Morningstar
Multi-Asset
Income
...........................................................................................
Diversified
Notes
to
Financial
Statements
(
continued)
27
Notes
to
Financial
Statements
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(continued)
28
2024
iShares
Annual
Financial
Statements
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:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as follows:
Expense
Waivers:
A
fund
may
incur
its
pro
rata
share
of
fees
and
expenses
attributable
to
its
investments
in
other
investment
companies
(“acquired
fund
fees
and
expenses”).
The
total
of
the
investment
advisory
fee
and
acquired
fund
fees
and
expenses,
if
any,
is
a
fund’s
total
annual
operating
expenses.
Total
expenses
as
shown
in
the
Statement
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
For
each
of
the
iShares
Core
Aggressive
Allocation,
iShares
Core
Conservative
Allocation,
iShares
Core
Growth
Allocation
and
iShares
Core
Moderate
Allocation
ETFs,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
each
Fund
through
November
30,
2026,
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
each
Fund’s
investments
in
other
iShares
funds.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Morningstar
Multi-Asset
Income
BNP
Paribas
SA
.............................................
$
500,960
$
(500,960
)
$
—
$
—
BofA
Securities,
Inc.
..........................................
14,373,870
(14,373,870
)
—
—
Morgan
Stanley
.............................................
1,175,530
(1,175,530
)
—
—
UBS
Securities
LLC
..........................................
1,073,814
(1,073,814
)
—
—
$
17,124,174
$
(17,124,174
)
$
—
$
—
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund’s
Statement
of
Assets
and
Liabilities.
iShares
ETF
Investment
Advisory
Fees
Core
Aggressive
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
Core
Conservative
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Core
Growth
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Core
Moderate
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
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.
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.
.
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.
.
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.
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.
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.
.
.
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.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Morningstar
Multi-Asset
Income
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
0.25
Notes
to
Financial
Statements
(
continued)
29
Notes
to
Financial
Statements
For
the
iShares
Morningstar
Multi-Asset
Income
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
the
Fund
through
November
30,
2026
in
order
to
limit
the
Fund’s
total
annual
operating
expenses
after
fee
waiver
to
0.60%
of
average
daily
net
assets.
These
amounts
are
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the year
ended
July
31,
2024,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
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
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
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
82%
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
85%
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 July
31,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
year
ended
July
31,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
iShares
ETF
Amounts
Waived
Core
Aggressive
Allocation
..............................................................................................................................................
$
789,843
Core
Conservative
Allocation
............................................................................................................................................
345,927
Core
Growth
Allocation
..................................................................................................................................................
963,546
Core
Moderate
Allocation
...............................................................................................................................................
714,814
Morningstar
Multi-Asset
Income
.........................................................................................................................................
1,239
iShares
ETF
Amounts
Core
Aggressive
Allocation
.............................................................................................
$
4,024
Core
Conservative
Allocation
............................................................................................
3,811
Core
Growth
Allocation
................................................................................................
7,541
Core
Moderate
Allocation
..............................................................................................
4,834
Morningstar
Multi-Asset
Income
..........................................................................................
66,160
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Core
Aggressive
Allocation
.........................................................
$
64,298
$
2,337,595
$
(245,918
)
Core
Conservative
Allocation
........................................................
—
379,060
(39,439
)
Core
Growth
Allocation
............................................................
30,261
1,703,958
(195,565
)
Core
Moderate
Allocation
..........................................................
2,423
1,592,987
(157,198
)
Notes
to
Financial
Statements
(continued)
30
2024
iShares
Annual
Financial
Statements
7.
Purchases
and
Sales
For
the year
ended
July
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
July
31,
2024,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
July
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
July
31,
2024,
permanent
differences
attributable
to
distributions
paid
in
excess
of
taxable
income
and
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
iShares
ETF
Purchases
Sales
Core
Aggressive
Allocation
...........................................................................
$
80,710,720
$
79,502,252
Core
Conservative
Allocation
..........................................................................
26,299,927
25,104,468
Core
Growth
Allocation
..............................................................................
109,789,475
108,348,628
Core
Moderate
Allocation
............................................................................
83,195,532
81,687,954
Morningstar
Multi-Asset
Income
........................................................................
118,762,799
118,547,957
iShares
ETF
In-kind
Purchases
In-kind
Sales
Core
Aggressive
Allocation
...........................................................................
$
304,134,631
$
204,303,280
Core
Conservative
Allocation
..........................................................................
200,559,251
334,681,393
Core
Growth
Allocation
..............................................................................
485,511,615
507,673,367
Core
Moderate
Allocation
............................................................................
226,320,171
274,568,869
Morningstar
Multi-Asset
Income
........................................................................
9,705,116
29,315,482
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
Core
Aggressive
Allocation
..........................................................................
$
50,565,686
$
(50,565,686
)
Core
Conservative
Allocation
.........................................................................
1,894,794
(1,894,794
)
Core
Growth
Allocation
.............................................................................
48,427,932
(48,427,932
)
Core
Moderate
Allocation
...........................................................................
27,322,626
(27,322,626
)
Morningstar
Multi-Asset
Income
.......................................................................
(509,833
)
509,833
iShares
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Core
Aggressive
Allocation
Ordinary
income
..........................................................................................
$
42,001,864
$
31,583,604
Core
Conservative
Allocation
Ordinary
income
..........................................................................................
$
20,351,701
$
19,515,919
Core
Growth
Allocation
Ordinary
income
..........................................................................................
$
53,941,543
$
46,085,797
Core
Moderate
Allocation
Ordinary
income
..........................................................................................
$
41,086,223
$
34,793,702
Morningstar
Multi-Asset
Income
Ordinary
income
..........................................................................................
$
7,307,160
$
8,811,807
Notes
to
Financial
Statements
(
continued)
31
Notes
to
Financial
Statements
As
of
July
31,
2024,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
As
of
July
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
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
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Core
Aggressive
Allocation
......................................
$
6,113
$
(23,574,707
)
$
304,370,417
$
280,801,823
Core
Conservative
Allocation
.....................................
—
(10,609,622
)
(38,929,935
)
(49,539,557
)
Core
Growth
Allocation
.........................................
10,025
(30,396,707
)
128,388,416
98,001,734
Core
Moderate
Allocation
.......................................
10,833
(19,850,303
)
(167,513
)
(20,006,983
)
Morningstar
Multi-Asset
Income
...................................
6,027
(63,181,098
)
(2,544,276
)
(65,719,347
)
(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
and
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Core
Aggressive
Allocation
.......................................
$
1,682,996,467
$
336,127,161
$
(31,756,744
)
$
304,370,417
Core
Conservative
Allocation
......................................
617,477,552
22,956,010
(61,885,945
)
(38,929,935
)
Core
Growth
Allocation
..........................................
1,954,792,685
215,862,781
(87,474,365
)
128,388,416
Core
Moderate
Allocation
........................................
1,386,347,465
105,023,703
(105,191,216
)
(167,513
)
Morningstar
Multi-Asset
Income
....................................
138,722,645
1,353,585
(3,897,861
)
(2,544,276
)
Notes
to
Financial
Statements
(continued)
32
2024
iShares
Annual
Financial
Statements
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.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at
their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Year
Ended
07/31/24
Year
Ended
07/31/23
iShares
ETF
Shares
Amount
Shares
Amount
Core
Aggressive
Allocation
Shares
sold
...............................................
4,500,000
$
304,676,921
9,800,000
$
595,858,021
Shares
redeemed
...........................................
(2,950,000
)
(204,635,612
)
(8,800,000
)
(545,070,813
)
1,550,000
$
100,041,309
1,000,000
$
50,787,208
Core
Conservative
Allocation
Shares
sold
...............................................
5,700,000
$
200,923,151
20,350,000
$
693,870,405
Shares
redeemed
...........................................
(9,400,000
)
(335,168,191
)
(23,000,000
)
(784,500,227
)
(3,700,000
)
$
(134,245,040
)
(2,650,000
)
$
(90,629,822
)
Core
Growth
Allocation
Shares
sold
...............................................
9,450,000
$
486,691,231
26,050,000
$
1,242,485,211
Shares
redeemed
...........................................
(9,650,000
)
(508,514,962
)
(28,950,000
)
(1,419,182,152
)
(200,000
)
$
(21,823,731
)
(2,900,000
)
$
(176,696,941
)
Core
Moderate
Allocation
Shares
sold
...............................................
5,600,000
$
226,846,376
10,050,000
$
387,798,793
Shares
redeemed
...........................................
(6,650,000
)
(275,023,964
)
(15,950,000
)
(624,529,976
)
(1,050,000
)
$
(48,177,588
)
(5,900,000
)
$
(236,731,183
)
Morningstar
Multi-Asset
Income
Shares
sold
...............................................
500,000
$
9,734,333
1,400,000
$
27,512,043
Shares
redeemed
...........................................
(1,500,000
)
(29,364,258
)
(3,100,000
)
(59,778,277
)
(1,000,000
)
$
(19,629,925
)
(1,700,000
)
$
(32,266,234
)
Notes
to
Financial
Statements
(
continued)
33
Notes
to
Financial
Statements
Participant,
each
Funds’
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Report
of
Independent
Registered
Public
Accounting
Firm
34
2024
iShares
Annual
Financial
Statements
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
July
31,
2024,
the
related
statements
of
operations
for
the
year
ended
July
31,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
listed
in
the
table
below
as
of
July
31,
2024,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2024
by
correspondence
with
the
custodian,
transfer
agent
and
broker.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2024
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
iShares
Morningstar
Multi-Asset
Income
ETF
Important
Tax
Information
(unaudited)
35
Important
Tax
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2024
:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
July
31,
2024
:
The
Funds
intend
to
pass
through
to
their
shareholders
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
foreign
source
income
earned
and
foreign
taxes
paid
for
the
fiscal
year
ended
July
31,
2024
:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
July
31,
2024
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
July
31,
2024
:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
July
31,
2024
:
iShares
ETF
Qualified
Dividend
Income
Core
Aggressive
Allocation
..............................................................................................
$
25,896,198
Core
Conservative
Allocation
.............................................................................................
4,136,163
Core
Growth
Allocation
.................................................................................................
23,270,012
Core
Moderate
Allocation
...............................................................................................
10,910,215
Morningstar
Multi-Asset
Income
...........................................................................................
2,036,126
iShares
ETF
Qualified
Business
Income
Core
Aggressive
Allocation
..............................................................................................
$
168,858
Core
Conservative
Allocation
.............................................................................................
28,704
Core
Growth
Allocation
.................................................................................................
153,548
Core
Moderate
Allocation
...............................................................................................
74,656
Morningstar
Multi-Asset
Income
...........................................................................................
790,808
iShares
ETF
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
Core
Aggressive
Allocation
.............................................................................
$
18,617,672
$
2,261,008
Core
Conservative
Allocation
............................................................................
3,975,094
358,106
Core
Growth
Allocation
................................................................................
17,961,434
2,034,229
Core
Moderate
Allocation
..............................................................................
9,424,708
946,070
Morningstar
Multi-Asset
Income
..........................................................................
2,973,796
201,268
iShares
ETF
Dividends-Received
Deduction
Core
Aggressive
Allocation
..............................................................................................
27
.49
%
Core
Conservative
Allocation
.............................................................................................
8
.71
Core
Growth
Allocation
.................................................................................................
18
.99
Core
Moderate
Allocation
...............................................................................................
11
.94
Morningstar
Multi-Asset
Income
...........................................................................................
6
.78
iShares
ETF
Interest
Dividends
Core
Aggressive
Allocation
..............................................................................................
$
10,246,975
Core
Conservative
Allocation
.............................................................................................
15,232,625
Core
Growth
Allocation
.................................................................................................
24,609,685
Core
Moderate
Allocation
...............................................................................................
25,849,226
Morningstar
Multi-Asset
Income
...........................................................................................
3,917,787
iShares
ETF
Interest-Related
Dividends
Core
Aggressive
Allocation
..............................................................................................
$
7,776,955
Core
Conservative
Allocation
.............................................................................................
11,583,123
Core
Growth
Allocation
.................................................................................................
18,645,971
Core
Moderate
Allocation
...............................................................................................
19,651,931
Morningstar
Multi-Asset
Income
...........................................................................................
2,757,212
Additional
Information
36
2024
iShares
Annual
Financial
Statements
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
.
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.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust's policies
and
procedures
with
respect
to
the
disclosure
of
the
Funds'
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses its
portfolio
holdings
daily
and
provide
information
regarding its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
37
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Core
Aggressive
Allocation
ETF,
iShares
Core
Conservative
Allocation
ETF,
iShares
Core
Growth
Allocation
ETF,
iShares
Core
Moderate
Allocation
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
38
2024
iShares
Annual
Financial
Statements
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
39
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Morningstar
Multi-Asset
Income
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
higher
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
40
2024
iShares
Annual
Financial
Statements
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Glossary
of
Terms
Used
in
this
Report
41
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
REIT
Real
Estate
Investment
Trust
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.
or
S&P
Dow
Jones
Indices
LLC,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
July
31,
2024
2024
Annual
Financial
Statements
iShares
Trust
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
|
ESMV
|
NASDAQ
iShares
MSCI
USA
Min
Vol
Factor
ETF
|
USMV
|
Cboe
BZX
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
11
Statements
of
Operations
.................................................................................................
12
Statements
of
Changes
in
Net
Assets
..........................................................................................
13
Financial
Highlights
.....................................................................................................
14
Notes
to
Financial
Statements
...............................................................................................
16
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
23
Important
Tax
Information
(unaudited)
.................................................................................................
24
Additional
Information
...................................................................................................
25
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
26
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
30
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
2
.0
%
Huntington
Ingalls
Industries,
Inc.
..............
39
$
10,919
Northrop
Grumman
Corp.
...................
378
183,073
RTX
Corp.
.............................
474
55,690
249,682
a
Air
Freight
&
Logistics
—
0
.6
%
CH
Robinson
Worldwide,
Inc.
................
590
52,540
United
Parcel
Service,
Inc.
,
Class
B
............
146
19,034
71,574
a
Banks
—
0
.2
%
First
Citizens
BancShares,
Inc.
,
Class
A
..........
14
29,228
a
Beverages
—
2
.2
%
Coca-Cola
Co.
(The)
......................
1,637
109,254
Keurig
Dr
Pepper,
Inc.
.....................
654
22,419
PepsiCo,
Inc.
...........................
842
145,388
277,061
a
Biotechnology
—
5
.9
%
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
157
37,281
Amgen,
Inc.
............................
558
185,518
Gilead
Sciences,
Inc.
......................
1,916
145,731
Incyte
Corp.
(a)
...........................
480
31,234
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
113
121,948
Vertex
Pharmaceuticals,
Inc.
(a)
................
404
200,271
721,983
a
Broadline
Retail
—
0
.4
%
MercadoLibre,
Inc.
(a)
.......................
30
50,067
a
Building
Products
—
1
.3
%
Johnson
Controls
International
PLC
............
369
26,398
Trane
Technologies
PLC
....................
387
129,367
155,765
a
Capital
Markets
—
2
.7
%
Cboe
Global
Markets,
Inc.
...................
539
98,912
CME
Group,
Inc.
,
Class
A
...................
246
47,652
Intercontinental
Exchange,
Inc.
...............
321
48,651
S&P
Global,
Inc.
.........................
275
133,301
328,516
a
Chemicals
—
0
.4
%
Ecolab,
Inc.
............................
170
39,217
Linde
PLC
.............................
31
14,059
53,276
a
Commercial
Services
&
Supplies
—
2
.7
%
Republic
Services,
Inc.
.....................
108
20,986
Veralto
Corp.
............................
1,257
133,946
Waste
Management,
Inc.
....................
856
173,477
328,409
a
Communications
Equipment
—
3
.5
%
Cisco
Systems,
Inc.
.......................
3,387
164,100
F5,
Inc.
(a)
..............................
67
13,644
Juniper
Networks,
Inc.
.....................
1,654
62,339
Motorola
Solutions,
Inc.
....................
482
192,280
432,363
a
Construction
Materials
—
0
.7
%
CRH
PLC
..............................
984
84,329
a
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
—
1
.1
%
Kroger
Co.
(The)
.........................
2,432
$
132,544
a
Containers
&
Packaging
—
0
.4
%
Amcor
PLC
.............................
4,525
47,648
a
Distributors
—
0
.3
%
LKQ
Corp.
.............................
1,028
42,662
a
Diversified
Telecommunication
Services
—
1
.7
%
AT&T,
Inc.
..............................
2,299
44,256
Verizon
Communications,
Inc.
................
4,238
171,724
215,980
a
Electric
Utilities
—
1
.0
%
Eversource
Energy
.......................
841
54,589
Exelon
Corp.
............................
154
5,729
NextEra
Energy,
Inc.
......................
839
64,091
124,409
a
Electronic
Equipment,
Instruments
&
Components
—
0
.8
%
Keysight
Technologies,
Inc.
(a)
.................
707
98,676
a
Entertainment
—
1
.3
%
Electronic
Arts,
Inc.
.......................
1,024
154,563
a
Financial
Services
—
2
.3
%
Fiserv,
Inc.
(a)
(b)
...........................
204
33,368
Jack
Henry
&
Associates,
Inc.
................
99
16,976
Mastercard,
Inc.
,
Class
A
....................
242
112,218
Visa,
Inc.
,
Class
A
........................
471
125,131
287,693
a
Food
Products
—
3
.3
%
Campbell
Soup
Co.
.......................
988
46,298
General
Mills,
Inc.
........................
2,526
169,596
Hormel
Foods
Corp.
.......................
1,536
49,321
Kellanova
..............................
1,396
81,177
Kraft
Heinz
Co.
(The)
......................
1,423
50,104
McCormick
&
Co.,
Inc.
,
NVS
.................
214
16,480
412,976
a
Ground
Transportation
—
0
.9
%
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
167
9,090
Old
Dominion
Freight
Line,
Inc.
...............
243
51,073
Uber
Technologies,
Inc.
(a)
...................
787
50,738
110,901
a
Health
Care
Equipment
&
Supplies
—
0
.7
%
Hologic,
Inc.
(a)
...........................
848
69,205
Solventum
Corp.
(a)
(b)
.......................
216
12,718
81,923
a
Health
Care
Providers
&
Services
—
6
.0
%
Cardinal
Health,
Inc.
.......................
92
9,277
Cencora,
Inc.
...........................
418
99,434
Cigna
Group
(The)
........................
175
61,017
Elevance
Health,
Inc.
......................
167
88,849
Humana,
Inc.
...........................
143
51,710
McKesson
Corp.
.........................
291
179,553
Quest
Diagnostics,
Inc.
.....................
564
80,257
UnitedHealth
Group,
Inc.
....................
306
176,305
746,402
a
Hotels,
Restaurants
&
Leisure
—
1
.5
%
Domino's
Pizza,
Inc.
.......................
37
15,862
McDonald's
Corp.
........................
456
121,022
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Yum!
Brands,
Inc.
........................
385
$
51,140
188,024
a
Household
Products
—
3
.6
%
Church
&
Dwight
Co.,
Inc.
...................
478
46,849
Clorox
Co.
(The)
.........................
260
34,302
Colgate-Palmolive
Co.
.....................
1,677
166,341
Kimberly-Clark
Corp.
......................
529
71,441
Procter
&
Gamble
Co.
(The)
.................
809
130,055
448,988
a
Industrial
Conglomerates
—
0
.7
%
Honeywell
International,
Inc.
.................
393
80,467
a
Insurance
—
4
.7
%
Aon
PLC
,
Class
A
........................
21
6,899
Arthur
J
Gallagher
&
Co.
....................
109
30,900
Assurant,
Inc.
...........................
112
19,585
Marsh
&
McLennan
Companies,
Inc.
............
823
183,175
Progressive
Corp.
(The)
....................
681
145,816
Travelers
Companies,
Inc.
(The)
...............
825
178,563
Willis
Towers
Watson
PLC
...................
70
19,760
584,698
a
IT
Services
—
4
.8
%
Accenture
PLC
,
Class
A
....................
488
161,343
Akamai
Technologies,
Inc.
(a)
..................
442
43,440
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
503
38,067
Gartner,
Inc.
(a)
...........................
181
90,715
GoDaddy,
Inc.
,
Class
A
(a)
(b)
...................
131
19,054
International
Business
Machines
Corp.
..........
1,029
197,712
VeriSign,
Inc.
(a)
..........................
236
44,134
594,465
a
Machinery
—
0
.8
%
CNH
Industrial
N.V.
.......................
3,629
38,649
Otis
Worldwide
Corp.
......................
265
25,043
Xylem,
Inc.
.............................
267
35,644
99,336
a
Media
—
0
.1
%
Comcast
Corp.
,
Class
A
....................
267
11,019
a
Metals
&
Mining
—
1
.2
%
Newmont
Corp.
..........................
2,987
146,572
a
Multi-Utilities
—
3
.9
%
CMS
Energy
Corp.
........................
1,093
70,826
Consolidated
Edison,
Inc.
...................
1,696
165,394
Public
Service
Enterprise
Group,
Inc.
...........
2,374
189,374
Sempra
...............................
744
59,565
485,159
a
Oil,
Gas
&
Consumable
Fuels
—
3
.8
%
Chevron
Corp.
...........................
279
44,771
Hess
Corp.
.............................
1,152
176,740
Marathon
Petroleum
Corp.
..................
81
14,339
ONEOK,
Inc.
............................
1,434
119,495
Phillips
66
..............................
322
46,844
Targa
Resources
Corp.
.....................
524
70,887
473,076
a
Pharmaceuticals
—
4
.7
%
Bristol-Myers
Squibb
Co.
....................
620
29,487
Eli
Lilly
&
Co.
...........................
222
178,548
Johnson
&
Johnson
.......................
829
130,858
Merck
&
Co.,
Inc.
.........................
1,365
154,422
Security
Shares
Value
a
Pharmaceuticals
(continued)
Zoetis,
Inc.
,
Class
A
.......................
469
$
84,439
577,754
a
Professional
Services
—
1
.8
%
Automatic
Data
Processing,
Inc.
...............
627
164,663
Broadridge
Financial
Solutions,
Inc.
............
180
38,520
Leidos
Holdings,
Inc.
......................
92
13,285
216,468
a
Real
Estate
Management
&
Development
—
0
.5
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
507
57,144
a
Semiconductors
&
Semiconductor
Equipment
—
4
.0
%
First
Solar,
Inc.
(a)
.........................
129
27,863
Intel
Corp.
.............................
1,820
55,947
NVIDIA
Corp.
...........................
1,499
175,413
NXP
Semiconductors
NV
...................
187
49,211
Texas
Instruments,
Inc.
.....................
897
182,817
491,251
a
Software
—
10
.5
%
Adobe,
Inc.
(a)
............................
243
134,051
Aspen
Technology,
Inc.
(a)
....................
91
17,103
Atlassian
Corp.
,
Class
A
(a)
...................
75
13,243
Autodesk,
Inc.
(a)
..........................
96
23,762
Cadence
Design
Systems,
Inc.
(a)
..............
481
128,745
Fair
Isaac
Corp.
(a)
.........................
31
49,600
Gen
Digital,
Inc.
..........................
1,699
44,157
HubSpot,
Inc.
(a)
..........................
147
73,063
Intuit,
Inc.
..............................
37
23,952
Microsoft
Corp.
..........................
416
174,034
Oracle
Corp.
............................
820
114,349
PTC,
Inc.
(a)
.............................
537
95,505
Roper
Technologies,
Inc.
....................
312
169,962
Salesforce,
Inc.
..........................
299
77,381
ServiceNow,
Inc.
(a)
........................
22
17,917
Synopsys,
Inc.
(a)
.........................
81
45,224
Workday,
Inc.
,
Class
A
(a)
....................
385
87,441
1,289,489
a
Specialized
REITs
—
0
.7
%
Equinix,
Inc.
............................
105
82,975
a
Specialty
Retail
—
3
.2
%
AutoZone,
Inc.
(a)
.........................
17
53,273
Home
Depot,
Inc.
(The)
....................
446
164,199
Lowe's
Companies,
Inc.
....................
445
109,252
TJX
Companies,
Inc.
(The)
..................
61
6,894
Tractor
Supply
Co.
........................
127
33,442
Ulta
Beauty,
Inc.
(a)
........................
64
23,353
390,413
a
Technology
Hardware,
Storage
&
Peripherals
—
1
.8
%
Apple,
Inc.
.............................
297
65,958
Hewlett
Packard
Enterprise
Co.
...............
4,514
89,874
NetApp,
Inc.
............................
160
20,317
Seagate
Technology
Holdings
PLC
.............
480
49,041
225,190
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.4
%
Deckers
Outdoor
Corp.
(a)
....................
50
46,131
a
Trading
Companies
&
Distributors
—
3
.1
%
Fastenal
Co.
............................
127
8,985
Ferguson
PLC
...........................
841
187,249
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
the period
ended
July
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
WW
Grainger,
Inc.
........................
187
$
182,663
378,897
a
Water
Utilities
—
0
.2
%
American
Water
Works
Co.,
Inc.
...............
209
29,753
a
Wireless
Telecommunication
Services
—
1
.4
%
T-Mobile
U.S.,
Inc.
........................
919
167,515
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
11,881,336
)
.................................
12,303,414
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(c)
(d)
(e)
......................
58,588
$
58,612
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(c)
(d)
............................
18,866
18,866
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
77,477
)
....................................
77,478
Total
Investments
—
100.4%
(Cost:
$
11,958,813
)
.................................
12,380,892
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
48,054
)
Net
Assets
—
100.0%
.................................
$
12,332,838
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
106,858
$
—
$
(
48,226
)
(a)
$
(
21
)
$
1
$
58,612
58,588
$
211
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
12,074
6,792
(a)
—
—
—
18,866
18,866
1,281
—
$
(
21
)
$
1
$
77,478
$
1,492
$
—
(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.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
707
$
—
$
—
$
—
$
707
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
ESG
MSCI
USA
Min
Vol
Factor
ETF
6
2024
iShares
Annual
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
12,303,414
$
—
$
—
$
12,303,414
Short-Term
Securities
Money
Market
Funds
......................................
77,478
—
—
77,478
$
12,380,892
$
—
$
—
$
12,380,892
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
2
.5
%
General
Dynamics
Corp.
....................
50,520
$
15,090,829
Lockheed
Martin
Corp.
.....................
403,625
218,732,460
Northrop
Grumman
Corp.
...................
759,103
367,648,765
RTX
Corp.
.............................
187,617
22,043,121
623,515,175
a
Banks
—
0
.9
%
First
Citizens
BancShares,
Inc.
,
Class
A
..........
104,063
217,251,284
a
Beverages
—
2
.0
%
Coca-Cola
Co.
(The)
......................
398,183
26,574,733
Keurig
Dr
Pepper,
Inc.
.....................
4,923,584
168,780,460
PepsiCo,
Inc.
...........................
1,689,733
291,766,197
487,121,390
a
Biotechnology
—
6
.1
%
AbbVie,
Inc.
............................
1,631,945
302,432,047
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
240,444
57,095,832
Amgen,
Inc.
............................
549,783
182,786,354
BioMarin
Pharmaceutical,
Inc.
(a)
...............
934,091
78,771,894
Gilead
Sciences,
Inc.
......................
2,803,190
213,210,631
Incyte
Corp.
(a)
...........................
1,956,295
127,296,116
Neurocrine
Biosciences,
Inc.
(a)
(b)
...............
709,033
100,377,802
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
207,513
223,945,955
United
Therapeutics
Corp.
(a)
..................
98,673
30,913,264
Vertex
Pharmaceuticals,
Inc.
(a)
................
401,301
198,932,932
1,515,762,827
a
Broadline
Retail
—
0
.3
%
Amazon.com,
Inc.
(a)
.......................
174,183
32,568,737
MercadoLibre,
Inc.
(a)
.......................
24,372
40,674,431
73,243,168
a
Capital
Markets
—
1
.7
%
Cboe
Global
Markets,
Inc.
...................
1,082,114
198,578,740
CME
Group,
Inc.
,
Class
A
...................
607,295
117,639,114
Intercontinental
Exchange,
Inc.
...............
467,377
70,835,658
Tradeweb
Markets,
Inc.
,
Class
A
...............
378,389
42,258,484
429,311,996
a
Chemicals
—
0
.6
%
Corteva,
Inc.
............................
1,683,411
94,439,357
Linde
PLC
.............................
95,019
43,091,117
137,530,474
a
Commercial
Services
&
Supplies
—
4
.8
%
Republic
Services,
Inc.
.....................
1,920,961
373,281,142
Rollins,
Inc.
.............................
1,914,549
91,726,043
Waste
Connections,
Inc.
....................
2,169,072
385,595,929
Waste
Management,
Inc.
....................
1,719,491
348,472,046
1,199,075,160
a
Communications
Equipment
—
4
.1
%
Arista
Networks,
Inc.
(a)
.....................
198,499
68,789,829
Cisco
Systems,
Inc.
.......................
6,720,145
325,591,025
F5,
Inc.
(a)
..............................
602,973
122,789,422
Juniper
Networks,
Inc.
.....................
3,326,558
125,377,971
Motorola
Solutions,
Inc.
....................
968,849
386,493,243
1,029,041,490
a
Consumer
Staples
Distribution
&
Retail
—
2
.1
%
Kroger
Co.
(The)
.........................
2,726,464
148,592,288
Walmart,
Inc.
............................
5,362,831
368,104,720
516,697,008
a
Security
Shares
Value
a
Containers
&
Packaging
—
0
.2
%
Packaging
Corp.
of
America
.................
218,464
$
43,664,400
a
Diversified
Telecommunication
Services
—
2
.0
%
AT&T,
Inc.
..............................
8,551,912
164,624,306
Verizon
Communications,
Inc.
................
8,406,250
340,621,250
505,245,556
a
Electric
Utilities
—
3
.8
%
Alliant
Energy
Corp.
.......................
415,449
23,123,891
American
Electric
Power
Co.,
Inc.
..............
1,053,750
103,393,950
Duke
Energy
Corp.
.......................
3,431,895
375,003,167
Southern
Co.
(The)
.......................
3,997,868
333,901,935
Xcel
Energy,
Inc.
.........................
1,730,792
100,870,558
936,293,501
a
Electronic
Equipment,
Instruments
&
Components
—
3
.3
%
Amphenol
Corp.
,
Class
A
...................
5,291,305
340,019,259
CDW
Corp.
.............................
529,980
115,593,938
Corning,
Inc.
............................
1,728,231
69,146,522
Keysight
Technologies,
Inc.
(a)
.................
941,453
131,398,595
TE
Connectivity
Ltd.
.......................
118,239
18,247,825
Teledyne
Technologies,
Inc.
(a)
(b)
...............
318,844
134,507,530
808,913,669
a
Entertainment
—
1
.2
%
Electronic
Arts,
Inc.
.......................
1,398,764
211,129,438
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
1,010,923
81,753,343
292,882,781
a
Financial
Services
—
3
.5
%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
864,494
379,080,619
Fiserv,
Inc.
(a)
(b)
...........................
842,127
137,746,713
Mastercard,
Inc.
,
Class
A
....................
351,056
162,788,178
Visa,
Inc.
,
Class
A
........................
749,233
199,048,731
878,664,241
a
Food
Products
—
4
.0
%
Campbell
Soup
Co.
.......................
1,987,374
93,128,346
General
Mills,
Inc.
........................
2,733,293
183,513,292
Hershey
Co.
(The)
........................
453,924
89,640,911
Hormel
Foods
Corp.
.......................
1,803,407
57,907,399
Kellanova
..............................
2,601,781
151,293,565
Kraft
Heinz
Co.
(The)
......................
3,196,608
112,552,568
Mondelez
International,
Inc.
,
Class
A
............
1,802,329
123,189,187
Tyson
Foods,
Inc.
,
Class
A
..................
2,937,404
178,887,904
990,113,172
a
Gas
Utilities
—
0
.0
%
Atmos
Energy
Corp.
.......................
100,665
12,873,040
a
Ground
Transportation
—
0
.5
%
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
297,498
16,192,816
Uber
Technologies,
Inc.
(a)
...................
1,679,417
108,272,014
124,464,830
a
Health
Care
Equipment
&
Supplies
—
1
.0
%
Abbott
Laboratories
.......................
202,356
21,437,595
Becton
Dickinson
&
Co.
....................
656,927
158,358,822
Hologic,
Inc.
(a)
...........................
536,575
43,789,886
Medtronic
PLC
..........................
409,501
32,891,120
256,477,423
a
Health
Care
Providers
&
Services
—
5
.4
%
Cencora,
Inc.
...........................
721,556
171,643,741
Cigna
Group
(The)
........................
167,713
58,476,492
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
CVS
Health
Corp.
........................
208,073
$
12,553,044
Elevance
Health,
Inc.
......................
342,766
182,361,795
Humana,
Inc.
...........................
377,516
136,513,561
McKesson
Corp.
.........................
574,239
354,316,948
Molina
Healthcare,
Inc.
(a)
....................
167,293
57,092,082
Quest
Diagnostics,
Inc.
.....................
172,883
24,601,251
UnitedHealth
Group,
Inc.
....................
606,209
349,273,377
1,346,832,291
a
Hotels,
Restaurants
&
Leisure
—
1
.9
%
Domino's
Pizza,
Inc.
.......................
111,362
47,740,890
McDonald's
Corp.
........................
1,118,467
296,841,142
Yum!
Brands,
Inc.
........................
989,092
131,381,090
475,963,122
a
Household
Durables
—
0
.3
%
Garmin
Ltd.
.............................
408,974
70,036,797
a
Household
Products
—
2
.3
%
Church
&
Dwight
Co.,
Inc.
...................
931,518
91,298,079
Colgate-Palmolive
Co.
.....................
1,146,817
113,752,778
Kimberly-Clark
Corp.
......................
405,001
54,695,385
Procter
&
Gamble
Co.
(The)
.................
1,877,598
301,842,655
561,588,897
a
Industrial
Conglomerates
—
0
.2
%
Honeywell
International,
Inc.
.................
281,351
57,606,617
a
Insurance
—
10
.6
%
American
Financial
Group,
Inc.
...............
655,844
85,889,330
Aon
PLC
,
Class
A
........................
365,192
119,969,224
Arch
Capital
Group
Ltd.
(a)
...................
1,856,843
177,848,423
Arthur
J
Gallagher
&
Co.
....................
1,131,613
320,800,969
Assurant,
Inc.
...........................
381,256
66,670,237
Chubb
Ltd.
.............................
1,351,782
372,632,226
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
260,533
114,934,133
Everest
Group
Ltd.
........................
305,455
120,004,106
Hartford
Financial
Services
Group,
Inc.
(The)
......
270,174
29,967,700
Loews
Corp.
............................
882,979
70,594,171
Markel
Group,
Inc.
(a)
.......................
53,288
87,331,039
Marsh
&
McLennan
Companies,
Inc.
............
1,312,316
292,082,172
Progressive
Corp.
(The)
....................
1,710,868
366,331,056
Travelers
Companies,
Inc.
(The)
...............
1,153,108
249,578,695
W
R
Berkley
Corp.
........................
1,330,498
73,350,355
Willis
Towers
Watson
PLC
...................
318,770
89,982,396
2,637,966,232
a
Interactive
Media
&
Services
—
0
.2
%
Alphabet,
Inc.
,
Class
C
,
NVS
.................
237,299
41,088,322
a
IT
Services
—
6
.0
%
Accenture
PLC
,
Class
A
....................
949,639
313,969,646
Akamai
Technologies,
Inc.
(a)
(b)
.................
1,180,682
116,037,427
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
2,587,509
195,822,681
Gartner,
Inc.
(a)
...........................
174,646
87,530,829
GoDaddy,
Inc.
,
Class
A
(a)
....................
1,388,072
201,895,072
International
Business
Machines
Corp.
..........
2,065,035
396,775,825
VeriSign,
Inc.
(a)
..........................
931,612
174,220,760
1,486,252,240
a
Machinery
—
0
.1
%
Otis
Worldwide
Corp.
......................
171,389
16,196,261
a
Media
—
0
.4
%
Comcast
Corp.
,
Class
A
....................
2,401,175
99,096,492
a
Security
Shares
Value
a
Metals
&
Mining
—
0
.5
%
Newmont
Corp.
..........................
2,801,284
$
137,459,006
a
Multi-Utilities
—
2
.7
%
Ameren
Corp.
...........................
688,970
54,614,652
CMS
Energy
Corp.
........................
740,088
47,957,702
Consolidated
Edison,
Inc.
...................
3,037,324
296,199,837
Dominion
Energy,
Inc.
......................
1,036,741
55,424,174
DTE
Energy
Co.
.........................
426,076
51,354,940
WEC
Energy
Group,
Inc.
....................
2,042,936
175,815,072
681,366,377
a
Oil,
Gas
&
Consumable
Fuels
—
2
.8
%
Chevron
Corp.
...........................
553,294
88,787,088
Diamondback
Energy,
Inc.
...................
798,833
161,611,904
EOG
Resources,
Inc.
......................
329,853
41,825,360
Exxon
Mobil
Corp.
........................
999,638
118,547,071
Marathon
Petroleum
Corp.
..................
893,259
158,124,708
Occidental
Petroleum
Corp.
..................
643,054
39,110,544
Phillips
66
..............................
113,358
16,491,322
Valero
Energy
Corp.
.......................
89,344
14,448,712
Williams
Companies,
Inc.
(The)
...............
1,358,767
58,345,455
697,292,164
a
Pharmaceuticals
—
4
.6
%
Bristol-Myers
Squibb
Co.
....................
2,186,809
104,004,636
Eli
Lilly
&
Co.
...........................
446,011
358,713,267
Johnson
&
Johnson
.......................
2,008,875
317,100,918
Merck
&
Co.,
Inc.
.........................
2,739,537
309,923,821
Pfizer,
Inc.
.............................
2,126,385
64,939,798
1,154,682,440
a
Professional
Services
—
1
.0
%
Automatic
Data
Processing,
Inc.
...............
78,742
20,679,224
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
731,786
104,872,252
Broadridge
Financial
Solutions,
Inc.
............
59,638
12,762,532
Verisk
Analytics,
Inc.
.......................
389,930
102,064,177
240,378,185
a
Semiconductors
&
Semiconductor
Equipment
—
3
.6
%
Analog
Devices,
Inc.
.......................
282,844
65,444,445
Broadcom,
Inc.
..........................
1,874,236
301,152,240
First
Solar,
Inc.
(a)
.........................
82,149
17,743,363
NVIDIA
Corp.
...........................
1,184,742
138,638,509
Texas
Instruments,
Inc.
.....................
1,800,020
366,862,076
889,840,633
a
Software
—
7
.0
%
Aspen
Technology,
Inc.
(a)
(b)
...................
246,816
46,389,067
Cadence
Design
Systems,
Inc.
(a)
..............
153,947
41,205,454
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
140,980
32,701,721
Fair
Isaac
Corp.
(a)
.........................
67,375
107,800,000
Gen
Digital,
Inc.
..........................
3,143,094
81,689,013
HubSpot,
Inc.
(a)
(b)
.........................
92,997
46,222,299
Microsoft
Corp.
..........................
834,941
349,297,567
Oracle
Corp.
............................
1,803,597
251,511,602
PTC,
Inc.
(a)
(b)
............................
711,518
126,543,476
Roper
Technologies,
Inc.
....................
618,203
336,766,084
Salesforce,
Inc.
..........................
42,017
10,874,000
ServiceNow,
Inc.
(a)
........................
191,330
155,817,239
Synopsys,
Inc.
(a)
.........................
89,157
49,778,136
Workday,
Inc.
,
Class
A
(a)
....................
433,288
98,408,371
1,735,004,029
a
Specialty
Retail
—
2
.5
%
AutoZone,
Inc.
(a)
(b)
........................
82,339
258,024,901
Home
Depot,
Inc.
(The)
....................
189,583
69,796,877
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Specialty
Retail
(continued)
O'Reilly
Automotive,
Inc.
(a)
...................
146,905
$
165,464,978
TJX
Companies,
Inc.
(The)
..................
973,896
110,069,726
Ulta
Beauty,
Inc.
(a)
........................
31,233
11,396,609
614,753,091
a
Technology
Hardware,
Storage
&
Peripherals
—
1
.5
%
Apple,
Inc.
.............................
1,130,817
251,131,839
Dell
Technologies,
Inc.
,
Class
C
...............
227,042
25,810,135
NetApp,
Inc.
............................
466,153
59,192,108
Seagate
Technology
Holdings
PLC
.............
432,299
44,167,989
380,302,071
a
Wireless
Telecommunication
Services
—
1
.6
%
T-Mobile
U.S.,
Inc.
........................
2,179,495
397,278,349
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
21,772,373,591
)
..............................
24,799,126,201
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(c)
(d)
(e)
......................
3,512,390
$
3,513,795
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(c)
(d)
............................
33,167,263
33,167,263
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
36,676,141
)
.................................
36,681,058
Total
Investments
—
99.9%
(Cost:
$
21,809,049,732
)
..............................
24,835,807,259
Other
Assets
Less
Liabilities
—
0
.1
%
.....................
19,734,395
Net
Assets
—
100.0%
.................................
$
24,855,541,654
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
128,134,115
$
—
$
(
124,680,762
)
(a)
$
124,211
$
(
63,769
)
$
3,513,795
3,512,390
$
782,947
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
51,122,900
—
(
17,955,637
)
(a)
—
—
33,167,263
33,167,263
2,831,954
—
$
124,211
$
(
63,769
)
$
36,681,058
$
3,614,901
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
.........................................................
302
09/20/24
$
10,963
$
669,022
E-Mini
S&P
500
Index
..................................................................
139
09/20/24
38,628
(
57,669
)
$
611,353
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Min
Vol
Factor
ETF
10
2024
iShares
Annual
Financial
Statements
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
July
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
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)
.............
$
—
$
—
$
669,022
$
—
$
—
$
—
$
669,022
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
57,669
$
—
$
—
$
—
$
57,669
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
10,657,717
$
—
$
—
$
—
$
10,657,717
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
1,211,010
)
$
—
$
—
$
—
$
(
1,211,010
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
50,936,231
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
24,799,126,201
$
—
$
—
$
24,799,126,201
Short-Term
Securities
Money
Market
Funds
......................................
36,681,058
—
—
36,681,058
$
24,835,807,259
$
—
$
—
$
24,835,807,259
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
669,022
$
—
$
—
$
669,022
Liabilities
Equity
Contracts
...........................................
(
57,669
)
—
—
(
57,669
)
$
611,353
$
—
$
—
$
611,353
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
11
Statements
of
Assets
and
Liabilities
Statements
of
Assets
and
Liabilities
July
31,
2024
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
iShares
MSCI
USA
Min
Vol
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................
$
12,303,414
$
24,799,126,201
Investments,
at
value
—
affiliated
(c)
.......................................................................
77,478
36,681,058
Cash
...........................................................................................
1,086
363
Cash
pledged:
Futures
contracts
.................................................................................
—
2,728,000
Receivables:
Securities
lending
income
—
affiliated
...................................................................
8
8,531
Capital
shares
sold
................................................................................
—
53,672
Dividends
—
unaffiliated
............................................................................
11,204
22,844,618
Dividends
—
affiliated
..............................................................................
102
160,394
Variation
margin
on
futures
contracts
....................................................................
—
567,045
Total
assets
......................................................................................
12,393,292
24,862,169,882
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
58,611
3,526,575
Payables:
Investment
advisory
fees
............................................................................
1,843
3,101,653
Total
liabilities
.....................................................................................
60,454
6,628,228
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................
$
12,332,838
$
24,855,541,654
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
12,391,617
$
24,587,026,622
Accumulated
earnings
(loss)
...........................................................................
(
58,779
)
268,515,032
NET
ASSETS
.....................................................................................
$
12,332,838
$
24,855,541,654
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
450,000
285,600,000
Net
asset
value
....................................................................................
$
27.41
$
87.03
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
59,035
$
3,465,509
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
11,881,336
$
21,772,373,591
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
77,477
$
36,676,141
12
2024
iShares
Annual
Financial
Statements
Statements
of
Operations
Year
Ended
July
31,
2024
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
iShares
MSCI
USA
Min
Vol
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
207,006
$
516,225,976
Dividends
—
affiliated
..............................................................................
1,281
2,831,954
Interest
—
unaffiliated
..............................................................................
107
590,024
Securities
lending
income
—
affiliated
—
net
...............................................................
211
782,947
Foreign
taxes
withheld
.............................................................................
(
104
)
(
454,015
)
Total
investment
income
..............................................................................
208,501
519,976,886
EXPENSES
Investment
advisory
...............................................................................
18,611
39,249,715
Interest
expense
.................................................................................
3
4
Total
expenses
....................................................................................
18,614
39,249,719
Net
investment
income
...............................................................................
189,887
480,727,167
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
120,496
)
(
56,443,535
)
Investments
—
affiliated
...........................................................................
(
21
)
124,211
Futures
contracts
...............................................................................
707
10,657,717
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
1,208,988
3,066,226,924
1,089,178
3,020,565,317
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
209,142
689,241,551
Investments
—
affiliated
...........................................................................
1
(
63,769
)
Futures
contracts
...............................................................................
—
(
1,211,010
)
209,143
687,966,772
Net
realized
and
unrealized
gain
........................................................................
1,298,321
3,708,532,089
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................
$
1,488,208
$
4,189,259,256
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
13
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
iShares
MSCI
USA
Min
Vol
Factor
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/24
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
189,887
$
103,183
$
480,727,167
$
500,083,899
Net
realized
gain
(loss)
.........................................
1,089,178
(
229,821
)
3,020,565,317
1,112,154,857
Net
change
in
unrealized
appreciation
(depreciation)
.....................
209,143
503,602
687,966,772
(
442,618,740
)
Net
increase
in
net
assets
resulting
from
operations
........................
1,488,208
376,964
4,189,259,256
1,169,620,016
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
184,820
)
(
96,930
)
(
492,006,477
)
(
511,852,164
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
2,565,027
3,548,303
(
7,647,964,938
)
(
504,311,560
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
3,868,415
3,828,337
(
3,950,712,159
)
153,456,292
Beginning
of
year
...............................................
8,464,423
4,636,086
28,806,253,813
28,652,797,521
End
of
year
...................................................
$
12,332,838
$
8,464,423
$
24,855,541,654
$
28,806,253,813
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
14
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Period
From
11/02/21
(a)
to
07/31/22
Net
asset
value,
beginning
of
period
......................................................
$
24.18
$
23.18
$
25.11
Net
investment
income
(b)
..............................................................
0
.46
0
.43
0
.27
Net
realized
and
unrealized
gain
(loss)
(c)
....................................................
3
.22
0
.98
(
1
.98
)
Net
increase
(decrease)
from
investment
operations
.............................................
3
.68
1
.41
(
1
.71
)
Distributions
from
net
investment
income
(d)
....................................................
(
0
.45
)
(
0
.41
)
(
0
.22
)
Net
asset
value,
end
of
period
...........................................................
$
27.41
$
24.18
$
23.18
Total
Return
(e)
–
–
–
Based
on
net
asset
value
...............................................................
15.40
%
6
.27
%
(
6
.83
)
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
–
–
Total
expenses
......................................................................
0
.18
%
0
.18
%
0
.18
%
(h)
Net
investment
income
.................................................................
1
.84
%
1
.86
%
1
.51
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................
$
12,333
$
8,464
$
4,636
Portfolio
turnover
rate
(i)
.................................................................
24
%
21
%
31
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
15
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Min
Vol
Factor
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
..........................
$
75.33
$
73.77
$
76.19
$
63.37
$
62.75
Net
investment
income
(a)
................................
1
.44
1
.25
1
.13
1
.08
1
.29
Net
realized
and
unrealized
gain
(loss)
(b)
......................
11.74
1
.59
(
2
.52
)
12.84
0
.62
Net
increase
(decrease)
from
investment
operations
...............
13.18
2
.84
(
1
.39
)
13.92
1
.91
Distributions
from
net
investment
income
(c)
......................
(
1
.48
)
(
1
.28
)
(
1
.03
)
(
1
.10
)
(
1
.29
)
Net
asset
value,
end
of
year
..............................
$
87.03
$
75.33
$
73.77
$
76.19
$
63.37
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
17.73
%
3
.97
%
(
1
.85
)
%
22.23
%
3
.18
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
...................................
1
.84
%
1
.72
%
1
.50
%
1
.59
%
2
.06
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
24,855,542
$
28,806,254
$
28,652,798
$
28,470,987
$
34,512,060
Portfolio
turnover
rate
(f)
...................................
25
%
23
%
20
%
23
%
22
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
16
2024
iShares
Annual
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
July
31,
2024,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Bank
Overdraft:
The
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period. The
Funds
are obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
iShares
ETF
Diversification
Classification
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
Non-diversified
MSCI
USA
Min
Vol
Factor
...............................................................................................
Diversified
Notes
to
Financial
Statements
(
continued)
17
Notes
to
Financial
Statements
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
Notes
to
Financial
Statements
(continued)
18
2024
iShares
Annual
Financial
Statements
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:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
ESG
MSCI
USA
Min
Vol
Factor
Barclays
Bank
PLC
...........................................
$
47,259
$
(46,846
)
$
—
$
413
BofA
Securities,
Inc.
..........................................
11,776
(11,766
)
—
10
$
59,035
$
(58,612
)
$
—
$
423
a
MSCI
USA
Min
Vol
Factor
BMO
Capital
Markets
Corp.
.....................................
49,703
(49,620
)
—
83
BNP
Paribas
SA
.............................................
560,196
(560,196
)
—
—
BofA
Securities,
Inc.
..........................................
1,551,449
(1,551,449
)
—
—
Jefferies
LLC
...............................................
313,369
(313,369
)
—
—
National
Financial
Services
LLC
..................................
464,046
(464,046
)
—
—
Toronto-Dominion
Bank
........................................
526,746
(526,746
)
—
—
$
3,465,509
$
(3,465,426
)
$
—
$
83
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
July
31,
2024.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(
continued)
19
Notes
to
Financial
Statements
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The
Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
redemption
fee,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
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 July
31,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
year
ended
July
31,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year
ended
July
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
iShares
ETF
Investment
Advisory
Fees
ESG
MSCI
USA
Min
Vol
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.18%
MSCI
USA
Min
Vol
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
iShares
ETF
Amounts
ESG
MSCI
USA
Min
Vol
Factor
..........................................................................................
$
66
MSCI
USA
Min
Vol
Factor
..............................................................................................
227,956
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Min
Vol
Factor
..........................................................
$
781,685,911
$
564,372,312
$
(31,808,324
)
iShares
ETF
Purchases
Sales
ESG
MSCI
USA
Min
Vol
Factor
........................................................................
$
2,591,191
$
2,525,631
MSCI
USA
Min
Vol
Factor
............................................................................
6,507,409,441
6,392,712,006
Notes
to
Financial
Statements
(continued)
20
2024
iShares
Annual
Financial
Statements
For
the year ended
July
31,
2024,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
July
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
July
31,
2024,
permanent
differences
attributable
to realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
July
31,
2024,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
As
of
July
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
iShares
ETF
In-kind
Purchases
In-kind
Sales
ESG
MSCI
USA
Min
Vol
Factor
........................................................................
$
20,304,576
$
17,729,813
MSCI
USA
Min
Vol
Factor
............................................................................
8,377,740,055
15,950,846,661
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
ESG
MSCI
USA
Min
Vol
Factor
........................................................................
$
1,203,897
$
(1,203,897
)
MSCI
USA
Min
Vol
Factor
............................................................................
3,048,548,906
(3,048,548,906
)
iShares
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
ESG
MSCI
USA
Min
Vol
Factor
Ordinary
income
..........................................................................................
$
184,820
$
96,930
MSCI
USA
Min
Vol
Factor
Ordinary
income
..........................................................................................
$
492,006,477
$
511,852,164
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
ESG
MSCI
USA
Min
Vol
Factor
....................................
$
21,870
$
(491,613
)
$
410,964
$
(58,779
)
MSCI
USA
Min
Vol
Factor
........................................
46,347,973
(2,772,795,428
)
2,994,962,487
268,515,032
(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
and
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
ESG
MSCI
USA
Min
Vol
Factor
....................................
$
11,969,928
$
794,072
$
(383,108
)
$
410,964
MSCI
USA
Min
Vol
Factor
........................................
21,840,844,772
3,732,730,933
(737,768,446
)
2,994,962,487
Notes
to
Financial
Statements
(
continued)
21
Notes
to
Financial
Statements
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Funds
invest.
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
07/31/24
Year
Ended
07/31/23
iShares
ETF
Shares
Amount
Shares
Amount
ESG
MSCI
USA
Min
Vol
Factor
Shares
sold
...............................................
800,000
$
20,374,397
150,000
$
3,548,303
Shares
redeemed
...........................................
(700,000
)
(17,809,370
)
—
—
100,000
$
2,565,027
150,000
$
3,548,303
Notes
to
Financial
Statements
(continued)
22
2024
iShares
Annual
Financial
Statements
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at
their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Funds’
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
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
07/31/24
Year
Ended
07/31/23
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Min
Vol
Factor
Shares
sold
...............................................
112,400,000
$
8,513,720,233
108,200,000
$
7,737,374,222
Shares
redeemed
...........................................
(209,200,000
)
(16,161,685,171
)
(114,200,000
)
(8,241,685,782
)
(96,800,000
)
$
(7,647,964,938
)
(6,000,000
)
$
(504,311,560
)
Report
of
Independent
Registered
Public
Accounting
Firm
23
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the two funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(two
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
July
31,
2024,
the
related
statements
of
operations
for
the
year
ended
July
31,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(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
July
31,
2024,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
therein
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
July
31,
2024
by
correspondence
with
the
custodian,
transfer
agent
and
broker.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2024
We
have
served
as
the
auditor
of
one
or
more
Blackrock
investment
companies
since
2000.
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
iShares
MSCI
USA
Min
Vol
Factor
ETF
Important
Tax
Information
(unaudited)
24
2024
iShares
Annual
Financial
Statements
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2024
:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
July
31,
2024
:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
July
31,
2024
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
$
197,587
MSCI
USA
Min
Vol
Factor
...............................................................................................
509,029,487
iShares
ETF
Qualified
Business
Income
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
$
2,274
MSCI
USA
Min
Vol
Factor
...............................................................................................
391,397
iShares
ETF
Dividends-Received
Deduction
ESG
MSCI
USA
Min
Vol
Factor
...........................................................................................
99
.59
%
MSCI
USA
Min
Vol
Factor
...............................................................................................
100
.00
Additional
Information
25
Additional
Information
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
.
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.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust's policies
and
procedures
with
respect
to
the
disclosure
of
the
Funds'
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses its
portfolio
holdings
daily
and
provide
information
regarding its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
26
2024
iShares
Annual
Financial
Statements
iShares
ESG
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
27
Board
Review
and
Approval
of
Investment
Advisory
Contract
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
28
2024
iShares
Annual
Financial
Statements
iShares
MSCI
USA
Min
Vol
Factor
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund
:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
29
Board
Review
and
Approval
of
Investment
Advisory
Contract
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates
:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion
:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Glossary
of
Terms
Used
in
this
Report
30
2024
iShares
Annual
Financial
Statements
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
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
MSCI
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.
July
31,
2024
2024
Annual
Financial
Statements
iShares
Trust
iShares
MSCI
USA
Momentum
Factor
ETF
|
MTUM
|
Cboe
BZX
iShares
MSCI
USA
Quality
Factor
ETF
|
QUAL
|
Cboe
BZX
iShares
MSCI
USA
Size
Factor
ETF
|
SIZE
|
NYSE
Arca
iShares
MSCI
USA
Value
Factor
ETF
|
VLUE
|
Cboe
BZX
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
23
Statements
of
Operations
.................................................................................................
24
Statements
of
Changes
in
Net
Assets
..........................................................................................
25
Financial
Highlights
.....................................................................................................
27
Notes
to
Financial
Statements
...............................................................................................
31
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
39
Important
Tax
Information
(unaudited)
.................................................................................................
40
Additional
Information
...................................................................................................
41
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
42
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
44
iShares
®
MSCI
USA
Momentum
Factor
ETF
Schedule
of
Investments
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
4
.8
%
Axon
Enterprise,
Inc.
(a)
(b)
....................
51,154
$
15,346,712
General
Dynamics
Corp.
....................
135,776
40,557,649
General
Electric
Co.
.......................
1,857,010
316,063,102
Howmet
Aerospace,
Inc.
....................
338,569
32,401,053
TransDigm
Group,
Inc.
.....................
60,849
78,751,993
483,120,509
a
Automobiles
—
0
.3
%
General
Motors
Co.
.......................
768,054
34,040,153
a
Banks
—
7
.9
%
Citigroup,
Inc.
...........................
1,707,929
110,810,434
Fifth
Third
Bancorp
.......................
387,613
16,411,534
JPMorgan
Chase
&
Co.
....................
2,238,115
476,270,872
Wells
Fargo
&
Co.
........................
3,312,015
196,534,970
800,027,810
a
Biotechnology
—
0
.1
%
Neurocrine
Biosciences,
Inc.
(a)
................
47,016
6,656,055
a
Broadline
Retail
—
4
.5
%
Amazon.com,
Inc.
(a)
.......................
2,437,798
455,819,470
a
Building
Products
—
1
.8
%
Builders
FirstSource,
Inc.
(a)
..................
136,425
22,833,452
Carlisle
Companies,
Inc.
....................
42,722
17,882,575
Lennox
International,
Inc.
...................
43,226
25,222,371
Owens
Corning
..........................
74,605
13,904,880
Trane
Technologies
PLC
....................
296,802
99,214,972
179,058,250
a
Capital
Markets
—
1
.9
%
Ares
Management
Corp.
,
Class
A
..............
137,411
21,051,365
Carlyle
Group,
Inc.
(The)
....................
150,553
7,488,506
Coinbase
Global,
Inc.
,
Class
A
(a)
(b)
..............
255,491
57,321,961
KKR
&
Co.,
Inc.
..........................
657,159
81,126,278
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
447,265
9,200,241
Tradeweb
Markets,
Inc.
,
Class
A
...............
153,517
17,144,779
193,333,130
a
Commercial
Services
&
Supplies
—
2
.1
%
Cintas
Corp.
............................
73,161
55,890,614
Copart,
Inc.
(a)
...........................
952,248
49,831,138
Republic
Services,
Inc.
.....................
174,552
33,918,945
Veralto
Corp.
............................
127,233
13,557,948
Waste
Management,
Inc.
....................
300,871
60,974,517
214,173,162
a
Communications
Equipment
—
1
.1
%
Arista
Networks,
Inc.
(a)
.....................
324,372
112,411,117
a
Construction
&
Engineering
—
0
.6
%
EMCOR
Group,
Inc.
.......................
60,753
22,809,106
Quanta
Services,
Inc.
(b)
.....................
130,874
34,731,342
57,540,448
a
Construction
Materials
—
0
.6
%
Martin
Marietta
Materials,
Inc.
................
55,731
33,067,989
Vulcan
Materials
Co.
......................
88,593
24,319,664
57,387,653
a
Consumer
Finance
—
1
.6
%
Ally
Financial,
Inc.
........................
167,518
7,539,985
American
Express
Co.
.....................
583,367
147,615,186
Security
Shares
Value
a
Consumer
Finance
(continued)
Synchrony
Financial
.......................
202,996
$
10,310,167
165,465,338
a
Consumer
Staples
Distribution
&
Retail
—
3
.2
%
Costco
Wholesale
Corp.
....................
385,535
316,909,770
a
Electric
Utilities
—
1
.1
%
Constellation
Energy
Corp.
..................
513,269
97,418,456
NRG
Energy,
Inc.
.........................
233,819
17,576,174
114,994,630
a
Electrical
Equipment
—
2
.3
%
Eaton
Corp.
PLC
.........................
587,987
179,212,558
Hubbell,
Inc.
............................
24,702
9,773,346
Vertiv
Holdings
Co.
,
Class
A
.................
569,555
44,823,979
233,809,883
a
Electronic
Equipment,
Instruments
&
Components
—
1
.2
%
Amphenol
Corp.
,
Class
A
...................
1,517,460
97,511,980
CDW
Corp.
.............................
115,586
25,210,462
122,722,442
a
Entertainment
—
2
.3
%
Netflix,
Inc.
(a)
............................
374,962
235,607,373
a
Financial
Services
—
1
.3
%
Apollo
Global
Management,
Inc.
...............
393,838
49,351,840
Corpay,
Inc.
(a)
(b)
..........................
26,384
7,699,379
Fiserv,
Inc.
(a)
............................
433,769
70,951,595
Toast,
Inc.
,
Class
A
(a)
(b)
.....................
275,770
7,214,143
135,216,957
a
Ground
Transportation
—
1
.3
%
Uber
Technologies,
Inc.
(a)
...................
2,007,648
129,433,067
a
Health
Care
Equipment
&
Supplies
—
2
.2
%
Boston
Scientific
Corp.
(a)
....................
1,490,175
110,094,129
Intuitive
Surgical,
Inc.
(a)
.....................
247,056
109,843,568
219,937,697
a
Health
Care
Providers
&
Services
—
1
.2
%
Cencora,
Inc.
...........................
137,472
32,701,839
DaVita,
Inc.
(a)
(b)
..........................
47,374
6,472,236
McKesson
Corp.
.........................
132,591
81,811,299
120,985,374
a
Hotels,
Restaurants
&
Leisure
—
2
.4
%
Chipotle
Mexican
Grill,
Inc.
(a)
.................
1,411,345
76,664,261
Domino's
Pizza,
Inc.
.......................
27,333
11,717,657
DoorDash,
Inc.
,
Class
A
(a)
...................
315,036
34,880,786
DraftKings,
Inc.
,
Class
A
(a)
...................
393,035
14,522,643
Hilton
Worldwide
Holdings,
Inc.
...............
159,414
34,221,403
Marriott
International,
Inc.
,
Class
A
.............
152,500
34,663,250
Royal
Caribbean
Cruises
Ltd.
(a)
(b)
..............
244,769
38,360,198
245,030,198
a
Household
Durables
—
1
.4
%
DR
Horton,
Inc.
..........................
212,522
38,239,083
Garmin
Ltd.
.............................
102,742
17,594,568
Lennar
Corp.
,
Class
A
......................
165,370
29,258,914
NVR,
Inc.
(a)
.............................
2,041
17,567,867
PulteGroup,
Inc.
.........................
264,568
34,922,976
137,583,408
a
Independent
Power
and
Renewable
Electricity
Producers
—
0
.4
%
Vistra
Corp.
............................
519,503
41,155,028
a
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Momentum
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Insurance
—
2
.6
%
Allstate
Corp.
(The)
.......................
185,604
$
31,760,556
Assurant,
Inc.
...........................
49,165
8,597,484
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
23,727
10,467,166
Fidelity
National
Financial,
Inc.
................
113,165
6,270,473
Hartford
Financial
Services
Group,
Inc.
(The)
......
201,814
22,385,209
Loews
Corp.
............................
154,663
12,365,307
Progressive
Corp.
(The)
(b)
...................
638,537
136,723,542
Travelers
Companies,
Inc.
(The)
...............
124,094
26,858,905
W
R
Berkley
Corp.
........................
124,831
6,881,933
262,310,575
a
Interactive
Media
&
Services
—
4
.3
%
Meta
Platforms,
Inc.
,
Class
A
.................
915,535
434,723,484
a
IT
Services
—
2
.0
%
Gartner,
Inc.
(a)
...........................
44,167
22,136,059
GoDaddy,
Inc.
,
Class
A
(a)
....................
107,138
15,583,222
International
Business
Machines
Corp.
..........
851,684
163,642,564
201,361,845
a
Machinery
—
3
.5
%
Caterpillar,
Inc.
..........................
463,590
160,494,858
Ingersoll
Rand,
Inc.
(b)
......................
405,495
40,711,698
PACCAR,
Inc.
...........................
464,164
45,794,420
Parker-Hannifin
Corp.
......................
138,059
77,473,188
Westinghouse
Air
Brake
Technologies
Corp.
.......
184,150
29,675,773
354,149,937
a
Oil,
Gas
&
Consumable
Fuels
—
1
.1
%
Marathon
Petroleum
Corp.
..................
387,223
68,546,216
Phillips
66
..............................
295,382
42,972,173
111,518,389
a
Passenger
Airlines
—
0
.1
%
Delta
Air
Lines,
Inc.
.......................
127,035
5,465,046
a
Pharmaceuticals
—
5
.3
%
Eli
Lilly
&
Co.
...........................
662,267
532,641,480
a
Professional
Services
—
0
.3
%
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
121,357
17,391,671
Leidos
Holdings,
Inc.
......................
81,137
11,716,183
29,107,854
a
Semiconductors
&
Semiconductor
Equipment
—
22
.6
%
Advanced
Micro
Devices,
Inc.
(a)
...............
1,733,319
250,429,929
Applied
Materials,
Inc.
.....................
723,411
153,507,814
Broadcom,
Inc.
..........................
3,951,134
634,868,211
Entegris,
Inc.
............................
69,136
8,178,098
KLA
Corp.
..............................
134,300
110,538,301
Lam
Research
Corp.
......................
112,068
103,241,524
Micron
Technology,
Inc.
.....................
1,132,377
124,357,642
NVIDIA
Corp.
...........................
5,795,796
678,224,048
NXP
Semiconductors
NV
...................
203,548
53,565,692
QUALCOMM,
Inc.
........................
902,558
163,317,870
2,280,229,129
a
Software
—
6
.8
%
AppLovin
Corp.
,
Class
A
(a)
...................
175,353
13,519,716
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
313,608
72,744,512
Fair
Isaac
Corp.
(a)
(b)
.......................
28,539
45,662,400
Intuit,
Inc.
..............................
216,820
140,358,427
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
16,776
27,083,845
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
1,431,744
38,499,596
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
347,897
112,972,593
PTC,
Inc.
(a)
.............................
92,890
16,520,487
Security
Shares
Value
a
Software
(continued)
Salesforce,
Inc.
..........................
805,816
$
208,545,181
Samsara,
Inc.
,
Class
A
(a)
(b)
...................
202,733
7,760,619
683,667,376
a
Specialty
Retail
—
0
.3
%
Dick's
Sporting
Goods,
Inc.
..................
34,428
7,448,498
Williams-Sonoma,
Inc.
.....................
122,550
18,956,034
26,404,532
a
Technology
Hardware,
Storage
&
Peripherals
—
1
.7
%
Dell
Technologies,
Inc.
,
Class
C
...............
405,504
46,097,695
NetApp,
Inc.
............................
123,802
15,720,378
Pure
Storage,
Inc.
,
Class
A
(a)
.................
171,953
10,305,143
Seagate
Technology
Holdings
PLC
.............
179,538
18,343,397
Super
Micro
Computer,
Inc.
(a)
.................
82,787
58,087,499
Western
Digital
Corp.
(a)
.....................
277,569
18,611,001
167,165,113
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.3
%
Deckers
Outdoor
Corp.
(a)
....................
33,227
30,656,227
a
Trading
Companies
&
Distributors
—
1
.2
%
Ferguson
PLC
...........................
179,814
40,035,587
United
Rentals,
Inc.
.......................
63,023
47,714,713
WW
Grainger,
Inc.
........................
34,098
33,307,268
121,057,568
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
8,020,322,276
)
...............................
10,052,877,477
a
Short-Term
Securities
Money
Market
Funds
—
1
.3
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(c)
(d)
(e)
......................
102,697,760
102,738,839
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(c)
(d)
............................
29,569,896
29,569,896
a
Total
Short-Term
Securities — 1.3%
(Cost:
$
132,302,679
)
................................
132,308,735
Total
Investments
—
101.0%
(Cost:
$
8,152,624,955
)
...............................
10,185,186,212
Liabilities
in
Excess
of
Other
Assets
—
(
1
.0
)
%
...............
(
100,064,359
)
Net
Assets
—
100.0%
.................................
$
10,085,121,853
(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.
iShares
®
MSCI
USA
Momentum
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2024
5
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
July
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
91,379,648
$
11,340,598
(a)
$
—
$
9,741
$
8,852
$
102,738,839
102,697,760
$
159,859
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
27,659,226
1,910,670
(a)
—
—
—
29,569,896
29,569,896
1,162,020
—
$
9,741
$
8,852
$
132,308,735
$
1,321,879
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
111
09/20/24
$
30,847
$
251,623
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)
.............
$
—
$
—
$
251,623
$
—
$
—
$
—
$
251,623
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
3,972,600
$
—
$
—
$
—
$
3,972,600
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
(
1,253,676
)
$
—
$
—
$
—
$
(
1,253,676
)
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Momentum
Factor
ETF
6
2024
iShares
Annual
Financial
Statements
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
19,987,328
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
10,052,877,477
$
—
$
—
$
10,052,877,477
Short-Term
Securities
Money
Market
Funds
......................................
132,308,735
—
—
132,308,735
$
10,185,186,212
$
—
$
—
$
10,185,186,212
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
251,623
$
—
$
—
$
251,623
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
USA
Quality
Factor
ETF
Schedule
of
Investments
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
1
.1
%
Lockheed
Martin
Corp.
.....................
990,658
$
536,857,383
a
Air
Freight
&
Logistics
—
0
.1
%
Expeditors
International
of
Washington,
Inc.
.......
503,381
62,832,016
a
Beverages
—
3
.1
%
Brown-Forman
Corp.
,
Class
B
,
NVS
............
433,363
19,570,673
Coca-Cola
Co.
(The)
......................
11,437,459
763,336,014
Monster
Beverage
Corp.
(a)
(b)
..................
1,986,386
102,199,560
PepsiCo,
Inc.
...........................
3,420,284
590,580,438
1,475,686,685
a
Biotechnology
—
0
.8
%
United
Therapeutics
Corp.
(a)
(b)
................
112,771
35,330,027
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
...............
657,907
326,137,658
361,467,685
a
Building
Products
—
0
.1
%
A
O
Smith
Corp.
.........................
421,100
35,810,344
a
Capital
Markets
—
2
.8
%
Ameriprise
Financial,
Inc.
...................
286,211
123,090,765
BlackRock,
Inc.
(c)
.........................
466,961
409,291,316
Cboe
Global
Markets,
Inc.
...................
349,781
64,188,311
CME
Group,
Inc.
,
Class
A
...................
1,132,017
219,283,013
FactSet
Research
Systems,
Inc.
...............
124,500
51,429,705
LPL
Financial
Holdings,
Inc.
..................
274,192
60,739,012
MarketAxess
Holdings,
Inc.
..................
136,436
30,497,539
Moody's
Corp.
...........................
555,364
253,512,559
SEI
Investments
Co.
.......................
417,228
28,304,748
T
Rowe
Price
Group,
Inc.
...................
784,952
89,649,368
1,329,986,336
a
Chemicals
—
2
.2
%
Air
Products
and
Chemicals,
Inc.
..............
537,361
141,782,700
Linde
PLC
.............................
1,251,058
567,354,803
PPG
Industries,
Inc.
.......................
596,483
75,741,411
Sherwin-Williams
Co.
(The)
..................
743,739
260,903,641
1,045,782,555
a
Commercial
Services
&
Supplies
—
0
.9
%
Cintas
Corp.
............................
343,697
262,563,886
Rollins,
Inc.
.............................
1,146,753
54,940,936
Veralto
Corp.
............................
997,781
106,323,544
423,828,366
a
Communications
Equipment
—
2
.2
%
Arista
Networks,
Inc.
(a)
.....................
953,220
330,338,391
Cisco
Systems,
Inc.
.......................
14,930,081
723,362,425
1,053,700,816
a
Construction
&
Engineering
—
0
.1
%
EMCOR
Group,
Inc.
.......................
163,623
61,430,619
a
Consumer
Staples
Distribution
&
Retail
—
2
.5
%
Costco
Wholesale
Corp.
....................
1,386,162
1,139,425,164
Walgreens
Boots
Alliance,
Inc.
................
1,630,460
19,353,560
1,158,778,724
a
Containers
&
Packaging
—
0
.2
%
Avery
Dennison
Corp.
......................
189,893
41,174,499
Packaging
Corp.
of
America
.................
213,799
42,732,006
83,906,505
a
Security
Shares
Value
a
Distributors
—
0
.2
%
Pool
Corp.
.............................
299,249
$
111,931,096
a
Electrical
Equipment
—
0
.2
%
Rockwell
Automation,
Inc.
...................
376,035
104,782,153
a
Electronic
Equipment,
Instruments
&
Components
—
0
.6
%
Amphenol
Corp.
,
Class
A
...................
3,502,094
225,044,560
Keysight
Technologies,
Inc.
(a)
.................
505,857
70,602,462
295,647,022
a
Energy
Equipment
&
Services
—
1
.0
%
Schlumberger
Ltd.
........................
10,168,056
491,015,424
a
Entertainment
—
1
.6
%
Electronic
Arts,
Inc.
.......................
609,654
92,021,175
Netflix,
Inc.
(a)
(b)
...........................
1,051,540
660,735,159
752,756,334
a
Financial
Services
—
8
.1
%
Jack
Henry
&
Associates,
Inc.
................
266,539
45,706,108
Mastercard,
Inc.
,
Class
A
....................
3,982,567
1,846,756,143
Visa,
Inc.
,
Class
A
........................
7,154,224
1,900,662,690
3,793,124,941
a
Food
Products
—
0
.2
%
Hershey
Co.
(The)
........................
437,108
86,320,088
a
Gas
Utilities
—
0
.4
%
Atmos
Energy
Corp.
.......................
1,358,543
173,730,479
a
Ground
Transportation
—
0
.4
%
Old
Dominion
Freight
Line,
Inc.
...............
766,740
161,153,413
a
Health
Care
Equipment
&
Supplies
—
0
.8
%
Edwards
Lifesciences
Corp.
(a)
................
1,765,174
111,294,221
IDEXX
Laboratories,
Inc.
(a)
...................
346,231
164,847,504
ResMed,
Inc.
...........................
360,696
76,918,422
Solventum
Corp.
(a)
(b)
.......................
338,989
19,959,672
373,019,819
a
Health
Care
Providers
&
Services
—
3
.0
%
Molina
Healthcare,
Inc.
(a)
....................
155,906
53,206,040
UnitedHealth
Group,
Inc.
....................
2,336,304
1,346,084,913
1,399,290,953
a
Health
Care
Technology
—
0
.2
%
Veeva
Systems,
Inc.
,
Class
A
(a)
(b)
..............
360,796
69,247,576
a
Hotels,
Restaurants
&
Leisure
—
1
.2
%
Chipotle
Mexican
Grill,
Inc.
(a)
.................
10,604,520
576,037,526
a
Household
Durables
—
2
.2
%
DR
Horton,
Inc.
..........................
2,135,232
384,192,294
Garmin
Ltd.
.............................
1,143,278
195,786,357
NVR,
Inc.
(a)
.............................
28,294
243,540,039
PulteGroup,
Inc.
.........................
1,653,251
218,229,132
1,041,747,822
a
Industrial
Conglomerates
—
0
.5
%
3M
Co.
................................
1,912,583
243,949,962
a
Industrial
REITs
—
0
.8
%
Prologis,
Inc.
............................
3,097,023
390,379,749
a
Insurance
—
1
.6
%
Aflac,
Inc.
..............................
1,838,275
175,334,669
American
Financial
Group,
Inc.
...............
225,101
29,479,227
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Quality
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Insurance
(continued)
Arch
Capital
Group
Ltd.
(a)
(b)
..................
1,257,736
$
120,465,954
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
103,738
45,764,019
Marsh
&
McLennan
Companies,
Inc.
............
1,639,844
364,980,079
736,023,948
a
Interactive
Media
&
Services
—
7
.1
%
Alphabet,
Inc.
,
Class
A
.....................
5,060,888
868,144,728
Alphabet,
Inc.
,
Class
C
,
NVS
.................
4,383,233
758,956,794
Meta
Platforms,
Inc.
,
Class
A
.................
3,630,957
1,724,087,312
3,351,188,834
a
IT
Services
—
1
.6
%
Accenture
PLC
,
Class
A
....................
2,321,731
767,610,703
a
Life
Sciences
Tools
&
Services
—
0
.5
%
Agilent
Technologies,
Inc.
...................
777,852
109,988,273
Waters
Corp.
(a)
(b)
.........................
183,076
61,564,797
West
Pharmaceutical
Services,
Inc.
............
190,907
58,449,996
230,003,066
a
Machinery
—
2
.1
%
Caterpillar,
Inc.
..........................
1,792,712
620,636,895
Graco,
Inc.
.............................
597,502
50,817,545
Illinois
Tool
Works,
Inc.
.....................
1,324,226
327,454,605
998,909,045
a
Media
—
0
.2
%
Interpublic
Group
of
Companies,
Inc.
(The)
.......
891,824
28,689,978
Omnicom
Group,
Inc.
......................
513,929
50,385,599
79,075,577
a
Metals
&
Mining
—
0
.1
%
Reliance,
Inc.
...........................
139,049
42,348,763
a
Multi-Utilities
—
2
.0
%
Consolidated
Edison,
Inc.
...................
2,549,202
248,598,179
Public
Service
Enterprise
Group,
Inc.
...........
3,842,718
306,533,615
Sempra
...............................
4,973,768
398,199,866
953,331,660
a
Oil,
Gas
&
Consumable
Fuels
—
2
.6
%
APA
Corp.
.............................
4,106,927
128,095,053
ConocoPhillips
..........................
7,580,651
842,968,391
EQT
Corp.
.............................
2,585,397
89,222,050
Texas
Pacific
Land
Corp.
....................
210,744
178,057,606
1,238,343,100
a
Pharmaceuticals
—
6
.7
%
Eli
Lilly
&
Co.
...........................
2,256,419
1,814,770,109
Johnson
&
Johnson
.......................
6,863,360
1,083,381,376
Zoetis,
Inc.
,
Class
A
.......................
1,428,636
257,211,626
3,155,363,111
a
Professional
Services
—
2
.1
%
Automatic
Data
Processing,
Inc.
...............
2,892,594
759,653,036
Paychex,
Inc.
...........................
1,685,183
215,737,128
Paycom
Software,
Inc.
.....................
185,561
30,949,719
1,006,339,883
a
Real
Estate
Management
&
Development
—
0
.6
%
CBRE
Group,
Inc.
,
Class
A
(a)
(b)
................
1,311,260
147,792,115
CoStar
Group,
Inc.
(a)
.......................
1,798,199
140,295,486
288,087,601
a
Security
Shares
Value
a
Residential
REITs
—
0
.4
%
AvalonBay
Communities,
Inc.
................
512,280
$
104,976,418
Equity
Residential
........................
1,199,531
83,523,343
188,499,761
a
Semiconductors
&
Semiconductor
Equipment
—
12
.8
%
Applied
Materials,
Inc.
.....................
3,408,944
723,377,917
Enphase
Energy,
Inc.
(a)
(b)
....................
467,749
53,842,587
KLA
Corp.
..............................
612,851
504,419,273
Lam
Research
Corp.
......................
511,914
471,595,653
Lattice
Semiconductor
Corp.
(a)
(b)
...............
567,121
30,057,413
Monolithic
Power
Systems,
Inc.
...............
151,650
130,887,599
NVIDIA
Corp.
...........................
24,007,559
2,809,364,554
QUALCOMM,
Inc.
........................
3,536,917
640,005,131
Texas
Instruments,
Inc.
.....................
3,283,664
669,243,560
6,032,793,687
a
Software
—
8
.1
%
Adobe,
Inc.
(a)
(b)
...........................
1,720,457
949,090,104
Cadence
Design
Systems,
Inc.
(a)
..............
988,773
264,654,981
Manhattan
Associates,
Inc.
(a)
(b)
................
353,658
90,317,180
Microsoft
Corp.
..........................
5,337,479
2,232,934,340
Synopsys,
Inc.
(a)
.........................
478,956
267,410,714
3,804,407,319
a
Specialized
REITs
—
0
.5
%
Public
Storage
...........................
810,026
239,702,894
a
Specialty
Retail
—
3
.4
%
Best
Buy
Co.,
Inc.
........................
1,538,515
133,112,318
TJX
Companies,
Inc.
(The)
..................
8,321,540
940,500,451
Tractor
Supply
Co.
........................
768,334
202,317,709
Ulta
Beauty,
Inc.
(a)
........................
420,710
153,512,872
Williams-Sonoma,
Inc.
.....................
1,084,662
167,775,518
1,597,218,868
a
Technology
Hardware,
Storage
&
Peripherals
—
6
.1
%
Apple,
Inc.
.............................
11,905,322
2,643,933,910
NetApp,
Inc.
............................
888,852
112,866,427
Super
Micro
Computer,
Inc.
(a)
.................
161,645
113,418,214
2,870,218,551
a
Textiles,
Apparel
&
Luxury
Goods
—
2
.5
%
Deckers
Outdoor
Corp.
(a)
....................
229,841
212,058,202
Lululemon
Athletica,
Inc.
(a)
(b)
..................
1,020,023
263,839,149
Nike,
Inc.
,
Class
B
........................
9,020,178
675,250,525
1,151,147,876
a
Trading
Companies
&
Distributors
—
1
.3
%
Fastenal
Co.
............................
2,506,415
177,328,861
Ferguson
PLC
...........................
690,222
153,677,928
Watsco,
Inc.
............................
111,160
54,411,709
WW
Grainger,
Inc.
........................
245,760
240,060,826
625,479,324
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
36,997,930,178
)
..............................
47,050,295,962
iShares
®
MSCI
USA
Quality
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.3
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(c)
(d)
(e)
......................
63,531,338
$
63,556,751
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(c)
(d)
............................
70,928,644
70,928,644
a
Total
Short-Term
Securities — 0.3%
(Cost:
$
134,476,429
)
................................
134,485,395
Total
Investments
—
100.1%
(Cost:
$
37,132,406,607
)
..............................
47,184,781,357
Liabilities
in
Excess
of
Other
Assets
—
(
0
.1
)
%
...............
(
42,981,769
)
Net
Assets
—
100.0%
.................................
$
47,141,799,588
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
190,194,678
$
—
$
(
126,725,320
)
(a)
$
113,862
$
(
26,469
)
$
63,556,751
63,531,338
$
1,271,258
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
55,278,792
15,649,852
(a)
—
—
—
70,928,644
70,928,644
3,164,287
—
BlackRock,
Inc.
..
269,297,526
131,438,251
(
56,051,932
)
6,376,050
58,231,421
409,291,316
466,961
8,557,795
—
$
6,489,912
$
58,204,952
$
543,776,711
$
12,993,340
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
298
09/20/24
$
82,814
$
584,042
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Quality
Factor
ETF
10
2024
iShares
Annual
Financial
Statements
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
July
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
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)
.............
$
—
$
—
$
584,042
$
—
$
—
$
—
$
584,042
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
15,069,828
$
—
$
—
$
—
$
15,069,828
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
2,757,543
)
$
—
$
—
$
—
$
(
2,757,543
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
60,946,097
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
47,050,295,962
$
—
$
—
$
47,050,295,962
Short-Term
Securities
Money
Market
Funds
......................................
134,485,395
—
—
134,485,395
$
47,184,781,357
$
—
$
—
$
47,184,781,357
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
584,042
$
—
$
—
$
584,042
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
2
.2
%
Axon
Enterprise,
Inc.
(a)
.....................
1,834
$
550,218
Boeing
Co.
(The)
(a)
........................
2,657
506,424
General
Dynamics
Corp.
....................
1,675
500,339
General
Electric
Co.
.......................
3,036
516,727
HEICO
Corp.
(b)
..........................
1,013
244,477
HEICO
Corp.
,
Class
A
......................
1,735
329,841
Howmet
Aerospace,
Inc.
....................
6,144
587,981
Huntington
Ingalls
Industries,
Inc.
..............
2,139
598,877
L3Harris
Technologies,
Inc.
..................
2,268
514,587
Lockheed
Martin
Corp.
.....................
1,058
573,352
Northrop
Grumman
Corp.
...................
1,068
517,254
RTX
Corp.
.............................
4,664
547,974
Textron,
Inc.
............................
6,028
560,001
TransDigm
Group,
Inc.
.....................
374
484,038
7,032,090
a
Air
Freight
&
Logistics
—
0
.7
%
CH
Robinson
Worldwide,
Inc.
................
6,598
587,552
Expeditors
International
of
Washington,
Inc.
.......
4,520
564,186
FedEx
Corp.
............................
2,006
606,314
United
Parcel
Service,
Inc.
,
Class
B
............
3,377
440,259
2,198,311
a
Automobile
Components
—
0
.1
%
Aptiv
PLC
(a)
.............................
6,399
444,027
a
Automobiles
—
0
.8
%
Ford
Motor
Co.
..........................
41,988
454,310
General
Motors
Co.
.......................
11,344
502,766
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
54,125
888,192
Tesla,
Inc.
(a)
.............................
2,489
577,622
2,422,890
a
Banks
—
2
.5
%
Bank
of
America
Corp.
.....................
11,924
480,656
Citigroup,
Inc.
...........................
7,569
491,077
Citizens
Financial
Group,
Inc.
................
14,602
623,067
Fifth
Third
Bancorp
.......................
13,789
583,826
First
Citizens
BancShares,
Inc.
,
Class
A
..........
295
615,868
Huntington
Bancshares,
Inc.
.................
37,226
556,529
JPMorgan
Chase
&
Co.
....................
2,317
493,058
KeyCorp
...............................
34,923
563,308
M&T
Bank
Corp.
.........................
3,422
589,166
PNC
Financial
Services
Group,
Inc.
(The)
........
3,173
574,630
Regions
Financial
Corp.
....................
26,607
595,199
Truist
Financial
Corp.
......................
12,962
579,272
U.S.
Bancorp
...........................
12,276
550,947
Wells
Fargo
&
Co.
........................
7,797
462,674
7,759,277
a
Beverages
—
1
.2
%
Brown-Forman
Corp.
,
Class
B
,
NVS
............
11,126
502,450
Celsius
Holdings,
Inc.
(a)
.....................
5,492
257,190
Coca-Cola
Co.
(The)
......................
7,552
504,021
Constellation
Brands,
Inc.
,
Class
A
.............
2,043
500,862
Keurig
Dr
Pepper,
Inc.
.....................
15,155
519,513
Molson
Coors
Beverage
Co.
,
Class
B
...........
9,856
520,890
Monster
Beverage
Corp.
(a)
...................
9,490
488,261
PepsiCo,
Inc.
...........................
2,632
454,467
3,747,654
a
Biotechnology
—
2
.3
%
AbbVie,
Inc.
............................
2,908
538,911
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
3,545
841,796
Security
Shares
Value
a
Biotechnology
(continued)
Amgen,
Inc.
............................
1,549
$
514,996
Biogen,
Inc.
(a)
...........................
2,272
484,390
BioMarin
Pharmaceutical,
Inc.
(a)
...............
6,938
585,081
Exact
Sciences
Corp.
(a)
(b)
....................
10,190
465,479
Gilead
Sciences,
Inc.
......................
7,427
564,898
Incyte
Corp.
(a)
...........................
9,383
610,552
Moderna,
Inc.
(a)
..........................
3,532
421,085
Neurocrine
Biosciences,
Inc.
(a)
................
3,827
541,788
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
497
536,357
United
Therapeutics
Corp.
(a)
..................
1,964
615,302
Vertex
Pharmaceuticals,
Inc.
(a)
................
1,112
551,241
7,271,876
a
Broadline
Retail
—
0
.6
%
Amazon.com,
Inc.
(a)
.......................
2,420
452,492
eBay,
Inc.
..............................
10,081
560,604
Etsy,
Inc.
(a)
(b)
............................
8,602
560,334
MercadoLibre,
Inc.
(a)
.......................
282
470,630
2,044,060
a
Building
Products
—
1
.9
%
A
O
Smith
Corp.
.........................
6,285
534,476
Allegion
PLC
............................
4,392
600,870
Builders
FirstSource,
Inc.
(a)
..................
3,153
527,718
Carlisle
Companies,
Inc.
....................
1,235
516,946
Carrier
Global
Corp.
.......................
7,663
521,927
Fortune
Brands
Innovations,
Inc.
..............
7,612
615,126
Johnson
Controls
International
PLC
............
6,997
500,565
Lennox
International,
Inc.
...................
1,084
632,514
Masco
Corp.
............................
7,657
596,097
Owens
Corning
..........................
2,986
556,531
Trane
Technologies
PLC
....................
1,488
497,409
6,100,179
a
Capital
Markets
—
4
.9
%
Ameriprise
Financial,
Inc.
...................
1,176
505,762
Ares
Management
Corp.
,
Class
A
..............
3,620
554,584
Bank
of
New
York
Mellon
Corp.
(The)
...........
8,632
561,684
BlackRock,
Inc.
(c)
.........................
610
534,665
Blackstone,
Inc.
,
NVS
......................
3,901
554,527
Carlyle
Group,
Inc.
(The)
....................
12,096
601,655
Cboe
Global
Markets,
Inc.
...................
2,885
529,426
Charles
Schwab
Corp.
(The)
.................
6,196
403,917
CME
Group,
Inc.
,
Class
A
...................
2,373
459,674
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
2,249
504,586
FactSet
Research
Systems,
Inc.
...............
1,184
489,099
Franklin
Resources,
Inc.
....................
22,688
518,875
Goldman
Sachs
Group,
Inc.
(The)
.............
1,040
529,391
Intercontinental
Exchange,
Inc.
...............
3,644
552,285
KKR
&
Co.,
Inc.
..........................
4,728
583,672
LPL
Financial
Holdings,
Inc.
..................
1,967
435,730
MarketAxess
Holdings,
Inc.
..................
2,528
565,084
Moody's
Corp.
...........................
1,211
552,797
Morgan
Stanley
..........................
4,769
492,208
MSCI,
Inc.
,
Class
A
.......................
1,017
549,953
Nasdaq,
Inc.
............................
8,253
558,563
Northern
Trust
Corp.
.......................
6,271
555,924
Raymond
James
Financial,
Inc.
...............
4,177
484,532
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
25,370
521,861
S&P
Global,
Inc.
.........................
1,110
538,050
SEI
Investments
Co.
.......................
7,994
542,313
State
Street
Corp.
........................
6,796
577,456
T
Rowe
Price
Group,
Inc.
...................
4,450
508,235
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Capital
Markets
(continued)
Tradeweb
Markets,
Inc.
,
Class
A
...............
4,758
$
531,373
15,297,881
a
Chemicals
—
2
.8
%
Air
Products
and
Chemicals,
Inc.
..............
1,918
506,064
Albemarle
Corp.
.........................
4,215
394,819
Celanese
Corp.
..........................
3,454
487,532
CF
Industries
Holdings,
Inc.
..................
6,846
522,966
Corteva,
Inc.
............................
9,070
508,827
Dow,
Inc.
..............................
8,680
472,800
DuPont
de
Nemours,
Inc.
...................
6,522
545,891
Eastman
Chemical
Co.
.....................
5,394
557,362
Ecolab,
Inc.
............................
2,142
494,138
International
Flavors
&
Fragrances,
Inc.
..........
5,345
531,721
Linde
PLC
.............................
1,097
497,490
LyondellBasell
Industries
NV
,
Class
A
...........
5,244
521,568
Mosaic
Co.
(The)
.........................
17,704
527,048
PPG
Industries,
Inc.
.......................
3,878
492,428
RPM
International,
Inc.
.....................
4,771
579,486
Sherwin-Williams
Co.
(The)
..................
1,614
566,191
Westlake
Corp.
..........................
3,279
484,833
8,691,164
a
Commercial
Services
&
Supplies
—
1
.2
%
Cintas
Corp.
............................
720
550,037
Copart,
Inc.
(a)
...........................
9,261
484,628
Republic
Services,
Inc.
.....................
2,704
525,441
Rollins,
Inc.
.............................
11,285
540,664
Veralto
Corp.
............................
5,271
561,678
Waste
Connections,
Inc.
....................
3,093
549,843
Waste
Management,
Inc.
....................
2,425
491,450
3,703,741
a
Communications
Equipment
—
0
.9
%
Arista
Networks,
Inc.
(a)
.....................
1,560
540,618
Cisco
Systems,
Inc.
.......................
10,281
498,115
F5,
Inc.
(a)
(b)
.............................
3,135
638,411
Juniper
Networks,
Inc.
.....................
15,689
591,318
Motorola
Solutions,
Inc.
....................
1,367
545,324
2,813,786
a
Construction
&
Engineering
—
0
.5
%
AECOM
...............................
5,986
542,392
EMCOR
Group,
Inc.
.......................
1,376
516,605
Quanta
Services,
Inc.
......................
1,902
504,753
1,563,750
a
Construction
Materials
—
0
.5
%
CRH
PLC
..............................
6,129
525,255
Martin
Marietta
Materials,
Inc.
................
888
526,895
Vulcan
Materials
Co.
......................
1,976
542,432
1,594,582
a
Consumer
Finance
—
0
.9
%
Ally
Financial,
Inc.
........................
13,690
616,187
American
Express
Co.
.....................
2,010
508,610
Capital
One
Financial
Corp.
..................
3,625
548,825
Discover
Financial
Services
..................
4,164
599,574
Synchrony
Financial
.......................
11,821
600,389
2,873,585
a
Consumer
Staples
Distribution
&
Retail
—
1
.4
%
Albertsons
Companies,
Inc.
,
Class
A
............
26,293
521,390
Costco
Wholesale
Corp.
....................
592
486,624
Dollar
General
Corp.
......................
3,641
438,340
Dollar
Tree,
Inc.
(a)
.........................
4,561
475,895
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
(continued)
Kroger
Co.
(The)
.........................
9,650
$
525,925
Sysco
Corp.
............................
6,879
527,275
Target
Corp.
............................
3,230
485,824
Walgreens
Boots
Alliance,
Inc.
................
31,893
378,570
Walmart,
Inc.
............................
7,190
493,522
4,333,365
a
Containers
&
Packaging
—
1
.2
%
Amcor
PLC
.............................
53,063
558,753
Avery
Dennison
Corp.
......................
2,315
501,962
Ball
Corp.
..............................
7,465
476,491
Crown
Holdings,
Inc.
......................
6,342
562,535
International
Paper
Co.
.....................
12,830
596,339
Packaging
Corp.
of
America
.................
2,946
588,817
Smurfit
WestRock
PLC
(a)
....................
10,167
455,888
3,740,785
a
Distributors
—
0
.5
%
Genuine
Parts
Co.
........................
3,483
512,384
LKQ
Corp.
.............................
12,178
505,387
Pool
Corp.
.............................
1,443
539,740
1,557,511
a
Diversified
REITs
—
0
.2
%
WP
Carey,
Inc.
..........................
6,576
519,134
a
Diversified
Telecommunication
Services
—
0
.3
%
AT&T,
Inc.
..............................
28,334
545,430
Verizon
Communications,
Inc.
................
12,391
502,083
1,047,513
a
Electric
Utilities
—
2
.7
%
Alliant
Energy
Corp.
.......................
10,309
573,799
American
Electric
Power
Co.,
Inc.
..............
5,501
539,758
Constellation
Energy
Corp.
..................
2,271
431,036
Duke
Energy
Corp.
.......................
4,773
521,546
Edison
International
.......................
6,843
547,508
Entergy
Corp.
...........................
4,609
534,506
Evergy,
Inc.
.............................
9,730
564,340
Eversource
Energy
.......................
8,610
558,875
Exelon
Corp.
............................
13,302
494,834
FirstEnergy
Corp.
........................
13,027
545,962
NextEra
Energy,
Inc.
......................
6,312
482,174
NRG
Energy,
Inc.
.........................
6,463
485,824
PG&E
Corp.
............................
27,078
494,174
PPL
Corp.
.............................
17,770
528,124
Southern
Co.
(The)
.......................
6,264
523,169
Xcel
Energy,
Inc.
.........................
9,180
535,010
8,360,639
a
Electrical
Equipment
—
1
.1
%
AMETEK,
Inc.
...........................
3,039
527,206
Eaton
Corp.
PLC
.........................
1,459
444,689
Emerson
Electric
Co.
......................
4,430
518,797
GE
Vernova,
Inc.
(a)
........................
3,123
556,643
Hubbell,
Inc.
............................
1,301
514,741
Rockwell
Automation,
Inc.
...................
1,919
534,729
Vertiv
Holdings
Co.
,
Class
A
.................
5,213
410,263
3,507,068
a
Electronic
Equipment,
Instruments
&
Components
—
1
.5
%
Amphenol
Corp.
,
Class
A
...................
7,356
472,697
CDW
Corp.
.............................
2,263
493,583
Corning,
Inc.
............................
14,326
573,183
Jabil,
Inc.
..............................
4,557
513,437
Keysight
Technologies,
Inc.
(a)
.................
3,564
497,427
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
TE
Connectivity
Ltd.
.......................
3,359
$
518,394
Teledyne
Technologies,
Inc.
(a)
.................
1,299
547,996
Trimble,
Inc.
(a)
...........................
9,364
510,713
Zebra
Technologies
Corp.
,
Class
A
(a)
............
1,656
581,571
4,709,001
a
Energy
Equipment
&
Services
—
0
.5
%
Baker
Hughes
Co.
,
Class
A
..................
15,916
616,268
Halliburton
Co.
..........................
13,707
475,359
Schlumberger
Ltd.
........................
10,442
504,244
1,595,871
a
Entertainment
—
1
.6
%
Electronic
Arts,
Inc.
.......................
4,016
606,175
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
7,361
595,284
Live
Nation
Entertainment,
Inc.
(a)
(b)
.............
5,155
495,860
Netflix,
Inc.
(a)
............................
731
459,324
ROBLOX
Corp.
,
Class
A
(a)
...................
16,192
672,292
Roku,
Inc.
,
Class
A
(a)
......................
9,452
550,201
Take-Two
Interactive
Software,
Inc.
(a)
............
3,463
521,285
Walt
Disney
Co.
(The)
.....................
4,677
438,188
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
67,180
581,107
4,919,716
a
Financial
Services
—
2
.1
%
Apollo
Global
Management,
Inc.
...............
4,440
556,376
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
1,109
486,297
Block,
Inc.
,
Class
A
(a)
......................
7,183
444,484
Corpay,
Inc.
(a)
...........................
1,940
566,131
Equitable
Holdings,
Inc.
....................
13,169
574,300
Fidelity
National
Information
Services,
Inc.
........
6,556
503,697
Fiserv,
Inc.
(a)
............................
3,294
538,800
Global
Payments,
Inc.
.....................
4,858
493,767
Jack
Henry
&
Associates,
Inc.
................
3,198
548,393
Mastercard,
Inc.
,
Class
A
....................
1,019
472,521
PayPal
Holdings,
Inc.
(a)
.....................
7,872
517,820
Toast,
Inc.
,
Class
A
(a)
(b)
.....................
20,201
528,458
Visa,
Inc.
,
Class
A
........................
1,679
446,060
6,677,104
a
Food
Products
—
2
.2
%
Archer-Daniels-Midland
Co.
..................
8,483
526,031
Bunge
Global
SA
.........................
5,213
548,564
Campbell
Soup
Co.
.......................
11,687
547,653
Conagra
Brands,
Inc.
......................
17,481
530,024
General
Mills,
Inc.
........................
7,267
487,906
Hershey
Co.
(The)
........................
2,470
487,776
Hormel
Foods
Corp.
.......................
14,483
465,049
J
M
Smucker
Co.
(The)
.....................
4,817
568,165
Kellanova
..............................
8,503
494,449
Kraft
Heinz
Co.
(The)
......................
14,268
502,376
Lamb
Weston
Holdings,
Inc.
.................
6,173
370,504
McCormick
&
Co.,
Inc.
,
NVS
.................
7,119
548,234
Mondelez
International,
Inc.
,
Class
A
............
7,019
479,749
Tyson
Foods,
Inc.
,
Class
A
..................
8,666
527,759
7,084,239
a
Gas
Utilities
—
0
.2
%
Atmos
Energy
Corp.
.......................
4,481
573,030
a
Ground
Transportation
—
1
.4
%
CSX
Corp.
.............................
15,217
534,117
JB
Hunt
Transport
Services,
Inc.
..............
3,342
578,667
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
11,865
645,812
Norfolk
Southern
Corp.
.....................
2,257
563,257
Security
Shares
Value
a
Ground
Transportation
(continued)
Old
Dominion
Freight
Line,
Inc.
...............
2,931
$
616,038
Uber
Technologies,
Inc.
(a)
...................
7,688
495,645
U-Haul
Holding
Co.
,
Series
N
,
NVS
(b)
...........
8,396
535,077
Union
Pacific
Corp.
.......................
2,076
512,211
4,480,824
a
Health
Care
Equipment
&
Supplies
—
3
.1
%
Abbott
Laboratories
.......................
4,701
498,024
Align
Technology,
Inc.
(a)
.....................
1,999
463,528
Baxter
International,
Inc.
....................
15,449
553,383
Becton
Dickinson
&
Co.
....................
2,135
514,663
Boston
Scientific
Corp.
(a)
....................
6,498
480,072
Cooper
Cos.,
Inc.
The
(a)
....................
5,473
510,795
Dexcom,
Inc.
(a)
..........................
3,888
263,684
Edwards
Lifesciences
Corp.
(a)
................
5,626
354,719
GE
HealthCare
Technologies,
Inc.
(b)
............
6,289
532,238
Hologic,
Inc.
(a)
...........................
7,111
580,329
IDEXX
Laboratories,
Inc.
(a)
...................
988
470,407
Insulet
Corp.
(a)
...........................
2,938
571,000
Intuitive
Surgical,
Inc.
(a)
.....................
1,218
541,535
Medtronic
PLC
..........................
5,795
465,454
ResMed,
Inc.
...........................
2,372
505,829
Solventum
Corp.
(a)
........................
8,887
523,267
STERIS
PLC
............................
2,284
545,328
Stryker
Corp.
...........................
1,488
487,246
Teleflex,
Inc.
............................
2,553
564,009
Zimmer
Biomet
Holdings,
Inc.
................
4,418
491,944
9,917,454
a
Health
Care
Providers
&
Services
—
2
.7
%
Cardinal
Health,
Inc.
.......................
5,498
554,363
Cencora,
Inc.
...........................
2,350
559,018
Centene
Corp.
(a)
.........................
6,524
501,826
Cigna
Group
(The)
........................
1,484
517,426
CVS
Health
Corp.
........................
8,718
525,957
DaVita,
Inc.
(a)
............................
3,900
532,818
Elevance
Health,
Inc.
......................
897
477,231
HCA
Healthcare,
Inc.
......................
1,554
564,180
Henry
Schein,
Inc.
(a)
.......................
7,460
536,672
Humana,
Inc.
...........................
1,441
521,080
Labcorp
Holdings,
Inc.
.....................
2,584
556,697
McKesson
Corp.
.........................
904
557,786
Molina
Healthcare,
Inc.
(a)
....................
1,554
530,334
Quest
Diagnostics,
Inc.
.....................
3,722
529,641
UnitedHealth
Group,
Inc.
....................
899
517,968
Universal
Health
Services,
Inc.
,
Class
B
.........
3,003
641,921
8,624,918
a
Health
Care
REITs
—
0
.7
%
Alexandria
Real
Estate
Equities,
Inc.
............
4,266
500,359
Healthpeak
Properties,
Inc.
..................
27,249
594,573
Ventas,
Inc.
............................
10,967
597,043
Welltower,
Inc.
...........................
5,018
558,253
2,250,228
a
Health
Care
Technology
—
0
.1
%
Veeva
Systems,
Inc.
,
Class
A
(a)
(b)
..............
2,466
473,299
a
Hotel
&
Resort
REITs
—
0
.2
%
Host
Hotels
&
Resorts,
Inc.
..................
29,439
515,477
a
Hotels,
Restaurants
&
Leisure
—
3
.2
%
Airbnb,
Inc.
,
Class
A
(a)
......................
3,445
480,784
Booking
Holdings,
Inc.
.....................
129
479,236
Caesars
Entertainment,
Inc.
(a)
................
15,464
617,787
Carnival
Corp.
(a)
(b)
.........................
32,812
546,648
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Chipotle
Mexican
Grill,
Inc.
(a)
.................
7,859
$
426,901
Darden
Restaurants,
Inc.
...................
3,545
518,598
Domino's
Pizza,
Inc.
.......................
1,035
443,704
DoorDash,
Inc.
,
Class
A
(a)
...................
4,522
500,676
DraftKings,
Inc.
,
Class
A
(a)
...................
12,169
449,644
Expedia
Group,
Inc.
(a)
......................
4,780
610,263
Hilton
Worldwide
Holdings,
Inc.
...............
2,502
537,104
Hyatt
Hotels
Corp.
,
Class
A
..................
3,573
526,410
Las
Vegas
Sands
Corp.
....................
11,193
444,026
Marriott
International,
Inc.
,
Class
A
.............
2,122
482,331
McDonald's
Corp.
........................
1,814
481,436
MGM
Resorts
International
(a)
.................
13,206
567,462
Royal
Caribbean
Cruises
Ltd.
(a)
...............
3,405
533,632
Starbucks
Corp.
..........................
6,403
499,114
Wynn
Resorts
Ltd.
........................
5,614
464,951
Yum!
Brands,
Inc.
........................
3,689
490,010
10,100,717
a
Household
Durables
—
0
.9
%
DR
Horton,
Inc.
..........................
3,407
613,022
Garmin
Ltd.
.............................
3,054
522,997
Lennar
Corp.
,
Class
A
......................
3,140
555,560
NVR,
Inc.
(a)
.............................
69
593,916
PulteGroup,
Inc.
.........................
4,486
592,152
2,877,647
a
Household
Products
—
0
.8
%
Church
&
Dwight
Co.,
Inc.
...................
4,893
479,563
Clorox
Co.
(The)
.........................
3,970
523,762
Colgate-Palmolive
Co.
.....................
5,289
524,616
Kimberly-Clark
Corp.
......................
3,821
516,026
Procter
&
Gamble
Co.
(The)
.................
2,789
448,360
2,492,327
a
Independent
Power
and
Renewable
Electricity
Producers
—
0
.3
%
AES
Corp.
(The)
.........................
25,468
453,076
Vistra
Corp.
............................
5,544
439,195
892,271
a
Industrial
Conglomerates
—
0
.4
%
3M
Co.
................................
4,931
628,949
Honeywell
International,
Inc.
.................
2,404
492,219
1,121,168
a
Industrial
REITs
—
0
.2
%
Prologis,
Inc.
............................
4,475
564,074
a
Insurance
—
4
.3
%
Aflac,
Inc.
..............................
5,793
552,536
Allstate
Corp.
(The)
.......................
3,062
523,969
American
Financial
Group,
Inc.
...............
4,100
536,936
American
International
Group,
Inc.
.............
6,476
513,094
Aon
PLC
,
Class
A
........................
1,744
572,921
Arch
Capital
Group
Ltd.
(a)
...................
5,052
483,881
Arthur
J
Gallagher
&
Co.
....................
1,962
556,207
Assurant,
Inc.
...........................
3,195
558,710
Brown
&
Brown,
Inc.
.......................
5,884
585,046
Chubb
Ltd.
.............................
1,870
515,484
Cincinnati
Financial
Corp.
...................
4,478
584,916
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
1,331
587,171
Everest
Group
Ltd.
........................
1,362
535,089
Fidelity
National
Financial,
Inc.
................
9,000
539,583
Hartford
Financial
Services
Group,
Inc.
(The)
......
5,073
562,697
Loews
Corp.
............................
6,967
557,012
Markel
Group,
Inc.
(a)
.......................
324
530,987
Marsh
&
McLennan
Companies,
Inc.
............
2,355
524,152
Security
Shares
Value
a
Insurance
(continued)
MetLife,
Inc.
............................
6,977
$
536,183
Principal
Financial
Group,
Inc.
................
6,335
516,366
Progressive
Corp.
(The)
....................
2,359
505,109
Prudential
Financial,
Inc.
....................
4,337
543,513
Travelers
Companies,
Inc.
(The)
...............
2,381
515,344
W
R
Berkley
Corp.
........................
9,976
549,977
Willis
Towers
Watson
PLC
...................
2,061
581,779
13,568,662
a
Interactive
Media
&
Services
—
0
.8
%
Alphabet,
Inc.
,
Class
A
.....................
1,323
226,947
Alphabet,
Inc.
,
Class
C
,
NVS
.................
1,143
197,911
Match
Group,
Inc.
(a)
.......................
18,306
698,191
Meta
Platforms,
Inc.
,
Class
A
.................
976
463,434
Pinterest,
Inc.
,
Class
A
(a)
....................
12,565
401,452
Snap,
Inc.
,
Class
A
,
NVS
(a)
..................
33,430
445,287
2,433,222
a
IT
Services
—
2
.2
%
Accenture
PLC
,
Class
A
....................
1,589
525,355
Akamai
Technologies,
Inc.
(a)
..................
5,671
557,346
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
7,046
546,065
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
7,489
566,767
EPAM
Systems,
Inc.
(a)
......................
2,828
608,388
Gartner,
Inc.
(a)
...........................
1,151
576,870
GoDaddy,
Inc.
,
Class
A
(a)
....................
3,821
555,764
International
Business
Machines
Corp.
..........
2,827
543,180
MongoDB,
Inc.
,
Class
A
(a)
...................
1,432
361,380
Okta,
Inc.
,
Class
A
(a)
.......................
5,250
493,185
Snowflake,
Inc.
,
Class
A
(a)
...................
3,114
406,003
Twilio,
Inc.
,
Class
A
(a)
......................
8,960
529,805
VeriSign,
Inc.
(a)
..........................
3,051
570,567
6,840,675
a
Life
Sciences
Tools
&
Services
—
2
.4
%
Agilent
Technologies,
Inc.
...................
3,324
470,014
Avantor,
Inc.
(a)
(b)
..........................
21,430
573,253
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
1,899
642,546
Bio-Techne
Corp.
.........................
6,505
530,743
Charles
River
Laboratories
International,
Inc.
(a)
.....
2,443
596,336
Danaher
Corp.
..........................
1,810
501,515
Illumina,
Inc.
(a)
...........................
4,949
606,747
IQVIA
Holdings,
Inc.
(a)
......................
2,236
550,570
Mettler-Toledo
International,
Inc.
(a)
.............
340
517,150
Repligen
Corp.
(a)
.........................
3,264
546,230
Revvity,
Inc.
............................
4,738
595,140
Thermo
Fisher
Scientific,
Inc.
.................
811
497,419
Waters
Corp.
(a)
(b)
.........................
1,502
505,093
West
Pharmaceutical
Services,
Inc.
............
1,560
477,625
7,610,381
a
Machinery
—
3
.3
%
Caterpillar,
Inc.
..........................
1,354
468,755
CNH
Industrial
N.V.
.......................
49,018
522,042
Cummins,
Inc.
...........................
1,805
526,699
Deere
&
Co.
............................
1,275
474,275
Dover
Corp.
............................
2,825
520,535
Fortive
Corp.
............................
6,757
485,490
Graco,
Inc.
.............................
6,451
548,658
IDEX
Corp.
.............................
2,453
511,401
Illinois
Tool
Works,
Inc.
.....................
2,012
497,527
Ingersoll
Rand,
Inc.
(b)
......................
5,449
547,080
Nordson
Corp.
...........................
2,202
551,227
Otis
Worldwide
Corp.
......................
5,235
494,707
PACCAR,
Inc.
...........................
4,787
472,285
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Machinery
(continued)
Parker-Hannifin
Corp.
......................
928
$
520,756
Pentair
PLC
............................
6,413
563,510
Snap-on,
Inc.
...........................
1,938
556,264
Stanley
Black
&
Decker,
Inc.
.................
6,087
642,909
Toro
Co.
(The)
...........................
6,330
605,971
Westinghouse
Air
Brake
Technologies
Corp.
.......
3,086
497,309
Xylem,
Inc.
.............................
3,542
472,857
10,480,257
a
Media
—
1
.4
%
Charter
Communications,
Inc.
,
Class
A
(a)
.........
1,870
710,076
Comcast
Corp.
,
Class
A
....................
12,476
514,885
Fox
Corp.
,
Class
A
,
NVS
....................
10,497
399,306
Fox
Corp.
,
Class
B
........................
6,215
220,197
Interpublic
Group
of
Companies,
Inc.
(The)
.......
17,180
552,681
News
Corp.
,
Class
A
,
NVS
..................
20,487
565,031
Omnicom
Group,
Inc.
......................
5,613
550,299
Paramount
Global
,
Class
B
,
NVS
..............
45,328
517,646
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
5,339
479,869
4,509,990
a
Metals
&
Mining
—
1
.0
%
Cleveland-Cliffs,
Inc.
(a)
.....................
31,226
479,319
Freeport-McMoRan,
Inc.
....................
9,228
419,044
Newmont
Corp.
..........................
11,542
566,366
Nucor
Corp.
............................
2,980
485,561
Reliance,
Inc.
...........................
1,769
538,767
Steel
Dynamics,
Inc.
.......................
3,947
525,819
3,014,876
a
Mortgage
REITs
—
0
.2
%
Annaly
Capital
Management,
Inc.
..............
27,071
538,984
a
Multi-Utilities
—
1
.7
%
Ameren
Corp.
...........................
7,090
562,024
CenterPoint
Energy,
Inc.
....................
17,490
485,348
CMS
Energy
Corp.
........................
8,464
548,467
Consolidated
Edison,
Inc.
...................
5,397
526,316
Dominion
Energy,
Inc.
......................
9,479
506,747
DTE
Energy
Co.
.........................
4,483
540,336
NiSource,
Inc.
...........................
18,464
577,000
Public
Service
Enterprise
Group,
Inc.
...........
6,882
548,977
Sempra
...............................
6,493
519,830
WEC
Energy
Group,
Inc.
....................
6,173
531,248
5,346,293
a
Office
REITs
—
0
.2
%
BXP,
Inc.
..............................
8,784
626,387
a
Oil,
Gas
&
Consumable
Fuels
—
4
.1
%
APA
Corp.
.............................
17,645
550,348
Cheniere
Energy,
Inc.
......................
3,232
590,293
Chesapeake
Energy
Corp.
..................
5,994
457,522
Chevron
Corp.
...........................
2,966
475,954
Chord
Energy
Corp.
.......................
3,052
523,906
ConocoPhillips
..........................
4,054
450,805
Coterra
Energy,
Inc.
.......................
18,929
488,368
Devon
Energy
Corp.
.......................
10,417
489,912
Diamondback
Energy,
Inc.
...................
2,644
534,908
EOG
Resources,
Inc.
......................
3,883
492,364
EQT
Corp.
.............................
12,893
444,937
Exxon
Mobil
Corp.
........................
3,939
467,126
Hess
Corp.
.............................
3,297
505,826
HF
Sinclair
Corp.
.........................
9,528
490,406
Kinder
Morgan,
Inc.
,
Class
P
.................
26,069
550,838
Marathon
Oil
Corp.
........................
20,387
571,855
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Marathon
Petroleum
Corp.
..................
2,853
$
505,038
Occidental
Petroleum
Corp.
..................
7,993
486,134
ONEOK,
Inc.
............................
6,181
515,063
Ovintiv,
Inc.
.............................
10,844
503,595
Phillips
66
..............................
3,526
512,963
Targa
Resources
Corp.
.....................
4,410
596,585
Texas
Pacific
Land
Corp.
....................
867
732,528
Valero
Energy
Corp.
.......................
3,150
509,418
Williams
Companies,
Inc.
(The)
...............
12,297
528,033
12,974,725
a
Passenger
Airlines
—
0
.3
%
Delta
Air
Lines,
Inc.
.......................
9,940
427,619
Southwest
Airlines
Co.
.....................
19,005
511,995
939,614
a
Personal
Care
Products
—
0
.3
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
3,858
384,295
Kenvue,
Inc.
............................
25,763
476,358
860,653
a
Pharmaceuticals
—
1
.5
%
Bristol-Myers
Squibb
Co.
....................
11,771
559,829
Catalent,
Inc.
(a)
..........................
9,923
588,831
Eli
Lilly
&
Co.
...........................
570
458,434
Johnson
&
Johnson
.......................
3,113
491,387
Merck
&
Co.,
Inc.
.........................
3,658
413,829
Pfizer,
Inc.
.............................
17,022
519,852
Royalty
Pharma
PLC
,
Class
A
................
19,882
560,076
Viatris,
Inc.
.............................
48,967
590,542
Zoetis,
Inc.
,
Class
A
.......................
2,887
519,775
4,702,555
a
Professional
Services
—
2
.2
%
Automatic
Data
Processing,
Inc.
...............
1,968
516,836
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
3,420
490,120
Broadridge
Financial
Solutions,
Inc.
............
2,632
563,248
Dayforce,
Inc.
(a)
(b)
.........................
8,917
528,600
Equifax,
Inc.
............................
2,177
608,189
Jacobs
Solutions,
Inc.
......................
3,846
562,862
Leidos
Holdings,
Inc.
......................
3,544
511,754
Paychex,
Inc.
...........................
4,058
519,505
Paycom
Software,
Inc.
.....................
3,018
503,372
Paylocity
Holding
Corp.
(a)
...................
3,153
473,171
SS&C
Technologies
Holdings,
Inc.
.............
8,411
613,582
TransUnion
.............................
6,982
630,195
Verisk
Analytics,
Inc.
.......................
2,055
537,896
7,059,330
a
Real
Estate
Management
&
Development
—
0
.5
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
5,760
649,209
CoStar
Group,
Inc.
(a)
.......................
5,953
464,453
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
.............
12,881
627,305
1,740,967
a
Residential
REITs
—
1
.7
%
American
Homes
4
Rent
,
Class
A
..............
14,656
528,935
AvalonBay
Communities,
Inc.
................
2,629
538,734
Camden
Property
Trust
.....................
5,109
565,822
Equity
LifeStyle
Properties,
Inc.
...............
8,360
574,165
Equity
Residential
........................
7,829
545,133
Essex
Property
Trust,
Inc.
...................
2,025
563,679
Invitation
Homes,
Inc.
......................
15,014
529,544
Mid-America
Apartment
Communities,
Inc.
........
3,910
546,501
Sun
Communities,
Inc.
.....................
4,364
553,050
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Residential
REITs
(continued)
UDR,
Inc.
..............................
13,573
$
543,870
5,489,433
a
Retail
REITs
—
0
.7
%
Kimco
Realty
Corp.
.......................
28,393
616,980
Realty
Income
Corp.
.......................
9,258
531,687
Regency
Centers
Corp.
....................
9,036
608,484
Simon
Property
Group,
Inc.
..................
3,437
527,373
2,284,524
a
Semiconductors
&
Semiconductor
Equipment
—
3
.7
%
Advanced
Micro
Devices,
Inc.
(a)
...............
2,887
417,114
Analog
Devices,
Inc.
.......................
2,285
528,703
Applied
Materials,
Inc.
.....................
2,203
467,477
Broadcom,
Inc.
..........................
3,300
530,244
Enphase
Energy,
Inc.
(a)
.....................
4,786
550,916
Entegris,
Inc.
............................
4,039
477,773
First
Solar,
Inc.
(a)
.........................
2,487
537,167
Intel
Corp.
.............................
15,366
472,351
KLA
Corp.
..............................
649
534,172
Lam
Research
Corp.
......................
510
469,832
Lattice
Semiconductor
Corp.
(a)
(b)
...............
7,397
392,041
Marvell
Technology,
Inc.
....................
6,870
460,153
Microchip
Technology,
Inc.
...................
5,303
470,800
Micron
Technology,
Inc.
.....................
3,833
420,940
Monolithic
Power
Systems,
Inc.
...............
683
589,491
NVIDIA
Corp.
...........................
4,610
539,462
NXP
Semiconductors
NV
...................
1,830
481,583
ON
Semiconductor
Corp.
(a)
..................
7,138
558,549
Qorvo,
Inc.
(a)
............................
5,568
667,046
QUALCOMM,
Inc.
........................
2,390
432,471
Skyworks
Solutions,
Inc.
....................
5,785
657,292
Teradyne,
Inc.
...........................
3,764
493,686
Texas
Instruments,
Inc.
.....................
2,430
495,258
11,644,521
a
Software
—
5
.6
%
Adobe,
Inc.
(a)
............................
994
548,340
ANSYS,
Inc.
(a)
...........................
1,593
499,613
AppLovin
Corp.
,
Class
A
(a)
...................
6,222
479,716
Aspen
Technology,
Inc.
(a)
....................
2,438
458,222
Atlassian
Corp.
,
Class
A
(a)
...................
2,868
506,403
Autodesk,
Inc.
(a)
..........................
2,307
571,029
Bentley
Systems,
Inc.
,
Class
B
................
9,414
458,838
Cadence
Design
Systems,
Inc.
(a)
..............
1,724
461,446
Confluent,
Inc.
,
Class
A
(a)
(b)
..................
17,279
432,321
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
1,423
330,079
Datadog,
Inc.
,
Class
A
(a)
....................
4,203
489,397
DocuSign,
Inc.
(a)
.........................
9,010
499,875
Dynatrace,
Inc.
(a)
.........................
11,093
487,205
Fair
Isaac
Corp.
(a)
.........................
378
604,800
Fortinet,
Inc.
(a)
...........................
8,320
482,893
Gen
Digital,
Inc.
..........................
21,269
552,781
HubSpot,
Inc.
(a)
..........................
847
420,984
Intuit,
Inc.
..............................
726
469,976
Manhattan
Associates,
Inc.
(a)
.................
2,368
604,740
Microsoft
Corp.
..........................
1,014
424,207
MicroStrategy,
Inc.
,
Class
A
(a)
.................
314
506,934
Oracle
Corp.
............................
3,778
526,842
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
24,016
645,790
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
1,588
515,671
PTC,
Inc.
(a)
.............................
2,889
513,809
Roper
Technologies,
Inc.
....................
932
507,707
Salesforce,
Inc.
..........................
1,679
434,525
Samsara,
Inc.
,
Class
A
(a)
(b)
...................
12,873
492,778
Security
Shares
Value
a
Software
(continued)
ServiceNow,
Inc.
(a)
........................
627
$
510,622
Synopsys,
Inc.
(a)
.........................
872
486,855
Tyler
Technologies,
Inc.
(a)
...................
1,067
606,173
UiPath,
Inc.
,
Class
A
(a)
.....................
27,216
331,219
Unity
Software,
Inc.
(a)
......................
26,677
436,436
Workday,
Inc.
,
Class
A
(a)
....................
1,940
440,613
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
8,265
499,206
Zscaler,
Inc.
(a)
(b)
..........................
2,956
530,159
17,768,204
a
Specialized
REITs
—
2
.0
%
American
Tower
Corp.
.....................
2,553
562,681
Crown
Castle,
Inc.
........................
5,085
559,757
Digital
Realty
Trust,
Inc.
....................
3,556
531,587
Equinix,
Inc.
............................
634
501,012
Extra
Space
Storage,
Inc.
...................
3,544
565,693
Gaming
and
Leisure
Properties,
Inc.
............
11,686
586,637
Iron
Mountain,
Inc.
........................
6,314
647,564
Public
Storage
...........................
1,798
532,064
SBA
Communications
Corp.
,
Class
A
............
2,656
583,098
VICI
Properties,
Inc.
.......................
17,403
544,018
Weyerhaeuser
Co.
........................
16,907
536,966
6,151,077
a
Specialty
Retail
—
2
.5
%
AutoZone,
Inc.
(a)
.........................
180
564,064
Bath
&
Body
Works,
Inc.
....................
10,885
400,024
Best
Buy
Co.,
Inc.
........................
7,325
633,759
Burlington
Stores,
Inc.
(a)
....................
2,843
740,090
CarMax,
Inc.
(a)
(b)
..........................
7,533
636,087
Dick's
Sporting
Goods,
Inc.
..................
2,841
614,650
Home
Depot,
Inc.
(The)
....................
1,409
518,738
Lowe's
Companies,
Inc.
....................
2,185
536,439
O'Reilly
Automotive,
Inc.
(a)
...................
507
571,055
Ross
Stores,
Inc.
.........................
3,884
556,305
TJX
Companies,
Inc.
(The)
..................
5,046
570,299
Tractor
Supply
Co.
........................
1,829
481,612
Ulta
Beauty,
Inc.
(a)
........................
1,389
506,832
Williams-Sonoma,
Inc.
.....................
3,378
522,509
7,852,463
a
Technology
Hardware,
Storage
&
Peripherals
—
1
.5
%
Apple,
Inc.
.............................
2,270
504,121
Dell
Technologies,
Inc.
,
Class
C
...............
3,370
383,102
Hewlett
Packard
Enterprise
Co.
...............
29,469
586,728
HP,
Inc.
...............................
15,831
571,341
NetApp,
Inc.
............................
4,679
594,139
Pure
Storage,
Inc.
,
Class
A
(a)
.................
8,855
530,680
Seagate
Technology
Holdings
PLC
.............
5,629
575,115
Super
Micro
Computer,
Inc.
(a)
.................
566
397,134
Western
Digital
Corp.
(a)
.....................
7,125
477,731
4,620,091
a
Textiles,
Apparel
&
Luxury
Goods
—
0
.4
%
Deckers
Outdoor
Corp.
(a)
....................
587
541,584
Lululemon
Athletica,
Inc.
(a)
...................
1,585
409,976
Nike,
Inc.
,
Class
B
........................
5,262
393,913
1,345,473
a
Tobacco
—
0
.3
%
Altria
Group,
Inc.
.........................
10,757
527,200
Philip
Morris
International,
Inc.
................
4,842
557,605
1,084,805
a
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Trading
Companies
&
Distributors
—
0
.9
%
Fastenal
Co.
............................
7,758
$
548,878
Ferguson
PLC
...........................
2,427
540,372
United
Rentals,
Inc.
.......................
738
558,740
Watsco,
Inc.
............................
1,095
535,992
WW
Grainger,
Inc.
........................
536
523,570
2,707,552
a
Water
Utilities
—
0
.4
%
American
Water
Works
Co.,
Inc.
...............
3,890
553,781
Essential
Utilities,
Inc.
......................
13,788
560,482
1,114,263
a
Wireless
Telecommunication
Services
—
0
.2
%
T-Mobile
U.S.,
Inc.
........................
2,946
536,997
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
296,388,292
)
................................
314,341,207
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
2
.3
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(c)
(d)
(e)
......................
6,915,065
$
6,917,831
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(c)
(d)
............................
382,418
382,418
a
Total
Short-Term
Securities — 2.3%
(Cost:
$
7,293,785
)
..................................
7,300,249
Total
Investments
—
102.1%
(Cost:
$
303,682,077
)
................................
321,641,456
Liabilities
in
Excess
of
Other
Assets
—
(
2
.1
)
%
...............
(
6,748,581
)
Net
Assets
—
100.0%
.................................
$
314,892,875
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
15,067,783
$
—
$
(
8,152,214
)
(a)
$
4,096
$
(
1,834
)
$
6,917,831
6,915,065
$
140,736
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
453,882
—
(
71,464
)
(a)
—
—
382,418
382,418
37,937
—
BlackRock,
Inc.
...
489,119
217,806
(
257,860
)
22,651
62,949
534,665
610
13,607
—
$
26,747
$
61,115
$
7,834,914
$
192,280
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
MidCap
400
Index
.............................................................
1
09/20/24
$
312
$
19,035
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Size
Factor
ETF
18
2024
iShares
Annual
Financial
Statements
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
July
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
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)
.............
$
—
$
—
$
19,035
$
—
$
—
$
—
$
19,035
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
66,022
$
—
$
—
$
—
$
66,022
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
(
13,013
)
$
—
$
—
$
—
$
(
13,013
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
669,943
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
314,341,207
$
—
$
—
$
314,341,207
Short-Term
Securities
Money
Market
Funds
......................................
7,300,249
—
—
7,300,249
$
321,641,456
$
—
$
—
$
321,641,456
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
19,035
$
—
$
—
$
19,035
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
USA
Value
Factor
ETF
Schedule
of
Investments
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
—
2
.7
%
Huntington
Ingalls
Industries,
Inc.
..............
35,912
$
10,054,642
L3Harris
Technologies,
Inc.
..................
158,636
35,992,922
RTX
Corp.
.............................
1,099,180
129,142,658
Textron,
Inc.
............................
212,286
19,721,369
194,911,591
a
Air
Freight
&
Logistics
—
1
.3
%
FedEx
Corp.
............................
295,424
89,291,904
a
Automobile
Components
—
0
.2
%
Aptiv
PLC
(a)
(b)
............................
179,980
12,488,812
a
Automobiles
—
4
.6
%
Ford
Motor
Co.
..........................
11,239,060
121,606,629
General
Motors
Co.
.......................
4,646,744
205,943,694
327,550,323
a
Banks
—
7
.6
%
Bank
of
America
Corp.
.....................
3,543,667
142,845,217
Citigroup,
Inc.
...........................
1,909,435
123,884,143
Citizens
Financial
Group,
Inc.
................
410,895
17,532,890
Fifth
Third
Bancorp
.......................
330,007
13,972,496
First
Citizens
BancShares,
Inc.
,
Class
A
..........
3,846
8,029,256
Huntington
Bancshares,
Inc.
.................
737,531
11,026,088
KeyCorp
...............................
516,934
8,338,145
M&T
Bank
Corp.
.........................
107,748
18,550,973
Regions
Financial
Corp.
....................
572,516
12,807,183
Truist
Financial
Corp.
......................
853,811
38,156,814
U.S.
Bancorp
...........................
705,297
31,653,729
Wells
Fargo
&
Co.
........................
1,898,093
112,632,839
539,429,773
a
Beverages
—
0
.3
%
Molson
Coors
Beverage
Co.
,
Class
B
...........
447,838
23,668,238
a
Biotechnology
—
1
.3
%
Gilead
Sciences,
Inc.
......................
1,073,970
81,686,158
United
Therapeutics
Corp.
(a)
..................
45,702
14,317,980
96,004,138
a
Building
Products
—
1
.4
%
Builders
FirstSource,
Inc.
(a)
..................
150,023
25,109,350
Fortune
Brands
Innovations,
Inc.
..............
112,104
9,059,124
Johnson
Controls
International
PLC
............
530,212
37,931,366
Owens
Corning
..........................
136,513
25,443,293
97,543,133
a
Capital
Markets
—
2
.0
%
Bank
of
New
York
Mellon
Corp.
(The)
...........
444,512
28,924,396
Franklin
Resources,
Inc.
....................
198,775
4,545,984
Goldman
Sachs
Group,
Inc.
(The)
.............
177,304
90,253,055
State
Street
Corp.
........................
202,452
17,202,347
140,925,782
a
Chemicals
—
1
.1
%
CF
Industries
Holdings,
Inc.
..................
136,677
10,440,756
Dow,
Inc.
..............................
389,557
21,219,170
Eastman
Chemical
Co.
.....................
75,793
7,831,690
LyondellBasell
Industries
NV
,
Class
A
...........
193,219
19,217,562
Mosaic
Co.
(The)
.........................
479,004
14,259,949
Westlake
Corp.
..........................
27,109
4,008,337
76,977,464
a
Security
Shares
Value
a
Communications
Equipment
—
6
.3
%
Cisco
Systems,
Inc.
.......................
8,239,531
$
399,205,277
F5,
Inc.
(a)
..............................
115,175
23,454,237
Juniper
Networks,
Inc.
.....................
668,145
25,182,385
447,841,899
a
Consumer
Finance
—
0
.9
%
Ally
Financial,
Inc.
........................
195,215
8,786,627
Capital
One
Financial
Corp.
..................
260,591
39,453,478
Synchrony
Financial
.......................
266,147
13,517,606
61,757,711
a
Consumer
Staples
Distribution
&
Retail
—
1
.2
%
Albertsons
Companies,
Inc.
,
Class
A
............
465,816
9,237,131
Kroger
Co.
(The)
.........................
958,299
52,227,296
Walgreens
Boots
Alliance,
Inc.
................
1,865,612
22,144,814
83,609,241
a
Containers
&
Packaging
—
0
.3
%
International
Paper
Co.
.....................
238,969
11,107,279
Smurfit
WestRock
PLC
(a)
....................
187,924
8,426,512
19,533,791
a
Distributors
—
0
.3
%
LKQ
Corp.
.............................
452,656
18,785,224
a
Diversified
Telecommunication
Services
—
8
.2
%
AT&T,
Inc.
..............................
19,629,788
377,873,419
Verizon
Communications,
Inc.
................
5,144,801
208,467,337
586,340,756
a
Electric
Utilities
—
1
.3
%
Evergy,
Inc.
.............................
312,956
18,151,448
Eversource
Energy
.......................
263,018
17,072,499
PG&E
Corp.
............................
2,191,588
39,996,481
PPL
Corp.
.............................
709,367
21,082,387
96,302,815
a
Electronic
Equipment,
Instruments
&
Components
—
2
.3
%
Corning,
Inc.
............................
1,736,781
69,488,608
Jabil,
Inc.
..............................
176,947
19,936,618
TE
Connectivity
Ltd.
.......................
508,363
78,455,662
167,880,888
a
Entertainment
—
0
.7
%
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.........
5,616,344
48,581,376
a
Financial
Services
—
0
.3
%
Equitable
Holdings,
Inc.
....................
197,414
8,609,224
Global
Payments,
Inc.
.....................
140,384
14,268,630
22,877,854
a
Food
Products
—
2
.8
%
Archer-Daniels-Midland
Co.
..................
894,060
55,440,660
Bunge
Global
SA
.........................
158,361
16,664,328
Conagra
Brands,
Inc.
......................
642,774
19,488,908
J
M
Smucker
Co.
(The)
.....................
149,302
17,610,171
Kraft
Heinz
Co.
(The)
......................
1,746,618
61,498,420
Tyson
Foods,
Inc.
,
Class
A
..................
505,506
30,785,315
201,487,802
a
Gas
Utilities
—
0
.2
%
Atmos
Energy
Corp.
.......................
115,067
14,714,768
a
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Value
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
20
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Ground
Transportation
—
0
.3
%
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
254,400
$
13,846,992
U-Haul
Holding
Co.
,
Series
N
,
NVS
(b)
...........
133,793
8,526,628
22,373,620
a
Health
Care
Equipment
&
Supplies
—
0
.1
%
Solventum
Corp.
(a)
........................
154,725
9,110,208
a
Health
Care
Providers
&
Services
—
6
.0
%
Centene
Corp.
(a)
.........................
724,874
55,757,308
Cigna
Group
(The)
........................
313,169
109,192,635
CVS
Health
Corp.
........................
2,027,284
122,306,044
DaVita,
Inc.
(a)
(b)
..........................
37,543
5,129,125
Elevance
Health,
Inc.
......................
178,479
94,956,182
Labcorp
Holdings,
Inc.
.....................
76,345
16,447,767
Quest
Diagnostics,
Inc.
.....................
88,341
12,570,924
Universal
Health
Services,
Inc.
,
Class
B
.........
66,163
14,143,003
430,502,988
a
Hotel
&
Resort
REITs
—
0
.2
%
Host
Hotels
&
Resorts,
Inc.
..................
1,002,808
17,559,168
a
Hotels,
Restaurants
&
Leisure
—
0
.3
%
Expedia
Group,
Inc.
(a)
......................
194,005
24,768,618
a
Household
Durables
—
4
.2
%
DR
Horton,
Inc.
..........................
637,084
114,630,524
Lennar
Corp.
,
Class
A
......................
651,127
115,203,900
PulteGroup,
Inc.
.........................
534,639
70,572,348
300,406,772
a
Independent
Power
and
Renewable
Electricity
Producers
—
0
.3
%
Vistra
Corp.
............................
230,842
18,287,303
a
Insurance
—
2
.1
%
American
International
Group,
Inc.
.............
484,706
38,403,256
Everest
Group
Ltd.
........................
33,327
13,093,179
Fidelity
National
Financial,
Inc.
................
110,606
6,128,679
Hartford
Financial
Services
Group,
Inc.
(The)
......
145,533
16,142,520
Loews
Corp.
............................
118,126
9,444,174
MetLife,
Inc.
............................
410,118
31,517,568
Prudential
Financial,
Inc.
....................
265,481
33,270,079
147,999,455
a
IT
Services
—
5
.2
%
Akamai
Technologies,
Inc.
(a)
..................
117,426
11,540,627
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
1,049,949
79,460,140
International
Business
Machines
Corp.
..........
1,387,697
266,632,102
Twilio,
Inc.
,
Class
A
(a)
......................
260,014
15,374,628
373,007,497
a
Life
Sciences
Tools
&
Services
—
0
.1
%
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
(b)
..........
11,994
4,058,290
a
Machinery
—
2
.0
%
CNH
Industrial
N.V.
.......................
1,171,082
12,472,023
Cummins,
Inc.
...........................
122,159
35,645,996
PACCAR,
Inc.
...........................
498,706
49,202,334
Snap-on,
Inc.
...........................
47,519
13,639,379
Stanley
Black
&
Decker,
Inc.
.................
87,111
9,200,664
Westinghouse
Air
Brake
Technologies
Corp.
.......
121,209
19,532,830
139,693,226
a
Media
—
0
.7
%
Fox
Corp.
,
Class
A
,
NVS
....................
539,413
20,519,271
Fox
Corp.
,
Class
B
........................
304,675
10,794,635
Security
Shares
Value
a
Media
(continued)
Paramount
Global
,
Class
B
,
NVS
..............
1,814,938
$
20,726,592
52,040,498
a
Metals
&
Mining
—
0
.9
%
Cleveland-Cliffs,
Inc.
(a)
.....................
638,014
9,793,515
Nucor
Corp.
............................
227,405
37,053,371
Steel
Dynamics,
Inc.
.......................
144,153
19,204,062
66,050,948
a
Mortgage
REITs
—
0
.1
%
Annaly
Capital
Management,
Inc.
..............
424,606
8,453,906
a
Multi-Utilities
—
0
.4
%
Dominion
Energy,
Inc.
......................
597,097
31,920,806
a
Oil,
Gas
&
Consumable
Fuels
—
3
.6
%
APA
Corp.
.............................
508,728
15,867,226
Chesapeake
Energy
Corp.
..................
158,245
12,078,841
Coterra
Energy,
Inc.
.......................
1,017,272
26,245,617
Diamondback
Energy,
Inc.
...................
248,457
50,265,336
EQT
Corp.
.............................
486,815
16,799,986
HF
Sinclair
Corp.
.........................
284,781
14,657,678
Marathon
Oil
Corp.
........................
1,123,734
31,520,739
Ovintiv,
Inc.
.............................
557,480
25,889,371
Valero
Energy
Corp.
.......................
407,974
65,977,555
259,302,349
a
Passenger
Airlines
—
0
.3
%
Delta
Air
Lines,
Inc.
.......................
287,605
12,372,767
Southwest
Airlines
Co.
.....................
270,635
7,290,907
19,663,674
a
Pharmaceuticals
—
4
.6
%
Bristol-Myers
Squibb
Co.
....................
2,034,364
96,754,352
Pfizer,
Inc.
.............................
6,150,893
187,848,272
Royalty
Pharma
PLC
,
Class
A
................
547,969
15,436,287
Viatris,
Inc.
.............................
2,584,544
31,169,600
331,208,511
a
Professional
Services
—
0
.4
%
Leidos
Holdings,
Inc.
......................
85,763
12,384,177
SS&C
Technologies
Holdings,
Inc.
.............
245,931
17,940,667
30,324,844
a
Residential
REITs
—
0
.3
%
Camden
Property
Trust
.....................
80,135
8,874,951
Mid-America
Apartment
Communities,
Inc.
........
87,727
12,261,603
21,136,554
a
Retail
REITs
—
1
.1
%
Simon
Property
Group,
Inc.
..................
513,435
78,781,466
a
Semiconductors
&
Semiconductor
Equipment
—
11
.5
%
Applied
Materials,
Inc.
.....................
1,034,645
219,551,669
First
Solar,
Inc.
(a)
.........................
145,658
31,460,671
Intel
Corp.
.............................
11,048,894
339,643,002
NXP
Semiconductors
NV
...................
380,482
100,127,643
ON
Semiconductor
Corp.
(a)
(b)
.................
759,665
59,443,786
Qorvo,
Inc.
(a)
............................
202,437
24,251,953
Skyworks
Solutions,
Inc.
....................
402,007
45,676,035
820,154,759
a
Software
—
0
.9
%
Aspen
Technology,
Inc.
(a)
(b)
...................
68,147
12,808,229
Gen
Digital,
Inc.
..........................
1,042,923
27,105,569
iShares
®
MSCI
USA
Value
Factor
ETF
Schedule
of
Investments
(continued)
July
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Software
(continued)
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
426,743
$
25,775,277
65,689,075
a
Specialized
REITs
—
0
.6
%
Weyerhaeuser
Co.
........................
1,302,428
41,365,113
a
Specialty
Retail
—
0
.4
%
Best
Buy
Co.,
Inc.
........................
302,032
26,131,809
a
Technology
Hardware,
Storage
&
Peripherals
—
3
.9
%
Dell
Technologies,
Inc.
,
Class
C
...............
471,250
53,571,700
Hewlett
Packard
Enterprise
Co.
...............
4,893,311
97,425,822
HP,
Inc.
...............................
2,383,636
86,025,423
NetApp,
Inc.
............................
325,753
41,364,116
278,387,061
a
Tobacco
—
1
.3
%
Altria
Group,
Inc.
.........................
1,908,759
93,548,279
a
Trading
Companies
&
Distributors
—
0
.7
%
United
Rentals,
Inc.
.......................
68,221
51,650,119
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
7,033,084,946
)
...............................
7,132,082,199
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
0
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(c)
(d)
(e)
......................
32,225,006
$
32,237,897
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(c)
(d)
............................
11,054,743
11,054,743
a
Total
Short-Term
Securities — 0.6%
(Cost:
$
43,288,304
)
.................................
43,292,640
Total
Investments
—
100.4%
(Cost:
$
7,076,373,250
)
...............................
7,175,374,839
Liabilities
in
Excess
of
Other
Assets
—
(
0
.4
)
%
...............
(
30,888,789
)
Net
Assets
—
100.0%
.................................
$
7,144,486,050
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
year
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
33,397,964
$
—
$
(
1,161,261
)
(a)
$
626
$
568
$
32,237,897
32,225,006
$
139,078
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
11,508,688
—
(
453,945
)
(a)
—
—
11,054,743
11,054,743
622,424
—
$
626
$
568
$
43,292,640
$
761,502
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Russell
2000
Index
................................................................
55
09/20/24
$
6,251
$
669,552
E-Mini
S&P
500
Index
...................................................................
20
09/20/24
5,558
55,542
$
725,094
Schedule
of
Investments
(continued)
July
31,
2024
iShares
®
MSCI
USA
Value
Factor
ETF
22
2024
iShares
Annual
Financial
Statements
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
July
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
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)
.............
$
—
$
—
$
725,094
$
—
$
—
$
—
$
725,094
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
2,966,519
$
—
$
—
$
—
$
2,966,519
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
93,781
)
$
—
$
—
$
—
$
(
93,781
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
10,649,497
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
7,132,082,199
$
—
$
—
$
7,132,082,199
Short-Term
Securities
Money
Market
Funds
......................................
43,292,640
—
—
43,292,640
$
7,175,374,839
$
—
$
—
$
7,175,374,839
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
725,094
$
—
$
—
$
725,094
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
23
Statements
of
Assets
and
Liabilities
Statements
of
Assets
and
Liabilities
July
31,
2024
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................
$
10,052,877,477
$
46,641,004,646
$
313,806,542
$
7,132,082,199
Investments,
at
value
—
affiliated
(c)
........................................
132,308,735
543,776,711
7,834,914
43,292,640
Cash
............................................................
140,580
642,748
20,561
277,472
Cash
pledged:
Futures
contracts
..................................................
1,616,000
4,338,000
19,000
1,599,000
Receivables:
Securities
lending
income
—
affiliated
....................................
14,193
20,539
1,458
4,966
Capital
shares
sold
.................................................
36,639
—
—
95,495
Dividends
—
unaffiliated
.............................................
2,059,482
19,877,175
160,214
15,083,611
Dividends
—
affiliated
...............................................
125,656
279,457
3,019
45,846
Variation
margin
on
futures
contracts
.....................................
474,525
1,273,950
1,990
282,858
Total
assets
.......................................................
10,189,653,287
47,211,213,226
321,847,698
7,192,764,087
LIABILITIES
Collateral
on
securities
loaned
...........................................
102,837,804
63,161,411
6,915,730
32,292,577
Payables:
Investments
purchased
..............................................
—
—
—
14,704,776
Capital
shares
redeemed
.............................................
366,394
272,354
—
381,982
Investment
advisory
fees
.............................................
1,327,236
5,979,873
39,093
898,702
Total
liabilities
......................................................
104,531,434
69,413,638
6,954,823
48,278,037
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................
$
10,085,121,853
$
47,141,799,588
$
314,892,875
$
7,144,486,050
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
11,698,582,830
$
38,757,664,429
$
365,199,473
$
7,978,742,259
Accumulated
earnings
(loss)
............................................
(
1,613,460,977
)
8,384,135,159
(
50,306,598
)
(
834,256,209
)
NET
ASSETS
......................................................
$
10,085,121,853
$
47,141,799,588
$
314,892,875
$
7,144,486,050
NET
ASSET
VALUE
Shares
outstanding
..................................................
52,800,000
274,350,000
2,200,000
66,400,000
Net
asset
value
.....................................................
$
191.01
$
171.83
$
143.13
$
107.60
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
101,496,771
$
61,980,242
$
6,860,877
$
33,120,985
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
8,020,322,276
$
36,676,051,546
$
295,926,254
$
7,033,084,946
(c)
Investments,
at
cost
—
affiliated
........................................
$
132,302,679
$
456,355,061
$
7,755,823
$
43,288,304
24
2024
iShares
Annual
Financial
Statements
Statements
of
Operations
Year
Ended
July
31,
2024
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
78,997,923
$
508,419,967
$
5,662,029
$
197,334,108
Dividends
—
affiliated
..............................................
1,162,020
11,722,082
51,544
622,424
Interest
—
unaffiliated
..............................................
106,416
306,726
4,128
81,250
Securities
lending
income
—
affiliated
—
net
...............................
159,859
1,271,258
140,736
139,078
Foreign
taxes
withheld
.............................................
(
30,987
)
—
(
2,031
)
(
236,934
)
Total
investment
income
..............................................
80,395,231
521,720,033
5,856,406
197,939,926
EXPENSES
Investment
advisory
...............................................
13,879,216
56,972,861
497,140
10,183,743
Interest
expense
.................................................
4,402
6,311
13
62
Total
expenses
....................................................
13,883,618
56,979,172
497,153
10,183,805
Net
investment
income
...............................................
66,511,613
464,740,861
5,359,253
187,756,121
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
427,606,698
693,234,770
(
10,677,980
)
(
195,690,139
)
Investments
—
affiliated
...........................................
9,741
(
815,423
)
3,165
626
Futures
contracts
...............................................
3,972,600
15,069,828
66,022
2,966,519
In-kind
redemptions
—
unaffiliated
(a)
...................................
815,015,650
2,451,623,275
32,683,386
159,590,583
In-kind
redemptions
—
affiliated
(a)
....................................
—
7,305,335
23,582
—
1,246,604,689
3,166,417,785
22,098,175
(
33,132,411
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
1,102,475,018
4,831,683,711
17,365,956
708,889,752
Investments
—
affiliated
...........................................
8,852
58,204,952
61,115
568
Futures
contracts
...............................................
(
1,253,676
)
(
2,757,543
)
(
13,013
)
(
93,781
)
1,101,230,194
4,887,131,120
17,414,058
708,796,539
Net
realized
and
unrealized
gain
........................................
2,347,834,883
8,053,548,905
39,512,233
675,664,128
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............
$
2,414,346,496
$
8,518,289,766
$
44,871,486
$
863,420,249
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
25
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/24
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
66,511,613
$
205,732,135
$
464,740,861
$
327,884,291
Net
realized
gain
(loss)
.........................................
1,246,604,689
(
685,284,925
)
3,166,417,785
(
277,715,346
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
1,101,230,194
878,019,235
4,887,131,120
4,501,082,052
Net
increase
in
net
assets
resulting
from
operations
........................
2,414,346,496
398,466,445
8,518,289,766
4,551,250,997
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
62,799,842
)
(
232,076,086
)
(
443,531,266
)
(
325,161,698
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
1,380,022,356
)
(
1,094,647,687
)
7,432,272,879
7,171,562,698
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
971,524,298
(
928,257,328
)
15,507,031,379
11,397,651,997
Beginning
of
year
...............................................
9,113,597,555
10,041,854,883
31,634,768,209
20,237,116,212
End
of
year
...................................................
$
10,085,121,853
$
9,113,597,555
$
47,141,799,588
$
31,634,768,209
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
26
2024
iShares
Annual
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/24
Year
Ended
07/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
5,359,253
$
4,984,961
$
187,756,121
$
221,175,573
Net
realized
gain
(loss)
.........................................
22,098,175
(
17,399,584
)
(
33,132,411
)
(
118,128,586
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
17,414,058
37,890,122
708,796,539
120,774,959
Net
increase
in
net
assets
resulting
from
operations
........................
44,871,486
25,475,499
863,420,249
223,821,946
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
5,145,827
)
(
4,723,437
)
(
179,487,920
)
(
231,097,546
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
..............
(
44,855,909
)
(
47,798,497
)
(
460,104,514
)
(
2,196,245,190
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
5,130,250
)
(
27,046,435
)
223,827,815
(
2,203,520,790
)
Beginning
of
year
...............................................
320,023,125
347,069,560
6,920,658,235
9,124,179,025
End
of
year
...................................................
$
314,892,875
$
320,023,125
$
7,144,486,050
$
6,920,658,235
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
27
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Momentum
Factor
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
..........................
$
146.76
$
143.35
$
175.04
$
140.10
$
120.79
Net
investment
income
(a)
................................
1
.20
2
.79
1
.79
0
.85
1
.50
Net
realized
and
unrealized
gain
(loss)
(b)
......................
44.18
3
.83
(
31.95
)
34.86
19.53
Net
increase
(decrease)
from
investment
operations
...............
45.38
6
.62
(
30.16
)
35.71
21.03
Distributions
from
net
investment
income
(c)
......................
(
1
.13
)
(
3
.21
)
(
1
.53
)
(
0
.77
)
(
1
.72
)
Net
asset
value,
end
of
year
..............................
$
191.01
$
146.76
$
143.35
$
175.04
$
140.10
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
31.09
%
4
.80
%
(
17.35
)
%
25.57
%
17.71
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
...................................
0
.72
%
1
.95
%
1
.07
%
0
.53
%
1
.22
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
10,085,122
$
9,113,598
$
10,041,855
$
14,493,017
$
10,647,455
Portfolio
turnover
rate
(f)
...................................
95
%
111
%
125
%
107
%
160
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
28
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Quality
Factor
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
..........................
$
139.91
$
121.95
$
137.31
$
100.59
$
92.73
Net
investment
income
(a)
................................
1
.86
1
.79
1
.68
1
.70
1
.72
Net
realized
and
unrealized
gain
(loss)
(b)
......................
31.84
17.93
(
15.41
)
36.79
7
.71
Net
increase
(decrease)
from
investment
operations
...............
33.70
19.72
(
13.73
)
38.49
9
.43
Distributions
from
net
investment
income
(c)
......................
(
1
.78
)
(
1
.76
)
(
1
.63
)
(
1
.77
)
(
1
.57
)
Net
asset
value,
end
of
year
..............................
$
171.83
$
139.91
$
121.95
$
137.31
$
100.59
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
24.28
%
16.47
%
(
10.09
)
%
38.63
%
10.38
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
...................................
1
.22
%
1
.46
%
1
.27
%
1
.45
%
1
.82
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
47,141,800
$
31,634,768
$
20,237,116
$
23,966,830
$
18,851,143
Portfolio
turnover
rate
(f)
...................................
31
%
58
%
41
%
47
%
45
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
29
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Size
Factor
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
..........................
$
128.01
$
119.68
$
131.04
$
92.12
$
91.99
Net
investment
income
(a)
................................
2
.11
1
.83
1
.69
1
.50
1
.73
Net
realized
and
unrealized
gain
(loss)
(b)
......................
15.00
8
.24
(
11.21
)
38.96
(
0
.13
)
Net
increase
(decrease)
from
investment
operations
...............
17.11
10.07
(
9
.52
)
40.46
1
.60
Distributions
from
net
investment
income
(c)
......................
(
1
.99
)
(
1
.74
)
(
1
.84
)
(
1
.54
)
(
1
.47
)
Net
asset
value,
end
of
year
..............................
$
143.13
$
128.01
$
119.68
$
131.04
$
92.12
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
.................................
13.54
%
8
.62
%
(
7
.35
)
%
44.28
%
1
.91
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
........................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
...................................
1
.62
%
1
.56
%
1
.31
%
1
.34
%
1
.93
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
314,893
$
320,023
$
347,070
$
674,864
$
741,572
Portfolio
turnover
rate
(f)
...................................
19
%
22
%
25
%
23
%
29
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
30
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Value
Factor
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Net
asset
value,
beginning
of
year
.........................
$
97.27
$
95.84
$
104.29
$
72.97
$
82.49
Net
investment
income
(a)
...............................
2
.74
2
.74
2
.66
2
.33
2
.37
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
10.21
1
.53
(
8
.22
)
30.96
(
9
.65
)
Net
increase
(decrease)
from
investment
operations
..............
12.95
4
.27
(
5
.56
)
33.29
(
7
.28
)
Distributions
from
net
investment
income
(c)
.....................
(
2
.62
)
(
2
.84
)
(
2
.89
)
(
1
.97
)
(
2
.24
)
Net
asset
value,
end
of
year
.............................
$
107.60
$
97.27
$
95.84
$
104.29
$
72.97
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
13.57
%
4
.77
%
(
5
.48
)
%
46.10
%
(
8
.83
)
%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
..................................
2
.77
%
2
.96
%
2
.57
%
2
.47
%
3
.04
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
7,144,486
$
6,920,658
$
9,124,179
$
15,945,689
$
5,611,044
Portfolio
turnover
rate
(f)
..................................
24
%
23
%
17
%
28
%
33
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
31
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
July
31,
2024,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Bank
Overdraft:
The
Funds
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period. The
Funds
are obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
iShares
ETF
Diversification
Classification
MSCI
USA
Momentum
Factor
............................................................................................
Diversified
MSCI
USA
Quality
Factor
...............................................................................................
Diversified
MSCI
USA
Size
Factor
.................................................................................................
Diversified
MSCI
USA
Value
Factor
................................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
32
2024
iShares
Annual
Financial
Statements
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.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
Notes
to
Financial
Statements
(
continued)
33
Notes
to
Financial
Statements
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
MSCI
USA
Momentum
Factor
Barclays
Bank
PLC
...............................................
$
22,694,450
$
(22,694,450)
$
—
$
—
BofA
Securities,
Inc.
..............................................
116,728
(116,728)
—
—
Citigroup
Global
Markets,
Inc.
........................................
25,483,935
(25,483,935)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
13,883,249
(13,883,249)
—
—
J.P.
Morgan
Securities
LLC
.........................................
6,061,632
(6,061,632)
—
—
Jefferies
LLC
...................................................
26,538
(25,650)
—
888
Morgan
Stanley
.................................................
31,190,746
(31,190,746)
—
—
National
Financial
Services
LLC
......................................
203,736
(203,736)
—
—
UBS
AG
......................................................
398,112
(391,703)
—
6,409
Virtu
Americas
LLC
...............................................
830,676
(818,387)
—
12,289
Wells
Fargo
Bank
NA
.............................................
606,969
(606,969)
—
—
$
101,496,771
$
(101,477,185)
$
—
$
19,586
a
MSCI
USA
Quality
Factor
Barclays
Bank
PLC
...............................................
667,638
(652,195)
—
15,443
BofA
Securities,
Inc.
..............................................
772,310
(772,310)
—
—
Citadel
Clearing
LLC
..............................................
1,521,100
(1,472,834)
—
48,266
Citigroup
Global
Markets,
Inc.
........................................
725,225
(725,225)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
14,113,433
(14,113,433)
—
—
J.P.
Morgan
Securities
LLC
.........................................
31,493,828
(31,493,828)
—
—
Jefferies
LLC
...................................................
1,111,815
(1,111,815)
—
—
Morgan
Stanley
.................................................
1,455,666
(1,455,666)
—
—
Virtu
Americas
LLC
...............................................
3,015,129
(2,976,435)
—
38,694
Wells
Fargo
Bank
NA
.............................................
7,104,098
(7,104,098)
—
—
$
61,980,242
$
(61,877,839)
$
—
$
102,403
a
MSCI
USA
Size
Factor
Barclays
Bank
PLC
...............................................
1,271,062
(1,271,062)
—
—
BNP
Paribas
SA
.................................................
539,784
(539,784)
—
—
BofA
Securities,
Inc.
..............................................
1,002,899
(999,708)
—
3,191
Citigroup
Global
Markets,
Inc.
........................................
1,144,734
(1,135,226)
—
9,508
Goldman
Sachs
&
Co.
LLC
.........................................
487,975
(479,177)
—
8,798
J.P.
Morgan
Securities
LLC
.........................................
109,586
(109,586)
—
—
Morgan
Stanley
.................................................
973,470
(973,470)
—
—
National
Financial
Services
LLC
......................................
18,276
(18,276)
—
—
RBC
Capital
Markets
LLC
..........................................
4,104
(4,104)
—
—
Scotia
Capital
(USA),
Inc.
..........................................
25,016
(23,217)
—
1,799
Toronto-Dominion
Bank
............................................
2,564
(2,564)
—
—
Virtu
Americas
LLC
...............................................
460,632
(460,632)
—
—
Wells
Fargo
Bank
NA
.............................................
510,475
(509,483)
—
992
Wells
Fargo
Securities
LLC
.........................................
310,300
(310,300)
—
—
$
6,860,877
$
(6,836,589)
$
—
$
24,288
a
MSCI
USA
Value
Factor
Barclays
Bank
PLC
...............................................
2,700,532
(2,700,532)
—
—
Citigroup
Global
Markets,
Inc.
........................................
6,090
(6,090)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
25,776,141
(24,859,844)
—
916,297
J.P.
Morgan
Securities
LLC
.........................................
3,460
(3,460)
—
—
Jefferies
LLC
...................................................
75,180
(75,180)
—
—
State
Street
Bank
&
Trust
Co.
........................................
3,615,219
(3,588,813)
—
26,406
Toronto-Dominion
Bank
............................................
910,527
(910,527)
—
—
UBS
Securities
LLC
..............................................
33,836
(33,836)
—
—
$
33,120,985
$
(32,178,282)
$
—
$
942,703
a
Notes
to
Financial
Statements
(continued)
34
2024
iShares
Annual
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The
Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
redemption
fee,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
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.
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
July
31,
2024.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
iShares
ETF
Investment
Advisory
Fees
MSCI
USA
Momentum
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
MSCI
USA
Quality
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
MSCI
USA
Size
Factor
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
0.15
MSCI
USA
Value
Factor
.
.
.
.
.
.
.
.
.
.
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0.15
Notes
to
Financial
Statements
(
continued)
35
Notes
to
Financial
Statements
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 July
31,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
year
ended
July
31,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year
ended
July
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
July
31,
2024,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
July
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
iShares
ETF
Amounts
MSCI
USA
Momentum
Factor
...........................................................................................
$
67,244
MSCI
USA
Quality
Factor
..............................................................................................
368,621
MSCI
USA
Size
Factor
................................................................................................
37,317
MSCI
USA
Value
Factor
...............................................................................................
47,077
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Momentum
Factor
.......................................................
$
917,814,282
$
1,650,517,566
$
26,312,998
MSCI
USA
Quality
Factor
..........................................................
1,535,413,703
976,399,591
76,210,102
MSCI
USA
Size
Factor
............................................................
27,581,285
25,997,250
(3,061,734
)
MSCI
USA
Value
Factor
...........................................................
424,854,673
287,880,047
(9,201,286
)
iShares
ETF
Purchases
Sales
MSCI
USA
Momentum
Factor
.........................................................................
$
8,698,929,099
$
8,700,155,229
MSCI
USA
Quality
Factor
............................................................................
11,589,174,536
11,573,534,369
MSCI
USA
Size
Factor
..............................................................................
63,275,495
62,309,190
MSCI
USA
Value
Factor
.............................................................................
1,614,671,231
1,600,644,206
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
USA
Momentum
Factor
.........................................................................
$
2,469,856,920
$
3,844,696,365
MSCI
USA
Quality
Factor
............................................................................
14,867,443,459
7,427,488,737
MSCI
USA
Size
Factor
..............................................................................
118,731,985
163,459,284
MSCI
USA
Value
Factor
.............................................................................
712,491,143
1,168,942,260
Notes
to
Financial
Statements
(continued)
36
2024
iShares
Annual
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
July
31,
2024,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
July
31,
2024,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
For
the
year
ended
July
31,
2024,
the
Funds
listed
below
utilized
the
following
amount
of
its
respective
capital
loss
carryforwards.
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
July
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
MSCI
USA
Momentum
Factor
.........................................................................
$
814,630,496
$
(814,630,496
)
MSCI
USA
Quality
Factor
............................................................................
2,455,775,848
(2,455,775,848
)
MSCI
USA
Size
Factor
..............................................................................
32,686,519
(32,686,519
)
MSCI
USA
Value
Factor
.............................................................................
159,048,729
(159,048,729
)
iShares
ETF
Year
Ended
07/31/24
Year
Ended
07/31/23
MSCI
USA
Momentum
Factor
Ordinary
income
..........................................................................................
$
62,799,842
$
232,076,086
MSCI
USA
Quality
Factor
Ordinary
income
..........................................................................................
$
443,531,266
$
325,161,698
MSCI
USA
Size
Factor
Ordinary
income
..........................................................................................
$
5,145,827
$
4,723,437
MSCI
USA
Value
Factor
Ordinary
income
..........................................................................................
$
179,487,920
$
231,097,546
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
MSCI
USA
Momentum
Factor
.....................................
$
8,807,806
$
(3,651,093,524
)
$
2,028,824,741
$
(1,613,460,977
)
MSCI
USA
Quality
Factor
........................................
57,182,082
(1,700,911,469
)
10,027,864,546
8,384,135,159
MSCI
USA
Size
Factor
..........................................
499,783
(68,187,873
)
17,381,492
(50,306,598
)
MSCI
USA
Value
Factor
.........................................
26,547,038
(935,509,785
)
74,706,538
(834,256,209
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
characterization
of
corporate
actions
and
undistributed
capital
gains
from
underlying
REIT
investments.
iShares
ETF
Utilized
MSCI
USA
Momentum
Factor
............................................................................................
$
433,022,637
MSCI
USA
Quality
Factor
...............................................................................................
694,233,390
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
USA
Momentum
Factor
.....................................
$
8,156,361,471
$
2,144,789,846
$
(115,965,105
)
$
2,028,824,741
MSCI
USA
Quality
Factor
........................................
37,156,916,811
10,615,474,267
(587,609,721
)
10,027,864,546
MSCI
USA
Size
Factor
..........................................
304,259,964
46,363,806
(28,982,314
)
17,381,492
MSCI
USA
Value
Factor
.........................................
7,100,668,301
970,481,675
(895,775,137
)
74,706,538
Notes
to
Financial
Statements
(
continued)
37
Notes
to
Financial
Statements
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
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.
Notes
to
Financial
Statements
(continued)
38
2024
iShares
Annual
Financial
Statements
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
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.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at
their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Funds’
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
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
07/31/24
Year
Ended
07/31/23
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Momentum
Factor
Shares
sold
...............................................
13,700,000
$
2,477,145,236
22,150,000
$
3,116,739,507
Shares
redeemed
...........................................
(23,000,000
)
(3,857,167,592
)
(30,100,000
)
(4,211,387,194
)
(9,300,000
)
$
(1,380,022,356
)
(7,950,000
)
$
(1,094,647,687
)
MSCI
USA
Quality
Factor
Shares
sold
...............................................
99,550,000
$
14,908,824,360
99,950,000
$
12,117,158,431
Shares
redeemed
...........................................
(51,300,000
)
(7,476,551,481
)
(39,800,000
)
(4,945,595,733
)
48,250,000
$
7,432,272,879
60,150,000
$
7,171,562,698
MSCI
USA
Size
Factor
Shares
sold
...............................................
950,000
$
120,036,096
100,000
$
10,676,106
Shares
redeemed
...........................................
(1,250,000
)
(164,892,005
)
(500,000
)
(58,474,603
)
(300,000
)
$
(44,855,909
)
(400,000
)
$
(47,798,497
)
MSCI
USA
Value
Factor
Shares
sold
...............................................
7,150,000
$
716,332,234
4,100,000
$
384,517,796
Shares
redeemed
...........................................
(11,900,000
)
(1,176,436,748
)
(28,150,000
)
(2,580,762,986
)
(4,750,000
)
$
(460,104,514
)
(24,050,000
)
$
(2,196,245,190
)
Report
of
Independent
Registered
Public
Accounting
Firm
39
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the four funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(four
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
July
31,
2024,
the
related
statements
of
operations
for
the
year
ended
July
31,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
listed
in
the
table
below
as
of
July
31,
2024,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
July
31,
2024
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
July
31,
2024
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2024
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2024
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
MSCI
USA
Momentum
Factor
ETF
iShares
MSCI
USA
Quality
Factor
ETF
iShares
MSCI
USA
Size
Factor
ETF
iShares
MSCI
USA
Value
Factor
ETF
Important
Tax
Information
(unaudited)
40
2024
iShares
Annual
Financial
Statements
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
July
31,
2024
:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
July
31,
2024
:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
July
31,
2024
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
MSCI
USA
Momentum
Factor
............................................................................................
$
77,171,436
MSCI
USA
Quality
Factor
...............................................................................................
492,344,074
MSCI
USA
Size
Factor
.................................................................................................
4,968,388
MSCI
USA
Value
Factor
................................................................................................
193,128,995
iShares
ETF
Qualified
Business
Income
MSCI
USA
Momentum
Factor
............................................................................................
$
267,505
MSCI
USA
Quality
Factor
...............................................................................................
20,990,009
MSCI
USA
Size
Factor
.................................................................................................
632,971
MSCI
USA
Value
Factor
................................................................................................
4,581,949
iShares
ETF
Dividends-Received
Deduction
MSCI
USA
Momentum
Factor
............................................................................................
100
.00
%
MSCI
USA
Quality
Factor
...............................................................................................
100
.00
MSCI
USA
Size
Factor
.................................................................................................
88
.16
MSCI
USA
Value
Factor
................................................................................................
100
.00
Additional
Information
41
Additional
Information
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
.
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.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust's policies
and
procedures
with
respect
to
the
disclosure
of
the
Funds'
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses its
portfolio
holdings
daily
and
provide
information
regarding its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
42
2024
iShares
Annual
Financial
Statements
iShares
MSCI
USA
Momentum
Factor
ETF,
iShares
MSCI
USA
Quality
Factor
ETF,
iShares
MSCI
USA
Size
Factor
ETF,
iShares
MSCI
USA
Value
Factor
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2023,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
43
Board
Review
and
Approval
of
Investment
Advisory
Contract
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Glossary
of
Terms
Used
in
this
Report
44
2024
iShares
Annual
Financial
Statements
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
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
MSCI
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.
July
31,
2024
2024
Annual
Financial
Statements
iShares
Trust
iShares®
LifePath®
Retirement
ETF
|
IRTR
|
NYSE
Arca
iShares®
LifePath®
Target
Date
2025
ETF
|
ITDA
|
NYSE
Arca
iShares®
LifePath®
Target
Date
2030
ETF
|
ITDB
|
NYSE
Arca
iShares®
LifePath®
Target
Date
2035
ETF
|
ITDC
|
NYSE
Arca
iShares®
LifePath®
Target
Date
2040
ETF
|
ITDD
|
NYSE
Arca
iShares®
LifePath®
Target
Date
2045
ETF
|
ITDE
|
NYSE
Arca
iShares®
LifePath®
Target
Date
2050
ETF
|
ITDF
|
NYSE
Arca
iShares®
LifePath®
Target
Date
2055
ETF
|
ITDG
|
NYSE
Arca
iShares®
LifePath®
Target
Date
2060
ETF
|
ITDH
|
NYSE
Arca
iShares®
LifePath®
Target
Date
2065
ETF
|
ITDI
|
NYSE
Arca
Table
of
Contents
Page
2
Glide
Path
Evolution
....................................................................................................
3
Schedules
of
Investments
.................................................................................................
4
Statements
of
Assets
and
Liabilities
...........................................................................................
24
Statements
of
Operations
.................................................................................................
26
Statements
of
Changes
in
Net
Assets
..........................................................................................
28
Financial
Highlights
.....................................................................................................
33
Notes
to
Financial
Statements
...............................................................................................
43
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
52
Important
Tax
Information
(unaudited)
.................................................................................................
53
Additional
Information
...................................................................................................
55
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
56
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
58
3
Glide
Path
Evolution
Glide
Path
Evolution
Under
normal
circumstances,
the
asset
allocation
of
the
iShares
LifePath
Retirement
ETF
along
with
the
iShares
LifePath
Target
Date
ETFs
with
target
dates
of
2025,
2030,
2035,
2040,
2045,
2050,
2055,
2060
and
2065
are
referred
to
as
the
“LifePath
ETFs”
or
the
"Funds",
will
change
over
time
according
to
a
predetermined
“glide
path”
as
each
LifePath ETF
approaches
its
respective
target
date.
The
glide
path
represents
the
shifting
of
asset
classes
over
time.
Each
LifePath
ETF’s
asset
allocations
become
more
conservative
prior
to
retirement
as
time
elapses.
This
reflects
the
need
for
reduced
investment
risks
as
retirement
approaches
and
the
need
for
lower
volatility
of
each
LifePath
ETF,
which
may
be
a
primary
source
of
income
after
retirement.
As
each
LifePath ETF
approaches
its
target
date,
its
asset
allocation
will
shift
so
that
each
LifePath ETF
invests
a
greater
percentage
of
its
assets
in
fixed-income
index
funds.
The
asset
allocation
targets
are
established
by
the
portfolio
managers.
The
investment
team,
including
the
portfolio
managers,
meets
regularly
to
assess
market
conditions,
review
the
asset
allocation
targets
of
each
LifePath
ETF,
and
determine
whether
any
changes
are
required
to
enable
each
LifePath ETF
to
achieve
its
investment
objective.
Because
the iShares
LifePath
Retirement ETF
is
in
its
most
conservative
phase,
its
allocation
generally
does
not
become
more
conservative
over
time,
although
its
allocation
may
change
to
maintain
its
risk
profile.
During
the
year
prior
to
the
LifePath
ETF's
maturity
date,
its
allocation
of
assets
is
expected
to
be
similar
to
that
of
the
iShares
LifePath
Retirement
ETF.
Further,
as
retirement
approaches,
such
LifePath
ETF
and
the
iShares
LifePath
Retirement
ETF
is
expected
to,
subject
to
approval
by
the
Trust's
Board
of
Trustees
(the
“Board”),
merge
into
a
single
fund.
Although
the
asset
allocation
targets
listed
for
the
glide
path
are
general,
long-term
targets,
BlackRock
Fund
Advisors
(“BFA”
or
the
“Manager”)
may
periodically
adjust
the
proportion
of
equity
index
funds
and
fixed-income
index
funds
in
each
LifePath
ETF,
based
on
an
assessment
of
the
current
market
conditions,
the
potential
contribution
of
each
asset
class
to
the
expected
risk
and
return
characteristics
of
each
LifePath
ETF,
reallocations
of
each
LifePath
ETF’s
composition
to
reflect
intra-year
movement
along
the
glide
path
and
other
factors.
In
general,
such
adjustments
will
be
limited;
however,
BFA
may
determine
that
a
greater
degree
of
variation
is
warranted
to
protect
a
LifePath ETF
or
achieve
its
investment
objective.
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Retirement
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
26
.4
%
iShares
Core
U.S.
REIT
ETF
.................
1,027
$
58,478
iShares
Russell
1000
ETF
...................
3,207
968,193
iShares
Russell
2000
ETF
(b)
..................
77
17,237
1,043,908
a
Domestic
Fixed
Income
—
60
.0
%
iShares
0-5
Year
TIPS
Bond
ETF
..............
3,858
385,569
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
2,555
131,353
iShares
10-20
Year
Treasury
Bond
ETF
..........
2,039
215,950
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
................................
3,957
205,250
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
................................
2,657
139,253
iShares
MBS
ETF
........................
5,886
552,813
iShares
U.S.
Treasury
Bond
ETF
..............
32,316
743,591
2,373,779
a
International
Equity
—
13
.6
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
2,545
137,277
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
5,251
355,650
Security
Shares
Value
a
International
Equity — 13.6%
(continued)
iShares
Global
Infrastructure
ETF
..............
895
$
44,813
537,740
a
Total
Long-Term
Investments — 100.0%
(Cost:
$
3,665,009
)
..................................
3,955,427
a
Short-Term
Securities
Money
Market
Funds
—
3
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
149,906
149,966
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
1,746
1,746
a
Total
Short-Term
Securities — 3.8%
(Cost:
$
151,701
)
...................................
151,712
Total
Investments
—
103.8%
(Cost:
$
3,816,710
)
..................................
4,107,139
Liabilities
in
Excess
of
Other
Assets
—
(
3
.8
)
%
...............
(
149,895
)
Net
Assets
—
100.0%
.................................
$
3,957,244
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
149,930
(b)
$
—
$
25
$
11
$
149,966
149,906
$
93
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
—
1,746
(b)
—
—
—
1,746
1,746
93
—
iShares
0-5
Year
TIPS
Bond
ETF
.....
—
450,862
(
73,957
)
1,513
7,151
385,569
3,858
6,739
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
148,467
(
25,696
)
2,885
5,697
131,353
2,555
2,677
—
iShares
10-20
Year
Treasury
Bond
ETF
—
296,010
(
102,997
)
8,931
14,006
215,950
2,039
5,918
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
244,875
(
46,829
)
1,113
6,091
205,250
3,957
4,940
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
159,705
(
29,657
)
1,485
7,720
139,253
2,657
3,627
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
158,184
(
36,216
)
3,200
12,109
137,277
2,545
3,072
—
iShares
®
LifePath
®
Retirement
ETF
Schedule
of
Investments
(continued)
July
31,
2024
5
Schedule
of
Investments
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.
Affiliates
(continued)
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
$
—
$
390,423
$
(
78,334
)
$
8,680
$
34,881
$
355,650
5,251
$
8,700
$
—
iShares
Core
U.S.
REIT
ETF
.....
—
63,523
(
12,846
)
1,697
6,104
58,478
1,027
873
—
iShares
Global
Infrastructure
ETF
—
49,036
(
9,568
)
1,168
4,177
44,813
895
1,218
—
iShares
MBS
ETF
.
—
626,026
(
106,264
)
5,283
27,768
552,813
5,886
12,835
—
iShares
Russell
1000
ETF
.........
—
999,738
(
201,940
)
32,995
137,400
968,193
3,207
6,991
—
iShares
Russell
2000
ETF
.........
—
28,178
(
15,750
)
1,568
3,241
17,237
77
178
—
iShares
U.S.
Treasury
Bond
ETF
.....
—
844,795
(
129,530
)
4,253
24,073
743,591
32,316
13,434
—
$
74,796
$
290,429
$
4,107,139
$
71,388
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
3,955,427
$
—
$
—
$
3,955,427
Short-Term
Securities
Money
Market
Funds
......................................
151,712
—
—
151,712
$
4,107,139
$
—
$
—
$
4,107,139
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Target
Date
2025
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
27
.3
%
iShares
Core
U.S.
REIT
ETF
.................
957
$
54,491
iShares
Russell
1000
ETF
...................
2,890
872,491
iShares
Russell
2000
ETF
(b)
..................
67
14,999
941,981
a
Domestic
Fixed
Income
—
58
.3
%
iShares
0-5
Year
TIPS
Bond
ETF
..............
3,274
327,204
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
2,153
110,686
iShares
10-20
Year
Treasury
Bond
ETF
..........
2,134
226,012
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
................................
3,837
199,025
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
................................
2,574
134,903
iShares
MBS
ETF
........................
5,006
470,164
iShares
U.S.
Treasury
Bond
ETF
..............
23,838
548,512
2,016,506
a
International
Equity
—
14
.1
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
2,275
122,714
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
4,801
325,172
Security
Shares
Value
a
International
Equity — 14.1%
(continued)
iShares
Global
Infrastructure
ETF
..............
778
$
38,954
486,840
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
3,111,818
)
..................................
3,445,327
a
Short-Term
Securities
Money
Market
Funds
—
4
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
126,836
126,887
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
9,791
9,791
a
Total
Short-Term
Securities — 4.0%
(Cost:
$
136,667
)
...................................
136,678
Total
Investments
—
103.7%
(Cost:
$
3,248,485
)
..................................
3,582,005
Liabilities
in
Excess
of
Other
Assets
—
(
3
.7
)
%
...............
(
126,812
)
Net
Assets
—
100.0%
.................................
$
3,455,193
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
126,873
(b)
$
—
$
3
$
11
$
126,887
126,836
$
96
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
—
9,791
(b)
—
—
—
9,791
9,791
223
—
iShares
0-5
Year
TIPS
Bond
ETF
.
—
330,884
(
11,421
)
279
7,462
327,204
3,274
6,034
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
119,013
(
18,807
)
2,478
8,002
110,686
2,153
2,696
—
iShares
10-20
Year
Treasury
Bond
ETF
—
265,047
(
65,001
)
4,705
21,261
226,012
2,134
6,611
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
204,277
(
12,295
)
(
13
)
7,056
199,025
3,837
4,705
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
130,018
(
4,203
)
(
62
)
9,150
134,903
2,574
3,463
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
128,243
(
18,799
)
330
12,940
122,714
2,275
3,358
—
iShares
®
LifePath
®
Target
Date
2025
ETF
Schedule
of
Investments
(continued)
July
31,
2024
7
Schedule
of
Investments
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.
Affiliates
(continued)
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
$
—
$
318,311
$
(
34,980
)
$
3,072
$
38,769
$
325,172
4,801
$
9,451
$
—
iShares
Core
U.S.
REIT
ETF
.....
—
48,534
(
2,063
)
251
7,769
54,491
957
915
—
iShares
Global
Infrastructure
ETF
—
37,266
(
3,152
)
278
4,562
38,954
778
1,276
—
iShares
MBS
ETF
.
—
452,102
(
12,760
)
(
197
)
31,019
470,164
5,006
11,107
—
iShares
Russell
1000
ETF
.........
—
789,235
(
85,271
)
9,371
159,156
872,491
2,890
7,038
—
iShares
Russell
2000
ETF
.........
—
25,876
(
15,843
)
1,686
3,280
14,999
67
197
—
iShares
U.S.
Treasury
Bond
ETF
.....
—
525,429
—
—
23,083
548,512
23,838
9,756
—
$
22,181
$
333,520
$
3,582,005
$
66,926
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
3,445,327
$
—
$
—
$
3,445,327
Short-Term
Securities
Money
Market
Funds
......................................
136,678
—
—
136,678
$
3,582,005
$
—
$
—
$
3,582,005
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Target
Date
2030
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
35
.7
%
iShares
Core
U.S.
REIT
ETF
.................
4,050
$
230,607
iShares
Russell
1000
ETF
...................
10,694
3,228,519
iShares
Russell
2000
ETF
(b)
..................
482
107,900
3,567,026
a
Domestic
Fixed
Income
—
45
.3
%
iShares
0-5
Year
TIPS
Bond
ETF
..............
7,678
767,339
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
8,352
429,376
iShares
10-20
Year
Treasury
Bond
ETF
..........
7,959
842,938
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
................................
9,548
495,255
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
................................
6,477
339,460
iShares
MBS
ETF
........................
11,156
1,047,771
iShares
U.S.
Treasury
Bond
ETF
..............
25,965
597,455
4,519,594
a
International
Equity
—
18
.7
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
8,755
472,245
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
18,180
1,231,331
Security
Shares
Value
a
International
Equity — 18.7%
(continued)
iShares
Global
Infrastructure
ETF
..............
3,266
$
163,529
1,867,105
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
9,241,833
)
..................................
9,953,725
a
Short-Term
Securities
Money
Market
Funds
—
5
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
542,170
542,387
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
26,073
26,073
a
Total
Short-Term
Securities — 5.7%
(Cost:
$
568,420
)
...................................
568,460
Total
Investments
—
105.4%
(Cost:
$
9,810,253
)
..................................
10,522,185
Liabilities
in
Excess
of
Other
Assets
—
(
5
.4
)
%
...............
(
542,024
)
Net
Assets
—
100.0%
.................................
$
9,980,161
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
542,209
(b)
$
—
$
138
$
40
$
542,387
542,170
$
328
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
—
26,073
(b)
—
—
—
26,073
26,073
459
—
iShares
0-5
Year
TIPS
Bond
ETF
.
—
779,091
(
22,813
)
21
11,040
767,339
7,678
11,802
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
436,107
(
24,284
)
15
17,538
429,376
8,352
8,503
—
iShares
10-20
Year
Treasury
Bond
ETF
—
824,864
(
13,964
)
68
31,970
842,938
7,959
14,087
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
485,529
—
—
9,726
495,255
9,548
7,704
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
328,331
—
—
11,129
339,460
6,477
5,629
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
492,964
(
58,311
)
(
91
)
37,683
472,245
8,755
7,900
—
iShares
®
LifePath
®
Target
Date
2030
ETF
Schedule
of
Investments
(continued)
July
31,
2024
9
Schedule
of
Investments
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.
Affiliates
(continued)
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
$
—
$
1,250,698
$
(
112,370
)
$
(
1,279
)
$
94,282
$
1,231,331
18,180
$
26,205
$
—
iShares
Core
U.S.
REIT
ETF
.....
—
215,883
(
7,654
)
(
48
)
22,426
230,607
4,050
2,679
—
iShares
Global
Infrastructure
ETF
—
149,704
(
329
)
(
7
)
14,161
163,529
3,266
3,541
—
iShares
MBS
ETF
.
—
1,028,265
(
16,432
)
(
392
)
36,330
1,047,771
11,156
17,564
—
iShares
Russell
1000
ETF
.........
—
3,016,213
(
180,168
)
952
391,522
3,228,519
10,694
18,906
—
iShares
Russell
2000
ETF
.........
—
108,026
(
14,900
)
(
152
)
14,926
107,900
482
600
—
iShares
U.S.
Treasury
Bond
ETF
.....
—
742,008
(
161,601
)
(
2,111
)
19,159
597,455
25,965
9,913
—
$
(
2,886
)
$
711,932
$
10,522,185
$
135,820
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
9,953,725
$
—
$
—
$
9,953,725
Short-Term
Securities
Money
Market
Funds
......................................
568,460
—
—
568,460
$
10,522,185
$
—
$
—
$
10,522,185
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Target
Date
2035
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
43
.2
%
iShares
Core
U.S.
REIT
ETF
.................
6,992
$
398,124
iShares
Russell
1000
ETF
...................
16,624
5,018,786
iShares
Russell
2000
ETF
(b)
..................
1,012
226,546
5,643,456
a
Domestic
Fixed
Income
—
33
.5
%
iShares
0-5
Year
TIPS
Bond
ETF
..............
1,032
103,138
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
11,194
575,484
iShares
10-20
Year
Treasury
Bond
ETF
..........
4,467
473,100
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
................................
9,504
492,972
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
................................
6,487
339,984
iShares
MBS
ETF
........................
12,665
1,189,497
iShares
U.S.
Treasury
Bond
ETF
..............
52,713
1,212,926
4,387,101
a
International
Equity
—
23
.1
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
14,334
773,176
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
29,665
2,009,210
Security
Shares
Value
a
International
Equity — 23.1%
(continued)
iShares
Global
Infrastructure
ETF
..............
4,813
$
240,987
3,023,373
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
11,949,356
)
.................................
13,053,930
a
Short-Term
Securities
Money
Market
Funds
—
6
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
782,564
782,877
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
26,388
26,388
a
Total
Short-Term
Securities — 6.2%
(Cost:
$
809,210
)
...................................
809,265
Total
Investments
—
106.0%
(Cost:
$
12,758,566
)
.................................
13,863,195
Liabilities
in
Excess
of
Other
Assets
—
(
6
.0
)
%
...............
(
782,401
)
Net
Assets
—
100.0%
.................................
$
13,080,794
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
782,600
(b)
$
—
$
222
$
55
$
782,877
782,564
$
486
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
—
26,388
(b)
—
—
—
26,388
26,388
487
—
iShares
0-5
Year
TIPS
Bond
ETF
.
—
160,250
(
59,838
)
405
2,321
103,138
1,032
2,112
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
568,941
(
21,073
)
1,605
26,011
575,484
11,194
12,767
—
iShares
10-20
Year
Treasury
Bond
ETF
—
507,029
(
59,438
)
1,229
24,280
473,100
4,467
9,269
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
482,582
—
—
10,390
492,972
9,504
7,827
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
327,628
—
—
12,356
339,984
6,487
5,718
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
781,855
(
67,192
)
(
798
)
59,311
773,176
14,334
13,811
—
iShares
®
LifePath
®
Target
Date
2035
ETF
Schedule
of
Investments
(continued)
July
31,
2024
11
Schedule
of
Investments
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.
Affiliates
(continued)
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
$
—
$
1,970,418
$
(
122,303
)
$
(
906
)
$
162,001
$
2,009,210
29,665
$
43,683
$
—
iShares
Core
U.S.
REIT
ETF
.....
—
361,526
(
6,948
)
732
42,814
398,124
6,992
4,795
—
iShares
Global
Infrastructure
ETF
—
226,552
(
6,021
)
217
20,239
240,987
4,813
5,591
—
iShares
MBS
ETF
.
—
1,145,825
—
—
43,672
1,189,497
12,665
19,754
—
iShares
Russell
1000
ETF
.........
—
4,609,957
(
233,152
)
1,959
640,022
5,018,786
16,624
29,378
—
iShares
Russell
2000
ETF
.........
—
210,892
(
16,057
)
1,894
29,817
226,546
1,012
1,072
—
iShares
U.S.
Treasury
Bond
ETF
.....
—
1,181,586
—
—
31,340
1,212,926
52,713
15,104
—
$
6,559
$
1,104,629
$
13,863,195
$
171,854
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
13,053,930
$
—
$
—
$
13,053,930
Short-Term
Securities
Money
Market
Funds
......................................
809,265
—
—
809,265
$
13,863,195
$
—
$
—
$
13,863,195
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Target
Date
2040
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
50
.5
%
iShares
Core
U.S.
REIT
ETF
.................
7,987
$
454,780
iShares
Russell
1000
ETF
...................
17,703
5,344,536
iShares
Russell
2000
ETF
(b)
..................
1,280
286,541
6,085,857
a
Domestic
Fixed
Income
—
22
.3
%
iShares
0-5
Year
TIPS
Bond
ETF
..............
713
71,257
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
9,834
505,566
iShares
10-20
Year
Treasury
Bond
ETF
..........
3,198
338,700
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
................................
5,295
274,652
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
................................
3,444
180,500
iShares
MBS
ETF
........................
7,557
709,753
iShares
U.S.
Treasury
Bond
ETF
..............
26,081
600,124
2,680,552
a
International
Equity
—
27
.0
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
15,388
830,029
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
32,153
2,177,723
Security
Shares
Value
a
International
Equity — 27.0%
(continued)
iShares
Global
Infrastructure
ETF
..............
4,920
$
246,344
3,254,096
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
11,116,395
)
.................................
12,020,505
a
Short-Term
Securities
Money
Market
Funds
—
6
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
747,638
747,937
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
20,325
20,325
a
Total
Short-Term
Securities — 6.4%
(Cost:
$
768,217
)
...................................
768,262
Total
Investments
—
106.2%
(Cost:
$
11,884,612
)
.................................
12,788,767
Liabilities
in
Excess
of
Other
Assets
—
(
6
.2
)
%
...............
(
747,653
)
Net
Assets
—
100.0%
.................................
$
12,041,114
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
747,834
(b)
$
—
$
58
$
45
$
747,937
747,638
$
374
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
—
20,325
(b)
—
—
—
20,325
20,325
338
—
iShares
0-5
Year
TIPS
Bond
ETF
.....
—
94,406
(
24,605
)
365
1,091
71,257
713
1,180
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
544,718
(
66,242
)
6,615
20,475
505,566
9,834
9,764
—
iShares
10-20
Year
Treasury
Bond
ETF
—
386,916
(
67,962
)
3,520
16,226
338,700
3,198
5,734
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
294,217
(
25,301
)
757
4,979
274,652
5,295
3,750
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
189,639
(
16,011
)
1,013
5,859
180,500
3,444
2,665
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
924,278
(
157,475
)
10,896
52,330
830,029
15,388
12,002
—
iShares
®
LifePath
®
Target
Date
2040
ETF
Schedule
of
Investments
(continued)
July
31,
2024
13
Schedule
of
Investments
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.
Affiliates
(continued)
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
$
—
$
2,319,239
$
(
324,035
)
$
37,073
$
145,446
$
2,177,723
32,153
$
37,055
$
—
iShares
Core
U.S.
REIT
ETF
.....
—
450,724
(
47,223
)
6,407
44,872
454,780
7,987
4,330
—
iShares
Global
Infrastructure
ETF
—
250,016
(
24,179
)
3,820
16,687
246,344
4,920
4,246
—
iShares
MBS
ETF
.
—
748,728
(
67,028
)
3,208
24,845
709,753
7,557
10,277
—
iShares
Russell
1000
ETF
.........
—
5,375,047
(
662,526
)
108,793
523,222
5,344,536
17,703
24,573
—
iShares
Russell
2000
ETF
.........
—
280,749
(
33,662
)
5,480
33,974
286,541
1,280
1,054
—
iShares
U.S.
Treasury
Bond
ETF
.....
—
633,560
(
48,988
)
1,448
14,104
600,124
26,081
6,005
—
$
189,453
$
904,155
$
12,788,767
$
123,347
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
12,020,505
$
—
$
—
$
12,020,505
Short-Term
Securities
Money
Market
Funds
......................................
768,262
—
—
768,262
$
12,788,767
$
—
$
—
$
12,788,767
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Target
Date
2045
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
58
.5
%
iShares
Core
U.S.
REIT
ETF
.................
9,658
$
549,927
iShares
Russell
1000
ETF
...................
20,439
6,170,534
iShares
Russell
2000
ETF
(b)
..................
1,825
408,544
7,129,005
a
Domestic
Fixed
Income
—
11
.8
%
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
9,954
511,735
iShares
10-20
Year
Treasury
Bond
ETF
..........
1,735
183,754
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
................................
1,864
96,685
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
................................
1,395
73,112
iShares
MBS
ETF
........................
4,278
401,790
iShares
U.S.
Treasury
Bond
ETF
..............
7,393
170,113
1,437,189
a
International
Equity
—
29
.6
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
18,472
996,380
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
38,545
2,610,653
3,607,033
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
11,175,308
)
.................................
12,173,227
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
6
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
799,567
$
799,887
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
15,715
15,715
a
Total
Short-Term
Securities — 6.7%
(Cost:
$
815,564
)
...................................
815,602
Total
Investments
—
106.6%
(Cost:
$
11,990,872
)
.................................
12,988,829
Liabilities
in
Excess
of
Other
Assets
—
(
6
.6
)
%
...............
(
799,427
)
Net
Assets
—
100.0%
.................................
$
12,189,402
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
799,565
(b)
$
—
$
284
$
38
$
799,887
799,567
$
576
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
—
15,715
(b)
—
—
—
15,715
15,715
287
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
505,402
(
15,120
)
81
21,372
511,735
9,954
9,146
—
iShares
10-20
Year
Treasury
Bond
ETF
—
175,959
—
—
7,795
183,754
1,735
2,542
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
94,897
—
—
1,788
96,685
1,864
1,176
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
70,903
—
—
2,209
73,112
1,395
892
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
1,012,357
(
79,582
)
(
1,085
)
64,690
996,380
18,472
13,823
—
iShares
®
LifePath
®
Target
Date
2045
ETF
Schedule
of
Investments
(continued)
July
31,
2024
15
Schedule
of
Investments
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.
Affiliates
(continued)
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
$
—
$
2,548,515
$
(
93,221
)
$
(
1,207
)
$
156,566
$
2,610,653
38,545
$
48,369
$
—
iShares
Core
U.S.
REIT
ETF
.....
—
498,544
—
—
51,383
549,927
9,658
4,793
—
iShares
MBS
ETF
.
—
387,923
—
—
13,867
401,790
4,278
5,285
—
iShares
Russell
1000
ETF
.........
—
5,670,536
(
128,015
)
248
627,765
6,170,534
20,439
27,686
—
iShares
Russell
2000
ETF
.........
—
370,560
(
8,429
)
(
33
)
46,446
408,544
1,825
1,392
—
iShares
U.S.
Treasury
Bond
ETF
.....
—
166,075
—
—
4,038
170,113
7,393
1,512
—
$
(
1,712
)
$
997,957
$
12,988,829
$
117,479
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
12,173,227
$
—
$
—
$
12,173,227
Short-Term
Securities
Money
Market
Funds
......................................
815,602
—
—
815,602
$
12,988,829
$
—
$
—
$
12,988,829
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Target
Date
2050
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
62
.4
%
iShares
Core
U.S.
REIT
ETF
.................
4,523
$
257,540
iShares
Russell
1000
ETF
...................
24,031
7,254,959
iShares
Russell
2000
ETF
(b)
..................
2,435
545,099
8,057,598
a
Domestic
Fixed
Income
—
4
.5
%
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
8,040
413,336
iShares
10-20
Year
Treasury
Bond
ETF
..........
490
51,896
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
................................
1,483
76,923
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
................................
739
38,731
580,886
a
International
Equity
—
33
.0
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
21,705
1,170,768
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
45,488
3,080,902
4,251,670
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
11,872,172
)
.................................
12,890,154
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
7
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
964,980
$
965,365
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
12,996
12,996
a
Total
Short-Term
Securities — 7.6%
(Cost:
$
978,324
)
...................................
978,361
Total
Investments
—
107.5%
(Cost:
$
12,850,496
)
.................................
13,868,515
Liabilities
in
Excess
of
Other
Assets
—
(
7
.5
)
%
...............
(
965,181
)
Net
Assets
—
100.0%
.................................
$
12,903,334
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
965,356
(b)
$
—
$
(
28
)
$
37
$
965,365
964,980
$
333
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
—
12,996
(b)
—
—
—
12,996
12,996
238
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
398,935
—
—
14,401
413,336
8,040
6,380
—
iShares
10-20
Year
Treasury
Bond
ETF
—
50,298
(
433
)
52
1,979
51,896
490
643
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
75,417
—
—
1,506
76,923
1,483
963
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
37,284
—
—
1,447
38,731
739
560
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
1,200,761
(
97,980
)
(
1,179
)
69,166
1,170,768
21,705
16,188
—
iShares
®
LifePath
®
Target
Date
2050
ETF
Schedule
of
Investments
(continued)
July
31,
2024
17
Schedule
of
Investments
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.
Affiliates
(continued)
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
$
—
$
3,029,299
$
(
107,441
)
$
(
2,131
)
$
161,175
$
3,080,902
45,488
$
57,368
$
—
iShares
Core
U.S.
REIT
ETF
.....
—
242,720
—
—
14,820
257,540
4,523
—
—
iShares
Russell
1000
ETF
.........
—
6,725,774
(
164,215
)
812
692,588
7,254,959
24,031
30,992
—
iShares
Russell
2000
ETF
.........
—
489,272
(
5,820
)
747
60,900
545,099
2,435
1,953
—
$
(
1,727
)
$
1,018,019
$
13,868,515
$
115,618
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
12,890,154
$
—
$
—
$
12,890,154
Short-Term
Securities
Money
Market
Funds
......................................
978,361
—
—
978,361
$
13,868,515
$
—
$
—
$
13,868,515
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Target
Date
2055
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
64
.2
%
iShares
Core
U.S.
REIT
ETF
.................
1,625
$
92,528
iShares
Russell
1000
ETF
...................
15,519
4,685,186
iShares
Russell
2000
ETF
(b)
..................
1,627
364,220
5,141,934
a
Domestic
Fixed
Income
—
1
.3
%
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
2,027
104,208
a
International
Equity
—
34
.4
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
14,054
758,073
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
29,424
1,992,887
2,750,960
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
7,191,818
)
..................................
7,997,102
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
4
.3
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
336,626
$
336,760
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
7,150
7,150
a
Total
Short-Term
Securities — 4.3%
(Cost:
$
343,901
)
...................................
343,910
Total
Investments
—
104.2%
(Cost:
$
7,535,719
)
..................................
8,341,012
Liabilities
in
Excess
of
Other
Assets
—
(
4
.2
)
%
...............
(
336,657
)
Net
Assets
—
100.0%
.................................
$
8,004,355
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
336,768
(b)
$
—
$
(
17
)
$
9
$
336,760
336,626
$
211
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
—
7,150
(b)
—
—
—
7,150
7,150
170
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
101,783
(
1,738
)
229
3,934
104,208
2,027
1,847
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
762,403
(
59,703
)
131
55,242
758,073
14,054
12,025
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
—
1,897,366
(
53,114
)
179
148,456
1,992,887
29,424
38,623
—
iShares
Core
U.S.
REIT
ETF
.....
—
87,004
—
—
5,524
92,528
1,625
—
—
iShares
Russell
1000
ETF
.........
—
4,193,113
(
55,402
)
2,448
545,027
4,685,186
15,519
22,839
—
iShares
Russell
2000
ETF
.........
—
319,918
(
3,211
)
412
47,101
364,220
1,627
1,369
—
$
3,382
$
805,293
$
8,341,012
$
77,084
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
LifePath
®
Target
Date
2055
ETF
Schedule
of
Investments
(continued)
July
31,
2024
19
Schedule
of
Investments
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
Investment
Companies
.....................................
$
7,997,102
$
—
$
—
$
7,997,102
Short-Term
Securities
Money
Market
Funds
......................................
343,910
—
—
343,910
$
8,341,012
$
—
$
—
$
8,341,012
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Target
Date
2060
ETF
(Percentages
shown
are
based
on
Net
Assets)
20
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
64
.3
%
iShares
Core
U.S.
REIT
ETF
.................
910
$
51,815
iShares
Russell
1000
ETF
...................
9,583
2,893,108
iShares
Russell
2000
ETF
(b)
..................
1,001
224,084
3,169,007
a
Domestic
Fixed
Income
—
1
.0
%
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
960
49,354
a
International
Equity
—
34
.6
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
8,739
471,382
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
18,182
1,231,467
1,702,849
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
4,297,269
)
..................................
4,921,210
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
5
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
274,717
$
274,827
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
4,410
4,410
a
Total
Short-Term
Securities — 5.7%
(Cost:
$
279,233
)
...................................
279,237
Total
Investments
—
105.6%
(Cost:
$
4,576,502
)
..................................
5,200,447
Liabilities
in
Excess
of
Other
Assets
—
(
5
.6
)
%
...............
(
274,797
)
Net
Assets
—
100.0%
.................................
$
4,925,650
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
274,833
(b)
$
—
$
(
10
)
$
4
$
274,827
274,717
$
90
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
—
4,410
(b)
—
—
—
4,410
4,410
123
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
47,347
(
1,738
)
229
3,516
49,354
960
1,162
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
460,930
(
31,054
)
309
41,197
471,382
8,739
9,645
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
—
1,142,048
(
32,148
)
1,523
120,044
1,231,467
18,182
28,281
—
iShares
Core
U.S.
REIT
ETF
.....
—
49,056
—
—
2,759
51,815
910
—
—
iShares
Russell
1000
ETF
.........
—
2,495,720
(
30,597
)
3,080
424,905
2,893,108
9,583
17,268
—
iShares
Russell
2000
ETF
.........
—
195,363
(
3,211
)
412
31,520
224,084
1,001
1,030
—
$
5,543
$
623,945
$
5,200,447
$
57,599
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
LifePath
®
Target
Date
2060
ETF
Schedule
of
Investments
(continued)
July
31,
2024
21
Schedule
of
Investments
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
Investment
Companies
.....................................
$
4,921,210
$
—
$
—
$
4,921,210
Short-Term
Securities
Money
Market
Funds
......................................
279,237
—
—
279,237
$
5,200,447
$
—
$
—
$
5,200,447
Schedule
of
Investments
July
31,
2024
iShares
®
LifePath
®
Target
Date
2065
ETF
(Percentages
shown
are
based
on
Net
Assets)
22
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
—
64
.3
%
iShares
Core
U.S.
REIT
ETF
.................
909
$
51,758
iShares
Russell
1000
ETF
...................
9,583
2,893,108
iShares
Russell
2000
ETF
(b)
..................
1,001
224,084
3,168,950
a
Domestic
Fixed
Income
—
1
.0
%
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
(b)
...............................
959
49,302
a
International
Equity
—
34
.6
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
8,739
471,382
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
18,182
1,231,467
1,702,849
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
4,286,738
)
..................................
4,921,101
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
—
5
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(a)
(c)
(d)
......................
274,695
$
274,805
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.29
%
(a)
(c)
............................
4,502
4,502
a
Total
Short-Term
Securities — 5.7%
(Cost:
$
279,302
)
...................................
279,307
Total
Investments
—
105.6%
(Cost:
$
4,566,040
)
..................................
5,200,408
Liabilities
in
Excess
of
Other
Assets
—
(
5
.6
)
%
...............
(
274,774
)
Net
Assets
—
100.0%
.................................
$
4,925,634
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
10/17/23
(a)
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/24
Shares
Held
at
07/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
274,814
(b)
$
—
$
(
14
)
$
5
$
274,805
274,695
$
96
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
—
4,502
(b)
—
—
—
4,502
4,502
131
—
iShares
10+
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
47,487
(
1,738
)
229
3,324
49,302
959
1,233
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
—
465,924
(
35,798
)
114
41,142
471,382
8,739
9,646
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
—
1,141,504
(
35,658
)
937
124,684
1,231,467
18,182
28,288
—
iShares
Core
U.S.
REIT
ETF
.....
—
48,665
—
—
3,093
51,758
909
—
—
iShares
Russell
1000
ETF
.........
—
2,498,325
(
35,819
)
615
429,987
2,893,108
9,583
18,316
—
iShares
Russell
2000
ETF
.........
—
194,750
(
3,211
)
412
32,133
224,084
1,001
1,076
—
$
2,293
$
634,368
$
5,200,408
$
58,786
$
—
(a)
Commencement
of
operations.
(b)
Represents
net
amount
purchased
(sold).
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
LifePath
®
Target
Date
2065
ETF
Schedule
of
Investments
(continued)
July
31,
2024
23
Schedule
of
Investments
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
Investment
Companies
.....................................
$
4,921,101
$
—
$
—
$
4,921,101
Short-Term
Securities
Money
Market
Funds
......................................
279,307
—
—
279,307
$
5,200,408
$
—
$
—
$
5,200,408
24
2024
iShares
Annual
Financial
Statements
Statements
of
Assets
and
Liabilities
July
31,
2024
See
notes
to
financial
statements.
iShares
LifePath
Retirement
ETF
iShares
LifePath
Target
Date
2025
ETF
iShares
LifePath
Target
Date
2030
ETF
iShares
LifePath
Target
Date
2035
ETF
iShares
LifePath
Target
Date
2040
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
(b)
.........................
$
4,107,139
$
3,582,005
$
10,522,185
$
13,863,195
$
12,788,767
Cash
..............................................
25
5
145
233
55
Receivables:
Securities
lending
income
—
affiliated
......................
21
20
77
85
91
Dividends
—
affiliated
.................................
12
39
101
103
79
Total
assets
.........................................
4,107,197
3,582,069
10,522,508
13,863,616
12,788,992
LIABILITIES
Collateral
on
securities
loaned
.............................
149,953
126,876
542,347
782,822
747,878
Total
liabilities
........................................
149,953
126,876
542,347
782,822
747,878
Commitments
and
contingent
liabilities
NET
ASSETS
........................................
$
3,957,244
$
3,455,193
$
9,980,161
$
13,080,794
$
12,041,114
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................
$
3,654,505
$
3,056,061
$
9,158,998
$
11,843,492
$
11,050,665
Accumulated
earnings
..................................
302,739
399,132
821,163
1,237,302
990,449
NET
ASSETS
........................................
$
3,957,244
$
3,455,193
$
9,980,161
$
13,080,794
$
12,041,114
NET
ASSET
VALUE
Shares
outstanding
....................................
140,000
120,000
340,000
440,000
400,000
Net
asset
value
.......................................
$
28.27
$
28.79
$
29.35
$
29.73
$
30.10
Shares
authorized
.....................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
...........................................
None
None
None
None
None
(a)
Securities
loaned,
at
value
.............................
$
147,029
$
124,330
$
531,838
$
767,899
$
734,034
(b)
Investments,
at
cost
—
affiliated
..........................
$
3,816,710
$
3,248,485
$
9,810,253
$
12,758,566
$
11,884,612
25
Statements
of
Assets
and
Liabilities
(continued)
July
31,
2024
Statements
of
Assets
and
Liabilities
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2045
ETF
iShares
LifePath
Target
Date
2050
ETF
iShares
LifePath
Target
Date
2055
ETF
iShares
LifePath
Target
Date
2060
ETF
iShares
LifePath
Target
Date
2065
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
(b)
.........................
$
12,988,829
$
13,868,515
$
8,341,012
$
5,200,447
$
5,200,408
Cash
..............................................
308
—
—
—
—
Receivables:
Securities
lending
income
—
affiliated
......................
61
102
66
9
10
Dividends
—
affiliated
.................................
63
54
31
18
20
Total
assets
.........................................
12,989,261
13,868,671
8,341,109
5,200,474
5,200,438
LIABILITIES
Collateral
on
securities
loaned
.............................
799,859
965,337
336,754
274,824
274,804
Total
liabilities
........................................
799,859
965,337
336,754
274,824
274,804
Commitments
and
contingent
liabilities
NET
ASSETS
........................................
$
12,189,402
$
12,903,334
$
8,004,355
$
4,925,650
$
4,925,634
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................
$
11,099,493
$
11,794,611
$
7,141,541
$
4,261,511
$
4,253,135
Accumulated
earnings
..................................
1,089,909
1,108,723
862,814
664,139
672,499
NET
ASSETS
........................................
$
12,189,402
$
12,903,334
$
8,004,355
$
4,925,650
$
4,925,634
NET
ASSET
VALUE
Shares
outstanding
....................................
400,000
420,000
260,000
160,000
160,000
Net
asset
value
.......................................
$
30.47
$
30.72
$
30.79
$
30.79
$
30.79
Shares
authorized
.....................................
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
...........................................
None
None
None
None
None
(a)
Securities
loaned,
at
value
.............................
$
785,650
$
948,674
$
331,160
$
270,461
$
270,409
(b)
Investments,
at
cost
—
affiliated
..........................
$
11,990,872
$
12,850,496
$
7,535,719
$
4,576,502
$
4,566,040
26
2024
iShares
Annual
Financial
Statements
Statements
of
Operations
Year
Ended
July
31,
2024
See
notes
to
financial
statements.
iShares
LifePath
Retirement
ETF
(a)
iShares
LifePath
Target
Date
2025
ETF
(a)
iShares
LifePath
Target
Date
2030
ETF
(a)
iShares
LifePath
Target
Date
2035
ETF
(a)
iShares
LifePath
Target
Date
2040
ETF
(a)
INVESTMENT
INCOME
Dividends
—
affiliated
................................
$
71,295
$
66,830
$
135,492
$
171,368
$
122,973
Interest
—
unaffiliated
................................
2
2
3
5
4
Securities
lending
income
—
affiliated
—
net
.................
93
96
328
486
374
Total
investment
income
................................
71,390
66,928
135,823
171,859
123,351
EXPENSES
Total
expenses
......................................
—
—
—
—
—
Net
investment
income
.................................
71,390
66,928
135,823
171,859
123,351
—
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
.............................
13,846
22,181
(
2,886
)
6,559
6,494
In-kind
redemptions
—
affiliated
(b)
......................
60,950
—
—
—
182,959
74,796
22,181
(
2,886
)
6,559
189,453
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
.............................
290,429
333,520
711,932
1,104,629
904,155
290,429
333,520
711,932
1,104,629
904,155
Net
realized
and
unrealized
gain
..........................
365,225
355,701
709,046
1,111,188
1,093,608
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.
$
436,615
$
422,629
$
844,869
$
1,283,047
$
1,216,959
(a)
For
the
period
from
October
17,
2023
(commencement
of
operations)
to
July
31,
2024.
(b)
See
Note
2
of
the
Notes
to
Financial
Statements.
27
Statements
of
Operations
(continued)
Year
Ended
July
31,
2024
Statements
of
Operations
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2045
ETF
(a)
iShares
LifePath
Target
Date
2050
ETF
(a)
iShares
LifePath
Target
Date
2055
ETF
(a)
iShares
LifePath
Target
Date
2060
ETF
(a)
iShares
LifePath
Target
Date
2065
ETF
(a)
INVESTMENT
INCOME
Dividends
—
affiliated
................................
$
116,903
$
115,285
$
76,873
$
57,509
$
58,690
Interest
—
unaffiliated
................................
7
7
5
3
3
Securities
lending
income
—
affiliated
—
net
.................
576
333
211
90
96
Total
investment
income
................................
117,486
115,625
77,089
57,602
58,789
EXPENSES
Total
expenses
......................................
—
—
—
—
—
Net
investment
income
.................................
117,486
115,625
77,089
57,602
58,789
—
—
—
—
—
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
.............................
(
1,712
)
(
1,727
)
3,382
5,543
2,293
(
1,712
)
(
1,727
)
3,382
5,543
2,293
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
.............................
997,957
1,018,019
805,293
623,945
634,368
997,957
1,018,019
805,293
623,945
634,368
Net
realized
and
unrealized
gain
..........................
996,245
1,016,292
808,675
629,488
636,661
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.
$
1,113,731
$
1,131,917
$
885,764
$
687,090
$
695,450
(a)
For
the
period
from
October
17,
2023
(commencement
of
operations)
to
July
31,
2024.
28
2024
iShares
Annual
Financial
Statements
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
LifePath
Retirement
ETF
iShares
LifePath
Target
Date
2025
ETF
Period
From
10/17/23
(a)
to
07/31/24
Period
From
10/17/23
(a)
to
07/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
71,390
$
66,928
Net
realized
gain
................................................................................
74,796
22,181
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
290,429
333,520
Net
increase
in
net
assets
resulting
from
operations
...........................................................
436,615
422,629
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
71,340
)
(
23,497
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................................................
3,591,969
3,056,061
NET
ASSETS
Total
increase
in
net
assets
...........................................................................
3,957,244
3,455,193
Beginning
of
period
................................................................................
—
—
End
of
period
....................................................................................
$
3,957,244
$
3,455,193
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
29
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2030
ETF
iShares
LifePath
Target
Date
2035
ETF
Period
From
10/17/23
(a)
to
07/31/24
Period
From
10/17/23
(a)
to
07/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
135,823
$
171,859
Net
realized
gain
(loss)
............................................................................
(
2,886
)
6,559
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
711,932
1,104,629
Net
increase
in
net
assets
resulting
from
operations
...........................................................
844,869
1,283,047
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
23,764
)
(
45,745
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................................................
9,159,056
11,843,492
NET
ASSETS
Total
increase
in
net
assets
...........................................................................
9,980,161
13,080,794
Beginning
of
period
................................................................................
—
—
End
of
period
....................................................................................
$
9,980,161
$
13,080,794
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
30
2024
iShares
Annual
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2040
ETF
iShares
LifePath
Target
Date
2045
ETF
Period
From
10/17/23
(a)
to
07/31/24
Period
From
10/17/23
(a)
to
07/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
123,351
$
117,486
Net
realized
gain
(loss)
............................................................................
189,453
(
1,712
)
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
904,155
997,957
Net
increase
in
net
assets
resulting
from
operations
...........................................................
1,216,959
1,113,731
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
36,483
)
(
23,822
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................................................
10,860,638
11,099,493
NET
ASSETS
Total
increase
in
net
assets
...........................................................................
12,041,114
12,189,402
Beginning
of
period
................................................................................
—
—
End
of
period
....................................................................................
$
12,041,114
$
12,189,402
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
31
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2050
ETF
iShares
LifePath
Target
Date
2055
ETF
Period
From
10/17/23
(a)
to
07/31/24
Period
From
10/17/23
(a)
to
07/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
115,625
$
77,089
Net
realized
gain
(loss)
............................................................................
(
1,727
)
3,382
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
1,018,019
805,293
Net
increase
in
net
assets
resulting
from
operations
...........................................................
1,131,917
885,764
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
23,194
)
(
22,950
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................................................
11,794,611
7,141,541
NET
ASSETS
Total
increase
in
net
assets
...........................................................................
12,903,334
8,004,355
Beginning
of
period
................................................................................
—
—
End
of
period
....................................................................................
$
12,903,334
$
8,004,355
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
32
2024
iShares
Annual
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2060
ETF
iShares
LifePath
Target
Date
2065
ETF
Period
From
10/17/23
(a)
to
07/31/24
Period
From
10/17/23
(a)
to
07/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
57,602
$
58,789
Net
realized
gain
................................................................................
5,543
2,293
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
623,945
634,368
Net
increase
in
net
assets
resulting
from
operations
...........................................................
687,090
695,450
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
22,951
)
(
22,951
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................................................
4,261,511
4,253,135
NET
ASSETS
Total
increase
in
net
assets
...........................................................................
4,925,650
4,925,634
Beginning
of
period
................................................................................
—
—
End
of
period
....................................................................................
$
4,925,650
$
4,925,634
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
33
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Retirement
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.62
Net
realized
and
unrealized
gain
(c)
........................................................................................
3
.26
Net
increase
from
investment
operations
.....................................................................................
3
.88
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.61
)
Net
asset
value,
end
of
period
...........................................................................................
$
28.27
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
15.65
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.90
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
3,957
Portfolio
turnover
rate
(i)
.................................................................................................
10
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
34
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2025
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.63
Net
realized
and
unrealized
gain
(c)
........................................................................................
3
.39
Net
increase
from
investment
operations
.....................................................................................
4
.02
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.23
)
Net
asset
value,
end
of
period
...........................................................................................
$
28.79
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
16.18
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.96
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
3,455
Portfolio
turnover
rate
(i)
.................................................................................................
10
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
35
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2030
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.62
Net
realized
and
unrealized
gain
(c)
........................................................................................
3
.90
Net
increase
from
investment
operations
.....................................................................................
4
.52
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.17
)
Net
asset
value,
end
of
period
...........................................................................................
$
29.35
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
18.15
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.83
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
9,980
Portfolio
turnover
rate
(i)
.................................................................................................
10
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
36
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2035
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.61
Net
realized
and
unrealized
gain
(c)
........................................................................................
4
.35
Net
increase
from
investment
operations
.....................................................................................
4
.96
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.23
)
Net
asset
value,
end
of
period
...........................................................................................
$
29.73
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
19.92
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.75
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
13,081
Portfolio
turnover
rate
(i)
.................................................................................................
8
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
37
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2040
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.55
Net
realized
and
unrealized
gain
(c)
........................................................................................
4
.79
Net
increase
from
investment
operations
.....................................................................................
5
.34
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.24
)
Net
asset
value,
end
of
period
...........................................................................................
$
30.10
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
21.49
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.45
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
12,041
Portfolio
turnover
rate
(i)
.................................................................................................
6
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
38
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2045
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.54
Net
realized
and
unrealized
gain
(c)
........................................................................................
5
.17
Net
increase
from
investment
operations
.....................................................................................
5
.71
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.24
)
Net
asset
value,
end
of
period
...........................................................................................
$
30.47
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
22.96
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.41
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
12,189
Portfolio
turnover
rate
(i)
.................................................................................................
5
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
39
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2050
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.54
Net
realized
and
unrealized
gain
(c)
........................................................................................
5
.41
Net
increase
from
investment
operations
.....................................................................................
5
.95
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.23
)
Net
asset
value,
end
of
period
...........................................................................................
$
30.72
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
23.94
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.37
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
12,903
Portfolio
turnover
rate
(i)
.................................................................................................
6
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
40
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2055
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.49
Net
realized
and
unrealized
gain
(c)
........................................................................................
5
.53
Net
increase
from
investment
operations
.....................................................................................
6
.02
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.23
)
Net
asset
value,
end
of
period
...........................................................................................
$
30.79
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
24.18
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.18
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
8,004
Portfolio
turnover
rate
(i)
.................................................................................................
4
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
41
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2060
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.51
Net
realized
and
unrealized
gain
(c)
........................................................................................
5
.51
Net
increase
from
investment
operations
.....................................................................................
6
.02
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.23
)
Net
asset
value,
end
of
period
...........................................................................................
$
30.79
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
24.18
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.30
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
4,926
Portfolio
turnover
rate
(i)
.................................................................................................
3
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
42
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
LifePath
Target
Date
2065
ETF
Period
From
10/17/23
(a)
to
07/31/24
Net
asset
value,
beginning
of
period
......................................................................................
$
25.00
Net
investment
income
(b)
..............................................................................................
0
.49
Net
realized
and
unrealized
gain
(c)
........................................................................................
5
.53
Net
increase
from
investment
operations
.....................................................................................
6
.02
Distributions
from
net
investment
income
(d)
....................................................................................
(
0
.23
)
Net
asset
value,
end
of
period
...........................................................................................
$
30.79
Total
Return
(e)
–
Based
on
net
asset
value
...............................................................................................
24.18
%
(f)
Ratios
to
Average
Net
Assets
(g)
–
Total
expenses
......................................................................................................
0.00
(h)
Net
investment
income
.................................................................................................
2
.20
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
...........................................................................................
$
4,926
Portfolio
turnover
rate
(i)
.................................................................................................
3
%
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
43
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
Each
Fund
is
a
fund
of
funds
and
seeks
to
achieve
its
investment
objective
by
investing
primarily
in
other
iShares
funds
(each,
an
“underlying
fund”
and
collectively,
the
“underlying
funds”).
The
financial
statements,
including
the
accounting
policies,
and
schedules
of
investments
for
the
underlying
funds
are
available
on
iShares.com
and
should
be
read
in
conjunction
with
the
Funds’
financial
statements.
On
June
5,
2024,
the
Board
of
the
Trust,
with
respect
to
the
iShares
LifePath
Target
Date
2025
ETF
and
the
iShares
LifePath
Retirement
ETF,
approved
the
reorganization
of
the
iShares
LifePath
Target
Date
2025
ETF
into
the
LifePath
Retirement
ETF.
The
reorganization
is
expected
to
occur
during
the
fourth
quarter
of
2024.
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. 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
from
the
underlying
funds,
if
any,
are
recorded
on
the
ex-dividend
date.
Interest
income
is
recognized
daily
on
an
accrual
basis.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
iShares
ETF
Diversification
Classification
LifePath
Retirement
(a)
..................................................................................................
Diversified
LifePath
Target
Date
2025
(a)
..............................................................................................
Diversified
LifePath
Target
Date
2030
(a)
..............................................................................................
Diversified
LifePath
Target
Date
2035
(a)
..............................................................................................
Diversified
LifePath
Target
Date
2040
(a)
..............................................................................................
Diversified
LifePath
Target
Date
2045
(a)
..............................................................................................
Diversified
LifePath
Target
Date
2050
(a)
..............................................................................................
Diversified
LifePath
Target
Date
2055
(a)
..............................................................................................
Diversified
LifePath
Target
Date
2060
(a)
..............................................................................................
Diversified
LifePath
Target
Date
2065
(a)
..............................................................................................
Diversified
(a)
The
Fund
commenced
operations
on
October
17,
2023.
Notes
to
Financial
Statements
(continued)
44
2024
iShares
Annual
Financial
Statements
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Exchange-traded
funds
and
closed-end
funds
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
fund
is
primarily
traded.
Funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(
continued)
45
Notes
to
Financial
Statements
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:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
LifePath
Retirement
BofA
Securities,
Inc.
..............................................
$
35,572
$
(35,572)
$
—
$
—
J.P.
Morgan
Securities
LLC
.........................................
111,457
(111,457)
—
—
$
147,029
$
(147,029)
$
—
$
—
a
LifePath
Target
Date
2025
BofA
Securities,
Inc.
..............................................
14,775
(14,775)
—
—
J.P.
Morgan
Securities
LLC
.........................................
109,555
(109,555)
—
—
$
124,330
$
(124,330)
$
—
$
—
a
LifePath
Target
Date
2030
BofA
Securities,
Inc.
..............................................
131,766
(131,766)
—
—
J.P.
Morgan
Securities
LLC
.........................................
400,072
(400,072)
—
—
$
531,838
$
(531,838)
$
—
$
—
a
LifePath
Target
Date
2035
BofA
Securities,
Inc.
..............................................
224,084
(224,084)
—
—
J.P.
Morgan
Securities
LLC
.........................................
543,815
(543,815)
—
—
$
767,899
$
(767,899)
$
—
$
—
a
LifePath
Target
Date
2040
BofA
Securities,
Inc.
..............................................
283,631
(283,631)
—
—
J.P.
Morgan
Securities
LLC
.........................................
450,403
(450,403)
—
—
$
734,034
$
(734,034)
$
—
$
—
a
LifePath
Target
Date
2045
BofA
Securities,
Inc.
..............................................
404,291
(404,291)
—
—
J.P.
Morgan
Securities
LLC
.........................................
381,359
(381,359)
—
—
$
785,650
$
(785,650)
$
—
$
—
a
LifePath
Target
Date
2050
BofA
Securities,
Inc.
..............................................
578,471
(578,471)
—
—
J.P.
Morgan
Securities
LLC
.........................................
370,203
(370,203)
—
—
$
948,674
$
(948,674)
$
—
$
—
a
LifePath
Target
Date
2055
BofA
Securities,
Inc.
..............................................
235,949
(235,949)
—
—
J.P.
Morgan
Securities
LLC
.........................................
95,211
(95,211)
—
—
$
331,160
$
(331,160)
$
—
$
—
a
LifePath
Target
Date
2060
BofA
Securities,
Inc.
..............................................
227,739
(227,739)
—
—
J.P.
Morgan
Securities
LLC
.........................................
42,722
(42,722)
—
—
$
270,461
$
(270,461)
$
—
$
—
a
LifePath
Target
Date
2065
BofA
Securities,
Inc.
..............................................
221,621
(221,621)
—
—
J.P.
Morgan
Securities
LLC
.........................................
48,788
(48,788)
—
—
$
270,409
$
(270,409)
$
—
$
—
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(continued)
46
2024
iShares
Annual
Financial
Statements
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
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
Fund,
BFA
is
paid
a
management
fee
from
each
Fund
based
on
a
percentage
of
each
Fund’s
average
daily
net
assets,
at
the
annual
rate
of
0.00%.
The
Funds
may
incur
“Acquired
Fund
Fees
and
Expenses”.
Acquired
Fund
Fees
and
Expenses
reflect
the
Funds’
pro
rata
share
of
the
fees
and
expenses
incurred
indirectly
by
the
Fund
as
a
result
of
investing
in
other
investment
companies.
The
impact
of
Acquired
Fund
Fees
and
Expenses
is
included
in
the
total
returns
of
each
Fund.
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
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
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
82%
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
85%
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 period
ended July
31,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
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.
iShares
ETF
Amounts
LifePath
Retirement
..................................................................................................
$
29
LifePath
Target
Date
2025
..............................................................................................
29
LifePath
Target
Date
2030
..............................................................................................
103
LifePath
Target
Date
2035
..............................................................................................
151
LifePath
Target
Date
2040
..............................................................................................
119
LifePath
Target
Date
2045
..............................................................................................
176
LifePath
Target
Date
2050
..............................................................................................
108
LifePath
Target
Date
2055
..............................................................................................
65
LifePath
Target
Date
2060
..............................................................................................
29
LifePath
Target
Date
2065
..............................................................................................
31
Notes
to
Financial
Statements
(
continued)
47
Notes
to
Financial
Statements
6.
Purchases
and
Sales
For
the
period ended
July
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the
period
ended
July
31,
2024,
in-kind
transactions
were
as
follows:
7.
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
July
31,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
July
31,
2024,
permanent
differences
attributable
to
nondeductible
expenses,
certain
deemed
distributions
and
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
Purchases
Sales
LifePath
Retirement
................................................................................
$
363,461
$
306,636
LifePath
Target
Date
2025
............................................................................
375,675
284,595
LifePath
Target
Date
2030
............................................................................
769,041
612,825
LifePath
Target
Date
2035
............................................................................
753,829
592,020
LifePath
Target
Date
2040
............................................................................
524,397
400,266
LifePath
Target
Date
2045
............................................................................
458,558
324,367
LifePath
Target
Date
2050
............................................................................
507,913
375,889
LifePath
Target
Date
2055
............................................................................
267,187
173,169
LifePath
Target
Date
2060
............................................................................
174,206
98,748
LifePath
Target
Date
2065
............................................................................
188,474
112,224
iShares
ETF
In-kind
Purchases
In-kind
Sales
LifePath
Retirement
..................................................................................
$
4,096,360
$
562,948
LifePath
Target
Date
2025
..............................................................................
2,998,558
—
LifePath
Target
Date
2030
..............................................................................
9,088,641
—
LifePath
Target
Date
2035
..............................................................................
11,781,210
—
LifePath
Target
Date
2040
..............................................................................
11,967,839
1,164,970
LifePath
Target
Date
2045
..............................................................................
11,043,113
—
LifePath
Target
Date
2050
..............................................................................
11,741,848
—
LifePath
Target
Date
2055
..............................................................................
7,094,402
—
LifePath
Target
Date
2060
..............................................................................
4,216,259
—
LifePath
Target
Date
2065
..............................................................................
4,208,181
—
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
LifePath
Retirement
...............................................................................
$
62,536
$
(62,536
)
LifePath
Target
Date
2030
...........................................................................
(58
)
58
LifePath
Target
Date
2040
...........................................................................
190,027
(190,027
)
Notes
to
Financial
Statements
(continued)
48
2024
iShares
Annual
Financial
Statements
The
tax
character
of
distributions
paid
was
as
follows:
As
of
July
31,
2024,
the
tax
components
of
accumulated
net earnings
(losses)
were
as
follows:
iShares
ETF
Period
From
10/17/2023
to
07/31/24
LifePath
Retirement
(a)
Ordinary
income
..............................................................................................................
$
71,340
LifePath
Target
Date
2025
(a)
Ordinary
income
..............................................................................................................
$
23,497
LifePath
Target
Date
2030
(a)
Ordinary
income
..............................................................................................................
$
23,764
LifePath
Target
Date
2035
(a)
Ordinary
income
..............................................................................................................
$
45,745
LifePath
Target
Date
2040
(a)
Ordinary
income
..............................................................................................................
$
36,483
LifePath
Target
Date
2045
(a)
Ordinary
income
..............................................................................................................
$
23,822
LifePath
Target
Date
2050
(a)
Ordinary
income
..............................................................................................................
$
23,194
LifePath
Target
Date
2055
(a)
Ordinary
income
..............................................................................................................
$
22,950
LifePath
Target
Date
2060
(a)
Ordinary
income
..............................................................................................................
$
22,951
LifePath
Target
Date
2065
(a)
Ordinary
income
..............................................................................................................
$
22,951
(a)
The
Fund
commenced
operations
on
October
17,
2023.
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
LifePath
Retirement
................................................
$
12,370
$
—
$
290,369
$
302,739
LifePath
Target
Date
2025
............................................
65,739
—
333,393
399,132
LifePath
Target
Date
2030
............................................
112,117
(2,441)
711,487
821,163
LifePath
Target
Date
2035
............................................
133,406
—
1,103,896
1,237,302
LifePath
Target
Date
2040
............................................
86,868
—
903,581
990,449
LifePath
Target
Date
2045
............................................
93,664
(648)
996,893
1,089,909
LifePath
Target
Date
2050
............................................
92,431
(740)
1,017,032
1,108,723
LifePath
Target
Date
2055
............................................
58,248
—
804,566
862,814
LifePath
Target
Date
2060
............................................
40,491
—
623,648
664,139
LifePath
Target
Date
2065
............................................
38,284
—
634,215
672,499
(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.
Notes
to
Financial
Statements
(
continued)
49
Notes
to
Financial
Statements
As
of
July
31,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
8.
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.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
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.
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.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
LifePath
Retirement
............................................
$
3,816,770
$
290,369
$
—
$
290,369
LifePath
Target
Date
2025
........................................
3,248,612
333,393
—
333,393
LifePath
Target
Date
2030
........................................
9,810,698
711,487
—
711,487
LifePath
Target
Date
2035
........................................
12,759,299
1,103,896
—
1,103,896
LifePath
Target
Date
2040
........................................
11,885,186
903,581
—
903,581
LifePath
Target
Date
2045
........................................
11,991,936
996,893
—
996,893
LifePath
Target
Date
2050
........................................
12,851,483
1,017,032
—
1,017,032
LifePath
Target
Date
2055
........................................
7,536,446
804,566
—
804,566
LifePath
Target
Date
2060
........................................
4,576,799
623,648
—
623,648
LifePath
Target
Date
2065
........................................
4,566,193
634,215
—
634,215
Notes
to
Financial
Statements
(continued)
50
2024
iShares
Annual
Financial
Statements
9.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
Period
Ended
07/31/24
iShares
ETF
Shares
Amount
LifePath
Retirement
(a)
Shares
sold
...................................................................................
160,000
$
4,155,271
Shares
redeemed
...............................................................................
(20,000
)
(563,302
)
140,000
$
3,591,969
LifePath
Target
Date
2025
(a)
Shares
sold
...................................................................................
120,000
$
3,056,061
Shares
redeemed
...............................................................................
—
—
120,000
$
3,056,061
LifePath
Target
Date
2030
(a)
Shares
sold
...................................................................................
340,000
$
9,159,056
Shares
redeemed
...............................................................................
—
—
340,000
$
9,159,056
LifePath
Target
Date
2035
(a)
Shares
sold
...................................................................................
440,000
$
11,843,492
Shares
redeemed
...............................................................................
—
—
440,000
$
11,843,492
LifePath
Target
Date
2040
(a)
Shares
sold
...................................................................................
440,000
$
12,027,473
Shares
redeemed
...............................................................................
(40,000
)
(1,166,835
)
400,000
$
10,860,638
LifePath
Target
Date
2045
(a)
Shares
sold
...................................................................................
400,000
$
11,099,493
Shares
redeemed
...............................................................................
—
—
400,000
$
11,099,493
LifePath
Target
Date
2050
(a)
Shares
sold
...................................................................................
420,000
$
11,794,611
Shares
redeemed
...............................................................................
—
—
420,000
$
11,794,611
LifePath
Target
Date
2055
(a)
Shares
sold
...................................................................................
260,000
$
7,141,541
Shares
redeemed
...............................................................................
—
—
260,000
$
7,141,541
LifePath
Target
Date
2060
(a)
Shares
sold
...................................................................................
160,000
$
4,261,511
Shares
redeemed
...............................................................................
—
—
160,000
$
4,261,511
LifePath
Target
Date
2065
(a)
Shares
sold
...................................................................................
160,000
$
4,253,135
Shares
redeemed
...............................................................................
—
—
160,000
$
4,253,135
(a)
The
Fund
commenced
operations
on
October
17,
2023.
Notes
to
Financial
Statements
(
continued)
51
Notes
to
Financial
Statements
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.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at
their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Funds’
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
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.
10.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Report
of
Independent
Registered
Public
Accounting
Firm
52
2024
iShares
Annual
Financial
Statements
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the ten 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
(ten
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
July
31,
2024,
the
related
statements
of
operations
and
changes
in
net
assets,
including
the
related
notes,
and
the
financial
highlights
for
the
period
October
17,
2023
(commencement
of
operations)
through
July
31,
2024
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
listed
in
the
table
below
as
of
July
31,
2024,
and
the
results
of
each
of
their
operations,
changes
in
each
of
their
net
assets
and
each
of
the
financial
highlights
for
the
period
October
17,
2023
(commencement
of
operations)
through
July
31,
2024
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
July
31,
2024
by
correspondence
with
the
custodian
and
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
September
23,
2024
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
®
LifePath
®
Retirement
ETF
iShares
®
LifePath
®
Target
Date
2025
ETF
iShares
®
LifePath
®
Target
Date
2030
ETF
iShares
®
LifePath
®
Target
Date
2035
ETF
iShares
®
LifePath
®
Target
Date
2040
ETF
iShares
®
LifePath
®
Target
Date
2045
ETF
iShares
®
LifePath
®
Target
Date
2050
ETF
iShares
®
LifePath
®
Target
Date
2055
ETF
iShares
®
LifePath
®
Target
Date
2060
ETF
iShares
®
LifePath
®
Target
Date
2065
ETF
Important
Tax
Information
(unaudited)
53
Important
Tax
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
period
ended
July
31,
2024:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
business
income
for
individuals
for
the
period
ended
July
31,
2024:
The
Funds
intend
to
pass
through
to
their
shareholders
the
following
amounts,
or
maximum
amounts
allowable
by
law,
of
foreign
source
income
earned
and
foreign
taxes
paid
for
the
period
ended
July
31,
2024:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
period
ended
July
31,
2024
qualified
for
the
dividends-
received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
LifePath
Retirement
...................................................................................................
$
7,481
LifePath
Target
Date
2025
...............................................................................................
8,182
LifePath
Target
Date
2030
...............................................................................................
12,824
LifePath
Target
Date
2035
...............................................................................................
25,875
LifePath
Target
Date
2040
...............................................................................................
22,425
LifePath
Target
Date
2045
...............................................................................................
16,298
LifePath
Target
Date
2050
...............................................................................................
18,233
LifePath
Target
Date
2055
...............................................................................................
18,775
LifePath
Target
Date
2060
...............................................................................................
18,775
LifePath
Target
Date
2065
...............................................................................................
18,775
iShares
ETF
Qualified
Business
Income
LifePath
Retirement
...................................................................................................
$
345
LifePath
Target
Date
2025
...............................................................................................
370
LifePath
Target
Date
2030
...............................................................................................
679
LifePath
Target
Date
2035
...............................................................................................
1,475
LifePath
Target
Date
2040
...............................................................................................
1,366
LifePath
Target
Date
2045
...............................................................................................
963
LifePath
Target
Date
2050
...............................................................................................
33
LifePath
Target
Date
2055
...............................................................................................
33
LifePath
Target
Date
2060
...............................................................................................
33
LifePath
Target
Date
2065
...............................................................................................
33
iShares
ETF
Foreign
Source
Income
Earned
Foreign
Taxes
Paid
LifePath
Retirement
..................................................................................
$
6,052
$
840
LifePath
Target
Date
2025
..............................................................................
6,653
926
LifePath
Target
Date
2030
..............................................................................
10,582
1,470
LifePath
Target
Date
2035
..............................................................................
21,542
2,993
LifePath
Target
Date
2040
..............................................................................
18,974
2,651
LifePath
Target
Date
2045
..............................................................................
14,264
2,016
LifePath
Target
Date
2050
..............................................................................
15,954
2,254
LifePath
Target
Date
2055
..............................................................................
16,428
2,321
LifePath
Target
Date
2060
..............................................................................
16,428
2,321
LifePath
Target
Date
2065
..............................................................................
16,428
2,321
iShares
ETF
Dividends-Received
Deduction
LifePath
Retirement
...................................................................................................
10.90
%
LifePath
Target
Date
2025
...............................................................................................
11.58
LifePath
Target
Date
2030
...............................................................................................
17.03
LifePath
Target
Date
2035
...............................................................................................
17.50
LifePath
Target
Date
2040
...............................................................................................
18.55
LifePath
Target
Date
2045
...............................................................................................
19.83
LifePath
Target
Date
2050
...............................................................................................
22.58
LifePath
Target
Date
2055
...............................................................................................
23.40
LifePath
Target
Date
2060
...............................................................................................
23.40
LifePath
Target
Date
2065
...............................................................................................
23.40
Important
Tax
Information
(unaudited)
(continued)
54
2024
iShares
Annual
Financial
Statements
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
period
ended
July
31,
2024:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends
eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
period
ended
July
31,
2024:
iShares
ETF
Interest
Dividends
LifePath
Retirement
...................................................................................................
$
13,420
LifePath
Target
Date
2025
...............................................................................................
12,860
LifePath
Target
Date
2030
...............................................................................................
10,234
LifePath
Target
Date
2035
...............................................................................................
12,969
LifePath
Target
Date
2040
...............................................................................................
7,950
LifePath
Target
Date
2045
...............................................................................................
2,955
LifePath
Target
Date
2050
...............................................................................................
1,220
LifePath
Target
Date
2055
...............................................................................................
371
LifePath
Target
Date
2060
...............................................................................................
371
LifePath
Target
Date
2065
...............................................................................................
371
iShares
ETF
Interest-Related
Dividends
LifePath
Retirement
...................................................................................................
$
12,778
LifePath
Target
Date
2025
...............................................................................................
12,210
LifePath
Target
Date
2030
...............................................................................................
9,673
LifePath
Target
Date
2035
...............................................................................................
12,104
LifePath
Target
Date
2040
...............................................................................................
7,368
LifePath
Target
Date
2045
...............................................................................................
2,688
LifePath
Target
Date
2050
...............................................................................................
1,035
LifePath
Target
Date
2055
...............................................................................................
322
LifePath
Target
Date
2060
...............................................................................................
322
LifePath
Target
Date
2065
...............................................................................................
322
Additional
Information
55
Additional
Information
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
.
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.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust's policies
and
procedures
with
respect
to
the
disclosure
of
the
Funds'
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses its
portfolio
holdings
daily
and
provide
information
regarding its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
56
2024
iShares
Annual
Financial
Statements
iShares
LifePath
Retirement
ETF,
iShares
LifePath
Target
Date
2025
ETF,
iShares
LifePath
Target
Date
2030
ETF,
iShares
LifePath
Target
Date
2035
ETF,
iShares
LifePath
Target
Date
2040
ETF,
iShares
LifePath
Target
Date
2045
ETF,
iShares
LifePath
Target
Date
2050
ETF,
iShares
LifePath
Target
Date
2055
ETF,
iShares
LifePath
Target
Date
2060
ETF,
iShares
LifePath
Target
Date
2065
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal
and
compliance
services;
including
the
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
held
on
May
6,
2024
and
May
17,
2024,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
The
Board
noted
that
the
Fund
is
an
actively
managed
ETF
that
does
not
seek
to
track
the
performance
of
a
specified
index
and
that
the
management
team
for
the
Fund
manages
the
Fund’s
portfolio
in
accordance
with
its
investment
objective.
The
Board
further
noted
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short- and
longer-term
performance
in
comparison
with
its
reference
benchmark.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
expectations
relative
to
the
Fund’s
peer
group
(where
applicable)
and
reference
benchmark
or
stated
investment
objective.
Based
on
this
review,
the
other
relevant
factors
and
information
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
product
line
and
BFA’s
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock’s
continued
investments
in
its
ETF
business.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
57
Board
Review
and
Approval
of
Investment
Advisory
Contract
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
and
related
costs
of
the
services
provided
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
character
and
scope
of
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
a
similar
investment
strategy
or
investment
mandate
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
(including
cash
sweep
vehicles)
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
actual
and
potential
reductions
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Glossary
of
Terms
Used
in
this
Report
58
2024
iShares
Annual
Financial
Statements
Portfolio
Abbreviation
REIT
Real
Estate
Investment
Trust
TIPS
Treasury
Inflation
Protected
Security
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”).
©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.
Item
8 – Changes in and Disagreements with Accountants for Open-End Management
Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies
– See Item 7
Item 10 – Remuneration Paid to Directors, Officers, and
Others of Open-End Management Investment Companies – See Item 7
Item
11 – Statement Regarding Basis for Approval of Investment Advisory Contract –
See Item 7
Item
12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies – Not
Applicable
Item
13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item
14 – Purchases of Equity Securities by Closed-End Management Investment Company
and Affiliated Purchasers – Not
Applicable
Item
15 – Submission of Matters to a Vote of Security Holders – There have been no
material changes to these procedures.
Item
16 – Controls and Procedures
(a) The registrant’s
principal executive and principal financial officers, or persons performing
similar functions, have concluded that the registrant’s disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of
the filing date of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b)
under the Securities Exchange Act of 1934, as amended.
(b) There were no changes
in the registrant’s internal control over financial reporting (as defined in
Rule 30a-3(d) under the 1940 Act) 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
17 – Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies –Not Applicable
Item
18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item
19 – Exhibits attached hereto
(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)(4) Any written solicitation to purchase securities under Rule 23c-1
– Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not
Applicable
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) of
iShares Trust
Date: September 23, 2024
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
By: /s/ Jessica Tan_______________________________
Jessica Tan
President (principal executive officer) of
iShares Trust
Date: September 23, 2024
By: /s/ Trent Walker_______________________________
Trent Walker
Treasurer and Chief Financial Officer
(principal financial officer) of
iShares Trust
Date: September 23, 2024