UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number
811-09729
 
iShares Trust
(Exact name of registrant as specified in charter)
c/o BlackRock Fund Advisors
 
400 Howard Street, San Francisco, CA
94105
(Address of principal executive offices)
(Zip code)
 
The Corporation Trust Company
1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
 
 
 
Registrant’s telephone number, including area code:
(415) 670-2000
 
 
 
 
Date of fiscal year end:
April 30, 2024
 
 
 
 
Date of reporting period:
April 30, 2024
 
 
 
 
Item 1.      Reports to Stockholders.
 
(a) The Report to Shareholders is attached herewith.
 
APRIL
30,
2024
2024
Annual
Report
iShares
Trust
iShares
Cohen
&
Steers
REIT
ETF
|
ICF
|
Cboe
BZX
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
April
30,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
has
had
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks’
advance
was
slower
but
still
impressive.
Meanwhile,
both
international
developed
market
equities
and
emerging
market
stocks
also
gained,
albeit
at
a
notably
slower
pace
than
that
of
U.S.
stocks.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
solid
gains
in
shorter-duration
U.S.
Treasuries.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period,
and
recent
statements
from
the
Fed
seem
to
support
this
view.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
we
believe
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
April
30,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
20.98
%
22.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.66
13.32
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
18.63
9.28
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
15.40
9.88
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.66
5.36
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
3.66
(6.40
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
4.97
(1.47
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.06
2.08
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.99
9.01
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
7
Disclosure
of Expenses
...................................................................................................
7
Schedule
of
Investments
..................................................................................................
8
Financial
Statements:
Statement
of
Assets
and
Liabilities
..........................................................................................
11
Statement
of
Operations
................................................................................................
12
Statements
of
Changes
in
Net
Assets
........................................................................................
13
Financial
Highlights
.....................................................................................................
14
Notes
to
Financial
Statements
...............................................................................................
15
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
20
Important
Tax
Information
.................................................................................................
21
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
22
Supplemental
Information
.................................................................................................
23
Trustee
and
Officer
Information
..............................................................................................
24
General
Information
.....................................................................................................
26
Market
Overview
2024
iShares
Annual
Report
To
Shareholders
4
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
advanced
for
the
12
months
ended April
30,
2024
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
22.30%.
The
economy
showed
notable
resilience
even
as
interest
rates
rose,
and
analysts’
optimism
about
the
economy’s
trajectory
improved.
Meanwhile,
inflation
decelerated
notably,
enabling
a
pause
in
monetary
policy
tightening
and
providing
a
supportive
environment
for
equities.
The
U.S.
economy
grew
at
a
robust
pace
in
2023
despite
concerns
about
the
impact
of
higher
interest
rates
on
growth.
The
U.S.
consumer
helped
to
power
the
expansion,
as
consumer
spending
continued
to
grow
in
both
nominal
and
real
(inflation-adjusted)
terms.
Consumers
were
emboldened
by
a
strong
labor
market,
as
employers
continued
to
add
jobs,
and
average
hourly
wages
increased
notably.
Higher
asset
values
also
supported
consumer
spending,
as
both
home
prices
and
strong
equity
performance
increased
household
net
worth.
Government
spending
also
stimulated
the
economy,
as
the
federal
deficit
increased
amid
rising
expenditures,
while
state
and
local
governments
also
boosted
spending
to
fill
personnel
vacancies.
While
consumer
sentiment
rose
amid
healthy
household
balance
sheets
and
an
improving
economy,
it
remained
below
pre-pandemic
levels,
as
elevated
inflation
and
high
interest
rates
weighed
on
consumers’
outlook.
Inflation
declined
early
in
the
reporting
period,
decreasing
from
4.1%
in
May
2023
to
3%
in
June
2023,
but
remained
stubbornly
persistent
thereafter,
fluctuating
between
3%
and
4%,
above
the
pre-pandemic
average.
While
improved
supply
chains
eased
goods
inflation,
the
tight
labor
market
kept
labor
costs
near
record
highs,
and
growing
services
inflation
was
a
significant
driver
of
inflation’s
overall
persistence.
To
counteract
inflation,
the
U.S.
Federal
Reserve
(“Fed”)
raised
interest
rates
twice
early
in
the
reporting
period,
to
the
highest
level
since
2001.
However,
the
Fed
paused
its
interest
rate
increases
thereafter
as
inflation
edged
down,
keeping
interest
rates
steady
after
its
July
2023
meeting.
The
Fed
also
continued
to
decrease
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
While
investors
closely
watched
the
Fed
for
signs
of
a
shift
toward
lower
interest
rates,
tenacious
inflation
later
in
the
reporting
period
led
investors
to
limit
their
expectations.
The
strong
economy
supported
corporate
profits,
which
grew
substantially
in
the
last
three
quarters
of
2023.
Despite
higher
input
costs,
companies
were
able
to
raise
prices
sufficiently
to
widen
profit
margins,
as
the
U.S.
consumer
continued
to
spend.
Firms
increasingly
kept
assets
in
short-term
investments
that
earned
higher
yields
due
to
elevated
interest
rates.
This
helped
to
mitigate
the
negative
impact
of
higher
borrowing
costs,
which
drove
a
rise
in
interest
expense.
Innovations
in
computing
also
drove
enthusiasm
for
equities,
as
new
technologies
drove
hopes
for
economy-wide
improvements
in
productivity.
Despite
the
strong
economic
conditions
during
the
reporting
period,
analysts
noted
several
areas
of
caution
about
potential
disruptions
to
markets.
Geopolitical
tensions
were
high
amid
Russia’s
ongoing
invasion
of
Ukraine
and
fighting
in
Gaza
following
Hamas’
terrorist
attack
on
Israel.
Missile
attacks
on
a
major
shipping
lane
in
the
Middle
East
raised
concerns
about
a
wider
conflict
while
disrupting
some
supply
chains.
While
inflation
declined
during
the
reporting
period,
it
remained
more
persistent
than
some
analysts
expected,
raising
concerns
about
the
effect
of
continued
inflation
on
the
Fed’s
interest
rate
policy.
Fund
Summary
as
of
April
30,
2024
5
Fund
Summary
iShares
®
Cohen
&
Steers
REIT
ETF
Investment
Objective
The
iShares
Cohen
&
Steers
REIT
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
real
estate
investment
trusts
(“REITs”),
as
represented
by
the
Cohen
&
Steers
Realty
Majors
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.70‌)%
1.68‌%
5.27‌%
(1.70‌)%
8.67‌%
67.17‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.61‌)
1.69‌
5.28‌
(1.61‌)
8.75‌
67.36‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.34‌)
2.05‌
5.65‌
(1.34‌)
10.66‌
73.24‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,104.60‌
$
1.67‌
$
1,000.00‌
$
1,023.27‌
$
1.61‌
0.32‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2024
(continued)
2024
iShares
Annual
Report
to
Shareholders
6
iShares
®
Cohen
&
Steers
REIT
ETF
Portfolio
Management
Commentary
U.S.
real
estate
investment
trusts
(“REITs”)
declined
during
the
reporting
period,
as
higher
interest
rates
increased
borrowing
costs,
and
higher
bond
yields
reduced
the
relative
attractiveness
of
REITs’
dividends
for
income-oriented
investors.
The
telecom
tower
REITs
industry
detracted
the
most
from
the
Index’s
performance.
Challenges
included
adding
significant
debt
at
relatively
high
interest
rates
to
finance
new
cell
towers,
contract
instability
amid
cell
phone
company
mergers,
and
the
negative
impact
of
volatile
currency
exchange
rates
on
foreign
operations.
Additionally,
the
CEO
of
a
large
company
in
the
industry
resigned,
as
an
activist
investor
pressured
the
firm
to
improve
its
governance
and
reevaluate
its
business
strategy.
These
factors
weighed
on
the
industry’s
ability
to
sustain
net
income
growth.
The
industrial
REITs
industry
also
detracted
from
the
Index’s
return.
Uncertainty
about
the
economic
outlook
constrained
demand
for
warehouse
space,
prompting
landlords
to
lower
their
forecasts
for
occupancy,
earnings,
and
planned
development.
A
12-year
low
in
home
sales
reduced
demand
for
furniture,
building
materials,
and
appliances,
prompting
some
of
the
largest
home
goods
retailers
to
close
distribution
centers.
On
the
upside,
the
retail
REITs
industry
contributed
to
the
Index’s
performance.
As
the
national
shopping
center
vacancy
rate
fell
to
5.4%,
its
lowest
level
in
over
15
years,
one
large
holder
of
retail
properties
posted
record
high
annual
operating
performance.
The
healthcare
REITs
industry
also
advanced,
helped
by
growth
in
profitability
from
senior
housing.
Higher
occupancy,
easing
labor
pressures,
and
rising
Medicaid
reimbursements
benefited
a
large
REIT
focused
on
healthcare
facilities
for
older
adults.
The
company
raised
its
net
income
outlook
while
expanding
its
senior-oriented
portfolio.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Specialized
REITs
.................................
42.5‌
%
Residential
REITs
.................................
20.1‌
Retail
REITs
.....................................
16.3‌
Industrial
REITs
..................................
8.0‌
Health
Care
REITs
................................
7.2‌
Office
REITs
.....................................
4.1‌
Hotel
&
Resort
REITs
...............................
1.8‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
American
Tower
Corp.
..............................
7.6‌
%
Equinix,
Inc.
.....................................
7.3‌
Welltower,
Inc.
....................................
7.2‌
Prologis,
Inc.
.....................................
6.8‌
Simon
Property
Group,
Inc.
...........................
6.2‌
Realty
Income
Corp.
................................
6.0‌
Digital
Realty
Trust,
Inc.
.............................
5.7‌
Public
Storage
....................................
4.9‌
Crown
Castle,
Inc.
.................................
4.9‌
VICI
Properties,
Inc.
................................
4.0‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
7
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also, index
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included, index
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of the
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
example
shown (which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
example
provides information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
example also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Fund
and
other
funds, compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
example are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
April
30,
2024
iShares
®
Cohen
&
Steers
REIT
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Health
Care
REITs
—
7.1%
Welltower,
Inc.
......................
1,430,208
$
136,270,218
Hotel
&
Resort
REITs
—
1.8%
Host
Hotels
&
Resorts,
Inc.
.............
1,822,905
34,398,217
Industrial
REITs
—
7.9%
Prologis,
Inc.
.......................
1,268,639
129,464,610
Rexford
Industrial
Realty,
Inc.
...........
545,491
23,352,470
152,817,080
Office
REITs
—
4.1%
Alexandria
Real
Estate
Equities,
Inc.
.......
404,143
46,828,049
Boston
Properties,
Inc.
................
373,102
23,091,283
Cousins
Properties,
Inc.
...............
392,196
8,996,976
78,916,308
Residential
REITs
—
19.8%
American
Homes
4
Rent
,
Class
A
.........
821,868
29,422,874
AvalonBay
Communities,
Inc.
...........
366,978
69,568,020
Equity
LifeStyle
Properties,
Inc.
..........
481,654
29,038,920
Equity
Residential
...................
892,928
57,504,563
Essex
Property
Trust,
Inc.
..............
165,859
40,842,779
Invitation
Homes,
Inc.
.................
1,486,467
50,837,171
Mid-America
Apartment
Communities,
Inc.
...
301,531
39,199,030
Sun
Communities,
Inc.
................
321,576
35,797,840
UDR,
Inc.
.........................
781,978
29,777,722
381,988,919
Retail
REITs
—
16.1%
Federal
Realty
Investment
Trust
..........
189,828
19,774,383
Kimco
Realty
Corp.
..................
1,718,424
32,014,239
Realty
Income
Corp.
..................
2,148,967
115,055,693
Regency
Centers
Corp.
...............
424,505
25,139,186
Simon
Property
Group,
Inc.
.............
843,027
118,470,585
310,454,086
Specialized
REITs
—
41.8%
American
Tower
Corp.
................
847,355
145,372,224
Crown
Castle,
Inc.
...................
996,954
93,494,346
Digital
Realty
Trust,
Inc.
...............
782,593
108,608,257
Equinix,
Inc.
.......................
194,401
138,240,495
Extra
Space
Storage,
Inc.
..............
545,959
73,311,374
Lamar
Advertising
Co.
,
Class
A
..........
226,308
26,217,782
Public
Storage
......................
361,410
93,767,824
SBA
Communications
Corp.
............
278,789
51,888,209
VICI
Properties,
Inc.
..................
2,673,312
76,323,058
807,223,569
Total
Long-Term
Investments
—
98
.6
%
(Cost:
$
1,979,383,865
)
............................
1,902,068,397
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.1%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.28
%
(a)
(b)
.................
2,174,840
$
2,174,840
Total
Short-Term
Securities
—
0
.1
%
(Cost:
$
2,174,840
)
...............................
2,174,840
Total
Investments
—
98
.7
%
(Cost:
$
1,981,558,705
)
............................
1,904,243,237
Other
Assets
Less
Liabilities
—
1.3
%
....................
24,128,973
Net
Assets
—
100.0%
...............................
$
1,928,372,210
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Cohen
&
Steers
REIT
ETF
Schedule
of
Investments
9
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
$
2,647,281
$
—
$
(
472,441
)
(a)
$
—
$
—
$
2,174,840
2,174,840
$
196,697
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..............................................
802
06/21/24
$
25,504
$
(
106,056
)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
106,056
$
—
$
—
$
—
$
106,056
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
(
851,445
)
$
—
$
—
$
—
$
(
851,445
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
252,613
)
$
—
$
—
$
—
$
(
252,613
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
18,670,818
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Cohen
&
Steers
REIT
ETF
10
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,902,068,397
$
—
$
—
$
1,902,068,397
Short-Term
Securities
Money
Market
Funds
......................................
2,174,840
—
—
2,174,840
$
1,904,243,237
$
—
$
—
$
1,904,243,237
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
106,056
)
$
—
$
—
$
(
106,056
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities

April
30,
2024
11
Financial
Statements
iShares
Cohen
&
Steers
REIT
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
1,902,068,397‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
2,174,840‌
Cash
pledged:
Futures
contracts
....................................................................................................
107,000‌
Receivables:
–‌
Investment
s
sold
....................................................................................................
24,008,497‌
Dividends
—
unaffiliated
...............................................................................................
552,285‌
Dividends
—
affiliated
.................................................................................................
10,989‌
Other
assets
.........................................................................................................
10,353‌
Total
a
ssets
.........................................................................................................
1,928,932,361‌
LIABILITIES
Payables:
–‌
Investment
advisory
fees
...............................................................................................
525,294‌
Variation
margin
on
futures
contracts
.......................................................................................
34,857‌
Total
li
abilities
........................................................................................................
560,151‌
Commitments
and
contingent
liabilities
—‌
NET
ASSETS
........................................................................................................
$
1,928,372,210‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
2,224,747,996‌
Accumulated
loss
.....................................................................................................
(
296,375,786‌
)
NET
ASSETS
........................................................................................................
$
1,928,372,210‌
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
36,250,000‌
Net
asset
value
.......................................................................................................
$
53.20‌
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
  Investments,
at
cost
—
unaffiliated
.................................................................................
$
1,979,383,865
(b)
  Investments,
at
cost
—
affiliated
...................................................................................
$
2,174,840
See
notes
to
financial
statements.
Statement
of
Operations

Year
Ended
April
30,
2024
2024
iShares
Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
...............................................................................................
$
71,456,598‌
Dividends
—
affiliated
.................................................................................................
196,697‌
Interest
—
unaffiliated
.................................................................................................
22,723‌
Total
investment
income
.................................................................................................
71,676,018‌
EXPENSES
Investment
advisory
..................................................................................................
6,817,096‌
Interest
expense
....................................................................................................
180‌
Total
expenses
.......................................................................................................
6,817,276‌
Net
investment
income
..................................................................................................
64,858,742‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(
114,992,339‌
)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
...........................................................................................
(
67,930,620‌
)
Futures
contracts
..................................................................................................
(
851,445‌
)
In-kind
redemptions
—
unaffiliated
(a)
.....................................................................................
41,477,851‌
(27,304,214‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(
87,435,511‌
)
Futures
contracts
..................................................................................................
(
252,613‌
)
(87,688,124‌)
Net
realized
and
unrealized
loss
............................................................................................
(114,992,338‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(50,133,596‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

13
Financial
Statements
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
64,858,742‌
$
66,359,085‌
Net
realized
gain
(loss)
..............................................................................
(
27,304,214‌
)
37,864,098‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
(
87,688,124‌
)
(
563,377,383‌
)
Net
decrease
in
net
assets
resulting
from
operations
............................................................
(50,133,596‌)
(459,154,200‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(61,558,964‌)
(60,855,631‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(237,068,222‌)
43,705,708‌
NET
ASSETS
Total
decrease
in
net
assets
............................................................................
(
348,760,782‌
)
(
476,304,123‌
)
Beginning
of
year
....................................................................................
2,277,132,992‌
2,753,437,115‌
End
of
year
........................................................................................
$
1,928,372,210‌
$
2,277,132,992‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Annual
Report
to
Shareholders
14
iShares
Cohen
&
Steers
REIT
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Net
asset
value,
beginning
of
year
................................
$
55.74
‌
$
68.41
‌
$
62.62
‌
$
49.68
‌
$
55.51
‌
Net
investment
income
(b)
.......................................
1
.70
‌
1
.62
‌
1
.01
‌
1
.15
‌
1
.39
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............................
(2.63
)
(12.80
)
6.10
‌
13.04
‌
(5.78
)
Net
increase
(decrease)
from
investment
operations
......................
(0.93
)
(11.18
)
7.11
‌
14.19
‌
(4.39
)
Distributions
from
net
investment
income
(d)
..........................
(1.61
)
(1.49
)
(1.32
)
(1.25
)
(1.44
)
Net
asset
value,
end
of
year
.....................................
$
53.20
‌
$
55.74
‌
$
68.41
‌
$
62.62
‌
$
49.68
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
(1.70
)%
(16.31
)%
11.33
%
29.11
%
(8.10
)%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...............................................
0.33
%
0.33
%
0.32
%
0.33
%
0.34
%
Net
investment
income
..........................................
3.10
%
2.77
%
1.46
%
2.15
%
2.43
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
1,928,372
‌
$
2,277,133
‌
$
2,753,437
‌
$
2,257,332
‌
$
1,842,861
‌
Portfolio
turnover
rate
(g)
..........................................
16
%
12
%
11
%
27
%
19
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
15
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
fund
(the
“Fund”):
2.
Significant
Accounting
Policies 
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis. 
Bank
Overdraft:
The
Fund
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund
is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Fund.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of
the
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Fund’s
investment
adviser,
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with BFA’s policies
and
procedures as
reflecting
fair
value.
BFA
has
formed
a
committee
(the
"Valuation
Committee")
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
iShares
ETF
Diversification
Classification
Cohen
&
Steers
REIT
..................................................................................................
Non-diversified
Notes
to
Financial
Statements
(continued)
2024
iShares
Annual
Report
to
Shareholders
16
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Derivative
Financial
Instruments
Futures
Contracts: 
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
5.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of
the
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Fund,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
the
Fund, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
the
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Fund.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
..................................................................................................
0.3500%
Over
$121
billion,
up
to
and
including
$181
billion
............................................................................
0.3325
Over
$181
billion,
up
to
and
including
$231
billion
............................................................................
0.3159
Over
$231
billion,
up
to
and
including
$281
billion
............................................................................
0.3001
Over
$281
billion
..................................................................................................
0.2851
Notes
to
Financial
Statements
(continued)
17
Notes
to
Financial
Statements
ETF
Servicing
Fees:
The
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Fund
does
not
pay
BRIL
for
ETF
Services.
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the year ended April
30,
2024,
transactions
executed
by
the
Fund
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
The
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statement
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
6.
Purchases
and
Sales
For
the year ended
April
30,
2024,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
April
30,
2024,
in-kind
transactions
were
as
follows:
7.
Income
Tax
Information
The
Fund
is
treated
as
an
entity
separate
from
the Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Fund
as
of
April
30,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of April
30,
2024,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
K
hi
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Cohen
&
Steers
REIT
...................................................................
$
33,710,368‌
$
26,371,829‌
$
(1,528,492‌)
iShares
ETF
Purchases
Sales
Cohen
&
Steers
REIT
...................................................................................
$
338,736,305‌
$
347,839,784‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Cohen
&
Steers
REIT
...................................................................................
$
99,105,080‌
$
335,462,776‌
iShares
ETF
Paid-In
Capital
Accumulated
Earnings
(Loss)
Cohen
&
Steers
REIT
........................................................................
$
41,275,665‌
$
(41,275,665‌)
—‌
iShares
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Cohen
&
Steers
REIT
Ordinary
income
...........................................................................................
$
61,558,964‌
$
60,855,631‌
Notes
to
Financial
Statements
(continued)
2024
iShares
Annual
Report
to
Shareholders
18
As
of
April
30,
2024,
the
tax
components
of
accumulated
net
earnings
(losses)
were
as
follows:
As
of
April
30,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
8.
Principal
Risks
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and
its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
the
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the Fund.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments
.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Cohen
&
Steers
REIT
....................................................
$
8,803,232‌
$
(203,060,663‌)
$
(102,118,355‌)
$
(296,375,786‌)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts
and
the
timing
and
recognition
of
realized
gains
(losses)
for
tax
purposes.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Cohen
&
Steers
REIT
..............................................
$
2,006,161,496‌
$
155,213,036‌
$
(257,131,295‌)
$
(101,918,259‌)
Notes
to
Financial
Statements
(continued)
19
Notes
to
Financial
Statements
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests. 
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
9.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
the
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statement
of
Assets
and
Liabilities.
10.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
04/30/24
Year
Ended
04/30/23
iShares
ETF
Shares
Amount
Shares
Amount
Cohen
&
Steers
REIT
Shares
sold
1,800,000‌
$
99,473,083‌
5,500,000‌
$
323,631,350‌
Shares
redeemed
(6,400,000‌)
(336,541,305‌)
(4,900,000‌)
(279,925,642‌)
(4,600,000‌)
$
(237,068,222‌)
600,000‌
$
43,705,708‌
Report
of
Independent
Registered
Public
Accounting
Firm
2024
iShares
Annual
Report
to
Shareholders
20
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
iShares
Cohen
&
Steers
REIT
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
iShares
Cohen
&
Steers
REIT
ETF
(one
of
the
funds
constituting
iShares
Trust,
referred
to
hereafter
as
the
“Fund”)
as
of
April
30,
2024,
the
related
statement
of
operations
for
the
year
ended
April
30,
2024,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2024 (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
April
30,
2024,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2024
and the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2024 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of April
30,
2024
by
correspondence
with
the
custodian,
transfer
agent
and
broker. We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
June
24,
2024 
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
Important
Tax
Information
(unaudited)
21
Important
Tax
Information
The
following
amount,
or
maximum
amount
allowable
by
law, is
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2024:
The
following
amount,
or
maximum
amount
allowable
by
law, is
hereby
designated
as
qualified business
income
for
individuals
for
the
fiscal
year
ended
April
30,
2024:
iShares
ETF
Qualified
Dividend
Income
Cohen
&
Steers
REIT
................................................................................................
$
1,716,748‌
iShares
ETF
Qualified
Business
Income
Cohen
&
Steers
REIT
................................................................................................
$
63,838,094‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
2024
iShares
Annual
Report
to
Shareholders
22
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
Cohen
&
Steers
REIT
ETF (the
“Fund”
or
“ETF”),
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage the
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Fund,
met
on
December
8,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Fund,
as
the
program
administrator
for the
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of the
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing the
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish the
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to the
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays, the
repatriation
of
the
local
currency
in
certain
non-U.S.
countries,
the
continued
illiquidity
of
Russian
equity
securities
and
the
suspension
of
select
sanctions
in
Venezuela.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing the
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether the
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
ETFs
for
which
the
custom
baskets
accepted
by
the
ETF
had
a
significant
change
in
its
liquidity
profile.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
23
Supplemental
Information
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Fund.
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Trustee
and
Officer
Information
(unaudited)
2024
iShares
Annual
Report
to
Shareholders
24
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Fund,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”).
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the iShares
Complex
(each,
a
“BlackRock
Fund
Complex”). The
Fund
is
included
in
the
iShares Complex.
Each
Trustee
also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
iShares
Complex,
which
consists
of
404
funds
as
of
April
30,
2024.
With
the
exception
of
Stephen
Cohen,
Robert
S.
Kapito
and
Aaron
Wasserman,
the
address
of
each
Trustee
and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito
and
Mr.
Wasserman
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
NY
10001.
The
address
of
Mr.
Cohen
is
c/o
BlackRock,
Inc.,
Drapers
Gardens,
12
Throgmorton
Avenue,
London
EC2N
2DL
United
Kingdom.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Fund’s
Trustees
and
officers
may
be
found
in
the
Fund’s
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Stephen
Cohen
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President
of
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Stephen
Cohen
(b)
(1975)
Trustee
(since
2024).
Senior
Managing
Director,
Head
of
Global
Product
Solutions
of
BlackRock,
Inc.
(since
2024);
Senior
Managing
Director,
Head
of
Europe,
Middle
East
and
Africa
Regions
of
BlackRock,
Inc.
(2021-2024);
Head
of
iShares
Index
and
Wealth
in
EMEA
of
BlackRock,
Inc.
(2017-2021);
Global
Head
of
Fixed
Income
Indexing
of
BlackRock,
Inc.
(2016-
2017);
Chief
Investment
Strategist
for
International
Fixed
Income
and
iShares
of
BlackRock,
Inc.
(2011-2015).
Director
of
iShares,
Inc.
(since
2024);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2024).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(1955)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(1956)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(1954)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016);
Director
of
One
Generation
Away
(since
2021).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Laura
F.
Fergerson
(1962)
Trustee
(since
2024).
President,
Franklin
Templeton
Services,
LLC
(2017-2024);
Director
of
the
Board
of
Crocker
Art
Museum
Association
(since
2019);
President,
Crocker
Art
Museum
Foundation
(2022-2023).
Director
of
iShares,
Inc.
(since
2024);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2024).
Cecilia
H.
Herbert
(1949)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018),
Investment
Committee
(since
2011)
and
Personnel
Committee
(since
2022);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022);
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(continued)
25
Trustee
and
Officer
Information
Officers
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
James
Lam
(1961)
Trustee
(since
2024).
President,
James
Lam
&
Associates,
Inc.
(since
2002);
Director
of
the
FAIR
Institute
(since
2020);
adjunct
professor
at
Carnegie
Mellon
University
(since
2018);
Member,
Zicklin
School
of
Business
Dean’s
Council
of
Baruch
College
(since
2017);
Director
and
Audit
Committee
Chair
of
RiskLens,
Inc.
(2018-2023);
Director,
Risk
Oversight
Committee
Chair
and
Audit
Committee
Member
of
E*TRADE
Financial
and
E*TRADE
Bank
(2012-2020).
Director
of
iShares,
Inc.
(since
2024);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2024).
Drew
E.
Lawton
(1959)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Director
of
Jackson
Financial
Inc.
(since
2021).
John
E.
Martinez
(1961)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(1964)
Trustee
(since
2011);
Fixed-
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Director
of
WellBe
Senior
Medical
(since
2023);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-
2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Jessica
Tan
(1980)
President
(since
2024).
Managing
Director
of
BlackRock,
Inc.
(since
2015);
Head
of
Global
Product
Solutions,
Americas
of
BlackRock,
Inc.
(since
2024)
and
Head
of
Sustainable
and
Transition
Solutions
of
BlackRock,
Inc.
(2022-2024);
Global
Head
of
Corporate
Strategy
of
BlackRock,
Inc.
(2019-2022);
Chief
of
Staff
to
the
CEO
of
BlackRock,
Inc.
(2017-2019).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director
of
BlackRock,
Inc.
(since
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021).
Aaron
Wasserman
(1974)
Chief
Compliance
Officer
(since
2023).
Managing
Director
of
BlackRock,
Inc.
(since
2018);
Chief
Compliance
Officer
of
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-
Income
Complex
and
the
iShares
Complex
(since
2023);
Deputy
Chief
Compliance
Officer
for
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
iShares
Complex
(2014-2023).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director
of
BlackRock,
Inc.
(since
2023);
Director
of
BlackRock,
Inc.
(2018-2022).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director
of
BlackRock,
Inc.
(since
2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
of
BlackRock,
Inc.
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
of
BlackRock,
Inc.
(2020-
2021);
Head
of
Developed
Markets
Portfolio
Engineering
of
BlackRock,
Inc.
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director
of
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
of
BlackRock,
Inc.
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director
of
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
of
BlackRock,
Inc.
(since
2020).
Effective
July
1,
2023,
Aaron
Wasserman
replaced
Charles
Park
as
Chief
Compliance
Officer.
Effective
February
1,
2024,
Salim
Ramji
resigned
as
a
Trustee
of
the
Trust.
Effective
March
5,
2024,
Stephen
Cohen
replaced
Salim
Ramji
as
a
Trustee
of
the
Trust.
Effective
March
5,
2024,
Dominik
Rohé
resigned
as
President
of
the
Trust.
Effective
March
5,
2024,
Jessica
Tan
replaced
Dominik
Rohé
as
President
of
the
Trust.
Effective
April
8,
2024,
Laura
Fergerson
was
appointed
as
a
Trustee
of
the
Trust.
Effective
April
8,
2024,
James
Lam
was
appointed
as
a
Trustee
of
the
Trust.
Independent
Trustees
(continued)
General
Information
2024
iShares
Annual
Report
to
Shareholders
26
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s
 policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
iS-AR-411-0424
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Fund’s
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by Cohen
&
Steers
Capital
Management,
Inc.,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
APRIL
30,
2024
2024
Annual
Report
iShares
Trust
iShares
Morningstar
Growth
ETF
|
ILCG
|
NYSE
Arca
iShares
Morningstar
Mid-Cap
ETF
|
IMCB
|
NYSE
Arca
iShares
Morningstar
Mid-Cap
Growth
ETF
|
IMCG
|
NYSE
Arca
iShares
Morningstar
Small-Cap
Growth
ETF
|
ISCG
|
NYSE
Arca
iShares
Morningstar
Small-Cap
Value
ETF
|
ISCV
|
NYSE
Arca
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
cooling
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
April
30,
2024.
Higher
interest
rates
helped
to
rein
in
inflation,
and
the
Consumer
Price
Index
decelerated
substantially
while
remaining
above
pre-pandemic
levels.
A
moderating
labor
market
helped
ease
inflationary
pressure,
although
wages
continued
to
grow.
Wage
and
job
growth
powered
robust
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
has
had
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
robust
during
the
period,
as
interest
rates
stabilized
and
the
economy
proved
to
be
more
resilient
than
many
investors
expected.
The
U.S.
economy
continued
to
show
strength,
and
growth
further
accelerated
in
the
second
half
of
2023.
Large-capitalization
U.S.
stocks
posted
particularly
substantial
gains,
supported
by
the
performance
of
a
few
notable
technology
companies,
while
small-capitalization
U.S.
stocks’
advance
was
slower
but
still
impressive.
Meanwhile,
both
international
developed
market
equities
and
emerging
market
stocks
also
gained,
albeit
at
a
notably
slower
pace
than
that
of
U.S.
stocks.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
However,
higher
yields
drove
solid
gains
in
shorter-duration
U.S.
Treasuries.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
twice
during
the
12-month
period,
but
paused
its
tightening
after
its
July
meeting.
The
Fed
also
continued
to
reduce
its
balance
sheet
by
not
replacing
some
of
the
securities
that
reach
maturity.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
stopped
tightening
for
now,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period,
and
recent
statements
from
the
Fed
seem
to
support
this
view.
In
this
new
regime,
we
anticipate
greater
volatility
and
dispersion
of
returns,
creating
more
opportunities
for
selective
portfolio
management.
Looking
at
developed
market
stocks,
we
have
an
overweight
stance
on
U.S.
stocks
overall,
particularly
given
the
promise
of
emerging
AI
technologies.
We
are
also
overweight
Japanese
stocks
as
shareholder-friendly
policies
generate
increased
investor
interest,
although
we
maintain
an
underweight
stance
on
European
stocks.
In
credit,
we
believe
there
are
selective
opportunities
in
the
near
term
despite
tighter
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries
and
hard-currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
April
30,
2024
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
20.98
%
22.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
19.66
13.32
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
18.63
9.28
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
15.40
9.88
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.66
5.36
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
3.66
(6.40
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
4.97
(1.47
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.06
2.08
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
8.99
9.01
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
15
Disclosure
of Expenses
...................................................................................................
15
Schedules
of
Investments
.................................................................................................
16
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
60
Statements
of
Operations
................................................................................................
62
Statements
of
Changes
in
Net
Assets
........................................................................................
64
Financial
Highlights
.....................................................................................................
67
Notes
to
Financial
Statements
...............................................................................................
72
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
81
Important
Tax
Information
.................................................................................................
82
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
83
Supplemental
Information
.................................................................................................
84
Trustee
and
Officer
Information
..............................................................................................
85
General
Information
.....................................................................................................
87
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
88
Market
Overview
2024
iShares
Annual
Report
To
Shareholders
4
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
advanced
for
the
12
months
ended April
30,
2024
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
22.30%.
The
economy
showed
notable
resilience
even
as
interest
rates
rose,
and
analysts’
optimism
about
the
economy’s
trajectory
improved.
Meanwhile,
inflation
decelerated
notably,
enabling
a
pause
in
monetary
policy
tightening
and
providing
a
supportive
environment
for
equities.
The
U.S.
economy
grew
at
a
robust
pace
in
2023
despite
concerns
about
the
impact
of
higher
interest
rates
on
growth.
The
U.S.
consumer
helped
to
power
the
expansion,
as
consumer
spending
continued
to
grow
in
both
nominal
and
real
(inflation-adjusted)
terms.
Consumers
were
emboldened
by
a
strong
labor
market,
as
employers
continued
to
add
jobs,
and
average
hourly
wages
increased
notably.
Higher
asset
values
also
supported
consumer
spending,
as
both
home
prices
and
strong
equity
performance
increased
household
net
worth.
Government
spending
also
stimulated
the
economy,
as
the
federal
deficit
increased
amid
rising
expenditures,
while
state
and
local
governments
also
boosted
spending
to
fill
personnel
vacancies.
While
consumer
sentiment
rose
amid
healthy
household
balance
sheets
and
an
improving
economy,
it
remained
below
pre-pandemic
levels,
as
elevated
inflation
and
high
interest
rates
weighed
on
consumers’
outlook.
Inflation
declined
early
in
the
reporting
period,
decreasing
from
4.1%
in
May
2023
to
3%
in
June
2023,
but
remained
stubbornly
persistent
thereafter,
fluctuating
between
3%
and
4%,
above
the
pre-pandemic
average.
While
improved
supply
chains
eased
goods
inflation,
the
tight
labor
market
kept
labor
costs
near
record
highs,
and
growing
services
inflation
was
a
significant
driver
of
inflation’s
overall
persistence.
To
counteract
inflation,
the
U.S.
Federal
Reserve
(“Fed”)
raised
interest
rates
twice
early
in
the
reporting
period,
to
the
highest
level
since
2001.
However,
the
Fed
paused
its
interest
rate
increases
thereafter
as
inflation
edged
down,
keeping
interest
rates
steady
after
its
July
2023
meeting.
The
Fed
also
continued
to
decrease
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
While
investors
closely
watched
the
Fed
for
signs
of
a
shift
toward
lower
interest
rates,
tenacious
inflation
later
in
the
reporting
period
led
investors
to
limit
their
expectations.
The
strong
economy
supported
corporate
profits,
which
grew
substantially
in
the
last
three
quarters
of
2023.
Despite
higher
input
costs,
companies
were
able
to
raise
prices
sufficiently
to
widen
profit
margins,
as
the
U.S.
consumer
continued
to
spend.
Firms
increasingly
kept
assets
in
short-term
investments
that
earned
higher
yields
due
to
elevated
interest
rates.
This
helped
to
mitigate
the
negative
impact
of
higher
borrowing
costs,
which
drove
a
rise
in
interest
expense.
Innovations
in
computing
also
drove
enthusiasm
for
equities,
as
new
technologies
drove
hopes
for
economy-wide
improvements
in
productivity.
Despite
the
strong
economic
conditions
during
the
reporting
period,
analysts
noted
several
areas
of
caution
about
potential
disruptions
to
markets.
Geopolitical
tensions
were
high
amid
Russia’s
ongoing
invasion
of
Ukraine
and
fighting
in
Gaza
following
Hamas’
terrorist
attack
on
Israel.
Missile
attacks
on
a
major
shipping
lane
in
the
Middle
East
raised
concerns
about
a
wider
conflict
while
disrupting
some
supply
chains.
While
inflation
declined
during
the
reporting
period,
it
remained
more
persistent
than
some
analysts
expected,
raising
concerns
about
the
effect
of
continued
inflation
on
the
Fed’s
interest
rate
policy.
Fund
Summary
as
of
April
30,
2024
5
Fund
Summary
iShares
®
Morningstar
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Large-Mid
Cap
Broad
Growth
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Large
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Large-Mid
Cap
Broad
Growth
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
30.35‌%
14
.33‌%
14.51‌%
30.35‌%
95.33‌%
287.75‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
30.31‌
14.33‌
14.52‌
30.31‌
95.31‌
287.87‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
30.37‌
14.45‌
14.80‌
30.37‌
96.39‌
297.62‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,238.90‌
$
0.22‌
$
1,000.00‌
$
1,024.66‌
$
0.20‌
0.04‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2024
(continued)
2024
iShares
Annual
Report
To
Shareholders
6
iShares
®
Morningstar
Growth
ETF
Portfolio
Management
Commentary
Growth-oriented
large-
and
mid-capitalization
U.S.
stocks
advanced
strongly
for
the
reporting
period,
as
receding
inflation,
shifting
monetary
policy,
and
robust
U.S.
economic
growth
supported
equities.
Growth
stocks
benefited
from
strong
corporate
earnings
and
the
resilience
of
the
U.S.
economy
in
the
face
of
higher
interest
rates.
The
information
technology
sector
was
the
largest
contributor
to
the
Index’s
return
amid
notable
innovations
in
artificial
intelligence
(“AI”)
technology.
Rapid
advances
in
generative
AI,
which
allows
users
to
generate
outputs
using
simple
natural
language
queries,
drove
investor
enthusiasm
for
products
and
technologies
associated
with
AI.
The
semiconductors
industry
gained
the
most,
as
companies
purchased
specialized
chips
to
provide
computing
capacity
for
AI
applications,
which
require
substantial
processing
power.
In
some
cases
corporations
set
up
separate
budgetary
allocations
to
expedite
increased
investment
in
AI
technologies.
Consequently,
industry
revenue
and
earnings
grew
rapidly.
Additionally,
the
semiconductors
industry
continued
to
invest
in
building
the
next
generation
of
processors
for
AI
applications,
further
supporting
stock
prices.
The
software
and
services
industry
also
advanced,
driven
by
strength
among
systems
software
companies.
Enthusiasm
for
AI
products
benefited
a
large
company
in
the
industry
with
a
significant
investment
in
a
prominent
consumer-facing
AI
platform.
Integration
of
AI
into
already
existing
productivity
software
and
cloud
services
also
propelled
gains,
as
many
customers
adopted
new
AI
features
to
automate
certain
tasks.
The
consumer
discretionary
sector
also
contributed
to
the
Index’s
performance,
as
consumers
increased
their
spending
at
a
robust
pace,
buoyed
by
strong
household
balance
sheets,
higher
wages,
and
elevated
asset
prices.
Higher
online
sales
and
new
AI
cloud
services
drove
gains
in
the
broadline
retail
industry
amid
strong
revenue
and
earnings
growth.
Advertising
revenue
also
increased,
helped
by
growth
in
online
streaming
advertising.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
45.1‌
%
Consumer
Discretionary
............................
14.5‌
Communication
Services
............................
9.7‌
Health
Care
....................................
8.9‌
Industrials
......................................
7.4‌
Financials
......................................
7.1‌
Consumer
Staples
................................
2.3‌
Real
Estate
.....................................
2.2‌
Materials
......................................
1.2‌
Energy
........................................
1.0‌
Utilities
........................................
0.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Micros
oft
Corp.
...................................
12.7‌
%
Apple,
Inc.
......................................
10.9‌
NVIDIA
Corp.
....................................
9.1‌
Amazon.com,
Inc.
.................................
7.2‌
Eli
Lilly
&
Co.
....................................
2.9‌
Alphabet,
Inc.,
Class
A
..............................
2.6‌
Meta
Platforms,
Inc.,
Class
A
..........................
2.5‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
2.4‌
Tesla,
Inc.
.......................................
2.2‌
Visa,
Inc.,
Class
A
.................................
1.9‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
April
30,
2024
7
Fund
Summary
iShares
®
Morningstar
Mid-Cap
ETF
Investment
Objective
The
iShares
Morningstar
Mid-Cap
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities,
as
represented
by
the
Morningstar
®
US
Mid
Cap
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Core
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Cap
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
16.78‌%
8.66‌%
9.19‌%
16.78‌%
51.47‌%
140.81‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
16.85‌
8.68‌
9.20‌
16.85‌
51.62‌
141.10‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
16.81‌
8.77‌
9.38‌
16.81‌
52.27‌
145
.02‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,223.80‌
$
0.22‌
$
1,000.00‌
$
1,024.66‌
$
0.20‌
0.04‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2024
(continued)
2024
iShares
Annual
Report
To
Shareholders
8
iShares
®
Morningstar
Mid-Cap
ETF
Portfolio
Management
Commentary
Mid-capitalization
U.S.
stocks
advanced
strongly
for
the
reporting
period,
as
receding
inflation,
shifting
monetary
policy,
and
robust
U.S.
economic
growth
supported
equities.
The
industrials
sector
contributed
the
most
to
the
Index’s
performance.
Strong
economic
growth
bolstered
stocks
in
the
sector,
which
is
sensitive
to
overall
conditions
in
the
broader
economy.
This
supportive
backdrop
led
to
investor
confidence
that
demand
would
continue
to
expand,
boosting
earnings
in
the
sector.
Moderating
inflation
also
helped
the
sector
by
reducing
cost
pressures
and
allowing
companies
to
maintain
profitability.
The
capital
goods
industry
was
the
leading
source
of
strength,
as
spending
on
factory
construction
increased
following
passage
of
federal
legislation
granting
subsidies
for
certain
types
of
production
facilities.
The
surge
in
manufacturing
construction
benefited
makers
of
machinery
and
building
products.
The
information
technology
sector
was
another
significant
contributor
to
the
Index’s
return,
led
by
the
application
software
industry.
Robust
sales
of
data
analytics
software
boosted
the
industry,
propelling
revenue
above
analysts’
targets.
The
award
of
a
nine-figure
contract
from
the
U.S.
Army
for
tactical
intelligence
software
bolstered
optimism
surrounding
the
industry.
Artificial
intelligence
(“AI”)-enabled
products
also
helped
drive
software
sales
higher.
The
technology
hardware,
storage,
and
peripherals
industry
also
gained,
as
investor
enthusiasm
for
AI
drove
sharp
stock
price
increases
for
manufacturers
of
servers
used
in
processing
generative
AI
applications.
The
financials
sector
also
contributed
to
the
Index’s
performance,
as
interest
rates
rose
to
the
highest
levels
in
22
years
while
the
economy
remained
fundamentally
healthy.
The
capital
markets
industry
advanced,
benefiting
from
growing
institutional
acceptance
of
cryptocurrencies,
which
promoted
increased
transactions
and
drove
revenues
at
cryptocurrency
trading
platforms.
Meanwhile,
higher
premiums,
greater
income
from
investments
amid
higher
bond
yields,
and
slowing
inflation
in
claim
costs
benefited
the
property
and
casualty
insurance
industry.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
18.1‌
%
Information
Technology
.............................
15.0‌
Financials
......................................
13.6‌
Health
Care
....................................
9.8‌
Consumer
Discretionary
............................
9.0‌
Real
Estate
.....................................
7.7‌
Consumer
Staples
................................
7.0‌
Utilities
........................................
7.0‌
Materials
......................................
5.8‌
Energy
........................................
4.6‌
Communication
Services
............................
2.4‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Trane
Technologies
plc
..............................
0.7‌
%
Crowdstrike
Holdings,
Inc.,
Class
A
......................
0.7‌
NXP
Semiconductors
NV
............................
0.7‌
TransDigm
Group,
Inc.
..............................
0.7‌
Constellation
Energy
Corp.
...........................
0.6‌
Marvell
Technology,
Inc.
.............................
0.6‌
PACCAR,
Inc.
....................................
0.6‌
Capital
One
Financial
Corp.
...........................
0.5‌
Welltower,
Inc.
....................................
0.5‌
Carrier
Global
Corp.
................................
0.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
April
30,
2024
9
Fund
Summary
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Mid-Cap
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Mid
Cap
Broad
Growth
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Cap
Broad
Growth
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
18.84‌%
10.95‌%
11.43‌%
18.84‌%
68.15‌%
195.17‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
18.79‌
10.94‌
11.43‌
18.79‌
68.09‌
195.22‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
18.89‌
11.11‌
11.64‌
18.89‌
69.35‌
200.68‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,237.80‌
$
0.33‌
$
1,000.00‌
$
1,024.57‌
$
0.30‌
0.06‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2024
(continued)
2024
iShares
Annual
Report
To
Shareholders
10
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Portfolio
Management
Commentary
Growth-oriented
mid-capitalization
U.S.
stocks
advanced
strongly
for
the
reporting
period,
as
receding
inflation,
shifting
monetary
policy,
and
robust
U.S.
economic
growth
supported
equities.
The
information
technology
sector
contributed
the
most
to
the
Index’s
return.
The
software
industry
drove
the
largest
gains,
as
the
U.S.
economy
continued
to
expand
and
the
Fed
paused
its
interest
rate
increases.
Sales
of
cybersecurity
software
grew
substantially,
as
continued
attacks
on
corporate
systems
and
costly
data
breaches
supported
strong
demand.
Increased
security
breaches
of
data
stored
in
the
cloud
made
cybersecurity
spending
more
resilient
than
other
aspects
of
corporate
technology
budgets,
benefiting
industry
sales.
Robust
sales
of
data
analytics
software
also
boosted
the
industry,
as
strong
demand
raised
revenue
above
analysts’
targets.
The
award
of
a
nine-figure
contract
from
the
U.S.
Army
for
tactical
intelligence
software
bolstered
optimism
surrounding
the
industry.
Artificial
intelligence-enabled
products
also
helped
drive
software
sales
higher.
The
industrials
sector
was
another
significant
contributor
to
the
Index’s
performance.
Strong
economic
growth
bolstered
stocks
in
the
sector,
which
is
sensitive
to
overall
conditions
in
the
broader
economy.
This
supportive
backdrop
led
to
investor
confidence
that
demand
would
continue
to
expand,
boosting
earnings
in
the
sector.
Moderating
inflation
also
helped
the
sector
by
reducing
cost
pressures
and
allowing
companies
to
maintain
profitability.
The
capital
goods
industry
was
the
leading
source
of
strength,
as
spending
on
factory
construction
increased
following
passage
of
federal
legislation
granting
subsidies
for
certain
types
of
production
facilities.
The
surge
in
manufacturing
construction
benefited
makers
of
machinery,
manufacturing
equipment,
building
products,
and
tools.
On
the
downside,
the
healthcare
sector
detracted
from
the
Index’s
return,
driven
by
the
biotechnology
industry.
Investors
reacted
negatively
to
news
the
Food
and
Drug
Administration
rejected
a
heart
disease
treatment
and
to
increased
competition
for
core
products.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
24.4‌
%
Information
Technology
.............................
21.4‌
Health
Care
....................................
10.7‌
Financials
......................................
9.7‌
Consumer
Discretionary
............................
9.3‌
Real
Estate
.....................................
7.3‌
Consumer
Staples
................................
5.3‌
Communication
Services
............................
3.3‌
Energy
........................................
3.1‌
Materials
......................................
2.9‌
Utilities
........................................
2.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Trane
Technologies
plc
..............................
1.5‌
%
Crowdstrike
Holdings,
Inc.,
Class
A
......................
1.3‌
TransDigm
Group,
Inc.
..............................
1.3‌
Constellation
Energy
Corp.
...........................
1.2‌
Marvell
Technology,
Inc.
.............................
1.1‌
Workday,
Inc.,
Class
A
..............................
1.0‌
Edwards
Lifesciences
Corp.
..........................
1.0‌
Dexcom,
Inc.
.....................................
1.0‌
Hilton
Worldwide
Holdings,
Inc.
........................
0.9‌
Autodesk,
Inc.
....................................
0.9‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
April
30,
2024
11
Fund
Summary
iShares
®
Morningstar
Small-Cap
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Small-Cap
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities,
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Small
Cap
Broad
Growth
Extended
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Broad
Growth
Extended
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
14.57‌%
5.58‌%
8.24‌%
14.57‌%
31.22‌%
120.71‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
14.82‌
5.63‌
8.26‌
14.82‌
31.51‌
121.12‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
14.46‌
5.58‌
8.28‌
14.46‌
31.17‌
121.61‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,213.40‌
$
0.33‌
$
1,000.00‌
$
1,024.57‌
$
0.30‌
0.06‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2024
(continued)
2024
iShares
Annual
Report
To
Shareholders
12
iShares
®
Morningstar
Small-Cap
Growth
ETF
Portfolio
Management
Commentary
Growth-oriented
small-capitalization
U.S.
stocks
advanced
strongly
for
the
reporting
period,
as
receding
inflation,
shifting
monetary
policy,
and
robust
U.S.
economic
growth
supported
equities.
Growth
stocks
benefited
from
strong
corporate
earnings
and
the
resilience
of
the
U.S.
economy
in
the
face
of
higher
interest
rates.
The
industrials
sector
was
the
largest
contributor
to
the
Index’s
performance.
Strong
economic
growth
bolstered
stocks
in
the
sector,
which
is
sensitive
to
overall
conditions
in
the
broader
economy.
This
supportive
backdrop
led
to
investor
confidence
that
demand
would
continue
to
expand,
boosting
earnings
in
the
sector.
Moderating
inflation
also
helped
the
sector
by
reducing
cost
pressures
and
allowing
companies
to
maintain
profitability.
The
capital
goods
industry
was
the
leading
source
of
strength,
as
spending
on
factory
construction
increased
following
passage
of
federal
legislation
granting
subsidies
for
certain
types
of
production
facilities.
The
surge
in
manufacturing
construction
benefited
makers
of
building
products,
machinery,
manufacturing
equipment,
and
tools.
Construction
and
engineering
firms
also
benefited
from
increased
construction
activity,
as
robust
sales
of
heating,
ventilation,
air-conditioning,
and
electrical
contracting
services
and
products
drove
strong
earnings
growth.
The
information
technology
sector
was
another
significant
contributor
to
the
Index’s
return.
The
software
industry
advanced,
as
the
U.S.
economy
continued
to
expand
and
the
Fed
paused
its
interest
rate
increases.
The
rising
price
of
cryptocurrencies
late
in
the
reporting
period
buoyed
the
stock
price
of
a
software
company
with
substantial
cryptocurrency
assets.
Amid
growth
in
cloud
computing,
strong
revenue
from
a
multi-cloud
software
platform
designed
to
simplify
integration
of
products
from
different
vendors
bolstered
the
industry’s
earnings.
Use
of
generative
artificial
intelligence
in
a
business
data
search
product
also
generated
investor
enthusiasm
and
supported
the
industry.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
23.2‌
%
Health
Care
....................................
18.6‌
Information
Technology
.............................
18.4‌
Consumer
Discretionary
............................
11.8‌
Financials
......................................
8.5‌
Real
Estate
.....................................
4.8‌
Materials
......................................
4.1‌
Consumer
Staples
................................
3.4‌
Communication
Services
............................
3.2‌
Energy
........................................
3.1‌
Utilities
........................................
0.9‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
MicroStrategy,
Inc.,
Class
A
...........................
0.7‌
%
Shockwave
Medical,
Inc.
.............................
0.6‌
Sarepta
Therapeutics,
Inc.
............................
0.6‌
Natera,
Inc.
......................................
0.5‌
Comfort
Systems
USA,
Inc.
...........................
0.5‌
Wingstop,
Inc.
....................................
0.5‌
Advanced
Drainage
Systems,
Inc.
......................
0.5‌
Texas
Roadhouse,
Inc.
..............................
0.5‌
Tetra
Tech,
Inc.
...................................
0.5‌
Catalent,
Inc.
....................................
0.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
April
30,
2024
13
Fund
Summary
iShares
®
Morningstar
Small-Cap
Value
ETF
Investment
Objective
The
iShares
Morningstar
Small-Cap
Value
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that
exhibit
value
characteristics,
as
represented
by
the
Morningstar
®
US
Small
Cap
Broad
Value
Extended
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Value
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Broad
Value
Extended
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
13.85‌%
6.05‌%
5.88‌%
13.85‌%
34.12‌%
77.13‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
14.01‌
6.06‌
5.88‌
14.01‌
34.20‌
77.15‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
13.84‌
6.17‌
6.06‌
13.84‌
34.92‌
80.05‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/23)
Ending
Account
Value
(04/30/24)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,187.40‌
$
0.33‌
$
1,000.00‌
$
1,024.57‌
$
0.30‌
0.06‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2024
(continued)
2024
iShares
Annual
Report
To
Shareholders
14
iShares
®
Morningstar
Small-Cap
Value
ETF
Portfolio
Management
Commentary
Value-oriented
small-capitalization
U.S.
stocks
advanced
for
the
reporting
period,
as
receding
inflation,
shifting
monetary
policy,
and
robust
U.S.
economic
growth
supported
equities.
The
financials
sector
contributed
the
most
to
the
Index’s
return,
led
by
the
financial
services
industry.
Transaction
and
payment
processors
benefited
from
the
expansion
of
consumer
financing
offerings
into
retail
checkout,
and
strong
equity
markets
led
to
higher
annuity
account
value
for
an
annuity
provider.
Mortgage
servicing
companies
also
gained,
as
servicing
revenue
rose,
offsetting
weaker
revenue
from
mortgage
originations
amid
higher
mortgage
rates.
The
capital
markets
industry
advanced,
helped
by
strong
revenue
from
advisory
services
related
to
several
high-profile
merger
and
acquisition
deals.
Additionally,
regional
bank
stocks
gained,
as
investor
sentiment
recovered
following
a
prominent
regional
bank
failure
at
the
beginning
of
the
reporting
period.
The
shift
in
the
Fed’s
monetary
policy
bolstered
the
industry,
as
investors
anticipated
that
looser
financial
conditions
would
benefit
regional
banks.
The
industrials
sector
also
contributed
to
the
Index’s
performance.
Strong
economic
growth
increased
investor
confidence
that
demand
would
continue
to
expand,
boosting
earnings
in
the
sector.
Moderating
inflation
also
helped
the
sector
by
reducing
cost
pressures,
allowing
companies
to
maintain
profitability.
The
capital
goods
industry
was
the
leading
source
of
strength,
as
spending
on
factory
construction
increased
following
passage
of
federal
legislation
granting
subsidies
for
certain
types
of
production
facilities.
The
surge
in
manufacturing
construction
benefited
makers
of
machinery,
manufacturing
equipment,
building
products,
and
tools.
Consumers
increased
their
spending
at
a
robust
pace,
driving
substantial
gains
in
the
consumer
discretionary
sector.
Strong
consumer
spending
and
a
debt
restructuring
deal
strengthened
the
financial
position
of
a
used
car
retailer
in
the
specialty
retail
industry.
Homebuilding
stocks
also
gained,
as
low
inventories
for
existing
homes
propelled
strong
demand
for
new
home
construction.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Financials
......................................
26.4‌
%
Consumer
Discretionary
............................
17.5‌
Industrials
......................................
14.4‌
Real
Estate
.....................................
7.6‌
Materials
......................................
7.1‌
Health
Care
....................................
7.0‌
Energy
........................................
6.2‌
Information
Technology
.............................
5.5‌
Utilities
........................................
3.3‌
Communication
Services
............................
2.7‌
Consumer
Staples
................................
2.3‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Toll
Brothers,
Inc.
..................................
0.6‌
%
Dick's
Sporting
Goods,
Inc.
...........................
0.6‌
Tenet
Healthcare
Corp.
..............................
0.6‌
East
West
Bancorp,
Inc.
.............................
0.5‌
Ally
Financial,
Inc.
.................................
0.5‌
Bath
&
Body
Works,
Inc.
.............................
0.5‌
Fortune
Brands
Innovations,
Inc.
.......................
0.5‌
Tapestry,
Inc.
.....................................
0.5‌
Carvana
Co.,
Class
A
...............................
0.4‌
First
Horizon
Corp.
.................................
0.4‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
15
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also, index
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included, index
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
April
30,
2024
iShares
®
Morningstar
Growth
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.2%
Axon
Enterprise,
Inc.
(a)
................
6,289
$
1,972,608
General
Electric
Co.
..................
63,648
10,299,519
HEICO
Corp.
(b)
.....................
3,730
773,602
HEICO
Corp.
,
Class
A
.................
6,680
1,107,878
Howmet
Aerospace,
Inc.
...............
34,252
2,286,321
Huntington
Ingalls
Industries,
Inc.
.........
1,988
550,537
Textron,
Inc.
.......................
8,401
710,641
TransDigm
Group,
Inc.
................
4,678
5,838,284
23,539,390
Air
Freight
&
Logistics
—
0.0%
Expeditors
International
of
Washington,
Inc.
..
5,252
584,600
Automobile
Components
—
0.1%
Aptiv
plc
(a)
.........................
24,877
1,766,267
Automobiles
—
2.2%
(a)
Lucid
Group,
Inc.
(b)
...................
77,006
196,365
Tesla,
Inc.
.........................
244,785
44,864,195
45,060,560
Banks
—
0.1%
First
Citizens
BancShares,
Inc.
,
Class
A
.....
1,055
1,779,532
Beverages
—
0.6%
Brown-Forman
Corp.
,
Class
A
...........
4,558
223,661
Brown-Forman
Corp.
,
Class
B,
NVS
.......
26,815
1,283,098
Celsius
Holdings,
Inc.
(a)
................
12,787
911,329
Constellation
Brands,
Inc.
,
Class
A
........
8,220
2,083,441
Monster
Beverage
Corp.
(a)
..............
68,591
3,666,189
PepsiCo,
Inc.
......................
25,989
4,571,725
12,739,443
Biotechnology
—
0.8%
(a)
Alnylam
Pharmaceuticals,
Inc.
...........
10,719
1,543,000
BioMarin
Pharmaceutical,
Inc.
...........
16,566
1,337,870
Exact
Sciences
Corp.
(b)
................
15,920
944,852
Incyte
Corp.
.......................
16,277
847,218
Neurocrine
Biosciences,
Inc.
............
8,629
1,186,833
Regeneron
Pharmaceuticals,
Inc.
.........
2,113
1,881,965
Vertex
Pharmaceuticals,
Inc.
............
22,735
8,930,535
16,672,273
Broadline
Retail
—
7.7%
Amazon.com,
Inc.
(a)
..................
828,316
144,955,300
Coupang,
Inc.
,
Class
A
(a)
...............
64,815
1,458,337
eBay,
Inc.
.........................
17,853
920,144
Etsy,
Inc.
(a)
........................
6,516
447,454
MercadoLibre,
Inc.
(a)
..................
4,310
6,286,997
154,068,232
Building
Products
—
0.7%
A
O
Smith
Corp.
....................
6,630
549,229
Allegion
plc
........................
3,939
478,825
Carlisle
Cos.,
Inc.
...................
4,346
1,687,335
Carrier
Global
Corp.
..................
35,425
2,178,283
Johnson
Controls
International
plc
........
30,149
1,961,796
Lennox
International,
Inc.
..............
2,851
1,321,210
Trane
Technologies
plc
................
20,035
6,357,907
14,534,585
Capital
Markets
—
1.4%
Ameriprise
Financial,
Inc.
..............
5,114
2,105,894
Ares
Management
Corp.
,
Class
A
.........
14,691
1,955,225
Coinbase
Global,
Inc.
,
Class
A
(a)
..........
15,099
3,079,139
FactSet
Research
Systems,
Inc.
..........
3,348
1,395,748
Security
Shares
Shares
Value
Capital
Markets
(continued)
Interactive
Brokers
Group,
Inc.
,
Class
A
.....
9,374
$
1,079,135
Intercontinental
Exchange,
Inc.
..........
12,838
1,653,021
LPL
Financial
Holdings,
Inc.
.............
6,651
1,789,984
MarketAxess
Holdings,
Inc.
.............
3,331
666,500
Moody's
Corp.
......................
8,562
3,170,765
Morningstar,
Inc.
....................
2,342
661,966
MSCI,
Inc.
........................
7,002
3,261,461
Nasdaq,
Inc.
.......................
11,081
663,198
Raymond
James
Financial,
Inc.
..........
7,601
927,322
S&P
Global,
Inc.
....................
12,237
5,088,512
Tradeweb
Markets,
Inc.
,
Class
A
..........
9,608
977,230
28,475,100
Chemicals
—
0.8%
Air
Products
&
Chemicals,
Inc.
...........
4,384
1,036,114
Corteva,
Inc.
.......................
23,805
1,288,565
DuPont
de
Nemours,
Inc.
..............
19,858
1,439,705
Ecolab,
Inc.
.......................
11,878
2,686,210
Linde
plc
.........................
13,035
5,747,914
PPG
Industries,
Inc.
..................
11,211
1,446,219
RPM
International,
Inc.
................
6,885
736,075
Sherwin-Williams
Co.
(The)
.............
5,998
1,797,061
Westlake
Corp.
.....................
1,501
221,187
16,399,050
Commercial
Services
&
Supplies
—
0.7%
Cintas
Corp.
.......................
5,260
3,462,868
Clean
Harbors,
Inc.
(a)
.................
2,910
551,300
Copart,
Inc.
(a)
......................
73,285
3,980,108
Republic
Services,
Inc.
................
7,118
1,364,521
Rollins,
Inc.
........................
25,934
1,155,619
Veralto
Corp.
.......................
13,036
1,221,212
Waste
Management,
Inc.
...............
9,650
2,007,393
13,743,021
Communications
Equipment
—
0.4%
Arista
Networks,
Inc.
(a)
................
22,503
5,773,370
F5,
Inc.
(a)
.........................
2,207
364,839
Motorola
Solutions,
Inc.
...............
7,952
2,696,921
8,835,130
Construction
&
Engineering
—
0.2%
AECOM
..........................
4,448
410,817
EMCOR
Group,
Inc.
..................
2,476
884,353
Quanta
Services,
Inc.
.................
9,362
2,420,639
WillScot
Mobile
Mini
Holdings
Corp.
(a)
......
16,166
597,495
4,313,304
Construction
Materials
—
0.3%
Martin
Marietta
Materials,
Inc.
...........
5,479
3,216,557
Vulcan
Materials
Co.
.................
11,315
2,915,083
6,131,640
Consumer
Finance
—
0.1%
Discover
Financial
Services
.............
11,407
1,445,609
Consumer
Staples
Distribution
&
Retail
—
1.1%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
.......
4,523
337,778
Casey's
General
Stores,
Inc.
............
2,287
730,879
Costco
Wholesale
Corp.
...............
20,116
14,541,856
Dollar
Tree,
Inc.
(a)
....................
6,904
816,398
Performance
Food
Group
Co.
(a)
..........
13,669
927,852
Sysco
Corp.
.......................
43,981
3,268,668
US
Foods
Holding
Corp.
(a)
..............
12,905
648,476
21,271,907
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Containers
&
Packaging
—
0.1%
Avery
Dennison
Corp.
.................
2,999
$
651,623
Ball
Corp.
.........................
8,910
619,869
Crown
Holdings,
Inc.
.................
4,047
332,137
1,603,629
Distributors
—
0.1%
Genuine
Parts
Co.
...................
4,845
761,683
LKQ
Corp.
........................
7,103
306,352
Pool
Corp.
........................
1,695
614,488
1,682,523
Diversified
Consumer
Services
—
0.0%
Service
Corp.
International
.............
3,978
285,262
Electric
Utilities
—
0.3%
Constellation
Energy
Corp.
.............
27,142
5,046,783
NRG
Energy,
Inc.
....................
7,809
567,480
5,614,263
Electrical
Equipment
—
0.7%
AMETEK,
Inc.
......................
20,296
3,544,899
Eaton
Corp.
plc
.....................
13,283
4,227,447
Hubbell,
Inc.
.......................
4,390
1,626,583
Regal
Rexnord
Corp.
.................
2,343
378,090
Rockwell
Automation,
Inc.
..............
10,182
2,758,915
Vertiv
Holdings
Co.
,
Class
A
............
28,578
2,657,754
15,193,688
Electronic
Equipment,
Instruments
&
Components
—
0.6%
Amphenol
Corp.
,
Class
A
..............
19,450
2,348,977
CDW
Corp.
........................
11,881
2,873,539
Flex
Ltd.
(a)
(b)
.......................
17,096
489,800
Jabil,
Inc.
.........................
7,370
864,943
Keysight
Technologies,
Inc.
(a)
............
7,425
1,098,455
TE
Connectivity
Ltd.
..................
12,510
1,769,915
Teledyne
Technologies,
Inc.
(a)
............
2,486
948,359
Trimble,
Inc.
(a)
......................
11,191
672,243
Zebra
Technologies
Corp.
,
Class
A
(a)
.......
2,100
660,576
11,726,807
Energy
Equipment
&
Services
—
0.4%
Baker
Hughes
Co.
,
Class
A
.............
53,206
1,735,580
Halliburton
Co.
.....................
78,801
2,952,673
Schlumberger
NV
...................
59,504
2,825,250
7,513,503
Entertainment
—
1.8%
Electronic
Arts,
Inc.
..................
12,913
1,637,627
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
...........................
2,024
126,035
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C,
NVS
(a)
.......................
18,084
1,265,337
Live
Nation
Entertainment,
Inc.
(a)
.........
12,405
1,102,928
Netflix,
Inc.
(a)
.......................
38,233
21,052,619
ROBLOX
Corp.
,
Class
A
(a)
..............
42,678
1,517,630
Take-Two
Interactive
Software,
Inc.
(a)
.......
13,940
1,990,771
Walt
Disney
Co.
(The)
................
63,120
7,012,632
35,705,579
Financial
Services
—
4.2%
Apollo
Global
Management,
Inc.
..........
20,059
2,173,994
Block,
Inc.
,
Class
A
(a)
.................
49,033
3,579,409
Corpay,
Inc.
(a)
(b)
.....................
3,681
1,112,177
Fiserv,
Inc.
(a)
.......................
16,022
2,446,079
Global
Payments,
Inc.
................
11,063
1,358,205
Jack
Henry
&
Associates,
Inc.
...........
6,415
1,043,656
Mastercard,
Inc.
,
Class
A
...............
73,215
33,034,608
PayPal
Holdings,
Inc.
(a)
................
19,929
1,353,578
Security
Shares
Shares
Value
Financial
Services
(continued)
Visa,
Inc.
,
Class
A
(b)
..................
139,675
$
37,518,102
83,619,808
Food
Products
—
0.2%
Hershey
Co.
(The)
...................
13,194
2,558,580
Hormel
Foods
Corp.
..................
8,200
291,592
Lamb
Weston
Holdings,
Inc.
............
12,746
1,062,252
McCormick
&
Co.,
Inc.
,
NVS
............
12,200
927,932
4,840,356
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.
..................
3,864
455,566
Ground
Transportation
—
0.7%
JB
Hunt
Transport
Services,
Inc.
.........
6,950
1,129,862
Old
Dominion
Freight
Line,
Inc.
..........
16,734
3,040,735
Saia,
Inc.
(a)
........................
2,337
927,392
Uber
Technologies,
Inc.
(a)
..............
128,253
8,499,326
U-Haul
Holding
Co.
(a)
.................
436
27,568
U-Haul
Holding
Co.
,
NVS
..............
3,773
231,361
XPO,
Inc.
(a)
........................
5,231
562,123
14,418,367
Health
Care
Equipment
&
Supplies
—
2.1%
Align
Technology,
Inc.
(a)
................
3,813
1,076,715
Boston
Scientific
Corp.
(a)
...............
64,861
4,661,560
Cooper
Cos.,
Inc.
(The)
...............
10,010
891,491
Dexcom,
Inc.
(a)
.....................
33,573
4,276,864
Edwards
Lifesciences
Corp.
(a)
...........
53,258
4,509,355
GE
HealthCare
Technologies,
Inc.
........
15,166
1,156,256
IDEXX
Laboratories,
Inc.
(a)
..............
7,261
3,577,930
Insulet
Corp.
(a)
......................
6,148
1,057,087
Intuitive
Surgical,
Inc.
(a)
................
29,414
10,901,417
ResMed,
Inc.
......................
12,953
2,771,812
STERIS
plc
........................
8,785
1,797,060
Stryker
Corp.
......................
14,014
4,715,711
Teleflex,
Inc.
.......................
1,551
323,771
41,717,029
Health
Care
Providers
&
Services
—
1.0%
Cardinal
Health,
Inc.
..................
9,021
929,524
Chemed
Corp.
......................
906
514,608
Humana,
Inc.
......................
2,772
837,394
Molina
Healthcare,
Inc.
(a)
...............
3,141
1,074,536
UnitedHealth
Group,
Inc.
...............
33,269
16,092,215
19,448,277
Health
Care
REITs
—
0.2%
Healthpeak
Properties,
Inc.
.............
19,639
365,482
Ventas,
Inc.
.......................
13,977
618,901
Welltower,
Inc.
......................
30,020
2,860,306
3,844,689
Health
Care
Technology
—
0.1%
Veeva
Systems,
Inc.
,
Class
A
(a)
..........
12,857
2,552,886
Hotel
&
Resort
REITs
—
0.1%
Host
Hotels
&
Resorts,
Inc.
.............
59,306
1,119,104
Hotels,
Restaurants
&
Leisure
—
2.8%
Airbnb,
Inc.
,
Class
A
(a)
.................
36,329
5,760,690
Booking
Holdings,
Inc.
................
1,794
6,192,942
Caesars
Entertainment,
Inc.
(a)
...........
8,878
318,010
Chipotle
Mexican
Grill,
Inc.
(a)
............
2,211
6,985,876
Churchill
Downs,
Inc.
.................
6,181
797,349
Darden
Restaurants,
Inc.
..............
4,946
758,766
Domino's
Pizza,
Inc.
..................
3,058
1,618,508
DoorDash,
Inc.
,
Class
A
(a)
..............
24,497
3,166,482
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Growth
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
DraftKings,
Inc.
,
Class
A
(a)
..............
41,090
$
1,707,700
Expedia
Group,
Inc.
(a)
.................
6,449
868,229
Hilton
Worldwide
Holdings,
Inc.
..........
20,856
4,114,472
Las
Vegas
Sands
Corp.
...............
26,912
1,193,816
Marriott
International,
Inc.
,
Class
A
........
13,340
3,149,974
McDonald's
Corp.
...................
24,060
6,569,342
MGM
Resorts
International
(a)
............
24,536
967,700
Royal
Caribbean
Cruises
Ltd.
(a)
..........
11,413
1,593,597
Starbucks
Corp.
.....................
59,027
5,223,299
Vail
Resorts,
Inc.
....................
1,787
338,404
Wynn
Resorts
Ltd.
...................
8,473
776,550
Yum!
Brands,
Inc.
...................
24,859
3,511,334
55,613,040
Household
Durables
—
0.0%
Garmin
Ltd.
........................
6,048
873,755
Household
Products
—
0.2%
Church
&
Dwight
Co.,
Inc.
..............
15,164
1,636,044
Clorox
Co.
(The)
....................
4,734
700,016
Kimberly-Clark
Corp.
.................
11,677
1,594,261
3,930,321
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.
.......................
15,240
1,155,802
Industrial
REITs
—
0.2%
Prologis,
Inc.
.......................
30,971
3,160,590
Rexford
Industrial
Realty,
Inc.
...........
17,322
741,555
3,902,145
Insurance
—
1.4%
American
Financial
Group,
Inc.
..........
2,290
292,547
Aon
plc
,
Class
A
....................
7,295
2,057,263
Arch
Capital
Group
Ltd.
(a)
..............
21,031
1,967,240
Arthur
J
Gallagher
&
Co.
...............
10,776
2,529,019
Brown
&
Brown,
Inc.
..................
20,542
1,674,995
Cincinnati
Financial
Corp.
..............
7,158
828,109
Erie
Indemnity
Co.
,
Class
A,
NVS
.........
2,218
848,740
Everest
Group
Ltd.
...................
1,814
664,668
Markel
Group,
Inc.
(a)
..................
708
1,032,547
Marsh
&
McLennan
Cos.,
Inc.
...........
20,753
4,138,771
Progressive
Corp.
(The)
...............
36,959
7,696,712
RenaissanceRe
Holdings
Ltd.
...........
2,435
533,874
Travelers
Cos.,
Inc.
(The)
..............
7,636
1,620,054
Willis
Towers
Watson
plc
...............
4,559
1,144,947
WR
Berkley
Corp.
...................
11,690
899,779
27,929,265
Interactive
Media
&
Services
—
7.6%
Alphabet,
Inc.
,
Class
A
(a)
...............
321,105
52,269,472
Alphabet,
Inc.
,
Class
C,
NVS
(a)
...........
287,996
47,415,661
Match
Group,
Inc.
(a)
..................
23,315
718,568
Meta
Platforms,
Inc.
,
Class
A
............
115,855
49,837,345
Pinterest,
Inc.
,
Class
A
(a)
...............
48,630
1,626,674
Snap,
Inc.
,
Class
A,
NVS
(a)
.............
53,993
812,595
152,680,315
IT
Services
—
1.1%
Accenture
plc
,
Class
A
................
13,926
4,190,473
Akamai
Technologies,
Inc.
(a)
.............
6,598
665,936
Cloudflare,
Inc.
,
Class
A
(a)
..............
26,051
2,276,857
EPAM
Systems,
Inc.
(a)
.................
5,081
1,195,356
Gartner,
Inc.
(a)
......................
6,716
2,770,955
GoDaddy,
Inc.
,
Class
A
(a)
...............
11,540
1,412,265
MongoDB,
Inc.
,
Class
A
(a)
(b)
.............
5,841
2,133,016
Okta,
Inc.
,
Class
A
(a)
..................
13,800
1,283,124
Security
Shares
Shares
Value
IT
Services
(continued)
Snowflake,
Inc.
,
Class
A
(a)
..............
27,079
$
4,202,661
Twilio,
Inc.
,
Class
A
(a)
.................
14,881
891,074
VeriSign,
Inc.
(a)
.....................
7,802
1,322,283
22,344,000
Life
Sciences
Tools
&
Services
—
1.0%
Agilent
Technologies,
Inc.
..............
24,883
3,409,966
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
.......
812
219,037
Bio-Techne
Corp.
....................
13,924
880,136
Bruker
Corp.
.......................
8,431
657,702
Charles
River
Laboratories
International,
Inc.
(a)
1,924
440,596
Illumina,
Inc.
(a)
......................
5,707
702,246
IQVIA
Holdings,
Inc.
(a)
.................
10,563
2,448,187
Mettler-Toledo
International,
Inc.
(a)
........
1,915
2,354,876
Thermo
Fisher
Scientific,
Inc.
............
10,379
5,902,745
Waters
Corp.
(a)
.....................
3,296
1,018,596
West
Pharmaceutical
Services,
Inc.
.......
6,275
2,243,187
20,277,274
Machinery
—
1.5%
Caterpillar,
Inc.
.....................
10,920
3,653,504
Cummins,
Inc.
......................
5,281
1,491,830
Deere
&
Co.
.......................
7,356
2,879,212
Dover
Corp.
.......................
6,925
1,241,652
Fortive
Corp.
.......................
18,502
1,392,646
Graco,
Inc.
........................
14,843
1,190,409
IDEX
Corp.
........................
6,495
1,431,888
Ingersoll
Rand,
Inc.
..................
33,526
3,128,646
Lincoln
Electric
Holdings,
Inc.
...........
5,037
1,105,773
Nordson
Corp.
......................
4,526
1,168,568
Otis
Worldwide
Corp.
.................
23,281
2,123,227
Parker-Hannifin
Corp.
.................
4,069
2,217,239
Pentair
plc
........................
8,366
661,667
Snap-on,
Inc.
......................
1,945
521,182
Toro
Co.
(The)
......................
8,838
774,120
Westinghouse
Air
Brake
Technologies
Corp.
..
10,688
1,721,623
Xylem,
Inc.
........................
21,227
2,774,369
29,477,555
Media
—
0.2%
(a)
Liberty
Broadband
Corp.
,
Class
A
.........
606
30,379
Liberty
Broadband
Corp.
,
Class
C,
NVS
.....
4,027
200,263
Trade
Desk,
Inc.
(The)
,
Class
A
..........
39,526
3,274,729
3,505,371
Multi-Utilities
—
0.1%
Ameren
Corp.
......................
7,330
541,467
CenterPoint
Energy,
Inc.
...............
20,693
602,994
CMS
Energy
Corp.
...................
7,493
454,151
Public
Service
Enterprise
Group,
Inc.
......
17,047
1,177,607
2,776,219
Office
REITs
—
0.0%
Alexandria
Real
Estate
Equities,
Inc.
.......
6,078
704,258
Oil,
Gas
&
Consumable
Fuels
—
0.6%
Cheniere
Energy,
Inc.
.................
12,766
2,014,730
Coterra
Energy,
Inc.
..................
35,945
983,455
Devon
Energy
Corp.
..................
17,902
916,224
Diamondback
Energy,
Inc.
..............
5,981
1,202,959
EQT
Corp.
........................
23,139
927,643
Hess
Corp.
........................
6,714
1,057,388
Marathon
Petroleum
Corp.
.............
10,848
1,971,299
Range
Resources
Corp.
...............
21,117
758,311
Targa
Resources
Corp.
................
10,785
1,230,137
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Texas
Pacific
Land
Corp.
...............
1,650
$
950,895
12,013,041
Passenger
Airlines
—
0.1%
Delta
Air
Lines,
Inc.
..................
31,305
1,567,441
Southwest
Airlines
Co.
................
21,461
556,698
United
Airlines
Holdings,
Inc.
(a)
...........
10,890
560,400
2,684,539
Personal
Care
Products
—
0.2%
Coty,
Inc.
,
Class
A
(a)
..................
11,377
130,153
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
.....
20,571
3,017,971
3,148,124
Pharmaceuticals
—
3.9%
Eli
Lilly
&
Co.
......................
74,647
58,306,772
Merck
&
Co.,
Inc.
....................
125,714
16,244,763
Zoetis,
Inc.
,
Class
A
..................
23,899
3,805,677
78,357,212
Professional
Services
—
1.0%
Automatic
Data
Processing,
Inc.
..........
16,010
3,872,659
Booz
Allen
Hamilton
Holding
Corp.
........
7,167
1,058,351
Broadridge
Financial
Solutions,
Inc.
.......
9,984
1,931,005
Dayforce,
Inc.
(a)
.....................
13,124
805,420
Equifax,
Inc.
.......................
10,925
2,405,576
Jacobs
Solutions,
Inc.
.................
6,923
993,658
KBR,
Inc.
.........................
7,776
504,973
Paychex,
Inc.
......................
28,698
3,409,609
Paycom
Software,
Inc.
................
4,362
819,969
Paylocity
Holding
Corp.
(a)
..............
3,846
596,745
Robert
Half,
Inc.
....................
2,657
183,705
TransUnion
........................
10,251
748,323
Verisk
Analytics,
Inc.
..................
12,861
2,803,184
20,133,177
Real
Estate
Management
&
Development
—
0.2%
(a)
CBRE
Group,
Inc.
,
Class
A
.............
12,349
1,073,005
CoStar
Group,
Inc.
...................
34,194
3,129,777
Zillow
Group,
Inc.
,
Class
A
..............
2,100
88,200
Zillow
Group,
Inc.
,
Class
C,
NVS
.........
6,495
276,492
4,567,474
Residential
REITs
—
0.3%
American
Homes
4
Rent
,
Class
A
.........
16,558
592,777
AvalonBay
Communities,
Inc.
...........
4,551
862,733
Camden
Property
Trust
................
4,241
422,743
Equity
LifeStyle
Properties,
Inc.
..........
9,714
585,657
Equity
Residential
...................
11,428
735,963
Essex
Property
Trust,
Inc.
..............
2,446
602,328
Invitation
Homes,
Inc.
.................
30,970
1,059,174
Mid-America
Apartment
Communities,
Inc.
...
3,934
511,420
Sun
Communities,
Inc.
................
5,579
621,054
UDR,
Inc.
.........................
14,630
557,110
6,550,959
Retail
REITs
—
0.1%
Realty
Income
Corp.
..................
31,531
1,688,170
Regency
Centers
Corp.
...............
6,079
359,998
2,048,168
Semiconductors
&
Semiconductor
Equipment
—
11.7%
Advanced
Micro
Devices,
Inc.
(a)
..........
62,554
9,907,303
Analog
Devices,
Inc.
..................
12,901
2,588,070
Broadcom,
Inc.
.....................
14,288
18,578,258
Enphase
Energy,
Inc.
(a)
................
12,032
1,308,600
Entegris,
Inc.
.......................
12,483
1,659,240
First
Solar,
Inc.
(a)
....................
8,965
1,580,530
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
KLA
Corp.
.........................
4,698
$
3,238,284
Lattice
Semiconductor
Corp.
(a)
...........
12,114
831,020
Marvell
Technology,
Inc.
...............
73,439
4,840,364
Microchip
Technology,
Inc.
..............
22,203
2,042,232
Monolithic
Power
Systems,
Inc.
..........
3,959
2,649,877
NVIDIA
Corp.
......................
210,358
181,753,519
NXP
Semiconductors
NV
..............
9,024
2,311,859
ON
Semiconductor
Corp.
(a)
.............
13,795
967,857
Teradyne,
Inc.
......................
6,793
790,162
235,047,175
Software
—
19.9%
Adobe,
Inc.
(a)
.......................
39,932
18,481,728
ANSYS,
Inc.
(a)
......................
7,654
2,486,632
AppLovin
Corp.
,
Class
A
(a)
(b)
.............
12,008
847,405
Aspen
Technology,
Inc.
(a)
...............
2,471
486,466
Atlassian
Corp.
,
Class
A
(a)
..............
12,579
2,167,362
Autodesk,
Inc.
(a)
.....................
18,898
4,022,439
Bentley
Systems,
Inc.
,
Class
B
...........
19,769
1,038,466
BILL
Holdings,
Inc.
(a)
..................
8,643
538,977
Cadence
Design
Systems,
Inc.
(a)
.........
23,997
6,614,293
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......
20,024
5,857,821
Datadog,
Inc.
,
Class
A
(a)
...............
24,148
3,030,574
DocuSign,
Inc.
(a)
....................
17,892
1,012,687
Dynatrace,
Inc.
(a)
....................
19,910
902,122
Fair
Isaac
Corp.
(a)
....................
2,182
2,472,926
Fortinet,
Inc.
(a)
......................
57,323
3,621,667
HubSpot,
Inc.
(a)
.....................
4,285
2,591,868
Intuit,
Inc.
.........................
23,538
14,725,844
Manhattan
Associates,
Inc.
(a)
............
5,402
1,113,136
Microsoft
Corp.
.....................
656,447
255,574,510
Nutanix,
Inc.
,
Class
A
(a)
................
21,428
1,300,680
Oracle
Corp.
.......................
48,395
5,504,931
Palantir
Technologies,
Inc.
,
Class
A
(a)
......
163,229
3,586,141
Palo
Alto
Networks,
Inc.
(a)
..............
27,791
8,084,124
Procore
Technologies,
Inc.
(a)
............
7,585
518,966
PTC,
Inc.
(a)
........................
10,498
1,862,765
Roper
Technologies,
Inc.
...............
4,348
2,223,828
Salesforce,
Inc.
.....................
82,782
22,263,391
ServiceNow,
Inc.
(a)
...................
17,222
11,940,529
Synopsys,
Inc.
(a)
....................
13,011
6,903,506
Tyler
Technologies,
Inc.
(a)
..............
3,582
1,653,272
Unity
Software,
Inc.
(a)
(b)
................
21,201
514,548
Workday,
Inc.
,
Class
A
(a)
...............
18,433
4,511,108
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
.
20,929
1,278,762
Zscaler,
Inc.
(a)
......................
8,016
1,386,287
401,119,761
Specialized
REITs
—
1.1%
American
Tower
Corp.
................
21,234
3,642,905
Crown
Castle,
Inc.
...................
13,174
1,235,458
CubeSmart
........................
7,539
304,877
Digital
Realty
Trust,
Inc.
...............
16,698
2,317,348
Equinix,
Inc.
.......................
8,298
5,900,791
Extra
Space
Storage,
Inc.
..............
7,213
968,562
Iron
Mountain,
Inc.
...................
11,519
892,953
Public
Storage
......................
13,948
3,618,808
SBA
Communications
Corp.
............
9,499
1,767,954
VICI
Properties,
Inc.
..................
48,191
1,375,853
22,025,509
Specialty
Retail
—
1.0%
AutoZone,
Inc.
(a)
....................
441
1,303,773
Burlington
Stores,
Inc.
(a)
...............
5,313
956,021
CarMax,
Inc.
(a)
......................
7,258
493,326
Five
Below,
Inc.
(a)
....................
4,620
676,091
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Growth
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
....
9,363
$
1,033,020
Lowe's
Cos.,
Inc.
....................
12,878
2,936,055
O'Reilly
Automotive,
Inc.
(a)
..............
2,375
2,406,493
Ross
Stores,
Inc.
....................
27,542
3,568,066
TJX
Cos.,
Inc.
(The)
..................
42,921
4,038,437
Tractor
Supply
Co.
...................
5,202
1,420,562
Ulta
Beauty,
Inc.
(a)
...................
2,262
915,748
Williams-Sonoma,
Inc.
................
2,121
608,260
20,355,852
Technology
Hardware,
Storage
&
Peripherals
—
11.2%
Apple,
Inc.
........................
1,285,399
218,942,012
NetApp,
Inc.
.......................
6,327
646,683
Pure
Storage,
Inc.
,
Class
A
(a)
............
24,641
1,241,906
Super
Micro
Computer,
Inc.
(a)
............
4,354
3,739,215
224,569,816
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
Deckers
Outdoor
Corp.
(a)
...............
2,261
1,850,561
Lululemon
Athletica,
Inc.
(a)
..............
9,756
3,518,014
NIKE,
Inc.
,
Class
B
..................
68,483
6,318,241
11,686,816
Trading
Companies
&
Distributors
—
0.5%
Fastenal
Co.
.......................
50,322
3,418,876
United
Rentals,
Inc.
..................
3,414
2,280,518
Watsco,
Inc.
.......................
1,707
764,258
WW
Grainger,
Inc.
...................
3,977
3,664,209
10,127,861
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
..........
9,583
1,172,193
Essential
Utilities,
Inc.
.................
9,425
344,766
1,516,959
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.1%
T-Mobile
US,
Inc.
....................
15,690
$
2,575,827
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
1,364,167,026
)
............................
2,006,398,569
Short-Term
Securities
Money
Market
Funds
—
2.4%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.49
%
(e)
..................
44,617,398
44,630,783
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.28
%
...................
4,669,839
4,669,839
Total
Short-Term
Securities
—
2
.4
%
(Cost:
$
49,298,647
)
...............................
49,300,622
Total
Investments
—
102
.2
%
(Cost:
$
1,413,465,673
)
............................
2,055,699,191
Liabilities
in
Excess
of
Other
Assets
—
(
2.2
)
%
.............
(
44,359,405
)
Net
Assets
—
100.0%
...............................
$
2,011,339,786
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
32,759,171
$
11,875,692
(a)
$
—
$
7,089
$
(
11,169
)
$
44,630,783
44,617,398
$
87,283
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,400,069
2,269,770
(a)
—
—
—
4,669,839
4,669,839
194,272
—
$
7,089
$
(
11,169
)
$
49,300,622
$
281,555
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
21
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
1000
Growth
E-Mini
Index
...............................................
28
06/21/24
$
4,581
$
(
196,937
)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
196,937
$
—
$
—
$
—
$
196,937
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
1,150,233
$
—
$
—
$
—
$
1,150,233
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
374,200
)
$
—
$
—
$
—
$
(
374,200
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
3,961,371
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Growth
ETF
22
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,006,398,569
$
—
$
—
$
2,006,398,569
Short-Term
Securities
Money
Market
Funds
......................................
49,300,622
—
—
49,300,622
$
2,055,699,191
$
—
$
—
$
2,055,699,191
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
196,937
)
$
—
$
—
$
(
196,937
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2024
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.1%
Axon
Enterprise,
Inc.
(a)
................
5,992
$
1,879,451
HEICO
Corp.
......................
3,572
740,833
HEICO
Corp.
,
Class
A
.................
6,391
1,059,947
Howmet
Aerospace,
Inc.
...............
32,628
2,177,919
Huntington
Ingalls
Industries,
Inc.
.........
3,342
925,500
L3Harris
Technologies,
Inc.
.............
15,066
3,224,878
Textron,
Inc.
.......................
16,456
1,392,013
TransDigm
Group,
Inc.
................
4,443
5,544,997
16,945,538
Air
Freight
&
Logistics
—
0.2%
CH
Robinson
Worldwide,
Inc.
...........
9,822
697,362
Expeditors
International
of
Washington,
Inc.
..
12,133
1,350,524
2,047,886
Automobile
Components
—
0.3%
Aptiv
plc
(a)
.........................
23,786
1,688,806
BorgWarner,
Inc.
....................
19,846
650,353
2,339,159
Automobiles
—
1.0%
Ford
Motor
Co.
.....................
330,420
4,014,603
General
Motors
Co.
..................
97,009
4,319,811
Lucid
Group,
Inc.
(a)
(b)
..................
74,971
191,176
8,525,590
Banks
—
1.9%
Citizens
Financial
Group,
Inc.
...........
37,737
1,287,209
Fifth
Third
Bancorp
..................
53,520
1,951,339
First
Citizens
BancShares,
Inc.
,
Class
A
.....
1,000
1,686,760
Huntington
Bancshares,
Inc.
............
116,812
1,573,458
KeyCorp
..........................
78,727
1,140,754
M&T
Bank
Corp.
....................
13,972
2,017,417
Regions
Financial
Corp.
...............
78,512
1,512,926
Truist
Financial
Corp.
.................
112,296
4,216,715
15,386,578
Beverages
—
0.8%
Brown-Forman
Corp.
,
Class
A
...........
4,059
199,175
Brown-Forman
Corp.
,
Class
B,
NVS
.......
25,567
1,223,381
Celsius
Holdings,
Inc.
(a)
................
12,251
873,129
Constellation
Brands,
Inc.
,
Class
A
........
13,116
3,324,381
Molson
Coors
Beverage
Co.
,
Class
B
......
15,010
859,473
6,479,539
Biotechnology
—
1.5%
(a)
Alnylam
Pharmaceuticals,
Inc.
...........
10,261
1,477,071
Biogen,
Inc.
.......................
12,182
2,616,937
BioMarin
Pharmaceutical,
Inc.
...........
15,801
1,276,089
Exact
Sciences
Corp.
(b)
................
15,240
904,494
Incyte
Corp.
.......................
15,560
809,898
Moderna,
Inc.
......................
27,005
2,978,921
Neurocrine
Biosciences,
Inc.
............
8,246
1,134,155
United
Therapeutics
Corp.
..............
3,963
928,650
12,126,215
Broadline
Retail
—
0.6%
Coupang,
Inc.
,
Class
A
(a)
...............
98,501
2,216,272
eBay,
Inc.
.........................
43,716
2,253,123
Etsy,
Inc.
(a)
........................
10,101
693,636
5,163,031
Building
Products
—
2.8%
A
O
Smith
Corp.
....................
10,366
858,719
Allegion
plc
........................
7,391
898,450
Builders
FirstSource,
Inc.
(a)
.............
10,314
1,885,605
Security
Shares
Shares
Value
Building
Products
(continued)
Carlisle
Cos.,
Inc.
...................
4,092
$
1,588,719
Carrier
Global
Corp.
..................
70,579
4,339,903
Johnson
Controls
International
plc
........
57,225
3,723,631
Lennox
International,
Inc.
..............
2,721
1,260,966
Masco
Corp.
.......................
18,850
1,290,282
Owens
Corning
.....................
7,465
1,255,688
Trane
Technologies
plc
................
19,122
6,068,176
23,170,139
Capital
Markets
—
3.9%
Ameriprise
Financial,
Inc.
..............
8,524
3,510,098
Ares
Management
Corp.
,
Class
A
.........
14,052
1,870,181
Bank
of
New
York
Mellon
Corp.
(The)
......
63,896
3,609,485
Carlyle
Group,
Inc.
(The)
...............
17,313
775,622
Coinbase
Global,
Inc.
,
Class
A
(a)
..........
14,445
2,945,769
FactSet
Research
Systems,
Inc.
..........
3,211
1,338,634
Franklin
Resources,
Inc.
...............
24,364
556,474
Interactive
Brokers
Group,
Inc.
,
Class
A
.....
8,965
1,032,051
LPL
Financial
Holdings,
Inc.
.............
6,369
1,714,089
MarketAxess
Holdings,
Inc.
.............
3,186
637,487
Morningstar,
Inc.
....................
2,247
635,115
MSCI,
Inc.
........................
6,655
3,099,832
Nasdaq,
Inc.
.......................
33,690
2,016,346
Northern
Trust
Corp.
..................
17,448
1,437,541
Raymond
James
Financial,
Inc.
..........
15,917
1,941,874
State
Street
Corp.
...................
25,955
1,881,478
T.
Rowe
Price
Group,
Inc.
..............
18,692
2,048,082
Tradeweb
Markets,
Inc.
,
Class
A
..........
9,186
934,308
31,984,466
Chemicals
—
2.8%
Albemarle
Corp.
....................
9,855
1,185,655
Celanese
Corp.
.....................
8,697
1,335,946
CF
Industries
Holdings,
Inc.
.............
14,949
1,180,523
Corteva,
Inc.
.......................
59,219
3,205,524
Dow,
Inc.
.........................
58,939
3,353,629
DuPont
de
Nemours,
Inc.
..............
36,137
2,619,932
Eastman
Chemical
Co.
................
9,972
941,756
International
Flavors
&
Fragrances,
Inc.
.....
21,438
1,814,727
LyondellBasell
Industries
NV
,
Class
A
......
21,745
2,173,848
Mosaic
Co.
(The)
....................
27,517
863,759
PPG
Industries,
Inc.
..................
19,834
2,558,586
RPM
International,
Inc.
................
10,440
1,116,140
Westlake
Corp.
.....................
2,898
427,049
22,777,074
Commercial
Services
&
Supplies
—
0.9%
Clean
Harbors,
Inc.
(a)
.................
4,302
815,014
Copart,
Inc.
(a)
......................
69,960
3,799,528
Rollins,
Inc.
........................
24,776
1,104,019
Veralto
Corp.
.......................
19,442
1,821,326
7,539,887
Communications
Equipment
—
0.2%
F5,
Inc.
(a)
.........................
4,865
804,233
Juniper
Networks,
Inc.
................
26,825
934,047
1,738,280
Construction
&
Engineering
—
0.7%
AECOM
..........................
11,446
1,057,153
EMCOR
Group,
Inc.
..................
3,969
1,417,608
Quanta
Services,
Inc.
.................
12,208
3,156,500
WillScot
Mobile
Mini
Holdings
Corp.
(a)
......
15,353
567,447
6,198,708
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Construction
Materials
—
0.7%
Martin
Marietta
Materials,
Inc.
...........
5,194
$
3,049,242
Vulcan
Materials
Co.
.................
10,797
2,781,631
5,830,873
Consumer
Finance
—
1.0%
Capital
One
Financial
Corp.
.............
30,973
4,442,457
Discover
Financial
Services
.............
21,082
2,671,722
Synchrony
Financial
..................
33,300
1,464,534
8,578,713
Consumer
Staples
Distribution
&
Retail
—
2.0%
Albertsons
Cos.,
Inc.
,
Class
A
...........
35,223
718,549
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
.......
10,381
775,253
Casey's
General
Stores,
Inc.
............
3,139
1,003,162
Dollar
General
Corp.
.................
18,443
2,567,081
Dollar
Tree,
Inc.
(a)
....................
17,348
2,051,401
Kroger
Co.
(The)
....................
56,210
3,112,910
Performance
Food
Group
Co.
(a)
..........
13,079
887,803
Sysco
Corp.
.......................
41,875
3,112,150
US
Foods
Holding
Corp.
(a)
..............
20,574
1,033,843
Walgreens
Boots
Alliance,
Inc.
...........
60,165
1,066,725
16,328,877
Containers
&
Packaging
—
1.0%
Amcor
plc
.........................
121,483
1,086,058
Avery
Dennison
Corp.
.................
6,735
1,463,381
Ball
Corp.
.........................
25,267
1,757,825
Crown
Holdings,
Inc.
.................
10,148
832,846
International
Paper
Co.
................
27,741
969,271
Packaging
Corp.
of
America
............
7,193
1,244,245
WestRock
Co.
......................
20,722
993,827
8,347,453
Distributors
—
0.5%
Genuine
Parts
Co.
...................
11,815
1,857,436
LKQ
Corp.
........................
22,459
968,656
Pool
Corp.
........................
3,173
1,150,308
3,976,400
Diversified
Consumer
Services
—
0.1%
Service
Corp.
International
.............
12,277
880,384
Diversified
REITs
—
0.1%
WP
Carey,
Inc.
.....................
18,296
1,003,353
Electric
Utilities
—
3.8%
Alliant
Energy
Corp.
..................
21,476
1,069,505
American
Electric
Power
Co.,
Inc.
.........
44,248
3,806,655
Avangrid,
Inc.
......................
6,168
225,317
Constellation
Energy
Corp.
.............
25,790
4,795,393
Edison
International
..................
32,287
2,294,314
Entergy
Corp.
......................
17,701
1,888,166
Evergy,
Inc.
........................
18,583
974,678
Eversource
Energy
..................
29,465
1,786,168
Exelon
Corp.
.......................
83,732
3,146,649
FirstEnergy
Corp.
...................
43,236
1,657,668
NRG
Energy,
Inc.
....................
18,985
1,379,640
PG&E
Corp.
.......................
178,647
3,056,650
Pinnacle
West
Capital
Corp.
............
9,596
706,745
PPL
Corp.
........................
61,910
1,700,049
Xcel
Energy,
Inc.
....................
46,416
2,493,932
30,981,529
Electrical
Equipment
—
1.3%
AMETEK,
Inc.
......................
19,375
3,384,037
Hubbell,
Inc.
.......................
4,136
1,532,471
Regal
Rexnord
Corp.
.................
5,583
900,929
Rockwell
Automation,
Inc.
..............
9,646
2,613,680
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Vertiv
Holdings
Co.
,
Class
A
............
27,324
$
2,541,132
10,972,249
Electronic
Equipment,
Instruments
&
Components
—
2.1%
CDW
Corp.
........................
11,257
2,722,618
Corning,
Inc.
.......................
65,115
2,173,539
Flex
Ltd.
(a)
(b)
.......................
36,588
1,048,246
Jabil,
Inc.
.........................
10,536
1,236,505
Keysight
Technologies,
Inc.
(a)
............
14,886
2,202,235
TD
SYNNEX
Corp.
...................
4,421
520,971
TE
Connectivity
Ltd.
..................
25,253
3,572,794
Teledyne
Technologies,
Inc.
(a)
............
3,938
1,502,268
Trimble,
Inc.
(a)
......................
20,089
1,206,746
Zebra
Technologies
Corp.
,
Class
A
(a)
.......
4,300
1,352,608
17,538,530
Energy
Equipment
&
Services
—
0.7%
Baker
Hughes
Co.
,
Class
A
.............
84,640
2,760,957
Halliburton
Co.
.....................
75,212
2,818,193
5,579,150
Entertainment
—
1.0%
Electronic
Arts,
Inc.
..................
20,520
2,602,346
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
...........................
2,066
128,650
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C,
NVS
(a)
.......................
17,272
1,208,522
Live
Nation
Entertainment,
Inc.
(a)
.........
11,842
1,052,872
ROBLOX
Corp.
,
Class
A
(a)
..............
40,178
1,428,730
Take-Two
Interactive
Software,
Inc.
(a)
.......
13,325
1,902,943
8,324,063
Financial
Services
—
2.0%
Apollo
Global
Management,
Inc.
..........
33,437
3,623,902
Block,
Inc.
,
Class
A
(a)
.................
46,634
3,404,282
Corpay,
Inc.
(a)
......................
5,742
1,734,888
Equitable
Holdings,
Inc.
...............
26,305
970,918
Fidelity
National
Information
Services,
Inc.
...
49,903
3,389,412
Global
Payments,
Inc.
................
20,186
2,478,235
Jack
Henry
&
Associates,
Inc.
...........
6,135
998,103
16,599,740
Food
Products
—
2.6%
Archer-Daniels-Midland
Co.
.............
44,686
2,621,281
Bunge
Global
SA
....................
12,183
1,239,742
Campbell
Soup
Co.
..................
16,809
768,339
Conagra
Brands,
Inc.
.................
38,324
1,179,613
General
Mills,
Inc.
...................
47,721
3,362,421
Hershey
Co.
(The)
...................
12,600
2,443,392
Hormel
Foods
Corp.
..................
24,473
870,260
J
M
Smucker
Co.
(The)
................
8,928
1,025,381
Kellanova
.........................
22,156
1,281,946
Kraft
Heinz
Co.
(The)
.................
67,292
2,598,144
Lamb
Weston
Holdings,
Inc.
............
12,167
1,013,998
McCormick
&
Co.,
Inc.
,
NVS
............
21,120
1,606,387
Tyson
Foods,
Inc.
,
Class
A
.............
22,652
1,373,844
21,384,748
Gas
Utilities
—
0.2%
Atmos
Energy
Corp.
..................
12,459
1,468,916
Ground
Transportation
—
0.9%
JB
Hunt
Transport
Services,
Inc.
.........
6,678
1,085,642
Knight-Swift
Transportation
Holdings,
Inc.
...
12,733
588,647
Old
Dominion
Freight
Line,
Inc.
..........
15,982
2,904,089
Saia,
Inc.
(a)
........................
2,229
884,534
U-Haul
Holding
Co.
,
NVS
..............
8,521
522,508
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Ground
Transportation
(continued)
U-Haul
Holding
Co.
(a)
.................
636
$
40,214
XPO,
Inc.
(a)
........................
9,770
1,049,884
7,075,518
Health
Care
Equipment
&
Supplies
—
3.5%
Align
Technology,
Inc.
(a)
................
6,417
1,812,033
Baxter
International,
Inc.
...............
42,746
1,725,656
Cooper
Cos.,
Inc.
(The)
...............
16,622
1,480,355
Dexcom,
Inc.
(a)
.....................
32,040
4,081,576
Edwards
Lifesciences
Corp.
(a)
...........
50,608
4,284,979
GE
HealthCare
Technologies,
Inc.
........
31,745
2,420,239
Hologic,
Inc.
(a)
......................
20,126
1,524,947
IDEXX
Laboratories,
Inc.
(a)
..............
6,930
3,414,827
Insulet
Corp.
(a)
......................
5,878
1,010,663
ResMed,
Inc.
......................
12,371
2,647,270
STERIS
plc
........................
8,302
1,698,257
Teleflex,
Inc.
.......................
3,794
791,998
Zimmer
Biomet
Holdings,
Inc.
...........
16,847
2,026,357
28,919,157
Health
Care
Providers
&
Services
—
1.8%
Cardinal
Health,
Inc.
..................
20,732
2,136,225
Cencora,
Inc.
......................
13,202
3,155,938
Centene
Corp.
(a)
....................
44,828
3,275,134
Chemed
Corp.
......................
1,268
720,224
Henry
Schein,
Inc.
(a)
..................
10,222
708,180
Laboratory
Corp.
of
America
Holdings
......
7,126
1,434,963
Molina
Healthcare,
Inc.
(a)
...............
4,557
1,558,950
Quest
Diagnostics,
Inc.
................
9,441
1,304,557
Universal
Health
Services,
Inc.
,
Class
B
....
4,960
845,333
15,139,504
Health
Care
REITs
—
0.8%
Healthpeak
Properties,
Inc.
.............
59,707
1,111,147
Ventas,
Inc.
.......................
32,168
1,424,399
Welltower,
Inc.
......................
46,555
4,435,761
6,971,307
Health
Care
Technology
—
0.3%
Veeva
Systems,
Inc.
,
Class
A
(a)
..........
12,270
2,436,331
Hotel
&
Resort
REITs
—
0.1%
Host
Hotels
&
Resorts,
Inc.
.............
55,996
1,056,644
Hotels,
Restaurants
&
Leisure
—
3.1%
Caesars
Entertainment,
Inc.
(a)
...........
17,506
627,065
Carnival
Corp.
(a)
.....................
79,850
1,183,377
Churchill
Downs,
Inc.
.................
5,928
764,712
Darden
Restaurants,
Inc.
..............
10,103
1,549,901
Domino's
Pizza,
Inc.
..................
2,918
1,544,410
DoorDash,
Inc.
,
Class
A
(a)
..............
23,233
3,003,098
DraftKings,
Inc.
,
Class
A
(a)
..............
39,164
1,627,656
Expedia
Group,
Inc.
(a)
.................
11,223
1,510,952
Hilton
Worldwide
Holdings,
Inc.
..........
19,910
3,927,845
Las
Vegas
Sands
Corp.
...............
25,618
1,136,414
MGM
Resorts
International
(a)
............
23,462
925,341
Royal
Caribbean
Cruises
Ltd.
(a)
..........
19,764
2,759,647
Vail
Resorts,
Inc.
....................
3,053
578,147
Wynn
Resorts
Ltd.
...................
8,113
743,556
Yum!
Brands,
Inc.
...................
23,578
3,330,393
25,212,514
Household
Durables
—
1.6%
DR
Horton,
Inc.
.....................
25,868
3,685,932
Garmin
Ltd.
........................
12,923
1,866,986
Lennar
Corp.
,
Class
A
.................
21,021
3,187,204
Lennar
Corp.
,
Class
B
(b)
...............
975
136,880
Security
Shares
Shares
Value
Household
Durables
(continued)
NVR,
Inc.
(a)
........................
258
$
1,919,223
PulteGroup,
Inc.
....................
18,131
2,020,156
12,816,381
Household
Products
—
0.9%
Church
&
Dwight
Co.,
Inc.
..............
20,756
2,239,365
Clorox
Co.
(The)
....................
10,410
1,539,327
Kimberly-Clark
Corp.
.................
28,385
3,875,404
7,654,096
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
AES
Corp.
(The)
....................
56,373
1,009,076
Vistra
Corp.
.......................
27,895
2,115,557
3,124,633
Industrial
REITs
—
0.1%
Rexford
Industrial
Realty,
Inc.
...........
16,564
709,105
Insurance
—
4.7%
Allstate
Corp.
(The)
..................
22,010
3,743,021
American
Financial
Group,
Inc.
..........
6,016
768,544
American
International
Group,
Inc.
........
57,164
4,305,021
Arch
Capital
Group
Ltd.
(a)
..............
31,425
2,939,494
Brown
&
Brown,
Inc.
..................
19,675
1,604,299
Cincinnati
Financial
Corp.
..............
13,087
1,514,035
Erie
Indemnity
Co.
,
Class
A,
NVS
.........
2,127
813,918
Everest
Group
Ltd.
...................
3,624
1,327,870
Fidelity
National
Financial,
Inc.
,
Class
A
.....
21,515
1,064,992
Globe
Life,
Inc.
.....................
7,923
603,495
Hartford
Financial
Services
Group,
Inc.
(The)
.
23,446
2,271,683
Loews
Corp.
.......................
15,408
1,157,911
Markel
Group,
Inc.
(a)
..................
1,015
1,480,276
Principal
Financial
Group,
Inc.
...........
19,965
1,580,030
Prudential
Financial,
Inc.
...............
30,409
3,359,586
Reinsurance
Group
of
America,
Inc.
.......
5,348
1,000,023
RenaissanceRe
Holdings
Ltd.
...........
4,086
895,856
Travelers
Cos.,
Inc.
(The)
..............
19,211
4,075,806
Unum
Group
.......................
13,557
687,340
Willis
Towers
Watson
plc
...............
8,643
2,170,603
WR
Berkley
Corp.
...................
17,365
1,336,584
38,700,387
Interactive
Media
&
Services
—
0.4%
(a)
Match
Group,
Inc.
...................
22,099
681,091
Pinterest,
Inc.
,
Class
A
................
46,584
1,558,235
Snap,
Inc.
,
Class
A,
NVS
...............
86,408
1,300,440
3,539,766
IT
Services
—
2.0%
Akamai
Technologies,
Inc.
(a)
.............
12,668
1,278,581
Cloudflare,
Inc.
,
Class
A
(a)
..............
24,884
2,174,862
Cognizant
Technology
Solutions
Corp.
,
Class
A
42,177
2,770,185
EPAM
Systems,
Inc.
(a)
.................
4,845
1,139,835
Gartner,
Inc.
(a)
......................
6,367
2,626,960
GoDaddy,
Inc.
,
Class
A
(a)
...............
11,017
1,348,260
MongoDB,
Inc.
,
Class
A
(a)
..............
5,581
2,038,070
Okta,
Inc.
,
Class
A
(a)
..................
13,172
1,224,733
Twilio,
Inc.
,
Class
A
(a)
.................
14,212
851,015
VeriSign,
Inc.
(a)
.....................
7,440
1,260,931
16,713,432
Life
Sciences
Tools
&
Services
—
2.4%
Agilent
Technologies,
Inc.
..............
23,602
3,234,418
Avantor,
Inc.
(a)
(b)
.....................
54,766
1,326,980
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
.......
1,805
486,899
Bio-Techne
Corp.
....................
13,316
841,704
Bruker
Corp.
.......................
7,864
613,471
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Charles
River
Laboratories
International,
Inc.
(a)
4,106
$
940,274
Illumina,
Inc.
(a)
......................
13,303
1,636,934
IQVIA
Holdings,
Inc.
(a)
.................
15,353
3,558,365
Mettler-Toledo
International,
Inc.
(a)
........
1,826
2,245,432
Revvity,
Inc.
.......................
10,391
1,064,766
Waters
Corp.
(a)
.....................
4,967
1,535,002
West
Pharmaceutical
Services,
Inc.
.......
5,994
2,142,735
19,626,980
Machinery
—
4.1%
AGCO
Corp.
.......................
5,298
604,979
CNH
Industrial
NV
(a)
..................
80,001
912,011
Cummins,
Inc.
......................
10,986
3,103,435
Dover
Corp.
.......................
11,730
2,103,189
Fortive
Corp.
.......................
29,547
2,224,003
Graco,
Inc.
........................
14,168
1,136,273
IDEX
Corp.
........................
6,113
1,347,672
Ingersoll
Rand,
Inc.
..................
31,802
2,967,763
Lincoln
Electric
Holdings,
Inc.
...........
4,808
1,055,500
Nordson
Corp.
......................
4,304
1,111,250
Otis
Worldwide
Corp.
.................
34,425
3,139,560
PACCAR,
Inc.
......................
43,251
4,589,364
Pentair
plc
........................
13,903
1,099,588
Snap-on,
Inc.
......................
4,427
1,186,259
Stanley
Black
&
Decker,
Inc.
............
12,865
1,175,861
Toro
Co.
(The)
......................
8,324
729,099
Westinghouse
Air
Brake
Technologies
Corp.
..
15,005
2,417,005
Xylem,
Inc.
........................
20,263
2,648,374
33,551,185
Media
—
1.0%
Fox
Corp.
,
Class
A,
NVS
...............
20,895
647,954
Fox
Corp.
,
Class
B
...................
11,457
328,587
Interpublic
Group
of
Cos.,
Inc.
(The)
.......
32,230
981,081
Liberty
Broadband
Corp.
,
Class
A
(a)
........
1,474
73,891
Liberty
Broadband
Corp.
,
Class
C,
NVS
(a)
...
9,586
476,712
News
Corp.
,
Class
A,
NVS
.............
31,946
760,315
News
Corp.
,
Class
B
.................
9,053
222,161
Omnicom
Group,
Inc.
.................
16,054
1,490,453
Sirius
XM
Holdings,
Inc.
(b)
..............
54,665
160,715
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
.........
37,462
3,103,727
8,245,596
Metals
&
Mining
—
1.3%
Cleveland-Cliffs,
Inc.
(a)
................
42,403
716,611
Newmont
Corp.
.....................
93,937
3,817,599
Nucor
Corp.
.......................
20,617
3,474,583
Reliance,
Inc.
......................
4,851
1,381,177
Steel
Dynamics,
Inc.
..................
13,153
1,711,468
11,101,438
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Annaly
Capital
Management,
Inc.
.........
42,097
788,898
Multi-Utilities
—
2.3%
Ameren
Corp.
......................
20,859
1,540,854
CenterPoint
Energy,
Inc.
...............
52,994
1,544,245
CMS
Energy
Corp.
...................
24,478
1,483,612
Consolidated
Edison,
Inc.
..............
29,038
2,741,187
Dominion
Energy,
Inc.
.................
70,388
3,588,380
DTE
Energy
Co.
....................
17,368
1,916,038
NiSource,
Inc.
......................
37,594
1,047,369
Public
Service
Enterprise
Group,
Inc.
......
41,874
2,892,656
WEC
Energy
Group,
Inc.
...............
26,534
2,192,770
18,947,111
Security
Shares
Shares
Value
Office
REITs
—
0.3%
Alexandria
Real
Estate
Equities,
Inc.
.......
14,499
$
1,679,999
Boston
Properties,
Inc.
................
13,200
816,948
2,496,947
Oil,
Gas
&
Consumable
Fuels
—
3.9%
Antero
Resources
Corp.
(a)
..............
24,035
817,430
APA
Corp.
........................
31,011
974,986
Cheniere
Energy,
Inc.
.................
20,001
3,156,558
Chesapeake
Energy
Corp.
.............
8,885
798,584
Coterra
Energy,
Inc.
..................
62,607
1,712,928
Devon
Energy
Corp.
..................
53,785
2,752,716
Diamondback
Energy,
Inc.
..............
14,380
2,892,249
EQT
Corp.
........................
32,423
1,299,838
HF
Sinclair
Corp.
....................
12,721
690,114
Kinder
Morgan,
Inc.
..................
165,281
3,021,337
Marathon
Oil
Corp.
...................
49,196
1,320,913
ONEOK,
Inc.
.......................
48,962
3,873,873
Ovintiv,
Inc.
........................
21,383
1,097,376
Range
Resources
Corp.
...............
20,286
728,470
Targa
Resources
Corp.
................
18,643
2,126,421
Texas
Pacific
Land
Corp.
...............
1,578
909,401
Williams
Cos.,
Inc.
(The)
...............
102,188
3,919,932
32,093,126
Passenger
Airlines
—
0.7%
Delta
Air
Lines,
Inc.
..................
53,999
2,703,730
Southwest
Airlines
Co.
................
50,155
1,301,021
United
Airlines
Holdings,
Inc.
(a)
...........
27,483
1,414,275
5,419,026
Personal
Care
Products
—
0.7%
Coty,
Inc.
,
Class
A
(a)
..................
28,542
326,521
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
.....
19,501
2,860,992
Kenvue,
Inc.
.......................
145,770
2,743,391
5,930,904
Pharmaceuticals
—
0.3%
Jazz
Pharmaceuticals
plc
(a)
.............
5,313
588,415
Royalty
Pharma
plc
,
Class
A
............
32,470
899,419
Viatris,
Inc.
........................
96,749
1,119,386
2,607,220
Professional
Services
—
2.5%
Booz
Allen
Hamilton
Holding
Corp.
........
10,036
1,482,016
Broadridge
Financial
Solutions,
Inc.
.......
9,550
1,847,066
Dayforce,
Inc.
(a)
(b)
....................
12,561
770,869
Equifax,
Inc.
.......................
10,354
2,279,847
Jacobs
Solutions,
Inc.
.................
10,577
1,518,117
KBR,
Inc.
.........................
11,376
738,757
Leidos
Holdings,
Inc.
.................
10,889
1,526,856
Paychex,
Inc.
......................
27,225
3,234,602
Paycom
Software,
Inc.
................
4,176
785,004
Paylocity
Holding
Corp.
(a)
..............
3,698
573,782
Robert
Half,
Inc.
....................
8,837
610,990
SS&C
Technologies
Holdings,
Inc.
........
18,130
1,122,066
TransUnion
........................
15,679
1,144,567
Verisk
Analytics,
Inc.
..................
12,196
2,658,240
20,292,779
Real
Estate
Management
&
Development
—
0.7%
(a)
CBRE
Group,
Inc.
,
Class
A
.............
25,571
2,221,864
CoStar
Group,
Inc.
...................
32,632
2,986,807
Zillow
Group,
Inc.
,
Class
A
..............
4,446
186,732
Zillow
Group,
Inc.
,
Class
C,
NVS
.........
13,407
570,736
5,966,139
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Residential
REITs
—
1.6%
American
Homes
4
Rent
,
Class
A
.........
27,201
$
973,796
AvalonBay
Communities,
Inc.
...........
11,173
2,118,066
Camden
Property
Trust
................
8,977
894,827
Equity
LifeStyle
Properties,
Inc.
..........
14,424
869,623
Equity
Residential
...................
31,431
2,024,156
Essex
Property
Trust,
Inc.
..............
5,158
1,270,157
Invitation
Homes,
Inc.
.................
49,646
1,697,893
Mid-America
Apartment
Communities,
Inc.
...
9,798
1,273,740
Sun
Communities,
Inc.
................
10,046
1,118,321
UDR,
Inc.
.........................
27,583
1,050,361
13,290,940
Retail
REITs
—
1.1%
Kimco
Realty
Corp.
..................
56,695
1,056,228
Realty
Income
Corp.
..................
69,943
3,744,748
Regency
Centers
Corp.
...............
14,063
832,811
Simon
Property
Group,
Inc.
.............
27,414
3,852,489
9,486,276
Semiconductors
&
Semiconductor
Equipment
—
3.4%
Enphase
Energy,
Inc.
(a)
(b)
...............
11,555
1,256,722
Entegris,
Inc.
.......................
11,898
1,581,482
First
Solar,
Inc.
(a)
....................
8,558
1,508,775
Lattice
Semiconductor
Corp.
(a)
(b)
..........
11,598
795,623
Marvell
Technology,
Inc.
...............
69,817
4,601,639
Microchip
Technology,
Inc.
..............
44,646
4,106,539
Monolithic
Power
Systems,
Inc.
..........
3,773
2,525,382
NXP
Semiconductors
NV
..............
21,682
5,554,712
ON
Semiconductor
Corp.
(a)
.............
36,192
2,539,231
Qorvo,
Inc.
(a)
.......................
8,189
956,803
Skyworks
Solutions,
Inc.
...............
13,433
1,431,823
Teradyne,
Inc.
......................
12,842
1,493,781
28,352,512
Software
—
5.3%
ANSYS,
Inc.
(a)
......................
7,308
2,374,223
AppLovin
Corp.
,
Class
A
(a)
..............
11,524
813,249
Aspen
Technology,
Inc.
(a)
...............
2,364
465,401
Atlassian
Corp.
,
Class
A
(a)
..............
12,009
2,069,151
Autodesk,
Inc.
(a)
.....................
17,963
3,823,424
Bentley
Systems,
Inc.
,
Class
B
...........
18,923
994,025
BILL
Holdings,
Inc.
(a)
..................
8,324
519,085
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......
19,051
5,573,179
Datadog,
Inc.
,
Class
A
(a)
...............
22,900
2,873,950
DocuSign,
Inc.
(a)
....................
17,122
969,105
Dynatrace,
Inc.
(a)
....................
18,715
847,977
Fair
Isaac
Corp.
(a)
....................
2,069
2,344,860
Gen
Digital,
Inc.
.....................
49,695
1,000,857
HubSpot,
Inc.
(a)
.....................
4,061
2,456,377
Manhattan
Associates,
Inc.
(a)
............
5,157
1,062,651
Nutanix,
Inc.
,
Class
A
(a)
................
20,490
1,243,743
Palantir
Technologies,
Inc.
,
Class
A
(a)
......
155,794
3,422,794
Procore
Technologies,
Inc.
(a)
............
7,302
499,603
PTC,
Inc.
(a)
........................
10,000
1,774,400
Tyler
Technologies,
Inc.
(a)
(b)
.............
3,412
1,574,809
Unity
Software,
Inc.
(a)
(b)
................
20,351
493,919
Workday,
Inc.
,
Class
A
(a)
...............
17,527
4,289,383
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
.
19,712
1,204,403
Zscaler,
Inc.
(a)
......................
7,633
1,320,051
44,010,619
Specialized
REITs
—
2.7%
Crown
Castle,
Inc.
...................
36,407
3,414,248
CubeSmart
........................
17,893
723,593
Digital
Realty
Trust,
Inc.
...............
24,874
3,452,014
Extra
Space
Storage,
Inc.
..............
17,185
2,307,602
Security
Shares
Shares
Value
Specialized
REITs
(continued)
Gaming
&
Leisure
Properties,
Inc.
........
20,824
$
889,810
Iron
Mountain,
Inc.
...................
24,616
1,908,232
Public
Storage
......................
13,311
3,453,539
SBA
Communications
Corp.
............
9,077
1,689,411
VICI
Properties,
Inc.
..................
87,020
2,484,421
Weyerhaeuser
Co.
...................
57,713
1,741,201
22,064,071
Specialty
Retail
—
1.7%
Best
Buy
Co.,
Inc.
...................
15,640
1,151,730
Burlington
Stores,
Inc.
(a)
...............
5,064
911,216
CarMax,
Inc.
(a)
......................
13,309
904,613
Five
Below,
Inc.
(a)
....................
4,348
636,286
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
....
8,946
987,012
Penske
Automotive
Group,
Inc.
..........
1,713
261,935
Ross
Stores,
Inc.
....................
26,291
3,405,999
Tractor
Supply
Co.
...................
9,098
2,484,482
Ulta
Beauty,
Inc.
(a)
...................
4,005
1,621,384
Williams-Sonoma,
Inc.
................
5,104
1,463,725
13,828,382
Technology
Hardware,
Storage
&
Peripherals
—
1.9%
Dell
Technologies,
Inc.
,
Class
C
..........
13,487
1,681,020
Hewlett
Packard
Enterprise
Co.
..........
108,229
1,839,893
HP,
Inc.
..........................
72,863
2,046,722
NetApp,
Inc.
.......................
17,542
1,792,968
Pure
Storage,
Inc.
,
Class
A
(a)
............
23,477
1,183,241
Seagate
Technology
Holdings
plc
.........
17,486
1,502,222
Super
Micro
Computer,
Inc.
(a)
............
4,145
3,559,726
Western
Digital
Corp.
(a)
(b)
...............
25,233
1,787,253
15,393,045
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Deckers
Outdoor
Corp.
(a)
...............
2,154
1,762,984
Trading
Companies
&
Distributors
—
1.9%
Fastenal
Co.
.......................
48,032
3,263,294
Ferguson
plc
.......................
17,106
3,590,549
United
Rentals,
Inc.
..................
5,690
3,800,863
Watsco,
Inc.
.......................
2,852
1,276,898
WW
Grainger,
Inc.
...................
3,795
3,496,523
15,428,127
Water
Utilities
—
0.3%
American
Water
Works
Co.,
Inc.
..........
16,402
2,006,293
Essential
Utilities,
Inc.
.................
21,150
773,667
2,779,960
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
684,688,225
)
..............................
823,750,108
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.5%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.49
%
(e)
..................
11,383,940
$
11,387,355
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.28
%
...................
1,485,250
1,485,250
Total
Short-Term
Securities
—
1
.5
%
(Cost:
$
12,866,336
)
...............................
12,872,605
Total
Investments
—
101
.3
%
(Cost:
$
697,554,561
)
..............................
836,622,713
Liabilities
in
Excess
of
Other
Assets
—
(
1.3
)
%
.............
(
10,934,576
)
Net
Assets
—
100.0%
...............................
$
825,688,137
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
32,613,650
$
—
$
(
21,229,413
)
(a)
$
9,636
$
(
6,518
)
$
11,387,355
11,383,940
$
146,685
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,036,626
—
(
551,376
)
(a)
—
—
1,485,250
1,485,250
84,548
—
$
9,636
$
(
6,518
)
$
12,872,605
$
231,233
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
29
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
NASDAQ
100
E-Mini
Index
...................................................
1
06/21/24
$
351
$
(
18,579
)
S&P
Midcap
400
E-Mini
Index
.................................................
5
06/21/24
1,439
(
44,290
)
$
(
62,869
)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
62,869
$
—
$
—
$
—
$
62,869
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
426,088
$
—
$
—
$
—
$
426,088
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
80,274
)
$
—
$
—
$
—
$
(
80,274
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,595,728
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
ETF
30
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
823,750,108
$
—
$
—
$
823,750,108
Short-Term
Securities
Money
Market
Funds
......................................
12,872,605
—
—
12,872,605
$
836,622,713
$
—
$
—
$
836,622,713
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
62,869
)
$
—
$
—
$
(
62,869
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2024
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
3.0%
Axon
Enterprise,
Inc.
(a)
................
27,458
$
8,612,476
HEICO
Corp.
(b)
.....................
16,323
3,385,390
HEICO
Corp.
,
Class
A
.................
29,125
4,830,382
Howmet
Aerospace,
Inc.
...............
149,619
9,987,068
Huntington
Ingalls
Industries,
Inc.
.........
8,669
2,400,706
Textron,
Inc.
.......................
36,699
3,104,369
TransDigm
Group,
Inc.
................
20,337
25,381,186
57,701,577
Air
Freight
&
Logistics
—
0.1%
Expeditors
International
of
Washington,
Inc.
..
22,990
2,559,017
Automobile
Components
—
0.4%
Aptiv
plc
(a)
.........................
108,503
7,703,713
Automobiles
—
0.0%
Lucid
Group,
Inc.
(a)
(b)
..................
331,409
845,093
Banks
—
0.4%
First
Citizens
BancShares,
Inc.
,
Class
A
.....
4,551
7,676,445
Beverages
—
1.0%
Brown-Forman
Corp.
,
Class
A
...........
18,838
924,381
Brown-Forman
Corp.
,
Class
B,
NVS
.......
116,845
5,591,033
Celsius
Holdings,
Inc.
(a)
(b)
...............
55,852
3,980,572
Constellation
Brands,
Inc.
,
Class
A
........
35,916
9,103,269
19,599,255
Biotechnology
—
1.3%
(a)
Alnylam
Pharmaceuticals,
Inc.
...........
46,812
6,738,588
BioMarin
Pharmaceutical,
Inc.
...........
72,364
5,844,117
Exact
Sciences
Corp.
(b)
................
69,472
4,123,163
Incyte
Corp.
.......................
71,023
3,696,747
Neurocrine
Biosciences,
Inc.
............
37,634
5,176,180
25,578,795
Broadline
Retail
—
0.6%
Coupang,
Inc.
,
Class
A
(a)
(b)
..............
279,278
6,283,755
eBay,
Inc.
.........................
77,918
4,015,894
Etsy,
Inc.
(a)
(b)
.......................
28,362
1,947,618
12,247,267
Building
Products
—
3.3%
A
O
Smith
Corp.
....................
28,858
2,390,597
Allegion
plc
........................
17,166
2,086,699
Carlisle
Cos.,
Inc.
...................
18,761
7,283,958
Carrier
Global
Corp.
..................
154,741
9,515,024
Johnson
Controls
International
plc
........
130,083
8,464,501
Lennox
International,
Inc.
..............
12,432
5,761,237
Trane
Technologies
plc
................
87,508
27,769,789
63,271,805
Capital
Markets
—
4.2%
Ameriprise
Financial,
Inc.
..............
22,330
9,195,271
Ares
Management
Corp.
,
Class
A
.........
64,148
8,537,457
Coinbase
Global,
Inc.
,
Class
A
(a)
..........
65,939
13,446,940
FactSet
Research
Systems,
Inc.
..........
14,627
6,097,850
Interactive
Brokers
Group,
Inc.
,
Class
A
.....
40,911
4,709,674
LPL
Financial
Holdings,
Inc.
.............
29,046
7,817,150
MarketAxess
Holdings,
Inc.
.............
14,524
2,906,107
Morningstar,
Inc.
....................
10,249
2,896,880
MSCI,
Inc.
........................
30,444
14,180,511
Nasdaq,
Inc.
.......................
48,305
2,891,054
Raymond
James
Financial,
Inc.
..........
33,174
4,047,228
Tradeweb
Markets,
Inc.
,
Class
A
..........
41,926
4,264,294
80,990,416
Security
Shares
Shares
Value
Chemicals
—
1.2%
Corteva,
Inc.
.......................
104,132
$
5,636,665
DuPont
de
Nemours,
Inc.
..............
86,759
6,290,027
PPG
Industries,
Inc.
..................
48,985
6,319,065
RPM
International,
Inc.
................
30,065
3,214,249
Westlake
Corp.
.....................
6,160
907,738
22,367,744
Commercial
Services
&
Supplies
—
1.6%
Clean
Harbors,
Inc.
(a)
.................
12,661
2,398,626
Copart,
Inc.
(a)
......................
320,090
17,384,088
Rollins,
Inc.
........................
113,082
5,038,934
Veralto
Corp.
.......................
56,810
5,321,961
30,143,609
Communications
Equipment
—
0.1%
F5,
Inc.
(a)
.........................
9,642
1,593,919
Construction
&
Engineering
—
1.0%
AECOM
..........................
19,411
1,792,800
EMCOR
Group,
Inc.
..................
10,831
3,868,508
Quanta
Services,
Inc.
.................
40,897
10,574,328
WillScot
Mobile
Mini
Holdings
Corp.
(a)
......
69,981
2,586,498
18,822,134
Construction
Materials
—
1.4%
Martin
Marietta
Materials,
Inc.
...........
23,771
13,955,241
Vulcan
Materials
Co.
.................
49,407
12,728,725
26,683,966
Consumer
Finance
—
0.3%
Discover
Financial
Services
.............
49,877
6,320,912
Consumer
Staples
Distribution
&
Retail
—
1.5%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
.......
19,792
1,478,067
Casey's
General
Stores,
Inc.
............
9,997
3,194,841
Dollar
Tree,
Inc.
(a)
(b)
..................
30,125
3,562,281
Performance
Food
Group
Co.
(a)
..........
59,633
4,047,888
Sysco
Corp.
.......................
191,632
14,242,090
US
Foods
Holding
Corp.
(a)
..............
56,523
2,840,281
29,365,448
Containers
&
Packaging
—
0.4%
Avery
Dennison
Corp.
.................
13,134
2,853,756
Ball
Corp.
.........................
38,775
2,697,577
Crown
Holdings,
Inc.
.................
17,674
1,450,505
7,001,838
Distributors
—
0.4%
Genuine
Parts
Co.
...................
21,206
3,333,795
LKQ
Corp.
........................
29,596
1,276,475
Pool
Corp.
........................
7,422
2,690,698
7,300,968
Diversified
Consumer
Services
—
0.1%
Service
Corp.
International
.............
17,434
1,250,192
Electric
Utilities
—
1.3%
Constellation
Energy
Corp.
.............
118,025
21,945,569
NRG
Energy,
Inc.
....................
34,087
2,477,102
24,422,671
Electrical
Equipment
—
2.5%
AMETEK,
Inc.
......................
88,666
15,486,404
Hubbell,
Inc.
.......................
18,953
7,022,466
Regal
Rexnord
Corp.
.................
10,239
1,652,267
Rockwell
Automation,
Inc.
..............
44,139
11,959,903
Vertiv
Holdings
Co.
,
Class
A
............
124,805
11,606,865
47,727,905
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
Growth
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
—
2.1%
CDW
Corp.
........................
51,510
$
12,458,209
Flex
Ltd.
(a)
(b)
.......................
73,942
2,118,438
Jabil,
Inc.
.........................
32,183
3,776,997
Keysight
Technologies,
Inc.
(a)
............
32,479
4,804,943
TE
Connectivity
Ltd.
..................
54,644
7,731,033
Teledyne
Technologies,
Inc.
(a)
............
10,839
4,134,862
Trimble,
Inc.
(a)
......................
49,003
2,943,610
Zebra
Technologies
Corp.
,
Class
A
(a)
.......
9,144
2,876,337
40,844,429
Energy
Equipment
&
Services
—
1.1%
Baker
Hughes
Co.
,
Class
A
.............
232,398
7,580,823
Halliburton
Co.
.....................
344,185
12,896,612
20,477,435
Entertainment
—
1.7%
Electronic
Arts,
Inc.
..................
56,395
7,152,014
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
...........................
8,747
544,676
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C,
NVS
(a)
.......................
78,860
5,517,834
Live
Nation
Entertainment,
Inc.
(a)
(b)
........
54,072
4,807,542
ROBLOX
Corp.
,
Class
A
(a)
..............
184,163
6,548,836
Take-Two
Interactive
Software,
Inc.
(a)
.......
60,911
8,698,700
33,269,602
Financial
Services
—
2.1%
Apollo
Global
Management,
Inc.
..........
87,614
9,495,605
Block,
Inc.
,
Class
A
(a)
.................
212,875
15,539,875
Corpay,
Inc.
(a)
......................
16,090
4,861,433
Global
Payments,
Inc.
................
48,355
5,936,543
Jack
Henry
&
Associates,
Inc.
...........
27,972
4,550,765
40,384,221
Food
Products
—
1.1%
Hershey
Co.
(The)
...................
57,640
11,177,549
Hormel
Foods
Corp.
..................
33,536
1,192,540
Lamb
Weston
Holdings,
Inc.
............
55,744
4,645,705
McCormick
&
Co.,
Inc.
,
NVS
............
52,884
4,022,357
21,038,151
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.
..................
16,838
1,985,200
Ground
Transportation
—
1.4%
JB
Hunt
Transport
Services,
Inc.
.........
30,406
4,943,103
Old
Dominion
Freight
Line,
Inc.
..........
73,085
13,280,275
Saia,
Inc.
(a)
........................
10,196
4,046,079
U-Haul
Holding
Co.
(a)
.................
1,233
77,963
U-Haul
Holding
Co.
,
NVS
(b)
.............
16,594
1,017,544
XPO,
Inc.
(a)
........................
22,797
2,449,766
25,814,730
Health
Care
Equipment
&
Supplies
—
4.9%
Align
Technology,
Inc.
(a)
................
16,639
4,698,521
Cooper
Cos.,
Inc.
(The)
...............
43,829
3,903,411
Dexcom,
Inc.
(a)
.....................
146,624
18,678,431
Edwards
Lifesciences
Corp.
(a)
...........
231,591
19,608,810
GE
HealthCare
Technologies,
Inc.
........
66,324
5,056,542
IDEXX
Laboratories,
Inc.
(a)
..............
31,715
15,627,883
Insulet
Corp.
(a)
......................
26,800
4,607,992
ResMed,
Inc.
......................
56,567
12,104,772
STERIS
plc
........................
37,994
7,772,053
Teleflex,
Inc.
.......................
6,784
1,416,160
93,474,575
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
—
0.6%
Cardinal
Health,
Inc.
..................
39,353
$
4,054,933
Chemed
Corp.
......................
3,959
2,248,712
Molina
Healthcare,
Inc.
(a)
(b)
..............
13,517
4,624,166
10,927,811
Health
Care
REITs
—
0.9%
Healthpeak
Properties,
Inc.
.............
85,249
1,586,484
Ventas,
Inc.
.......................
61,198
2,709,847
Welltower,
Inc.
......................
131,120
12,493,114
16,789,445
Health
Care
Technology
—
0.6%
Veeva
Systems,
Inc.
,
Class
A
(a)
..........
56,149
11,148,945
Hotel
&
Resort
REITs
—
0.3%
Host
Hotels
&
Resorts,
Inc.
.............
256,557
4,841,231
Hotels,
Restaurants
&
Leisure
—
5.0%
Caesars
Entertainment,
Inc.
(a)
...........
38,708
1,386,521
Churchill
Downs,
Inc.
.................
27,022
3,485,838
Darden
Restaurants,
Inc.
..............
21,581
3,310,741
Domino's
Pizza,
Inc.
..................
13,372
7,077,399
DoorDash,
Inc.
,
Class
A
(a)
..............
106,319
13,742,794
DraftKings,
Inc.
,
Class
A
(a)
..............
179,472
7,458,856
Expedia
Group,
Inc.
(a)
.................
28,183
3,794,277
Hilton
Worldwide
Holdings,
Inc.
..........
91,115
17,975,167
Las
Vegas
Sands
Corp.
...............
117,356
5,205,912
MGM
Resorts
International
(a)
............
107,018
4,220,790
Royal
Caribbean
Cruises
Ltd.
(a)
(b)
.........
49,868
6,963,069
Vail
Resorts,
Inc.
....................
7,802
1,477,465
Wynn
Resorts
Ltd.
...................
37,002
3,391,233
Yum!
Brands,
Inc.
...................
107,896
15,240,310
94,730,372
Household
Durables
—
0.2%
Garmin
Ltd.
........................
26,418
3,816,609
Household
Products
—
0.9%
Church
&
Dwight
Co.,
Inc.
..............
66,247
7,147,389
Clorox
Co.
(The)
....................
20,727
3,064,901
Kimberly-Clark
Corp.
.................
51,011
6,964,532
17,176,822
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
Vistra
Corp.
.......................
66,586
5,049,882
Industrial
REITs
—
0.2%
Rexford
Industrial
Realty,
Inc.
...........
75,540
3,233,867
Insurance
—
2.6%
American
Financial
Group,
Inc.
..........
10,029
1,281,205
Arch
Capital
Group
Ltd.
(a)
..............
91,861
8,592,678
Brown
&
Brown,
Inc.
..................
89,728
7,316,421
Cincinnati
Financial
Corp.
..............
31,270
3,617,626
Erie
Indemnity
Co.
,
Class
A,
NVS
.........
9,692
3,708,741
Everest
Group
Ltd.
...................
7,935
2,907,463
Markel
Group,
Inc.
(a)
(b)
.................
3,086
4,500,623
RenaissanceRe
Holdings
Ltd.
...........
10,659
2,336,986
Travelers
Cos.,
Inc.
(The)
..............
32,952
6,991,096
Willis
Towers
Watson
plc
...............
19,985
5,019,033
WR
Berkley
Corp.
...................
50,990
3,924,700
50,196,572
Interactive
Media
&
Services
—
0.7%
(a)
Match
Group,
Inc.
...................
100,760
3,105,423
Pinterest,
Inc.
,
Class
A
................
212,388
7,104,379
Snap,
Inc.
,
Class
A,
NVS
(b)
.............
236,189
3,554,644
13,764,446
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
—
3.2%
(a)
Akamai
Technologies,
Inc.
..............
28,852
$
2,912,032
Cloudflare,
Inc.
,
Class
A
...............
113,786
9,944,896
EPAM
Systems,
Inc.
..................
22,194
5,221,361
Gartner,
Inc.
.......................
29,132
12,019,572
GoDaddy,
Inc.
,
Class
A
................
50,451
6,174,193
MongoDB,
Inc.
,
Class
A
...............
25,521
9,319,759
Okta,
Inc.
,
Class
A
...................
60,301
5,606,787
Twilio,
Inc.
,
Class
A
..................
64,763
3,878,009
VeriSign,
Inc.
......................
34,077
5,775,370
60,851,979
Life
Sciences
Tools
&
Services
—
3.3%
Agilent
Technologies,
Inc.
..............
108,007
14,801,279
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
.......
3,546
956,533
Bio-Techne
Corp.
....................
60,742
3,839,502
Bruker
Corp.
.......................
35,864
2,797,751
Charles
River
Laboratories
International,
Inc.
(a)
8,382
1,919,478
Illumina,
Inc.
(a)
......................
24,932
3,067,883
IQVIA
Holdings,
Inc.
(a)
.................
46,136
10,692,941
Mettler-Toledo
International,
Inc.
(a)
........
8,342
10,258,157
Waters
Corp.
(a)
(b)
....................
14,400
4,450,176
West
Pharmaceutical
Services,
Inc.
.......
27,396
9,793,522
62,577,222
Machinery
—
4.7%
Cummins,
Inc.
......................
22,148
6,256,589
Dover
Corp.
.......................
30,100
5,396,930
Fortive
Corp.
.......................
80,825
6,083,698
Graco,
Inc.
........................
64,924
5,206,905
IDEX
Corp.
........................
28,029
6,179,273
Ingersoll
Rand,
Inc.
(b)
.................
145,536
13,581,420
Lincoln
Electric
Holdings,
Inc.
...........
21,955
4,819,781
Nordson
Corp.
......................
19,653
5,074,208
Otis
Worldwide
Corp.
.................
101,718
9,276,682
Pentair
plc
........................
36,614
2,895,801
Snap-on,
Inc.
......................
8,488
2,274,444
Toro
Co.
(The)
......................
37,958
3,324,741
Westinghouse
Air
Brake
Technologies
Corp.
..
46,706
7,523,402
Xylem,
Inc.
........................
92,708
12,116,936
90,010,810
Media
—
0.8%
(a)
Liberty
Broadband
Corp.
,
Class
A
.........
2,624
131,541
Liberty
Broadband
Corp.
,
Class
C,
NVS
.....
17,627
876,591
Trade
Desk,
Inc.
(The)
,
Class
A
..........
171,437
14,203,555
15,211,687
Multi-Utilities
—
0.6%
Ameren
Corp.
......................
32,156
2,375,364
CenterPoint
Energy,
Inc.
...............
90,444
2,635,538
CMS
Energy
Corp.
...................
32,661
1,979,583
Public
Service
Enterprise
Group,
Inc.
......
74,377
5,137,963
12,128,448
Office
REITs
—
0.2%
Alexandria
Real
Estate
Equities,
Inc.
.......
26,568
3,078,434
Oil,
Gas
&
Consumable
Fuels
—
2.1%
Cheniere
Energy,
Inc.
.................
55,757
8,799,570
Coterra
Energy,
Inc.
..................
156,895
4,292,647
Devon
Energy
Corp.
..................
78,186
4,001,559
Diamondback
Energy,
Inc.
..............
26,090
5,247,482
EQT
Corp.
........................
101,110
4,053,500
Range
Resources
Corp.
...............
92,423
3,318,910
Targa
Resources
Corp.
................
47,046
5,366,067
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Texas
Pacific
Land
Corp.
...............
7,213
$
4,156,852
39,236,587
Passenger
Airlines
—
0.6%
Delta
Air
Lines,
Inc.
..................
136,832
6,851,178
Southwest
Airlines
Co.
................
94,012
2,438,672
United
Airlines
Holdings,
Inc.
(a)
...........
47,468
2,442,703
11,732,553
Personal
Care
Products
—
0.7%
Coty,
Inc.
,
Class
A
(a)
..................
48,409
553,799
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
.....
89,244
13,092,987
13,646,786
Professional
Services
—
3.7%
Booz
Allen
Hamilton
Holding
Corp.
........
31,266
4,617,050
Broadridge
Financial
Solutions,
Inc.
.......
43,609
8,434,417
Dayforce,
Inc.
(a)
(b)
....................
57,331
3,518,403
Equifax,
Inc.
.......................
47,386
10,433,923
Jacobs
Solutions,
Inc.
.................
30,183
4,332,166
KBR,
Inc.
.........................
33,933
2,203,609
Paychex,
Inc.
......................
124,585
14,801,944
Paycom
Software,
Inc.
................
19,058
3,582,523
Paylocity
Holding
Corp.
(a)
(b)
.............
16,840
2,612,894
Robert
Half,
Inc.
....................
11,682
807,694
TransUnion
........................
44,756
3,267,188
Verisk
Analytics,
Inc.
..................
55,810
12,164,348
70,776,159
Real
Estate
Management
&
Development
—
1.0%
(a)
CBRE
Group,
Inc.
,
Class
A
.............
53,836
4,677,810
CoStar
Group,
Inc.
...................
149,329
13,668,083
Zillow
Group,
Inc.
,
Class
A
..............
9,083
381,486
Zillow
Group,
Inc.
,
Class
C,
NVS
(b)
........
28,375
1,207,924
19,935,303
Residential
REITs
—
1.5%
American
Homes
4
Rent
,
Class
A
.........
72,563
2,597,755
AvalonBay
Communities,
Inc.
...........
19,849
3,762,775
Camden
Property
Trust
................
18,505
1,844,579
Equity
LifeStyle
Properties,
Inc.
..........
41,800
2,520,122
Equity
Residential
...................
49,964
3,217,682
Essex
Property
Trust,
Inc.
..............
10,687
2,631,674
Invitation
Homes,
Inc.
.................
135,090
4,620,078
Mid-America
Apartment
Communities,
Inc.
...
17,128
2,226,640
Sun
Communities,
Inc.
................
24,379
2,713,870
UDR,
Inc.
.........................
63,655
2,423,982
28,559,157
Retail
REITs
—
0.5%
Realty
Income
Corp.
..................
137,882
7,382,202
Regency
Centers
Corp.
...............
26,522
1,570,633
8,952,835
Semiconductors
&
Semiconductor
Equipment
—
4.3%
Enphase
Energy,
Inc.
(a)
(b)
...............
52,616
5,722,516
Entegris,
Inc.
.......................
54,516
7,246,267
First
Solar,
Inc.
(a)
(b)
...................
39,207
6,912,194
Lattice
Semiconductor
Corp.
(a)
...........
52,919
3,630,243
Marvell
Technology,
Inc.
(b)
..............
319,495
21,057,915
Microchip
Technology,
Inc.
..............
96,975
8,919,761
Monolithic
Power
Systems,
Inc.
..........
17,263
11,554,644
NXP
Semiconductors
NV
..............
39,414
10,097,473
ON
Semiconductor
Corp.
(a)
.............
60,163
4,221,036
Teradyne,
Inc.
......................
29,580
3,440,746
82,802,795
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
Growth
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
—
10.3%
ANSYS,
Inc.
(a)
......................
33,441
$
10,864,312
AppLovin
Corp.
,
Class
A
(a)
..............
52,323
3,692,434
Aspen
Technology,
Inc.
(a)
...............
10,670
2,100,603
Atlassian
Corp.
,
Class
A
(a)
..............
54,951
9,468,057
Autodesk,
Inc.
(a)
.....................
82,202
17,496,696
Bentley
Systems,
Inc.
,
Class
B
...........
86,278
4,532,183
BILL
Holdings,
Inc.
(a)
..................
37,857
2,360,763
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......
87,180
25,503,637
Datadog,
Inc.
,
Class
A
(a)
...............
104,800
13,152,400
DocuSign,
Inc.
(a)
....................
78,033
4,416,668
Dynatrace,
Inc.
(a)
....................
85,441
3,871,332
Fair
Isaac
Corp.
(a)
....................
9,470
10,732,635
HubSpot,
Inc.
(a)
.....................
18,582
11,239,694
Manhattan
Associates,
Inc.
(a)
............
23,558
4,854,362
Nutanix,
Inc.
,
Class
A
(a)
................
93,486
5,674,600
Palantir
Technologies,
Inc.
,
Class
A
(a)
......
712,947
15,663,446
Procore
Technologies,
Inc.
(a)
............
33,269
2,276,265
PTC,
Inc.
(a)
........................
45,853
8,136,156
Tyler
Technologies,
Inc.
(a)
..............
15,635
7,216,334
Unity
Software,
Inc.
(a)
(b)
................
92,834
2,253,081
Workday,
Inc.
,
Class
A
(a)
...............
80,212
19,630,283
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
.
90,232
5,513,175
Zscaler,
Inc.
(a)
......................
34,997
6,052,381
196,701,497
Specialized
REITs
—
2.9%
Crown
Castle,
Inc.
...................
57,587
5,400,509
CubeSmart
........................
32,965
1,333,105
Digital
Realty
Trust,
Inc.
...............
72,752
10,096,522
Extra
Space
Storage,
Inc.
..............
31,444
4,222,300
Iron
Mountain,
Inc.
...................
50,294
3,898,791
Public
Storage
......................
60,916
15,804,656
SBA
Communications
Corp.
............
41,489
7,721,933
VICI
Properties,
Inc.
..................
210,684
6,015,028
54,492,844
Specialty
Retail
—
2.2%
Burlington
Stores,
Inc.
(a)
...............
23,113
4,158,953
CarMax,
Inc.
(a)
(b)
.....................
30,802
2,093,612
Five
Below,
Inc.
(a)
(b)
...................
19,828
2,901,630
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
....
40,900
4,512,497
Ross
Stores,
Inc.
....................
120,315
15,586,808
Tractor
Supply
Co.
...................
22,725
6,205,743
Ulta
Beauty,
Inc.
(a)
...................
9,893
4,005,082
Williams-Sonoma,
Inc.
................
9,253
2,653,575
42,117,900
Technology
Hardware,
Storage
&
Peripherals
—
1.3%
NetApp,
Inc.
.......................
27,716
2,832,852
Pure
Storage,
Inc.
,
Class
A
(a)
............
107,333
5,409,583
Super
Micro
Computer,
Inc.
(a)
............
18,966
16,288,001
24,530,436
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
Deckers
Outdoor
Corp.
(a)
...............
9,877
8,084,028
Trading
Companies
&
Distributors
—
2.3%
Fastenal
Co.
.......................
219,809
14,933,824
United
Rentals,
Inc.
..................
14,904
9,955,723
Watsco,
Inc.
.......................
7,463
3,341,334
WW
Grainger,
Inc.
...................
17,369
16,002,928
44,233,809
Security
Shares
Shares
Value
Water
Utilities
—
0.3%
American
Water
Works
Co.,
Inc.
..........
41,763
$
5,108,450
Essential
Utilities,
Inc.
.................
41,216
1,507,682
6,616,132
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
1,640,637,071
)
............................
1,906,416,435
Short-Term
Securities
Money
Market
Funds
—
3.4%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.49
%
(e)
..................
61,436,274
61,454,705
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.28
%
...................
4,090,773
4,090,773
Total
Short-Term
Securities
—
3
.4
%
(Cost:
$
65,518,751
)
...............................
65,545,478
Total
Investments
—
103
.2
%
(Cost:
$
1,706,155,822
)
............................
1,971,961,913
Liabilities
in
Excess
of
Other
Assets
—
(
3.2
)
%
.............
(
61,030,008
)
Net
Assets
—
100.0%
...............................
$
1,910,931,905
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
35
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
86,400,186
$
—
$
(
24,954,780
)
(a)
$
19,163
$
(
9,864
)
$
61,454,705
61,436,274
$
302,935
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,452,482
1,638,291
(a)
—
—
—
4,090,773
4,090,773
189,328
—
$
19,163
$
(
9,864
)
$
65,545,478
$
492,263
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
NASDAQ
100
E-Mini
Index
...................................................
5
06/21/24
$
1,757
$
(
60,593
)
Russell
2000
E-Mini
Index
....................................................
25
06/21/24
2,482
(
111,108
)
$
(
171,701
)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
171,701
$
—
$
—
$
—
$
171,701
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
770,732
$
—
$
—
$
—
$
770,732
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
228,768
)
$
—
$
—
$
—
$
(
228,768
)
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Mid-Cap
Growth
ETF
36
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
3,513,659
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,906,416,435
$
—
$
—
$
1,906,416,435
Short-Term
Securities
Money
Market
Funds
......................................
65,545,478
—
—
65,545,478
$
1,971,961,913
$
—
$
—
$
1,971,961,913
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
171,701
)
$
—
$
—
$
(
171,701
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.2%
AAR
Corp.
(a)
.......................
3,368
$
232,863
AeroVironment,
Inc.
(a)
.................
7,193
1,149,369
BWX
Technologies,
Inc.
...............
14,636
1,401,690
Cadre
Holdings,
Inc.
..................
4,889
163,048
Curtiss-Wright
Corp.
..................
9,880
2,503,790
Ducommun,
Inc.
(a)
...................
3,821
206,678
Hexcel
Corp.
.......................
21,765
1,397,531
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
..
38,007
677,285
Leonardo
DRS,
Inc.
(a)
.................
6,565
141,279
Moog,
Inc.
,
Class
A
..................
4,455
708,657
National
Presto
Industries,
Inc.
...........
671
55,015
Rocket
Lab
USA,
Inc.
(a)
(b)
...............
68,570
257,823
Triumph
Group,
Inc.
(a)
.................
9,752
130,287
Virgin
Galactic
Holdings,
Inc.
,
Class
C
(a)
(b)
....
95,700
83,268
Woodward,
Inc.
.....................
14,499
2,354,058
11,462,641
Air
Freight
&
Logistics
—
0.2%
Air
Transport
Services
Group,
Inc.
(a)
.......
4,242
54,383
Forward
Air
Corp.
...................
3,007
66,214
GXO
Logistics,
Inc.
(a)
.................
18,738
930,529
1,051,126
Automobile
Components
—
1.7%
Autoliv,
Inc.
........................
12,048
1,443,230
Dorman
Products,
Inc.
(a)
...............
3,352
293,132
Fox
Factory
Holding
Corp.
(a)
.............
10,922
425,084
Gentex
Corp.
......................
60,388
2,071,308
Gentherm,
Inc.
(a)
....................
8,248
417,101
LCI
Industries
......................
3,542
368,297
Lear
Corp.
........................
8,757
1,102,244
Luminar
Technologies,
Inc.
,
Class
A
(a)
(b)
.....
68,818
101,163
Mobileye
Global,
Inc.
,
Class
A
(a)
(b)
.........
20,123
554,389
Modine
Manufacturing
Co.
(a)
(b)
...........
7,434
688,611
QuantumScape
Corp.
,
Class
A
(a)
(b)
........
56,102
304,073
Visteon
Corp.
(a)
.....................
7,178
794,102
XPEL,
Inc.
(a)
(b)
(c)
.....................
5,552
291,758
8,854,492
Automobiles
—
0.1%
Thor
Industries,
Inc.
..................
6,476
643,844
Banks
—
1.1%
Amerant
Bancorp,
Inc.
,
Class
A
..........
3,448
74,684
Axos
Financial,
Inc.
(a)
(b)
................
7,237
366,264
BancFirst
Corp.
.....................
3,013
268,669
Bancorp,
Inc.
(The)
(a)
.................
12,420
371,855
Bank
First
Corp.
....................
1,189
91,779
Capital
City
Bank
Group,
Inc.
............
2,126
56,381
City
Holding
Co.
....................
1,371
138,498
Coastal
Financial
Corp.
(a)
..............
1,370
52,992
Columbia
Financial,
Inc.
(a)
(b)
.............
3,413
56,656
CrossFirst
Bankshares,
Inc.
(a)
............
4,172
50,398
Cullen/Frost
Bankers,
Inc.
..............
5,599
584,200
First
Financial
Bankshares,
Inc.
..........
15,858
468,762
German
American
Bancorp,
Inc.
..........
2,904
92,144
Home
BancShares,
Inc.
...............
27,109
641,941
Lakeland
Financial
Corp.
...............
2,293
134,760
Live
Oak
Bancshares,
Inc.
..............
7,577
244,889
Origin
Bancorp,
Inc.
..................
3,558
105,673
Pathward
Financial,
Inc.
...............
2,817
141,892
Peapack-Gladstone
Financial
Corp.
.......
2,377
53,197
Seacoast
Banking
Corp.
of
Florida
........
9,508
219,349
ServisFirst
Bancshares,
Inc.
............
8,136
479,698
Southern
Missouri
Bancorp,
Inc.
..........
1,162
46,596
Security
Shares
Shares
Value
Banks
(continued)
Stock
Yards
Bancorp,
Inc.
..............
4,283
$
190,808
Texas
Capital
Bancshares,
Inc.
(a)
.........
4,979
285,795
TFS
Financial
Corp.
..................
6,577
78,990
Triumph
Financial,
Inc.
(a)
(b)
..............
3,127
220,016
WSFS
Financial
Corp.
................
5,332
227,836
5,744,722
Beverages
—
0.5%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
(a)
......
2,498
695,468
Coca-Cola
Consolidated,
Inc.
............
1,225
1,011,850
Duckhorn
Portfolio,
Inc.
(The)
(a)
..........
6,889
58,350
MGP
Ingredients,
Inc.
(b)
................
3,818
299,484
National
Beverage
Corp.
(a)
..............
4,141
184,274
Vita
Coco
Co.,
Inc.
(The)
(a)
..............
8,695
210,767
2,460,193
Biotechnology
—
7.6%
(a)
89bio,
Inc.
........................
20,349
173,170
ACADIA
Pharmaceuticals,
Inc.
(b)
..........
29,708
496,421
ADMA
Biologics,
Inc.
.................
58,201
379,470
Agios
Pharmaceuticals,
Inc.
.............
10,023
325,747
Alector,
Inc.
.......................
7,717
39,202
Alkermes
plc
.......................
40,837
1,002,140
Allogene
Therapeutics,
Inc.
.............
12,260
33,838
Alpine
Immune
Sciences,
Inc.
...........
9,393
606,694
Amicus
Therapeutics,
Inc.
..............
47,686
476,383
AnaptysBio,
Inc.
....................
1,135
27,626
Anavex
Life
Sciences
Corp.
(b)
............
10,869
39,672
Apellis
Pharmaceuticals,
Inc.
(b)
...........
25,354
1,120,393
Arcus
Biosciences,
Inc.
................
7,826
119,190
Ardelyx,
Inc.
(b)
......................
55,744
356,762
Arrowhead
Pharmaceuticals,
Inc.
.........
30,526
690,498
Aurinia
Pharmaceuticals,
Inc.
(b)
...........
34,909
177,687
Beam
Therapeutics,
Inc.
...............
13,208
280,274
Biohaven
Ltd.
......................
8,446
327,705
Blueprint
Medicines
Corp.
..............
14,195
1,296,571
Bridgebio
Pharma,
Inc.
(b)
...............
12,863
329,550
Cabaletta
Bio,
Inc.
...................
3,934
41,877
Catalyst
Pharmaceuticals,
Inc.
...........
16,731
251,801
Celldex
Therapeutics,
Inc.
..............
15,840
592,733
Cerevel
Therapeutics
Holdings,
Inc.
.......
19,723
842,369
Cogent
Biosciences,
Inc.
...............
21,564
140,166
Crinetics
Pharmaceuticals,
Inc.
..........
16,063
703,881
Cytokinetics,
Inc.
(b)
...................
23,991
1,471,128
Deciphera
Pharmaceuticals,
Inc.
.........
12,919
326,463
Denali
Therapeutics,
Inc.
...............
28,626
441,985
Dynavax
Technologies
Corp.
(b)
...........
33,468
380,531
Exelixis,
Inc.
.......................
79,947
1,875,557
Geron
Corp.
.......................
63,514
249,610
Halozyme
Therapeutics,
Inc.
............
34,096
1,299,058
Ideaya
Biosciences,
Inc.
(b)
..............
16,387
666,131
Immunovant,
Inc.
....................
16,083
441,317
Inhibrx,
Inc.
........................
4,215
143,479
Insmed,
Inc.
.......................
34,372
849,676
Intellia
Therapeutics,
Inc.
(b)
.............
11,800
252,520
Ionis
Pharmaceuticals,
Inc.
.............
17,233
711,034
Keros
Therapeutics,
Inc.
(b)
..............
6,546
369,129
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
......
4,808
90,006
Krystal
Biotech,
Inc.
..................
6,427
984,102
Kura
Oncology,
Inc.
..................
6,393
125,431
Kymera
Therapeutics,
Inc.
(b)
.............
10,703
359,835
Lyell
Immunopharma,
Inc.
(b)
.............
17,821
38,672
Madrigal
Pharmaceuticals,
Inc.
...........
1,701
347,038
MannKind
Corp.
....................
68,184
280,236
Mirum
Pharmaceuticals,
Inc.
............
8,517
213,862
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Morphic
Holding,
Inc.
.................
10,363
$
282,599
Natera,
Inc.
........................
31,076
2,886,339
Novavax,
Inc.
(b)
.....................
16,213
70,202
Olema
Pharmaceuticals,
Inc.
(b)
...........
4,353
44,270
Protagonist
Therapeutics,
Inc.
...........
14,108
354,252
PTC
Therapeutics,
Inc.
................
6,033
193,961
RAPT
Therapeutics,
Inc.
(b)
..............
2,583
19,889
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(b)
..
40,042
313,128
Relay
Therapeutics,
Inc.
...............
21,939
143,042
Replimune
Group,
Inc.
(b)
...............
6,413
40,722
REVOLUTION
Medicines,
Inc.
...........
31,530
1,175,438
Rhythm
Pharmaceuticals,
Inc.
...........
12,621
501,811
Rocket
Pharmaceuticals,
Inc.
............
17,332
372,985
Roivant
Sciences
Ltd.
.................
98,031
1,068,538
Sage
Therapeutics,
Inc.
(b)
..............
7,765
108,244
Sana
Biotechnology,
Inc.
(b)
..............
15,827
142,443
Sarepta
Therapeutics,
Inc.
..............
23,347
2,957,131
Savara,
Inc.
.......................
12,038
55,134
Scholar
Rock
Holding
Corp.
.............
8,491
124,563
Soleno
Therapeutics,
Inc.
(b)
.............
3,420
152,737
SpringWorks
Therapeutics,
Inc.
..........
15,911
742,885
Summit
Therapeutics,
Inc.
(b)
.............
21,276
83,615
Syndax
Pharmaceuticals,
Inc.
...........
21,189
447,724
Taysha
Gene
Therapies,
Inc.
............
6,820
16,573
Travere
Therapeutics,
Inc.
..............
17,994
99,507
Twist
Bioscience
Corp.
(b)
...............
13,963
436,064
Ultragenyx
Pharmaceutical,
Inc.
..........
12,257
521,413
Vaxcyte,
Inc.
.......................
12,565
760,811
Veracyte,
Inc.
(b)
.....................
18,073
353,689
Vericel
Corp.
.......................
12,355
566,724
Viking
Therapeutics,
Inc.
...............
26,722
2,126,537
Viridian
Therapeutics,
Inc.
..............
3,499
46,397
Xencor,
Inc.
.......................
14,847
310,896
Zentalis
Pharmaceuticals,
Inc.
(b)
..........
14,440
159,706
40,468,589
Broadline
Retail
—
0.3%
(a)
Ollie's
Bargain
Outlet
Holdings,
Inc.
.......
15,972
1,168,192
Savers
Value
Village,
Inc.
(b)
.............
41,480
685,250
1,853,442
Building
Products
—
3.3%
AAON,
Inc.
........................
17,462
1,643,000
Advanced
Drainage
Systems,
Inc.
........
17,831
2,799,467
American
Woodmark
Corp.
(a)
............
1,678
154,510
Armstrong
World
Industries,
Inc.
..........
7,793
895,260
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
..........
37,522
1,712,504
AZZ,
Inc.
.........................
3,162
226,494
CSW
Industrials,
Inc.
.................
3,978
945,252
Gibraltar
Industries,
Inc.
(a)
..............
7,908
565,106
Griffon
Corp.
.......................
3,998
261,949
Insteel
Industries,
Inc.
.................
2,306
74,023
Janus
International
Group,
Inc.
(a)
.........
18,490
266,441
Masonite
International
Corp.
(a)
...........
2,371
314,276
Quanex
Building
Products
Corp.
..........
4,026
133,744
Resideo
Technologies,
Inc.
(a)
............
18,972
370,523
Simpson
Manufacturing
Co.,
Inc.
.........
11,039
1,919,572
Tecnoglass,
Inc.
.....................
5,886
326,967
Trex
Co.,
Inc.
(a)
.....................
28,059
2,484,624
UFP
Industries,
Inc.
..................
8,969
1,010,806
Zurn
Elkay
Water
Solutions
Corp.
.........
37,775
1,181,602
17,286,120
Security
Shares
Shares
Value
Capital
Markets
—
2.4%
Affiliated
Managers
Group,
Inc.
..........
2,816
$
439,578
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
............................
9,377
383,801
AssetMark
Financial
Holdings,
Inc.
(a)
.......
5,287
178,753
Blue
Owl
Capital,
Inc.
,
Class
A
...........
94,061
1,776,812
Brightsphere
Investment
Group,
Inc.
.......
8,565
190,486
Cohen
&
Steers,
Inc.
.................
6,664
458,350
Donnelley
Financial
Solutions,
Inc.
(a)
.......
3,027
190,035
Evercore,
Inc.
,
Class
A
................
3,589
651,403
Federated
Hermes,
Inc.
,
Class
B
.........
11,033
362,434
Freedom
Holding
Corp.
(a)
(b)
.............
4,447
302,440
Hamilton
Lane,
Inc.
,
Class
A
............
9,637
1,076,646
Houlihan
Lokey,
Inc.
,
Class
A
............
8,165
1,040,956
Jefferies
Financial
Group,
Inc.
...........
23,769
1,023,493
Open
Lending
Corp.
,
Class
A
(a)
...........
8,292
42,289
Perella
Weinberg
Partners
..............
5,915
88,252
PJT
Partners,
Inc.
,
Class
A
.............
5,464
516,293
Robinhood
Markets,
Inc.
,
Class
A
(a)
(b)
.......
129,785
2,140,155
SEI
Investments
Co.
..................
17,660
1,164,677
StepStone
Group,
Inc.
,
Class
A
..........
8,770
316,334
Virtus
Investment
Partners,
Inc.
..........
961
210,767
WisdomTree,
Inc.
....................
10,531
93,726
12,647,680
Chemicals
—
1.6%
Arcadium
Lithium
plc
(a)
(b)
...............
129,173
568,361
Ashland,
Inc.
.......................
4,889
466,068
Aspen
Aerogels,
Inc.
(a)
(b)
...............
13,014
203,799
Avient
Corp.
.......................
9,550
405,111
Axalta
Coating
Systems
Ltd.
(a)
...........
28,650
900,756
Balchem
Corp.
.....................
8,331
1,177,837
Ecovyst,
Inc.
(a)
......................
15,338
144,637
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
..
387,304
345,127
Hawkins,
Inc.
......................
5,087
385,442
HB
Fuller
Co.
......................
5,966
445,720
Innospec,
Inc.
......................
3,460
415,200
Koppers
Holdings,
Inc.
................
2,705
138,712
NewMarket
Corp.
....................
1,125
592,785
Olin
Corp.
.........................
15,001
784,252
Orion
SA
.........................
6,625
156,748
Perimeter
Solutions
SA
(a)
...............
11,513
80,591
PureCycle
Technologies,
Inc.
(a)
(b)
..........
11,190
52,257
Quaker
Chemical
Corp.
...............
3,590
669,643
Sensient
Technologies
Corp.
............
5,910
432,730
Stepan
Co.
........................
3,248
269,552
8,635,328
Commercial
Services
&
Supplies
—
1.9%
ABM
Industries,
Inc.
..................
4,899
214,086
ACV
Auctions,
Inc.
,
Class
A
(a)
(b)
...........
35,024
611,169
Brady
Corp.
,
Class
A,
NVS
.............
6,155
363,145
Brink's
Co.
(The)
....................
7,689
672,480
Casella
Waste
Systems,
Inc.
,
Class
A
(a)
(b)
....
14,711
1,329,874
CECO
Environmental
Corp.
(a)
(b)
..........
7,566
163,577
Driven
Brands
Holdings,
Inc.
(a)
...........
5,000
71,650
Ennis,
Inc.
........................
2,939
58,486
Interface,
Inc.
......................
7,535
115,210
Liquidity
Services,
Inc.
(a)
...............
6,114
105,528
MillerKnoll,
Inc.
.....................
7,499
190,699
Montrose
Environmental
Group,
Inc.
(a)
(b)
.....
7,278
316,011
MSA
Safety,
Inc.
....................
9,607
1,733,103
OPENLANE,
Inc.
(a)
...................
18,366
315,528
SP
Plus
Corp.
(a)
.....................
2,292
117,029
Stericycle,
Inc.
(a)
....................
10,251
458,527
Tetra
Tech,
Inc.
.....................
13,730
2,673,506
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
UniFirst
Corp.
......................
2,374
$
380,149
Viad
Corp.
(a)
.......................
5,290
182,399
VSE
Corp.
........................
2,413
188,383
10,260,539
Communications
Equipment
—
0.6%
(a)
Calix,
Inc.
.........................
15,314
424,657
Ciena
Corp.
.......................
23,703
1,095,790
Digi
International,
Inc.
.................
9,350
286,671
Extreme
Networks,
Inc.
................
33,417
374,270
Harmonic,
Inc.
......................
27,150
291,591
Infinera
Corp.
(b)
.....................
37,361
180,080
Lumentum
Holdings,
Inc.
...............
6,647
290,873
Viasat,
Inc.
(b)
.......................
7,967
126,755
Viavi
Solutions,
Inc.
..................
27,174
214,675
3,285,362
Construction
&
Engineering
—
2.4%
Ameresco,
Inc.
,
Class
A
(a)
..............
4,396
92,008
API
Group
Corp.
(a)
...................
55,741
2,149,930
Arcosa,
Inc.
.......................
6,908
525,146
Argan,
Inc.
........................
1,839
110,818
Comfort
Systems
USA,
Inc.
.............
9,228
2,855,236
Construction
Partners,
Inc.
,
Class
A
(a)
......
11,210
578,884
Dycom
Industries,
Inc.
(a)
...............
4,458
624,209
Fluor
Corp.
(a)
.......................
43,977
1,773,592
Granite
Construction,
Inc.
..............
11,418
633,699
IES
Holdings,
Inc.
(a)
..................
1,518
205,112
MasTec,
Inc.
(a)
......................
9,051
802,733
MYR
Group,
Inc.
(a)
...................
4,142
688,608
Primoris
Services
Corp.
...............
7,258
338,223
Sterling
Infrastructure,
Inc.
(a)
............
7,956
808,330
Valmont
Industries,
Inc.
................
3,077
630,170
12,816,698
Construction
Materials
—
0.5%
Eagle
Materials,
Inc.
(b)
.................
6,157
1,543,622
Summit
Materials,
Inc.
,
Class
A
(a)
.........
30,757
1,196,447
United
States
Lime
&
Minerals,
Inc.
........
550
170,500
2,910,569
Consumer
Finance
—
0.7%
EZCORP,
Inc.
,
Class
A,
NVS
(a)
...........
6,417
70,459
FirstCash
Holdings,
Inc.
...............
10,072
1,137,934
LendingClub
Corp.
(a)
..................
16,289
122,493
Nelnet,
Inc.
,
Class
A
..................
1,860
175,175
SoFi
Technologies,
Inc.
(a)
(b)
.............
230,841
1,565,102
Upstart
Holdings,
Inc.
(a)
(b)
...............
18,259
404,072
3,475,235
Consumer
Staples
Distribution
&
Retail
—
0.4%
Andersons,
Inc.
(The)
.................
4,205
231,023
Grocery
Outlet
Holding
Corp.
(a)
(b)
..........
17,174
446,009
Ingles
Markets,
Inc.
,
Class
A
............
1,514
108,630
PriceSmart,
Inc.
.....................
2,748
221,461
Sprouts
Farmers
Market,
Inc.
(a)
...........
13,672
902,762
Weis
Markets,
Inc.
...................
1,341
84,657
1,994,542
Containers
&
Packaging
—
0.6%
AptarGroup,
Inc.
....................
11,873
1,714,224
Graphic
Packaging
Holding
Co.
..........
45,792
1,183,723
Myers
Industries,
Inc.
.................
3,988
87,337
2,985,284
Security
Shares
Shares
Value
Diversified
Consumer
Services
—
1.2%
Adtalem
Global
Education,
Inc.
(a)
.........
6,866
$
340,691
Bright
Horizons
Family
Solutions,
Inc.
(a)
(b)
....
13,746
1,425,598
Chegg,
Inc.
(a)
.......................
9,977
51,581
Coursera,
Inc.
(a)
.....................
27,211
278,096
European
Wax
Center,
Inc.
,
Class
A
(a)
......
3,990
46,922
Frontdoor,
Inc.
(a)
.....................
9,206
282,532
Grand
Canyon
Education,
Inc.
(a)
..........
7,238
941,085
H&R
Block,
Inc.
.....................
18,268
862,798
Laureate
Education,
Inc.
...............
23,136
335,472
Mister
Car
Wash,
Inc.
(a)
(b)
...............
10,781
72,125
OneSpaWorld
Holdings
Ltd.
(a)
...........
21,575
274,434
Perdoceo
Education
Corp.
..............
7,401
135,438
Strategic
Education,
Inc.
...............
3,968
455,685
Stride,
Inc.
(a)
.......................
7,993
533,533
Udemy,
Inc.
(a)
......................
22,410
224,548
6,260,538
Diversified
REITs
—
0.2%
Alexander
&
Baldwin,
Inc.
..............
11,330
186,605
American
Assets
Trust,
Inc.
.............
4,747
101,348
Broadstone
Net
Lease,
Inc.
.............
19,930
290,181
Empire
State
Realty
Trust,
Inc.
,
Class
A
.....
13,058
118,828
Essential
Properties
Realty
Trust,
Inc.
......
21,970
578,690
1,275,652
Diversified
Telecommunication
Services
—
0.3%
Anterix,
Inc.
(a)
......................
3,026
95,379
Globalstar,
Inc.
(a)
(b)
...................
198,890
256,568
IDT
Corp.
,
Class
B
...................
3,085
109,641
Iridium
Communications,
Inc.
............
28,792
886,506
Shenandoah
Telecommunications
Co.
......
12,483
160,032
1,508,126
Electric
Utilities
—
0.3%
Genie
Energy
Ltd.
,
Class
B
.............
2,011
30,748
IDACORP,
Inc.
.....................
5,804
550,103
MGE
Energy,
Inc.
....................
5,147
403,113
Otter
Tail
Corp.
.....................
5,029
429,276
1,413,240
Electrical
Equipment
—
1.7%
Acuity
Brands,
Inc.
...................
4,585
1,138,456
Allient,
Inc.
........................
3,781
111,124
Atkore,
Inc.
........................
3,426
600,578
Bloom
Energy
Corp.
,
Class
A
(a)
(b)
.........
51,839
576,968
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
57,534
76,520
Encore
Wire
Corp.
(b)
..................
1,590
444,182
EnerSys
..........................
5,676
513,394
Fluence
Energy,
Inc.
,
Class
A
(a)
..........
14,582
260,143
FuelCell
Energy,
Inc.
(a)
(b)
...............
110,369
102,400
Generac
Holdings,
Inc.
(a)
(b)
..............
6,567
892,849
LSI
Industries,
Inc.
...................
6,745
98,477
NEXTracker,
Inc.
,
Class
A
(a)
.............
17,956
768,337
nVent
Electric
plc
....................
26,792
1,930,899
Plug
Power,
Inc.
(a)
(b)
..................
159,901
369,371
Powell
Industries,
Inc.
.................
1,753
250,679
Preformed
Line
Products
Co.
............
349
42,240
Sensata
Technologies
Holding
plc
.........
13,738
526,303
Thermon
Group
Holdings,
Inc.
(a)
..........
4,955
158,213
Vicor
Corp.
(a)
.......................
5,933
192,111
9,053,244
Electronic
Equipment,
Instruments
&
Components
—
3.1%
Advanced
Energy
Industries,
Inc.
(b)
........
5,669
543,317
Arlo
Technologies,
Inc.
(a)
...............
24,139
298,841
Badger
Meter,
Inc.
...................
7,583
1,387,082
Bel
Fuse,
Inc.
,
Class
B,
NVS
............
1,644
96,536
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Belden,
Inc.
.......................
6,733
$
547,191
Benchmark
Electronics,
Inc.
............
4,729
142,863
Cognex
Corp.
......................
44,433
1,845,747
Coherent
Corp.
(a)
....................
15,247
832,944
CTS
Corp.
........................
8,054
368,470
Daktronics,
Inc.
(a)
(b)
...................
3,328
31,450
ePlus,
Inc.
(a)
.......................
3,218
247,400
Evolv
Technologies
Holdings,
Inc.
,
Class
A
(a)
..
20,219
79,056
Fabrinet
(a)
.........................
9,382
1,623,743
Insight
Enterprises,
Inc.
(a)
(b)
.............
3,212
586,415
IPG
Photonics
Corp.
(a)
(b)
...............
3,754
315,261
Itron,
Inc.
(a)
........................
11,739
1,081,397
Kimball
Electronics,
Inc.
(a)
..............
3,007
62,936
Lightwave
Logic,
Inc.
(a)
(b)
...............
30,162
115,219
Littelfuse,
Inc.
......................
6,434
1,483,938
Methode
Electronics,
Inc.
..............
3,536
43,104
Mirion
Technologies,
Inc.
,
Class
A
(a)
.......
49,183
534,619
Napco
Security
Technologies,
Inc.
........
8,511
346,398
Novanta,
Inc.
(a)
.....................
9,206
1,440,739
OSI
Systems,
Inc.
(a)
..................
2,732
359,094
PAR
Technology
Corp.
(a)
(b)
..............
7,160
302,725
PC
Connection,
Inc.
..................
1,487
92,149
Plexus
Corp.
(a)
......................
4,179
422,121
Rogers
Corp.
(a)
.....................
4,806
572,346
Sanmina
Corp.
(a)
....................
5,633
341,754
SmartRent,
Inc.
,
Class
A
(a)
..............
45,829
106,323
TTM
Technologies,
Inc.
(a)
...............
8,750
130,637
16,381,815
Energy
Equipment
&
Services
—
2.0%
Archrock,
Inc.
......................
16,621
318,957
Cactus,
Inc.
,
Class
A
.................
16,138
801,090
ChampionX
Corp.
...................
48,381
1,624,150
Core
Laboratories,
Inc.
................
11,375
179,725
Diamond
Offshore
Drilling,
Inc.
(a)
..........
13,560
165,975
Dril-Quip,
Inc.
(a)
.....................
8,363
152,039
Helix
Energy
Solutions
Group,
Inc.
(a)
.......
37,389
401,558
Kodiak
Gas
Services,
Inc.
..............
2,408
65,450
Liberty
Energy,
Inc.
,
Class
A
............
12,084
265,848
Nabors
Industries
Ltd.
(a)
(b)
..............
1,361
98,033
Newpark
Resources,
Inc.
(a)
.............
7,377
51,196
NOV,
Inc.
.........................
70,319
1,300,198
Oceaneering
International,
Inc.
(a)
(b)
........
25,808
591,261
Oil
States
International,
Inc.
(a)
............
10,257
40,926
Patterson-UTI
Energy,
Inc.
.............
52,199
564,793
ProPetro
Holding
Corp.
(a)
...............
9,201
80,233
RPC,
Inc.
.........................
17,449
116,734
Select
Water
Solutions,
Inc.
,
Class
A
.......
9,333
86,237
Tidewater,
Inc.
(a)
....................
7,458
685,017
Transocean
Ltd.
(a)
(b)
..................
78,937
412,051
Valaris
Ltd.
(a)
.......................
6,517
423,996
Weatherford
International
plc
(a)
...........
18,660
2,306,749
10,732,216
Entertainment
—
1.4%
Atlanta
Braves
Holdings,
Inc.
,
Class
A
(a)
.....
2,768
111,661
Atlanta
Braves
Holdings,
Inc.
,
Class
C,
NVS
(a)
12,044
450,807
Endeavor
Group
Holdings,
Inc.
,
Class
A
.....
47,916
1,265,461
Eventbrite,
Inc.
,
Class
A
(a)
..............
13,056
68,936
IMAX
Corp.
(a)
......................
11,649
186,500
Madison
Square
Garden
Entertainment
Corp.
(a)
(b)
.......................
10,387
406,651
Madison
Square
Garden
Sports
Corp.
(a)
.....
4,263
792,577
Roku,
Inc.
,
Class
A
(a)
(b)
................
30,597
1,764,223
TKO
Group
Holdings,
Inc.
..............
13,804
1,306,825
Security
Shares
Shares
Value
Entertainment
(continued)
Warner
Music
Group
Corp.
,
Class
A
.......
33,913
$
1,119,129
7,472,770
Financial
Services
—
1.9%
Affirm
Holdings,
Inc.
,
Class
A
(a)
...........
27,553
878,390
AvidXchange
Holdings,
Inc.
(a)
............
42,798
499,025
Cass
Information
Systems,
Inc.
..........
1,406
60,725
Euronet
Worldwide,
Inc.
(a)
..............
6,352
652,223
EVERTEC,
Inc.
.....................
8,747
328,275
Federal
Agricultural
Mortgage
Corp.
,
Class
C,
NVS
..........................
1,008
187,619
Flywire
Corp.
(a)
.....................
23,381
479,310
I3
Verticals,
Inc.
,
Class
A
(a)
..............
2,652
60,227
International
Money
Express,
Inc.
(a)
........
8,225
166,392
Marqeta,
Inc.
,
Class
A
(a)
...............
104,122
577,877
Merchants
Bancorp
..................
2,662
107,358
NMI
Holdings,
Inc.
,
Class
A
(a)
............
8,154
251,632
Remitly
Global,
Inc.
(a)
.................
35,192
627,473
Repay
Holdings
Corp.
,
Class
A
(a)
.........
11,422
116,162
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
.........
14,624
846,145
Toast,
Inc.
,
Class
A
(a)
(b)
................
99,672
2,355,249
Voya
Financial,
Inc.
..................
9,535
649,906
WEX,
Inc.
(a)
(b)
.......................
6,407
1,353,543
10,197,531
Food
Products
—
1.3%
Calavo
Growers,
Inc.
.................
1,403
37,811
Cal-Maine
Foods,
Inc.
.................
5,073
280,689
Darling
Ingredients,
Inc.
(a)
..............
26,544
1,124,669
Freshpet,
Inc.
(a)
.....................
12,061
1,279,310
Ingredion,
Inc.
......................
6,155
705,301
J
&
J
Snack
Foods
Corp.
...............
2,851
391,414
John
B
Sanfilippo
&
Son,
Inc.
............
1,316
131,205
Lancaster
Colony
Corp.
...............
3,741
713,820
Mission
Produce,
Inc.
(a)
................
7,852
89,120
Post
Holdings,
Inc.
(a)
..................
5,207
552,723
Seaboard
Corp.
.....................
23
76,133
Simply
Good
Foods
Co.
(The)
(a)
..........
23,186
845,130
Tootsie
Roll
Industries,
Inc.
.............
3,748
111,353
Utz
Brands,
Inc.
,
Class
A
...............
8,214
148,098
Vital
Farms,
Inc.
(a)
...................
6,397
171,184
Westrock
Coffee
Co.
(a)
(b)
...............
7,506
76,111
WK
Kellogg
Co.
.....................
6,375
148,793
6,882,864
Gas
Utilities
—
0.1%
Chesapeake
Utilities
Corp.
.............
2,822
298,765
New
Jersey
Resources
Corp.
............
9,502
415,142
713,907
Ground
Transportation
—
0.4%
Heartland
Express,
Inc.
................
6,263
62,254
Hertz
Global
Holdings,
Inc.
(a)
(b)
...........
13,154
59,851
Landstar
System,
Inc.
.................
3,885
677,583
Lyft,
Inc.
,
Class
A
(a)
...................
30,077
470,404
Marten
Transport
Ltd.
.................
7,546
127,678
RXO,
Inc.
(a)
........................
15,659
296,112
Ryder
System,
Inc.
...................
4,774
581,712
2,275,594
Health
Care
Equipment
&
Supplies
—
4.7%
Alphatec
Holdings,
Inc.
(a)
...............
25,339
319,778
AtriCure,
Inc.
(a)
(b)
....................
12,274
296,049
Atrion
Corp.
.......................
147
62,224
Avanos
Medical,
Inc.
(a)
................
5,430
98,174
Axonics,
Inc.
(a)
......................
13,050
868,738
CONMED
Corp.
.....................
7,939
539,693
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Envista
Holdings
Corp.
(a)
...............
15,013
$
295,456
Establishment
Labs
Holdings,
Inc.
(a)
(b)
......
6,070
303,561
Glaukos
Corp.
(a)
.....................
12,167
1,168,032
Globus
Medical,
Inc.
,
Class
A
(a)
..........
29,837
1,485,584
Haemonetics
Corp.
(a)
.................
13,081
1,202,798
ICU
Medical,
Inc.
(a)
...................
5,286
517,605
Inari
Medical,
Inc.
(a)
..................
12,450
464,883
Inspire
Medical
Systems,
Inc.
(a)
(b)
.........
7,618
1,840,966
Integer
Holdings
Corp.
(a)
...............
5,093
568,532
Integra
LifeSciences
Holdings
Corp.
(a)
......
6,733
196,402
iRhythm
Technologies,
Inc.
(a)
(b)
...........
7,868
862,175
Lantheus
Holdings,
Inc.
(a)
..............
17,612
1,171,902
LeMaitre
Vascular,
Inc.
................
5,114
331,387
LivaNova
plc
(a)
......................
13,922
776,151
Masimo
Corp.
(a)
(b)
....................
5,548
745,707
Merit
Medical
Systems,
Inc.
(a)
............
14,937
1,106,832
Neogen
Corp.
(a)
(b)
....................
56,114
691,886
Nevro
Corp.
(a)
......................
4,646
49,155
Novocure
Ltd.
(a)
.....................
14,393
176,170
Omnicell,
Inc.
(a)
.....................
4,406
118,125
OrthoPediatrics
Corp.
(a)
(b)
...............
4,073
120,683
Paragon
28,
Inc.
(a)
...................
9,358
86,281
Penumbra,
Inc.
(a)
....................
9,395
1,845,836
PROCEPT
BioRobotics
Corp.
(a)
(b)
.........
11,099
588,025
RxSight,
Inc.
(a)
......................
5,826
303,709
Shockwave
Medical,
Inc.
(a)
..............
9,524
3,144,730
SI-BONE,
Inc.
(a)
.....................
9,752
139,063
STAAR
Surgical
Co.
(a)
.................
12,598
579,004
Tandem
Diabetes
Care,
Inc.
(a)
...........
6,922
253,968
TransMedics
Group,
Inc.
(a)
(b)
.............
8,152
767,348
Treace
Medical
Concepts,
Inc.
(a)
(b)
.........
11,175
115,885
UFP
Technologies,
Inc.
(a)
...............
1,877
386,549
Varex
Imaging
Corp.
(a)
................
5,019
81,559
24,670,605
Health
Care
Providers
&
Services
—
2.9%
Acadia
Healthcare
Co.,
Inc.
(a)
............
23,662
1,749,568
Accolade,
Inc.
(a)
(b)
....................
6,794
51,838
Addus
HomeCare
Corp.
(a)
..............
3,849
370,081
agilon
health,
Inc.
(a)
(b)
.................
78,348
430,914
Amedisys,
Inc.
(a)
(b)
...................
2,806
258,292
Astrana
Health,
Inc.
(a)
.................
10,414
386,880
Castle
Biosciences,
Inc.
(a)
..............
1,914
40,366
CorVel
Corp.
(a)
......................
2,416
577,062
DocGo,
Inc.
(a)
......................
22,870
77,301
Encompass
Health
Corp.
..............
17,659
1,472,407
Ensign
Group,
Inc.
(The)
...............
14,601
1,728,174
Guardant
Health,
Inc.
(a)
................
28,337
510,066
HealthEquity,
Inc.
(a)
...................
22,094
1,743,438
Hims
&
Hers
Health,
Inc.
,
Class
A
(a)
........
33,514
419,930
LifeStance
Health
Group,
Inc.
(a)
(b)
.........
25,666
158,616
National
HealthCare
Corp.
..............
1,958
177,924
National
Research
Corp.
...............
3,746
128,301
Option
Care
Health,
Inc.
(a)
..............
45,882
1,371,413
Privia
Health
Group,
Inc.
(a)
(b)
.............
27,167
499,873
Progyny,
Inc.
(a)
(b)
....................
21,115
676,947
R1
RCM,
Inc.
(a)
.....................
50,475
620,338
RadNet,
Inc.
(a)
......................
17,836
865,046
Select
Medical
Holdings
Corp.
...........
16,847
477,949
Surgery
Partners,
Inc.
(a)
(b)
..............
17,614
439,469
US
Physical
Therapy,
Inc.
..............
2,043
207,385
15,439,578
Security
Shares
Shares
Value
Health
Care
REITs
—
0.0%
Community
Healthcare
Trust,
Inc.
.........
3,990
$
105,855
Global
Medical
REIT,
Inc.
..............
8,538
69,243
Universal
Health
Realty
Income
Trust
......
2,078
74,870
249,968
Health
Care
Technology
—
0.6%
Certara,
Inc.
(a)
(b)
.....................
28,110
480,962
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
.....
13,758
95,480
Doximity,
Inc.
,
Class
A
(a)
(b)
..............
30,421
738,926
Evolent
Health,
Inc.
,
Class
A
(a)
(b)
..........
29,030
805,292
Health
Catalyst,
Inc.
(a)
.................
8,012
49,835
HealthStream,
Inc.
...................
6,375
164,284
Phreesia,
Inc.
(a)
.....................
12,910
267,753
Schrodinger,
Inc.
(a)
(b)
..................
8,291
202,135
Simulations
Plus,
Inc.
(b)
................
4,088
185,391
2,990,058
Hotel
&
Resort
REITs
—
0.7%
Apple
Hospitality
REIT,
Inc.
.............
58,526
863,844
Chatham
Lodging
Trust
................
4,477
41,054
DiamondRock
Hospitality
Co.
............
51,828
461,269
Pebblebrook
Hotel
Trust
...............
18,308
266,015
RLJ
Lodging
Trust
...................
40,525
445,775
Ryman
Hospitality
Properties,
Inc.
........
8,460
892,361
Sunstone
Hotel
Investors,
Inc.
...........
21,659
220,922
Xenia
Hotels
&
Resorts,
Inc.
............
27,267
378,193
3,569,433
Hotels,
Restaurants
&
Leisure
—
3.8%
Aramark
..........................
63,693
2,006,966
BJ's
Restaurants,
Inc.
(a)
................
5,980
194,888
Bowlero
Corp.
,
Class
A
(b)
...............
6,219
73,073
Boyd
Gaming
Corp.
..................
10,000
535,100
Cava
Group,
Inc.
(a)
(b)
..................
4,462
320,996
Cheesecake
Factory,
Inc.
(The)
..........
7,329
252,997
Choice
Hotels
International,
Inc.
(b)
.........
6,887
814,457
Chuy's
Holdings,
Inc.
(a)
................
3,210
94,567
Dave
&
Buster's
Entertainment,
Inc.
(a)
(b)
.....
2,954
157,744
Denny's
Corp.
(a)
.....................
4,402
35,304
Dutch
Bros,
Inc.
,
Class
A
(a)
.............
19,406
546,473
Everi
Holdings,
Inc.
(a)
.................
11,871
96,986
First
Watch
Restaurant
Group,
Inc.
(a)
(b)
......
5,048
128,825
Golden
Entertainment,
Inc.
.............
2,339
74,965
Hilton
Grand
Vacations,
Inc.
(a)
...........
10,221
425,602
Hyatt
Hotels
Corp.
,
Class
A
.............
6,184
920,117
Jack
in
the
Box,
Inc.
..................
1,854
105,808
Krispy
Kreme,
Inc.
...................
19,620
248,193
Kura
Sushi
USA,
Inc.
,
Class
A
(a)
(b)
.........
1,445
159,066
Life
Time
Group
Holdings,
Inc.
(a)
(b)
.........
15,137
206,771
Light
&
Wonder,
Inc.
,
Class
A
(a)
...........
23,292
2,079,044
Monarch
Casino
&
Resort,
Inc.
...........
3,529
239,160
Papa
John's
International,
Inc.
...........
4,976
306,969
Planet
Fitness,
Inc.
,
Class
A
(a)
...........
22,082
1,321,387
Portillo's,
Inc.
,
Class
A
(a)
(b)
..............
7,332
89,890
RCI
Hospitality
Holdings,
Inc.
............
1,150
58,374
Red
Rock
Resorts,
Inc.
,
Class
A
..........
5,228
277,711
Shake
Shack,
Inc.
,
Class
A
(a)
............
9,737
1,030,662
Sweetgreen,
Inc.
,
Class
A
(a)
(b)
............
21,697
487,532
Target
Hospitality
Corp.
(a)
..............
6,328
70,399
Texas
Roadhouse,
Inc.
................
17,273
2,777,153
United
Parks
&
Resorts,
Inc.
(a)
(b)
..........
2,741
139,298
Wendy's
Co.
(The)
...................
27,921
558,141
Wingstop,
Inc.
......................
7,296
2,807,428
Wyndham
Hotels
&
Resorts,
Inc.
.........
8,947
657,694
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Xponential
Fitness,
Inc.
,
Class
A
(a)
........
6,658
$
84,890
20,384,630
Household
Durables
—
1.3%
Cavco
Industries,
Inc.
(a)
................
2,026
737,890
Century
Communities,
Inc.
.............
2,670
211,784
Cricut,
Inc.
,
Class
A
..................
3,957
21,051
Installed
Building
Products,
Inc.
..........
3,417
805,490
iRobot
Corp.
(a)
(b)
.....................
2,898
24,807
Legacy
Housing
Corp.
(a)
...............
1,174
23,914
Skyline
Champion
Corp.
(a)
..............
13,981
1,048,435
Sonos,
Inc.
(a)
.......................
31,273
528,514
Tempur
Sealy
International,
Inc.
..........
30,603
1,531,986
TopBuild
Corp.
(a)
....................
3,994
1,616,252
Vizio
Holding
Corp.
,
Class
A
(a)
...........
18,107
191,934
6,742,057
Household
Products
—
0.4%
Energizer
Holdings,
Inc.
...............
11,590
332,865
Reynolds
Consumer
Products,
Inc.
........
4,499
128,806
Spectrum
Brands
Holdings,
Inc.
..........
7,639
625,405
WD-40
Co.
(b)
.......................
3,492
789,646
1,876,722
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Altus
Power,
Inc.
,
Class
A
(a)
.............
17,602
64,599
Montauk
Renewables,
Inc.
(a)
............
17,092
61,531
Ormat
Technologies,
Inc.
...............
13,803
881,046
Sunnova
Energy
International,
Inc.
(a)
(b)
......
15,055
63,382
1,070,558
Industrial
REITs
—
1.3%
Americold
Realty
Trust,
Inc.
.............
42,123
925,442
EastGroup
Properties,
Inc.
.............
11,959
1,857,950
First
Industrial
Realty
Trust,
Inc.
..........
31,033
1,409,519
Innovative
Industrial
Properties,
Inc.
.......
3,225
333,465
Plymouth
Industrial
REIT,
Inc.
...........
5,102
106,530
STAG
Industrial,
Inc.
.................
24,562
844,687
Terreno
Realty
Corp.
.................
22,414
1,218,201
6,695,794
Insurance
—
2.4%
Assurant,
Inc.
......................
6,796
1,185,222
Assured
Guaranty
Ltd.
................
10,745
824,142
BRP
Group,
Inc.
,
Class
A
(a)
(b)
............
16,721
445,447
Employers
Holdings,
Inc.
...............
874
37,224
Goosehead
Insurance,
Inc.
,
Class
A
(a)
(b)
.....
6,160
350,566
Hagerty,
Inc.
,
Class
A
(a)
................
7,260
64,977
Hanover
Insurance
Group,
Inc.
(The)
......
9,337
1,212,129
Kinsale
Capital
Group,
Inc.
.............
5,717
2,076,700
Lemonade,
Inc.
(a)
....................
8,464
145,835
Oscar
Health,
Inc.
,
Class
A
(a)
............
37,454
650,576
Palomar
Holdings,
Inc.
(a)
...............
6,117
481,224
Primerica,
Inc.
......................
6,234
1,320,735
ProAssurance
Corp.
(a)
.................
5,481
73,226
RLI
Corp.
.........................
6,561
927,397
Ryan
Specialty
Holdings,
Inc.
,
Class
A
......
25,699
1,267,989
Selective
Insurance
Group,
Inc.
..........
7,562
768,677
Skyward
Specialty
Insurance
Group,
Inc.
(a)
...
2,640
92,189
Tiptree,
Inc.
.......................
3,147
50,132
White
Mountains
Insurance
Group
Ltd.
(b)
....
434
771,713
12,746,100
Interactive
Media
&
Services
—
0.9%
(a)
Bumble,
Inc.
,
Class
A
.................
14,448
145,925
Cargurus,
Inc.
,
Class
A
................
22,340
501,756
Cars.com,
Inc.
......................
5,688
95,047
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
IAC,
Inc.
..........................
12,351
$
587,414
QuinStreet,
Inc.
.....................
12,576
227,500
Rumble,
Inc.
,
Class
A
(b)
................
20,857
147,250
TripAdvisor,
Inc.
.....................
28,062
738,872
Vimeo,
Inc.
........................
28,093
100,854
Yelp,
Inc.
.........................
16,812
676,515
Ziff
Davis,
Inc.
......................
3,457
173,230
ZipRecruiter,
Inc.
,
Class
A
..............
16,972
174,472
ZoomInfo
Technologies,
Inc.
............
72,407
1,148,375
4,717,210
IT
Services
—
0.3%
Applied
Digital
Corp.
(a)
................
17,798
48,144
BigCommerce
Holdings,
Inc.
(a)
...........
8,799
49,802
Couchbase,
Inc.
(a)
...................
8,017
193,530
DigitalOcean
Holdings,
Inc.
(a)
(b)
...........
7,314
240,338
Fastly,
Inc.
,
Class
A
(a)
.................
18,930
239,465
Grid
Dynamics
Holdings,
Inc.
,
Class
A
(a)
.....
15,051
147,048
Hackett
Group,
Inc.
(The)
..............
4,441
96,325
Perficient,
Inc.
(a)
.....................
8,854
418,440
Squarespace,
Inc.
,
Class
A
(a)
............
11,561
403,017
Thoughtworks
Holding,
Inc.
(a)
............
7,695
17,852
1,853,961
Leisure
Products
—
0.6%
Acushnet
Holdings
Corp.
...............
4,466
272,337
Brunswick
Corp.
....................
6,049
487,791
Johnson
Outdoors,
Inc.
,
Class
A
..........
717
29,404
Mattel,
Inc.
(a)
.......................
36,410
667,031
Polaris,
Inc.
........................
4,467
380,410
Smith
&
Wesson
Brands,
Inc.
............
6,318
107,216
Topgolf
Callaway
Brands
Corp.
(a)
(b)
........
37,480
600,430
YETI
Holdings,
Inc.
(a)
.................
15,560
555,803
3,100,422
Life
Sciences
Tools
&
Services
—
1.3%
10X
Genomics,
Inc.
,
Class
A
(a)
(b)
..........
25,573
748,777
Adaptive
Biotechnologies
Corp.
(a)
(b)
........
28,498
74,665
Azenta,
Inc.
(a)
......................
13,399
702,912
BioLife
Solutions,
Inc.
(a)
................
4,719
82,771
CryoPort,
Inc.
(a)
.....................
7,221
116,908
Medpace
Holdings,
Inc.
(a)
(b)
.............
6,085
2,363,110
Mesa
Laboratories,
Inc.
...............
776
82,318
OmniAb
Operations,
Inc.
,
NVS
(a)
(d)
.........
1,386
—
OmniAb,
Inc.
(a)
......................
15,072
66,920
OmniAb,
Inc.,
15.00
Earnout
Shares
,
NVS
(a)
(d)
.
1,386
—
Pacific
Biosciences
of
California,
Inc.
(a)
(b)
....
64,873
107,040
Quanterix
Corp.
(a)
....................
5,362
86,435
Repligen
Corp.
(a)
....................
12,584
2,066,293
Sotera
Health
Co.
(a)
(b)
.................
27,440
307,328
6,805,477
Machinery
—
5.2%
Alamo
Group,
Inc.
...................
2,585
502,472
Albany
International
Corp.
,
Class
A
........
4,438
353,930
Chart
Industries,
Inc.
(a)
(b)
...............
11,043
1,590,855
Columbus
McKinnon
Corp.
.............
3,682
151,956
Crane
Co.
.........................
7,259
1,016,333
Donaldson
Co.,
Inc.
..................
31,189
2,251,846
Douglas
Dynamics,
Inc.
...............
2,263
51,234
Energy
Recovery,
Inc.
(a)
...............
14,661
218,449
Enerpac
Tool
Group
Corp.
,
Class
A
........
14,091
502,062
Enpro,
Inc.
........................
3,061
459,548
Esab
Corp.
........................
7,593
803,947
Federal
Signal
Corp.
.................
15,758
1,281,125
Flowserve
Corp.
....................
33,974
1,602,214
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
Franklin
Electric
Co.,
Inc.
..............
10,397
$
1,000,919
Gorman-Rupp
Co.
(The)
...............
5,622
186,482
Helios
Technologies,
Inc.
...............
4,100
184,910
Hillenbrand,
Inc.
....................
6,205
296,103
ITT,
Inc.
..........................
15,035
1,944,627
John
Bean
Technologies
Corp.
...........
8,243
734,369
Kadant,
Inc.
(b)
......................
2,868
785,230
Lindsay
Corp.
......................
2,865
332,770
Middleby
Corp.
(The)
(a)
................
6,936
963,896
Miller
Industries,
Inc.
.................
1,214
59,134
Mueller
Industries,
Inc.
................
13,903
776,065
Mueller
Water
Products,
Inc.
,
Class
A
......
28,676
454,228
Nikola
Corp.
(a)
(b)
.....................
135,768
84,258
Omega
Flex,
Inc.
....................
901
59,700
Oshkosh
Corp.
.....................
9,623
1,080,374
Proto
Labs,
Inc.
(a)
....................
6,409
195,346
RBC
Bearings,
Inc.
(a)
(b)
................
7,025
1,717,964
SPX
Technologies,
Inc.
(a)
...............
11,771
1,433,826
Standex
International
Corp.
.............
2,153
372,211
Symbotic,
Inc.
,
Class
A
(a)
...............
5,259
202,840
Tennant
Co.
.......................
2,442
284,444
Terex
Corp.
........................
10,608
594,578
Timken
Co.
(The)
....................
7,674
684,674
Titan
International,
Inc.
(a)
...............
7,025
77,415
Trinity
Industries,
Inc.
.................
21,001
546,446
Wabash
National
Corp.
................
5,014
115,874
Watts
Water
Technologies,
Inc.
,
Class
A
.....
7,064
1,401,921
27,356,575
Marine
Transportation
—
0.3%
Genco
Shipping
&
Trading
Ltd.
...........
6,615
141,164
Kirby
Corp.
(a)
.......................
9,453
1,031,606
Matson,
Inc.
.......................
3,400
366,452
1,539,222
Media
—
0.6%
Boston
Omaha
Corp.
,
Class
A
(a)
..........
5,501
84,935
Cable
One,
Inc.
.....................
533
209,922
Gray
Television,
Inc.
..................
6,781
38,991
Integral
Ad
Science
Holding
Corp.
(a)
.......
12,890
123,615
Magnite,
Inc.
(a)
......................
30,731
271,355
New
York
Times
Co.
(The)
,
Class
A
........
40,280
1,733,248
PubMatic,
Inc.
,
Class
A
(a)
...............
10,215
229,225
Scholastic
Corp.
....................
2,156
76,797
TechTarget,
Inc.
(a)
(b)
..................
2,742
75,405
TEGNA,
Inc.
.......................
18,180
247,975
3,091,468
Metals
&
Mining
—
1.2%
Alpha
Metallurgical
Resources,
Inc.
.......
1,563
511,289
ATI,
Inc.
(a)
(b)
........................
32,996
1,969,861
Carpenter
Technology
Corp.
............
12,042
1,031,999
Century
Aluminum
Co.
(a)
...............
6,296
109,236
Compass
Minerals
International,
Inc.
.......
8,952
111,452
Haynes
International,
Inc.
..............
1,954
117,533
Hecla
Mining
Co.
....................
65,806
311,262
Ivanhoe
Electric,
Inc.
(a)
(b)
...............
10,846
109,545
Materion
Corp.
.....................
5,321
611,596
Metallus,
Inc.
(a)
.....................
4,132
84,954
MP
Materials
Corp.
,
Class
A
(a)
(b)
..........
18,111
289,776
Piedmont
Lithium,
Inc.
(a)
(b)
..............
2,398
29,376
Ramaco
Resources,
Inc.
,
Class
B
.........
559
6,210
Royal
Gold,
Inc.
.....................
9,706
1,165,982
6,460,071
Security
Shares
Shares
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Ellington
Financial,
Inc.
................
5,874
$
67,199
Franklin
BSP
Realty
Trust,
Inc.
...........
5,872
73,341
140,540
Office
REITs
—
0.1%
COPT
Defense
Properties
..............
9,056
217,072
Easterly
Government
Properties,
Inc.
......
11,436
133,687
350,759
Oil,
Gas
&
Consumable
Fuels
—
1.0%
Antero
Midstream
Corp.
...............
35,552
492,040
Centrus
Energy
Corp.
,
Class
A
(a)
..........
3,421
146,863
Clean
Energy
Fuels
Corp.
(a)
.............
45,949
106,602
CNX
Resources
Corp.
(a)
(b)
..............
21,924
515,652
Comstock
Resources,
Inc.
..............
13,256
133,355
CONSOL
Energy,
Inc.
.................
3,956
327,399
Granite
Ridge
Resources,
Inc.
...........
7,370
48,052
Green
Plains,
Inc.
(a)
..................
12,504
258,458
Hallador
Energy
Co.
(a)
.................
2,749
14,047
HighPeak
Energy,
Inc.
(b)
...............
3,694
52,492
International
Seaways,
Inc.
.............
5,629
311,227
Kinetik
Holdings,
Inc.
,
Class
A
...........
2,088
80,054
Kosmos
Energy
Ltd.
(a)
.................
46,268
262,340
Magnolia
Oil
&
Gas
Corp.
,
Class
A
........
17,110
428,948
New
Fortress
Energy,
Inc.
,
Class
A
........
20,699
542,314
NextDecade
Corp.
(a)
..................
23,557
151,236
REX
American
Resources
Corp.
(a)
........
2,241
123,995
Riley
Exploration
Permian,
Inc.
...........
674
17,477
Southwestern
Energy
Co.
(a)
.............
105,018
786,585
Uranium
Energy
Corp.
(a)
(b)
..............
92,266
622,795
Vitesse
Energy,
Inc.
..................
3,395
75,335
5,497,266
Paper
&
Forest
Products
—
0.1%
Louisiana-Pacific
Corp.
................
7,361
538,752
Mercer
International,
Inc.
...............
2,904
29,418
Sylvamo
Corp.
.....................
3,655
228,437
796,607
Passenger
Airlines
—
0.5%
Allegiant
Travel
Co.
..................
1,955
106,665
American
Airlines
Group,
Inc.
(a)
...........
73,527
993,350
Frontier
Group
Holdings,
Inc.
(a)
(b)
..........
5,882
35,527
Joby
Aviation,
Inc.
,
Class
A
(a)
(b)
...........
108,185
546,334
SkyWest,
Inc.
(a)
.....................
10,433
761,922
Sun
Country
Airlines
Holdings,
Inc.
(a)
.......
9,278
123,490
2,567,288
Personal
Care
Products
—
0.9%
Beauty
Health
Co.
(The)
,
Class
A
(a)
........
23,198
74,930
BellRing
Brands,
Inc.
(a)
................
33,662
1,857,133
elf
Beauty,
Inc.
(a)
....................
13,148
2,136,944
Inter
Parfums,
Inc.
...................
4,676
544,193
USANA
Health
Sciences,
Inc.
(a)
..........
1,141
47,374
4,660,574
Pharmaceuticals
—
1.5%
(a)
Amphastar
Pharmaceuticals,
Inc.
.........
9,681
399,341
Amylyx
Pharmaceuticals,
Inc.
...........
11,585
20,969
ANI
Pharmaceuticals,
Inc.
..............
4,327
285,582
Arvinas,
Inc.
.......................
6,335
201,263
Axsome
Therapeutics,
Inc.
.............
9,392
692,754
Cassava
Sciences,
Inc.
(b)
..............
10,935
242,210
Catalent,
Inc.
......................
46,578
2,601,381
Corcept
Therapeutics,
Inc.
..............
16,951
395,298
Evolus,
Inc.
........................
11,398
134,155
Harmony
Biosciences
Holdings,
Inc.
.......
9,553
295,283
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Harrow,
Inc.
(b)
......................
8,536
$
86,982
Intra-Cellular
Therapies,
Inc.
............
24,891
1,787,423
Ligand
Pharmaceuticals,
Inc.
(b)
...........
1,881
131,463
Liquidia
Corp.
......................
12,025
154,521
Pacira
BioSciences,
Inc.
...............
6,267
164,509
Pliant
Therapeutics,
Inc.
(b)
..............
6,543
77,338
Revance
Therapeutics,
Inc.
.............
20,555
74,204
Scilex
Holding
Co.
,
(Acquired
01/06/23
,
cost
$
157,754
)
(e)
.....................
15,053
12,297
Tarsus
Pharmaceuticals,
Inc.
(b)
...........
2,889
90,801
Theravance
Biopharma,
Inc.
............
5,684
47,973
Tilray
Brands,
Inc.
,
Class
2
(b)
............
86,994
214,875
8,110,622
Professional
Services
—
3.1%
Alight,
Inc.
,
Class
A
(a)
.................
34,015
306,815
ASGN,
Inc.
(a)
(b)
......................
4,302
414,928
Barrett
Business
Services,
Inc.
...........
862
104,733
CACI
International,
Inc.
,
Class
A
(a)
........
2,918
1,173,707
CBIZ,
Inc.
(a)
........................
12,235
870,887
Clarivate
plc
(a)
(b)
.....................
46,937
317,294
CRA
International,
Inc.
................
1,702
246,943
CSG
Systems
International,
Inc.
..........
3,512
165,907
ExlService
Holdings,
Inc.
(a)
.............
42,570
1,234,530
Exponent,
Inc.
......................
13,103
1,204,297
First
Advantage
Corp.
.................
5,302
86,423
Forrester
Research,
Inc.
(a)
..............
897
16,316
Franklin
Covey
Co.
(a)
.................
3,067
119,429
FTI
Consulting,
Inc.
(a)
(b)
................
9,166
1,959,966
Genpact
Ltd.
.......................
17,339
533,001
Huron
Consulting
Group,
Inc.
(a)
...........
4,542
423,496
ICF
International,
Inc.
.................
2,952
425,944
Insperity,
Inc.
.......................
8,798
905,578
Kforce,
Inc.
........................
2,945
181,883
Korn
Ferry
........................
7,220
438,398
Legalzoom.com,
Inc.
(a)
................
30,345
362,623
Maximus,
Inc.
......................
7,484
600,816
NV5
Global,
Inc.
(a)
(b)
..................
3,648
340,140
Parsons
Corp.
(a)
.....................
11,244
882,767
Paycor
HCM,
Inc.
(a)
(b)
.................
16,724
290,496
Planet
Labs
PBC
,
Class
A
(a)
(b)
............
51,815
87,567
Resources
Connection,
Inc.
.............
3,774
41,703
Science
Applications
International
Corp.
....
5,253
676,061
Sterling
Check
Corp.
(a)
(b)
...............
3,101
46,918
TriNet
Group,
Inc.
...................
4,129
414,428
Upwork,
Inc.
(a)
......................
32,302
377,933
Verra
Mobility
Corp.
,
Class
A
(a)
(b)
..........
42,800
1,009,224
16,261,151
Real
Estate
Management
&
Development
—
0.5%
DigitalBridge
Group,
Inc.
,
Class
A
.........
19,403
318,985
eXp
World
Holdings,
Inc.
(b)
..............
21,179
210,943
Forestar
Group,
Inc.
(a)
.................
1,786
55,348
FRP
Holdings,
Inc.
(a)
..................
3,984
120,755
Howard
Hughes
Holdings,
Inc.
(a)
..........
4,023
262,139
Jones
Lang
LaSalle,
Inc.
(a)
..............
4,644
839,171
Marcus
&
Millichap,
Inc.
...............
2,533
80,220
St.
Joe
Co.
(The)
....................
9,176
524,867
2,412,428
Residential
REITs
—
0.3%
Apartment
Income
REIT
Corp.
...........
19,850
761,843
Apartment
Investment
&
Management
Co.
,
Class
A
(a)
.......................
12,185
97,480
Centerspace
.......................
1,636
110,021
Independence
Realty
Trust,
Inc.
..........
26,817
422,904
Security
Shares
Shares
Value
Residential
REITs
(continued)
NexPoint
Residential
Trust,
Inc.
..........
2,841
$
97,276
Veris
Residential,
Inc.
.................
14,749
212,533
1,702,057
Retail
REITs
—
1.2%
Acadia
Realty
Trust
..................
11,597
200,396
Agree
Realty
Corp.
..................
10,958
627,017
Brixmor
Property
Group,
Inc.
............
30,873
682,293
Federal
Realty
Investment
Trust
..........
11,644
1,212,955
Getty
Realty
Corp.
...................
3,741
101,381
InvenTrust
Properties
Corp.
.............
7,249
183,690
Kite
Realty
Group
Trust
................
56,741
1,236,954
NETSTREIT
Corp.
...................
17,624
296,964
Phillips
Edison
&
Co.,
Inc.
..............
16,995
555,737
Retail
Opportunity
Investments
Corp.
......
10,680
131,044
SITE
Centers
Corp.
..................
20,864
281,455
Tanger,
Inc.
........................
13,254
375,751
Urban
Edge
Properties
................
14,752
246,801
Whitestone
REIT
....................
5,788
66,562
6,199,000
Semiconductors
&
Semiconductor
Equipment
—
3.8%
Aehr
Test
Systems
(a)
(b)
.................
7,534
90,257
Allegro
MicroSystems,
Inc.
(a)
(b)
...........
19,508
579,193
Alpha
&
Omega
Semiconductor
Ltd.
(a)
......
3,625
79,279
Ambarella,
Inc.
(a)
....................
5,158
237,113
Amkor
Technology,
Inc.
................
14,909
482,306
Axcelis
Technologies,
Inc.
(a)
.............
8,376
867,083
Cirrus
Logic,
Inc.
(a)
...................
4,701
416,368
Cohu,
Inc.
(a)
.......................
12,184
369,419
Credo
Technology
Group
Holding
Ltd.
(a)
.....
34,144
610,153
Diodes,
Inc.
(a)
......................
4,598
335,700
FormFactor,
Inc.
(a)
...................
20,094
895,991
Ichor
Holdings
Ltd.
(a)
..................
7,452
288,989
Impinj,
Inc.
(a)
(b)
......................
5,985
953,889
indie
Semiconductor,
Inc.
,
Class
A
(a)
(b)
......
36,909
207,429
Kulicke
&
Soffa
Industries,
Inc.
...........
13,953
645,745
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
(b)
.........................
14,150
1,442,592
MKS
Instruments,
Inc.
................
4,516
537,314
Navitas
Semiconductor
Corp.
(a)
..........
30,844
133,555
Onto
Innovation,
Inc.
(a)
................
12,707
2,357,021
PDF
Solutions,
Inc.
(a)
.................
7,474
224,818
Power
Integrations,
Inc.
...............
6,705
447,358
Rambus,
Inc.
(a)
.....................
27,803
1,524,160
Semtech
Corp.
(a)
....................
6,544
246,185
Silicon
Laboratories,
Inc.
(a)
(b)
.............
8,170
992,573
SiTime
Corp.
(a)
......................
4,489
400,060
SolarEdge
Technologies,
Inc.
(a)
...........
14,669
860,337
Synaptics,
Inc.
(a)
....................
6,902
620,904
Ultra
Clean
Holdings,
Inc.
(a)
.............
7,791
325,898
Universal
Display
Corp.
...............
12,231
1,932,253
Veeco
Instruments,
Inc.
(a)
..............
4,623
163,377
Wolfspeed,
Inc.
(a)
(b)
...................
23,524
635,854
19,903,173
Software
—
10.5%
A10
Networks,
Inc.
...................
18,301
239,011
ACI
Worldwide,
Inc.
(a)
.................
17,811
607,355
Agilysys,
Inc.
(a)
.....................
5,926
492,154
Alarm.com
Holdings,
Inc.
(a)
.............
12,808
851,732
Alkami
Technology,
Inc.
(a)
..............
10,800
259,956
Altair
Engineering,
Inc.
,
Class
A
(a)
(b)
........
14,080
1,132,736
Amplitude,
Inc.
,
Class
A
(a)
..............
16,960
166,038
Appfolio,
Inc.
,
Class
A
(a)
...............
5,409
1,226,653
Appian
Corp.
,
Class
A
(a)
...............
7,939
297,236
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Asana,
Inc.
,
Class
A
(a)
(b)
................
21,571
$
320,761
AvePoint,
Inc.
,
Class
A
(a)
...............
25,648
199,285
Blackbaud,
Inc.
(a)
....................
11,363
885,405
BlackLine,
Inc.
(a)
....................
12,583
730,443
Box,
Inc.
,
Class
A
(a)
..................
37,146
966,539
Braze,
Inc.
,
Class
A
(a)
.................
11,932
499,951
C3.ai,
Inc.
,
Class
A
(a)
(b)
................
25,314
570,324
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
...
34,531
387,438
Cerence,
Inc.
(a)
.....................
6,176
56,263
Cleanspark,
Inc.
(a)
(b)
..................
45,305
742,096
Clear
Secure,
Inc.
,
Class
A
.............
19,641
343,128
Clearwater
Analytics
Holdings,
Inc.
,
Class
A
(a)
(b)
32,658
515,343
CommVault
Systems,
Inc.
(a)
.............
5,470
560,511
Confluent,
Inc.
,
Class
A
(a)
..............
53,006
1,490,529
Dolby
Laboratories,
Inc.
,
Class
A
.........
15,232
1,182,917
DoubleVerify
Holdings,
Inc.
(a)
(b)
...........
31,776
931,037
Dropbox,
Inc.
,
Class
A
(a)
...............
63,910
1,480,156
E2open
Parent
Holdings,
Inc.
,
Class
A
(a)
(b)
...
16,908
82,004
Elastic
NV
(a)
.......................
21,040
2,150,709
Enfusion,
Inc.
,
Class
A
(a)
...............
7,559
70,374
Envestnet,
Inc.
(a)
(b)
...................
7,641
474,277
Everbridge,
Inc.
(a)
....................
10,534
366,057
EverCommerce,
Inc.
(a)
(b)
...............
5,377
48,393
Five9,
Inc.
(a)
.......................
18,724
1,077,941
Freshworks,
Inc.
,
Class
A
(a)
.............
42,945
766,568
Gitlab,
Inc.
,
Class
A
(a)
.................
23,264
1,220,662
Guidewire
Software,
Inc.
(a)
..............
13,476
1,487,750
HashiCorp,
Inc.
,
Class
A
(a)
(b)
.............
29,333
952,149
Informatica,
Inc.
,
Class
A
(a)
(b)
............
5,935
183,807
Instructure
Holdings,
Inc.
(a)
(b)
............
5,524
105,674
Intapp,
Inc.
(a)
.......................
6,419
198,476
InterDigital,
Inc.
.....................
6,334
625,356
Jamf
Holding
Corp.
(a)
.................
12,634
245,984
JFrog
Ltd.
(a)
........................
19,522
778,537
Klaviyo,
Inc.
,
Class
A
(a)
(b)
...............
9,431
211,254
LiveRamp
Holdings,
Inc.
(a)
..............
9,565
307,132
Marathon
Digital
Holdings,
Inc.
(a)
(b)
........
57,634
925,602
Matterport,
Inc.
,
Class
A
(a)
(b)
.............
21,477
98,794
MeridianLink,
Inc.
(a)
..................
4,844
80,798
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
...........
3,704
3,944,871
Mitek
Systems,
Inc.
(a)
.................
11,328
143,073
Model
N,
Inc.
(a)
.....................
9,903
293,624
N-able,
Inc.
(a)
.......................
17,597
215,739
nCino,
Inc.
(a)
.......................
15,790
460,436
Olo,
Inc.
,
Class
A
(a)
...................
25,647
123,106
PagerDuty,
Inc.
(a)
....................
22,947
458,022
Pegasystems,
Inc.
...................
10,527
625,514
PowerSchool
Holdings,
Inc.
,
Class
A
(a)
......
18,495
320,333
Progress
Software
Corp.
...............
4,293
213,877
PROS
Holdings,
Inc.
(a)
(b)
...............
11,190
366,473
Q2
Holdings,
Inc.
(a)
(b)
..................
15,036
772,700
Qualys,
Inc.
(a)
......................
9,524
1,561,079
Rapid7,
Inc.
(a)
......................
15,868
710,886
RingCentral,
Inc.
,
Class
A
(a)
.............
8,051
238,471
Riot
Platforms,
Inc.
(a)
(b)
................
55,063
556,687
Samsara,
Inc.
,
Class
A
(a)
(b)
..............
43,603
1,523,053
SEMrush
Holdings,
Inc.
,
Class
A
(a)
........
7,733
94,652
SentinelOne,
Inc.
,
Class
A
(a)
.............
62,296
1,316,315
Smartsheet,
Inc.
,
Class
A
(a)
.............
34,958
1,322,461
SolarWinds
Corp.
...................
6,507
71,707
Sprinklr,
Inc.
,
Class
A
(a)
(b)
...............
31,860
372,443
Sprout
Social,
Inc.
,
Class
A
(a)
(b)
...........
12,058
608,326
SPS
Commerce,
Inc.
(a)
................
9,444
1,642,028
Tenable
Holdings,
Inc.
(a)
...............
30,279
1,361,647
Teradata
Corp.
(a)
....................
25,138
932,620
Security
Shares
Shares
Value
Software
(continued)
UiPath,
Inc.
,
Class
A
(a)
(b)
...............
110,538
$
2,096,906
Varonis
Systems,
Inc.
(a)
(b)
...............
27,957
1,223,119
Vertex,
Inc.
,
Class
A
(a)
(b)
................
11,552
336,510
Weave
Communications,
Inc.
(a)
..........
8,879
94,917
Workiva,
Inc.
,
Class
A
(a)
................
12,942
1,019,830
Yext,
Inc.
(a)
........................
29,021
159,325
Zeta
Global
Holdings
Corp.
,
Class
A
(a)
(b)
.....
40,806
504,362
Zuora,
Inc.
,
Class
A
(a)
.................
34,128
336,502
55,614,909
Specialized
REITs
—
0.6%
EPR
Properties
.....................
6,644
269,680
Farmland
Partners,
Inc.
...............
11,506
123,805
Four
Corners
Property
Trust,
Inc.
.........
8,379
196,487
Gladstone
Land
Corp.
................
3,129
39,676
Lamar
Advertising
Co.
,
Class
A
..........
8,460
980,091
National
Storage
Affiliates
Trust
..........
9,846
345,004
PotlatchDeltic
Corp.
..................
9,010
360,490
Rayonier,
Inc.
......................
14,941
443,150
Safehold,
Inc.
......................
11,918
217,384
2,975,767
Specialty
Retail
—
1.7%
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
........
8,682
1,055,037
Academy
Sports
&
Outdoors,
Inc.
(b)
........
6,885
401,396
American
Eagle
Outfitters,
Inc.
...........
28,511
691,677
Arko
Corp.
........................
8,259
35,514
Beyond,
Inc.
(a)
......................
3,342
67,274
Boot
Barn
Holdings,
Inc.
(a)
..............
3,501
372,751
Camping
World
Holdings,
Inc.
,
Class
A
.....
7,323
148,437
Chewy,
Inc.
,
Class
A
(a)
(b)
...............
30,937
463,746
GameStop
Corp.
,
Class
A
(a)
(b)
............
22,898
253,939
Gap,
Inc.
(The)
.....................
29,495
605,237
Murphy
USA,
Inc.
...................
5,321
2,201,936
National
Vision
Holdings,
Inc.
(a)
..........
6,657
115,965
Revolve
Group,
Inc.
,
Class
A
(a)
(b)
..........
5,601
111,516
RH
(a)
(b)
...........................
2,021
499,288
Urban
Outfitters,
Inc.
(a)
................
8,438
328,744
Valvoline,
Inc.
(a)
.....................
33,791
1,436,793
Warby
Parker,
Inc.
,
Class
A
(a)
(b)
...........
18,997
223,025
Winmark
Corp.
.....................
677
243,260
9,255,535
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
(a)
Corsair
Gaming,
Inc.
.................
5,493
60,973
IonQ,
Inc.
(b)
........................
44,075
376,841
437,814
Textiles,
Apparel
&
Luxury
Goods
—
1.0%
Columbia
Sportswear
Co.
..............
5,492
437,328
Crocs,
Inc.
(a)
.......................
6,632
824,822
Figs,
Inc.
,
Class
A
(a)
..................
32,421
165,671
Movado
Group,
Inc.
..................
1,679
42,764
Oxford
Industries,
Inc.
................
1,365
147,120
Ralph
Lauren
Corp.
..................
5,116
837,182
Skechers
USA,
Inc.
,
Class
A
(a)
...........
34,592
2,284,802
Steven
Madden
Ltd.
..................
6,674
269,696
Wolverine
World
Wide,
Inc.
.............
6,350
68,199
5,077,584
Trading
Companies
&
Distributors
—
2.0%
Applied
Industrial
Technologies,
Inc.
.......
10,005
1,833,416
Beacon
Roofing
Supply,
Inc.
(a)
...........
6,441
634,632
BlueLinx
Holdings,
Inc.
(a)
...............
703
77,098
Core
&
Main,
Inc.
,
Class
A
(a)
.............
25,549
1,442,752
Custom
Truck
One
Source,
Inc.
(a)
(b)
........
15,934
79,511
Distribution
Solutions
Group,
Inc.
(a)
........
2,758
90,931
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
46
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
DXP
Enterprises,
Inc.
(a)
................
1,609
$
78,455
FTAI
Aviation
Ltd.
....................
18,274
1,283,017
GATX
Corp.
.......................
2,781
340,283
Global
Industrial
Co.
..................
2,996
115,376
H&E
Equipment
Services,
Inc.
...........
5,380
259,800
Herc
Holdings,
Inc.
...................
3,322
475,146
McGrath
RentCorp
...................
6,320
674,091
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
.....
6,941
633,297
Rush
Enterprises,
Inc.
,
Class
A
..........
7,371
323,734
Rush
Enterprises,
Inc.
,
Class
B
..........
1,046
42,792
SiteOne
Landscape
Supply,
Inc.
(a)
.........
11,530
1,808,942
Titan
Machinery,
Inc.
(a)
................
1,986
44,208
Transcat,
Inc.
(a)
(b)
....................
2,272
243,945
10,481,426
Water
Utilities
—
0.3%
American
States
Water
Co.
.............
9,643
683,110
California
Water
Service
Group
..........
7,086
348,064
Consolidated
Water
Co.
Ltd.
............
2,684
68,308
Middlesex
Water
Co.
.................
2,802
142,118
SJW
Group
........................
4,626
251,886
York
Water
Co.
(The)
.................
3,640
129,256
1,622,742
Wireless
Telecommunication
Services
—
0.0%
Gogo,
Inc.
(a)
.......................
8,003
72,507
Total
Long-Term
Investments
—
99
.9
%
(Cost:
$
492,075,620
)
..............................
528,503,561
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
13.8%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.49
%
(h)
..................
72,365,198
$
72,386,907
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.28
%
...................
651,228
651,228
Total
Short-Term
Securities
—
13
.8
%
(Cost:
$
73,011,116
)
...............................
73,038,135
Total
Investments
—
113
.7
%
(Cost:
$
565,086,736
)
..............................
601,541,696
Liabilities
in
Excess
of
Other
Assets
—
(
13.7
)
%
............
(
72,297,413
)
Net
Assets
—
100.0%
...............................
$
529,244,283
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$12,297,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$157,754.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
62,391,598
$
9,998,045
(a)
$
—
$
3,515
$
(
6,251
)
$
72,386,907
72,365,198
$
680,326
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
808,997
—
(
157,769
)
(a)
—
—
651,228
651,228
51,835
—
$
3,515
$
(
6,251
)
$
73,038,135
$
732,161
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
6
06/21/24
$
596
$
(
38,643
)
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
47
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
38,643
$
—
$
—
$
—
$
38,643
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
137,735
$
—
$
—
$
—
$
137,735
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
36,896
)
$
—
$
—
$
—
$
(
36,896
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
884,048
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
528,491,264
$
12,297
$
—
$
528,503,561
Short-Term
Securities
Money
Market
Funds
......................................
73,038,135
—
—
73,038,135
$
601,529,399
$
12,297
$
—
$
601,541,696
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(
38,643
)
$
—
$
—
$
(
38,643
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.7%
AAR
Corp.
(a)
.......................
4,218
$
291,633
AerSale
Corp.
(a)
(b)
....................
5,299
37,782
BWX
Technologies,
Inc.
...............
6,972
667,708
Eve
Holding,
Inc.
(a)
(b)
..................
6,165
33,229
Mercury
Systems,
Inc.
(a)
...............
10,244
288,881
Moog,
Inc.
,
Class
A
..................
2,344
372,860
National
Presto
Industries,
Inc.
...........
698
57,229
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(a)
..
20,920
669,440
Triumph
Group,
Inc.
(a)
.................
7,632
101,964
V2X,
Inc.
(a)
........................
2,509
121,887
2,642,613
Air
Freight
&
Logistics
—
0.3%
Air
Transport
Services
Group,
Inc.
(a)
.......
6,885
88,266
Forward
Air
Corp.
...................
3,728
82,090
GXO
Logistics,
Inc.
(a)
.................
9,168
455,283
Hub
Group,
Inc.
,
Class
A
...............
12,303
494,827
1,120,466
Automobile
Components
—
1.3%
Adient
plc
(a)
(b)
.......................
18,534
553,611
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
22,922
168,247
Autoliv,
Inc.
........................
4,931
590,684
Dana,
Inc.
.........................
25,614
318,382
Dorman
Products,
Inc.
(a)
...............
2,657
232,355
Garrett
Motion,
Inc.
(a)
(b)
................
25,809
246,734
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
.......
54,025
646,139
LCI
Industries
......................
2,300
239,154
Lear
Corp.
........................
4,801
604,302
Modine
Manufacturing
Co.
(a)
............
3,783
350,419
Patrick
Industries,
Inc.
................
4,293
448,576
Phinia,
Inc.
........................
9,026
352,014
QuantumScape
Corp.
,
Class
A
(a)
(b)
........
25,143
136,275
Standard
Motor
Products,
Inc.
...........
4,008
128,657
Stoneridge,
Inc.
(a)
....................
5,349
80,128
5,095,677
Automobiles
—
0.5%
Harley-Davidson,
Inc.
.................
27,526
946,619
Thor
Industries,
Inc.
..................
5,176
514,598
Winnebago
Industries,
Inc.
.............
5,794
356,795
1,818,012
Banks
—
13.3%
1st
Source
Corp.
....................
3,343
165,813
Amalgamated
Financial
Corp.
...........
3,331
81,743
Amerant
Bancorp,
Inc.
,
Class
A
..........
3,583
77,608
Ameris
Bancorp
.....................
12,621
599,245
Associated
Banc-Corp.
................
29,896
629,909
Atlantic
Union
Bankshares
Corp.
.........
14,713
467,432
Axos
Financial,
Inc.
(a)
.................
5,206
263,476
Banc
of
California,
Inc.
................
30,360
415,628
BancFirst
Corp.
.....................
1,781
158,812
Bank
First
Corp.
....................
896
69,162
Bank
of
Hawaii
Corp.
.................
7,863
445,753
Bank
OZK
........................
21,393
955,197
BankUnited,
Inc.
....................
14,118
377,374
Banner
Corp.
......................
6,812
297,208
Berkshire
Hills
Bancorp,
Inc.
............
8,615
183,672
BOK
Financial
Corp.
..................
4,887
433,623
Brookline
Bancorp,
Inc.
................
17,813
147,848
Byline
Bancorp,
Inc.
..................
6,025
130,562
Cadence
Bank
.....................
35,520
982,838
Cambridge
Bancorp
..................
1,418
87,023
Camden
National
Corp.
...............
2,841
88,696
Security
Shares
Shares
Value
Banks
(continued)
Capital
City
Bank
Group,
Inc.
............
1,384
$
36,704
Capitol
Federal
Financial,
Inc.
...........
24,872
118,639
Cathay
General
Bancorp
...............
13,921
479,439
Central
Pacific
Financial
Corp.
...........
3,937
78,504
City
Holding
Co.
....................
1,699
171,633
Coastal
Financial
Corp.
(a)
..............
1,114
43,089
Columbia
Banking
System,
Inc.
..........
41,006
771,323
Columbia
Financial,
Inc.
(a)
..............
3,401
56,457
Comerica,
Inc.
......................
26,098
1,309,337
Commerce
Bancshares,
Inc.
............
25,093
1,372,085
Community
Bank
System,
Inc.
...........
10,566
456,662
Community
Trust
Bancorp,
Inc.
..........
3,105
130,441
ConnectOne
Bancorp,
Inc.
.............
7,594
136,009
CrossFirst
Bankshares,
Inc.
(a)
(b)
..........
5,215
62,997
Cullen/Frost
Bankers,
Inc.
..............
7,305
762,204
Customers
Bancorp,
Inc.
(a)
..............
5,695
260,091
CVB
Financial
Corp.
..................
26,261
429,105
Dime
Community
Bancshares,
Inc.
........
7,589
138,120
Eagle
Bancorp,
Inc.
..................
5,975
110,478
East
West
Bancorp,
Inc.
...............
27,839
2,073,727
Eastern
Bankshares,
Inc.
..............
31,750
398,780
Enterprise
Financial
Services
Corp.
.......
7,363
279,868
Farmers
National
Banc
Corp.
............
7,492
88,630
FB
Financial
Corp.
...................
7,124
261,095
First
Bancorp
......................
38,639
770,474
First
Bancshares,
Inc.
(The)
.............
5,204
124,584
First
Busey
Corp.
....................
10,704
239,127
First
Commonwealth
Financial
Corp.
.......
19,869
262,072
First
Financial
Bancorp
................
18,892
417,702
First
Financial
Bankshares,
Inc.
..........
16,373
483,986
First
Hawaiian,
Inc.
..................
25,272
532,986
First
Horizon
Corp.
...................
109,198
1,629,234
First
Interstate
BancSystem,
Inc.
,
Class
A
...
17,689
472,296
First
Merchants
Corp.
.................
11,990
400,706
First
Mid
Bancshares,
Inc.
..............
4,569
141,456
FNB
Corp.
........................
68,549
914,444
Fulton
Financial
Corp.
.................
30,950
512,222
German
American
Bancorp,
Inc.
..........
3,893
123,525
Glacier
Bancorp,
Inc.
.................
21,990
795,598
Great
Southern
Bancorp,
Inc.
............
1,855
95,347
Hancock
Whitney
Corp.
...............
17,109
776,577
Hanmi
Financial
Corp.
................
6,196
94,799
HarborOne
Bancorp,
Inc.
..............
7,522
76,198
HBT
Financial,
Inc.
...................
2,748
50,714
Heartland
Financial
USA,
Inc.
...........
8,190
344,881
Heritage
Commerce
Corp.
..............
12,971
102,990
Heritage
Financial
Corp.
...............
7,055
125,156
Hilltop
Holdings,
Inc.
..................
9,150
267,729
Home
BancShares,
Inc.
...............
18,560
439,501
Hope
Bancorp,
Inc.
..................
23,555
236,021
Horizon
Bancorp,
Inc.
.................
8,718
100,083
Independent
Bank
Corp.
...............
8,174
410,662
Independent
Bank
Group,
Inc.
...........
6,976
259,786
International
Bancshares
Corp.
..........
10,609
590,391
Kearny
Financial
Corp.
................
11,507
62,138
Lakeland
Bancorp,
Inc.
................
12,976
158,177
Lakeland
Financial
Corp.
...............
3,270
192,178
Mercantile
Bank
Corp.
................
3,314
119,569
Metrocity
Bankshares,
Inc.
.............
4,089
93,965
Midland
States
Bancorp,
Inc.
............
4,516
98,900
National
Bank
Holdings
Corp.
,
Class
A
.....
6,807
222,793
NBT
Bancorp,
Inc.
...................
9,231
323,177
New
York
Community
Bancorp,
Inc.
.......
141,369
374,628
Nicolet
Bankshares,
Inc.
...............
2,686
205,560
Northwest
Bancshares,
Inc.
.............
23,767
251,930
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
OceanFirst
Financial
Corp.
.............
11,886
$
175,437
OFG
Bancorp
......................
9,147
330,298
Old
National
Bancorp
.................
55,748
922,072
Old
Second
Bancorp,
Inc.
..............
8,973
122,930
Origin
Bancorp,
Inc.
..................
3,231
95,961
Pacific
Premier
Bancorp,
Inc.
............
17,152
368,768
Park
National
Corp.
..................
2,834
373,266
Pathward
Financial,
Inc.
...............
2,633
132,624
Peapack-Gladstone
Financial
Corp.
.......
1,687
37,755
Peoples
Bancorp,
Inc.
................
6,804
197,588
Pinnacle
Financial
Partners,
Inc.
..........
15,188
1,164,920
Popular,
Inc.
.......................
13,240
1,125,268
Preferred
Bank
.....................
1,197
90,601
Premier
Financial
Corp.
...............
6,916
134,032
Prosperity
Bancshares,
Inc.
.............
18,346
1,136,902
Provident
Financial
Services,
Inc.
.........
14,131
207,443
QCR
Holdings,
Inc.
..................
3,227
177,356
Republic
Bancorp,
Inc.
,
Class
A
..........
1,878
95,252
S&T
Bancorp,
Inc.
...................
7,184
216,598
Sandy
Spring
Bancorp,
Inc.
.............
8,898
181,964
Seacoast
Banking
Corp.
of
Florida
........
8,283
191,089
ServisFirst
Bancshares,
Inc.
............
4,379
258,186
Simmons
First
National
Corp.
,
Class
A
.....
23,992
410,023
Southern
Missouri
Bancorp,
Inc.
..........
1,192
47,799
Southside
Bancshares,
Inc.
.............
5,858
156,174
SouthState
Corp.
....................
14,385
1,088,944
Stellar
Bancorp,
Inc.
..................
10,250
227,550
Stock
Yards
Bancorp,
Inc.
..............
2,418
107,722
Synovus
Financial
Corp.
...............
27,854
996,895
Texas
Capital
Bancshares,
Inc.
(a)
.........
5,421
311,165
TFS
Financial
Corp.
..................
6,380
76,624
Tompkins
Financial
Corp.
..............
2,538
111,621
Towne
Bank
.......................
13,897
359,515
TriCo
Bancshares
...................
6,359
221,102
Triumph
Financial,
Inc.
(a)
(b)
..............
2,102
147,897
TrustCo
Bank
Corp.
..................
3,711
98,787
Trustmark
Corp.
....................
11,169
330,602
UMB
Financial
Corp.
.................
8,757
697,583
United
Bankshares,
Inc.
...............
26,396
856,814
United
Community
Banks,
Inc.
...........
23,481
592,426
Univest
Financial
Corp.
................
5,722
119,418
Valley
National
Bancorp
...............
85,792
601,402
Veritex
Holdings,
Inc.
.................
9,951
193,845
WaFd,
Inc.
........................
12,740
345,127
Webster
Financial
Corp.
...............
32,692
1,432,890
WesBanco,
Inc.
.....................
11,821
319,167
Westamerica
Bancorp
................
5,005
232,983
Western
Alliance
Bancorp
..............
20,565
1,168,709
Wintrust
Financial
Corp.
...............
12,145
1,173,693
WSFS
Financial
Corp.
................
6,740
288,000
Zions
Bancorp
NA
...................
29,152
1,188,819
52,617,907
Beverages
—
0.0%
(a)
Duckhorn
Portfolio,
Inc.
(The)
(b)
..........
5,151
43,629
National
Beverage
Corp.
...............
1,722
76,629
120,258
Biotechnology
—
2.0%
(a)
Agios
Pharmaceuticals,
Inc.
.............
3,324
108,030
Akero
Therapeutics,
Inc.
...............
10,923
217,259
Alector,
Inc.
(b)
......................
7,402
37,602
Allogene
Therapeutics,
Inc.
(b)
............
10,983
30,313
Amicus
Therapeutics,
Inc.
..............
15,321
153,057
AnaptysBio,
Inc.
....................
2,126
51,747
Security
Shares
Shares
Value
Biotechnology
(continued)
Anavex
Life
Sciences
Corp.
.............
7,964
$
29,069
Arcturus
Therapeutics
Holdings,
Inc.
(b)
......
4,854
124,117
Arcus
Biosciences,
Inc.
................
4,515
68,763
Beam
Therapeutics,
Inc.
...............
4,038
85,686
Biohaven
Ltd.
(b)
.....................
7,265
281,882
Bridgebio
Pharma,
Inc.
................
11,499
294,604
Cabaletta
Bio,
Inc.
(b)
..................
4,320
45,986
Catalyst
Pharmaceuticals,
Inc.
...........
7,379
111,054
CRISPR
Therapeutics
AG
(b)
.............
15,029
796,387
Dyne
Therapeutics,
Inc.
...............
10,199
258,137
Editas
Medicine,
Inc.
(b)
................
16,104
83,902
Geron
Corp.
.......................
42,869
168,475
Inhibrx,
Inc.
........................
2,631
89,559
Intellia
Therapeutics,
Inc.
(b)
.............
8,069
172,677
Ionis
Pharmaceuticals,
Inc.
(b)
............
15,130
624,264
Iovance
Biotherapeutics,
Inc.
(b)
...........
42,960
506,069
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
....
26,775
207,506
Kiniksa
Pharmaceuticals
Ltd.
,
Class
A
......
2,657
49,739
Kura
Oncology,
Inc.
(b)
.................
8,678
170,262
Lyell
Immunopharma,
Inc.
..............
18,680
40,536
Madrigal
Pharmaceuticals,
Inc.
(b)
.........
1,336
272,571
Myriad
Genetics,
Inc.
.................
17,493
342,338
Novavax,
Inc.
(b)
.....................
9,587
41,512
Olema
Pharmaceuticals,
Inc.
............
4,718
47,982
PTC
Therapeutics,
Inc.
(b)
...............
10,203
328,026
RAPT
Therapeutics,
Inc.
(b)
..............
3,591
27,651
REGENXBIO,
Inc.
...................
7,659
117,566
Replimune
Group,
Inc.
(b)
...............
3,027
19,222
Sage
Therapeutics,
Inc.
...............
4,711
65,671
Sana
Biotechnology,
Inc.
(b)
..............
7,851
70,659
Savara,
Inc.
.......................
7,481
34,263
Summit
Therapeutics,
Inc.
(b)
.............
7,488
29,428
Taysha
Gene
Therapies,
Inc.
............
6,403
15,559
TG
Therapeutics,
Inc.
(b)
................
27,543
376,237
Ultragenyx
Pharmaceutical,
Inc.
..........
5,386
229,120
Vaxcyte,
Inc.
.......................
10,695
647,582
Vir
Biotechnology,
Inc.
................
17,507
148,109
Viridian
Therapeutics,
Inc.
(b)
.............
6,540
86,720
Zymeworks,
Inc.
....................
8,176
70,150
7,777,048
Broadline
Retail
—
0.6%
Dillard's,
Inc.
,
Class
A
(b)
................
890
389,811
Kohl's
Corp.
.......................
19,729
472,313
Macy's,
Inc.
.......................
54,179
998,519
Nordstrom,
Inc.
.....................
20,722
393,925
2,254,568
Building
Products
—
1.4%
American
Woodmark
Corp.
(a)
............
1,993
183,515
Apogee
Enterprises,
Inc.
...............
4,351
268,805
Armstrong
World
Industries,
Inc.
..........
2,798
321,434
AZZ,
Inc.
.........................
2,491
178,430
Fortune
Brands
Innovations,
Inc.
.........
24,866
1,817,705
Griffon
Corp.
.......................
5,456
357,477
Hayward
Holdings,
Inc.
(a)
(b)
..............
24,788
336,621
Insteel
Industries,
Inc.
.................
1,839
59,032
Janus
International
Group,
Inc.
(a)
(b)
........
8,493
122,384
JELD-WEN
Holding,
Inc.
(a)
..............
16,046
328,943
Masonite
International
Corp.
(a)
...........
2,509
332,568
Masterbrand,
Inc.
(a)
..................
25,089
418,234
Quanex
Building
Products
Corp.
..........
3,364
111,752
Resideo
Technologies,
Inc.
(a)
............
14,264
278,576
UFP
Industries,
Inc.
..................
5,334
601,142
5,716,618
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Capital
Markets
—
2.9%
Affiliated
Managers
Group,
Inc.
..........
4,510
$
704,011
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
............................
6,044
247,381
B
Riley
Financial,
Inc.
(b)
................
3,209
110,390
BGC
Group,
Inc.
,
Class
A
..............
76,301
597,437
Diamond
Hill
Investment
Group,
Inc.
.......
574
85,652
Donnelley
Financial
Solutions,
Inc.
(a)
.......
2,404
150,923
Evercore,
Inc.
,
Class
A
................
4,351
789,706
Federated
Hermes,
Inc.
,
Class
B
.........
8,821
289,770
Houlihan
Lokey,
Inc.
,
Class
A
............
4,025
513,147
Invesco
Ltd.
.......................
64,186
909,516
Janus
Henderson
Group
plc
............
26,463
826,175
Jefferies
Financial
Group,
Inc.
...........
13,135
565,593
Moelis
&
Co.
,
Class
A
.................
13,184
647,071
Open
Lending
Corp.
,
Class
A
(a)
...........
13,351
68,090
Perella
Weinberg
Partners
..............
3,531
52,682
Piper
Sandler
Cos.
...................
2,885
564,854
SEI
Investments
Co.
..................
8,070
532,216
StepStone
Group,
Inc.
,
Class
A
..........
3,965
143,018
Stifel
Financial
Corp.
.................
19,864
1,587,531
StoneX
Group,
Inc.
(a)
.................
5,393
391,532
TPG,
Inc.
,
Class
A
...................
11,699
504,227
Victory
Capital
Holdings,
Inc.
,
Class
A
......
7,734
393,351
Virtu
Financial,
Inc.
,
Class
A
.............
17,064
370,289
Virtus
Investment
Partners,
Inc.
..........
641
140,584
WisdomTree,
Inc.
....................
14,581
129,771
11,314,917
Chemicals
—
3.0%
AdvanSix,
Inc.
......................
5,270
133,120
Arcadium
Lithium
plc
(a)
(b)
...............
104,850
461,340
Ashland,
Inc.
.......................
6,366
606,871
Avient
Corp.
.......................
10,742
455,676
Axalta
Coating
Systems
Ltd.
(a)
...........
18,934
595,285
Cabot
Corp.
.......................
10,896
994,042
Chemours
Co.
(The)
..................
29,322
784,364
Ecovyst,
Inc.
(a)
......................
9,486
89,453
Element
Solutions,
Inc.
................
44,622
1,032,107
FMC
Corp.
........................
24,607
1,452,059
HB
Fuller
Co.
......................
6,113
456,702
Huntsman
Corp.
....................
32,751
781,439
Ingevity
Corp.
(a)
.....................
7,129
364,577
Innospec,
Inc.
......................
2,251
270,120
Koppers
Holdings,
Inc.
................
2,078
106,560
Kronos
Worldwide,
Inc.
................
4,542
52,006
LSB
Industries,
Inc.
(a)
.................
10,438
97,073
Mativ
Holdings,
Inc.
..................
10,680
195,017
Minerals
Technologies,
Inc.
.............
5,891
429,395
NewMarket
Corp.
....................
645
339,863
Olin
Corp.
.........................
12,705
664,217
Orion
SA
.........................
5,528
130,793
Perimeter
Solutions
SA
(a)
...............
18,268
127,876
PureCycle
Technologies,
Inc.
(a)
(b)
..........
10,392
48,531
Scotts
Miracle-Gro
Co.
(The)
............
7,980
546,949
Sensient
Technologies
Corp.
............
3,850
281,897
Stepan
Co.
........................
1,873
155,440
Tronox
Holdings
plc
..................
23,486
399,027
12,051,799
Commercial
Services
&
Supplies
—
1.3%
ABM
Industries,
Inc.
..................
9,132
399,069
ACCO
Brands
Corp.
..................
18,511
89,223
Brady
Corp.
,
Class
A,
NVS
.............
3,709
218,831
BrightView
Holdings,
Inc.
(a)
.............
7,919
89,089
Brink's
Co.
(The)
....................
2,633
230,282
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Cimpress
plc
(a)
......................
3,133
$
267,151
CoreCivic,
Inc.
(a)
....................
22,358
333,134
Deluxe
Corp.
.......................
8,189
161,733
Driven
Brands
Holdings,
Inc.
(a)
...........
8,861
126,978
Ennis,
Inc.
........................
2,911
57,929
Enviri
Corp.
(a)
......................
15,702
122,162
GEO
Group,
Inc.
(The)
(a)
...............
24,091
357,992
Healthcare
Services
Group,
Inc.
(a)
.........
13,637
144,825
HNI
Corp.
.........................
9,155
384,052
Interface,
Inc.
......................
5,870
89,752
Matthews
International
Corp.
,
Class
A
......
5,895
159,047
MillerKnoll,
Inc.
.....................
8,710
221,495
OPENLANE,
Inc.
(a)
...................
7,639
131,238
Pitney
Bowes,
Inc.
...................
4,409
18,782
SP
Plus
Corp.
(a)
.....................
2,091
106,767
Steelcase,
Inc.
,
Class
A
...............
17,222
207,181
Stericycle,
Inc.
(a)
....................
9,725
434,999
UniFirst
Corp.
......................
1,152
184,470
Vestis
Corp.
.......................
25,822
475,641
VSE
Corp.
........................
842
65,735
5,077,557
Communications
Equipment
—
0.4%
ADTRAN
Holdings,
Inc.
...............
14,445
63,269
Ciena
Corp.
(a)
......................
10,988
507,975
Infinera
Corp.
(a)
.....................
11,746
56,616
Lumentum
Holdings,
Inc.
(a)
(b)
............
8,143
356,338
NetScout
Systems,
Inc.
(a)
..............
13,504
260,087
Viasat,
Inc.
(a)
.......................
9,037
143,779
Viavi
Solutions,
Inc.
(a)
.................
23,224
183,469
1,571,533
Construction
&
Engineering
—
0.7%
Ameresco,
Inc.
,
Class
A
(a)
(b)
.............
3,159
66,118
Arcosa,
Inc.
.......................
4,328
329,015
Argan,
Inc.
........................
1,184
71,348
Dycom
Industries,
Inc.
(a)
...............
2,164
303,003
IES
Holdings,
Inc.
(a)
..................
555
74,992
MasTec,
Inc.
(a)
......................
5,141
455,955
MDU
Resources
Group,
Inc.
............
39,060
964,782
Primoris
Services
Corp.
...............
4,947
230,530
Valmont
Industries,
Inc.
................
1,750
358,400
2,854,143
Construction
Materials
—
0.1%
Eagle
Materials,
Inc.
(b)
.................
2,179
546,297
Consumer
Finance
—
1.8%
Ally
Financial,
Inc.
...................
53,462
2,050,268
Atlanticus
Holdings
Corp.
(a)
.............
1,108
29,307
Bread
Financial
Holdings,
Inc.
...........
9,370
345,847
Credit
Acceptance
Corp.
(a)
(b)
.............
1,295
665,267
Encore
Capital
Group,
Inc.
(a)
............
4,478
184,001
Enova
International,
Inc.
(a)
..............
5,644
341,631
EZCORP,
Inc.
,
Class
A,
NVS
(a)
...........
5,195
57,041
Green
Dot
Corp.
,
Class
A
(a)
.............
5,076
44,415
LendingClub
Corp.
(a)
..................
9,412
70,778
Navient
Corp.
......................
16,871
253,402
Nelnet,
Inc.
,
Class
A
..................
2,356
221,888
NerdWallet,
Inc.
,
Class
A
(a)
(b)
............
7,322
92,038
OneMain
Holdings,
Inc.
................
22,851
1,190,766
PRA
Group,
Inc.
(a)
...................
7,382
175,618
PROG
Holdings,
Inc.
.................
8,927
296,733
SLM
Corp.
........................
44,532
943,633
World
Acceptance
Corp.
(a)
..............
707
97,262
7,059,895
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
—
0.5%
Andersons,
Inc.
(The)
.................
3,006
$
165,150
Chefs'
Warehouse,
Inc.
(The)
(a)
..........
7,048
233,148
Grocery
Outlet
Holding
Corp.
(a)
...........
5,417
140,680
Ingles
Markets,
Inc.
,
Class
A
............
1,737
124,630
PriceSmart,
Inc.
.....................
2,848
229,520
SpartanNash
Co.
....................
6,826
130,308
Sprouts
Farmers
Market,
Inc.
(a)
(b)
.........
9,610
634,548
United
Natural
Foods,
Inc.
(a)
.............
11,651
104,043
Weis
Markets,
Inc.
...................
2,226
140,527
1,902,554
Containers
&
Packaging
—
1.6%
AptarGroup,
Inc.
....................
3,904
563,660
Berry
Global
Group,
Inc.
...............
22,823
1,292,695
Graphic
Packaging
Holding
Co.
..........
25,276
653,385
Greif,
Inc.
,
Class
A,
NVS
...............
5,007
306,829
Greif,
Inc.
,
Class
B
...................
588
36,738
Myers
Industries,
Inc.
.................
3,220
70,518
O-I
Glass,
Inc.
(a)
.....................
30,441
455,397
Pactiv
Evergreen,
Inc.
................
6,851
104,409
Sealed
Air
Corp.
....................
28,374
893,213
Silgan
Holdings,
Inc.
..................
16,293
760,231
Sonoco
Products
Co.
.................
19,278
1,080,532
TriMas
Corp.
.......................
8,224
213,742
6,431,349
Diversified
Consumer
Services
—
0.6%
ADT,
Inc.
.........................
44,053
286,345
Adtalem
Global
Education,
Inc.
(a)
.........
2,185
108,420
Chegg,
Inc.
(a)
.......................
12,271
63,441
European
Wax
Center,
Inc.
,
Class
A
(a)
......
3,651
42,936
Frontdoor,
Inc.
(a)
.....................
8,135
249,663
Graham
Holdings
Co.
,
Class
B
...........
707
495,869
H&R
Block,
Inc.
.....................
14,463
683,087
Laureate
Education,
Inc.
...............
8,366
121,307
Mister
Car
Wash,
Inc.
(a)
(b)
...............
10,389
69,502
Perdoceo
Education
Corp.
..............
6,323
115,711
Strategic
Education,
Inc.
...............
1,522
174,786
Stride,
Inc.
(a)
.......................
2,195
146,516
2,557,583
Diversified
REITs
—
0.4%
Alexander
&
Baldwin,
Inc.
..............
6,255
103,020
American
Assets
Trust,
Inc.
.............
6,087
129,958
Armada
Hoffler
Properties,
Inc.
..........
13,188
138,738
Broadstone
Net
Lease,
Inc.
.............
18,661
271,704
Empire
State
Realty
Trust,
Inc.
,
Class
A
.....
15,813
143,898
Essential
Properties
Realty
Trust,
Inc.
......
15,957
420,307
Gladstone
Commercial
Corp.
............
8,047
107,588
Global
Net
Lease,
Inc.
................
38,856
270,049
1,585,262
Diversified
Telecommunication
Services
—
0.6%
ATN
International,
Inc.
................
2,174
41,480
Cogent
Communications
Holdings,
Inc.
.....
8,614
552,846
Consolidated
Communications
Holdings,
Inc.
(a)
14,430
62,338
Frontier
Communications
Parent,
Inc.
(a)
(b)
....
43,584
1,008,534
IDT
Corp.
,
Class
B
...................
1,661
59,032
Liberty
Latin
America
Ltd.
,
Class
A
(a)
(b)
......
7,748
58,497
Liberty
Latin
America
Ltd.
,
Class
C,
NVS
(a)
...
24,564
185,213
Lumen
Technologies,
Inc.
(a)
.............
196,147
233,415
2,201,355
Electric
Utilities
—
1.2%
ALLETE,
Inc.
......................
11,369
673,272
Genie
Energy
Ltd.
,
Class
B
.............
1,430
21,865
Hawaiian
Electric
Industries,
Inc.
.........
21,851
215,232
Security
Shares
Shares
Value
Electric
Utilities
(continued)
IDACORP,
Inc.
.....................
5,537
$
524,797
MGE
Energy,
Inc.
....................
2,780
217,730
OGE
Energy
Corp.
...................
39,667
1,374,462
Otter
Tail
Corp.
.....................
4,330
369,609
PNM
Resources,
Inc.
.................
16,973
629,019
Portland
General
Electric
Co.
............
19,962
862,957
4,888,943
Electrical
Equipment
—
1.5%
Acuity
Brands,
Inc.
...................
2,597
644,835
Atkore,
Inc.
(b)
.......................
4,748
832,324
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
30,921
41,125
Encore
Wire
Corp.
...................
1,789
499,775
EnerSys
..........................
3,627
328,062
Freyr
Battery,
Inc.
(a)
(b)
.................
21,308
35,158
Generac
Holdings,
Inc.
(a)
(b)
..............
7,139
970,618
GrafTech
International
Ltd.
.............
38,095
65,523
NEXTracker,
Inc.
,
Class
A
(a)
.............
9,706
415,320
nVent
Electric
plc
....................
12,165
876,732
Powell
Industries,
Inc.
.................
492
70,356
Preformed
Line
Products
Co.
............
200
24,206
Sensata
Technologies
Holding
plc
.........
19,366
741,912
SunPower
Corp.
(a)
(b)
..................
15,888
32,729
Sunrun,
Inc.
(a)
(b)
.....................
42,906
441,503
Thermon
Group
Holdings,
Inc.
(a)
..........
2,746
87,680
6,107,858
Electronic
Equipment,
Instruments
&
Components
—
2.3%
Advanced
Energy
Industries,
Inc.
(b)
........
3,091
296,242
Arrow
Electronics,
Inc.
(a)
...............
10,699
1,365,941
Avnet,
Inc.
........................
17,337
847,259
Bel
Fuse,
Inc.
,
Class
B,
NVS
............
758
44,510
Belden,
Inc.
.......................
3,084
250,637
Benchmark
Electronics,
Inc.
............
3,529
106,611
Coherent
Corp.
(a)
(b)
...................
14,105
770,556
Crane
NXT
Co.
.....................
11,130
676,815
Daktronics,
Inc.
(a)
....................
4,829
45,634
ePlus,
Inc.
(a)
.......................
2,889
222,106
Insight
Enterprises,
Inc.
(a)
(b)
.............
3,093
564,689
IPG
Photonics
Corp.
(a)
(b)
...............
3,210
269,576
Kimball
Electronics,
Inc.
(a)
..............
2,515
52,639
Knowles
Corp.
(a)
....................
17,870
282,882
Methode
Electronics,
Inc.
..............
4,128
50,320
OSI
Systems,
Inc.
(a)
..................
1,225
161,014
PC
Connection,
Inc.
..................
1,306
80,933
Plexus
Corp.
(a)
......................
2,216
223,838
Sanmina
Corp.
(a)
....................
6,849
415,529
ScanSource,
Inc.
(a)
...................
4,994
207,850
TTM
Technologies,
Inc.
(a)
...............
13,566
202,541
Vishay
Intertechnology,
Inc.
.............
23,698
548,372
Vontier
Corp.
.......................
30,470
1,237,996
8,924,490
Energy
Equipment
&
Services
—
1.1%
Archrock,
Inc.
......................
15,984
306,733
Atlas
Energy
Solutions,
Inc.
.............
2,206
48,995
Bristow
Group,
Inc.
(a)
.................
4,334
114,028
Diamond
Offshore
Drilling,
Inc.
(a)
..........
9,971
122,045
Helmerich
&
Payne,
Inc.
...............
19,441
764,615
Kodiak
Gas
Services,
Inc.
..............
1,814
49,305
Liberty
Energy,
Inc.
,
Class
A
............
21,842
480,524
Nabors
Industries
Ltd.
(a)
...............
747
53,806
Newpark
Resources,
Inc.
(a)
.............
9,959
69,115
NOV,
Inc.
.........................
23,813
440,302
Oil
States
International,
Inc.
(a)
............
4,578
18,266
Patterson-UTI
Energy,
Inc.
.............
34,315
371,288
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
ProFrac
Holding
Corp.
,
Class
A
(a)
(b)
........
5,291
$
38,466
ProPetro
Holding
Corp.
(a)
...............
8,964
78,166
RPC,
Inc.
.........................
6,267
41,926
Select
Water
Solutions,
Inc.
,
Class
A
.......
10,932
101,012
Tidewater,
Inc.
(a)
....................
3,740
343,519
Transocean
Ltd.
(a)
(b)
..................
82,101
428,567
US
Silica
Holdings,
Inc.
(a)
..............
15,095
232,916
Valaris
Ltd.
(a)
.......................
6,595
429,071
4,532,665
Entertainment
—
0.3%
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
48,608
142,422
Cinemark
Holdings,
Inc.
(a)
(b)
.............
21,881
375,040
Eventbrite,
Inc.
,
Class
A
(a)
..............
6,510
34,373
Lions
Gate
Entertainment
Corp.
,
Class
A
(a)
...
10,653
107,489
Lions
Gate
Entertainment
Corp.
,
Class
B,
NVS
(a)
.........................
26,464
249,555
Playtika
Holding
Corp.
................
11,729
85,035
Sphere
Entertainment
Co.
,
Class
A
(a)
.......
4,780
185,751
Vivid
Seats,
Inc.
,
Class
A
(a)
(b)
............
14,664
77,133
1,256,798
Financial
Services
—
3.0%
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
23,053
734,930
A-Mark
Precious
Metals,
Inc.
............
3,500
140,245
Cannae
Holdings,
Inc.
(a)
(b)
..............
12,314
239,507
Cass
Information
Systems,
Inc.
..........
1,502
64,871
Compass
Diversified
Holdings
...........
11,458
251,732
Enact
Holdings,
Inc.
..................
6,098
181,294
Essent
Group
Ltd.
...................
21,066
1,115,866
Euronet
Worldwide,
Inc.
(a)
..............
3,901
400,555
EVERTEC,
Inc.
.....................
5,440
204,163
Federal
Agricultural
Mortgage
Corp.
,
Class
C,
NVS
..........................
1,019
189,666
I3
Verticals,
Inc.
,
Class
A
(a)
..............
2,456
55,776
Jackson
Financial,
Inc.
,
Class
A
..........
11,664
796,885
Merchants
Bancorp
..................
1,114
44,928
MGIC
Investment
Corp.
...............
54,577
1,106,822
Mr
Cooper
Group,
Inc.
(a)
...............
12,390
956,508
NCR
Atleos
Corp.
(a)
..................
14,066
280,335
NMI
Holdings,
Inc.
,
Class
A
(a)
............
9,033
278,758
PennyMac
Financial
Services,
Inc.
........
5,267
451,066
Radian
Group,
Inc.
...................
30,009
896,369
Repay
Holdings
Corp.
,
Class
A
(a)
.........
7,355
74,800
Rocket
Cos.,
Inc.
,
Class
A
(a)
(b)
............
23,706
291,110
Voya
Financial,
Inc.
..................
13,364
910,890
Walker
&
Dunlop,
Inc.
.................
6,602
604,941
Western
Union
Co.
(The)
..............
66,793
897,698
WEX,
Inc.
(a)
........................
3,520
743,635
11,913,350
Food
Products
—
1.3%
B&G
Foods,
Inc.
....................
15,374
170,651
Calavo
Growers,
Inc.
.................
2,336
62,955
Cal-Maine
Foods,
Inc.
.................
4,174
230,947
Darling
Ingredients,
Inc.
(a)
..............
11,179
473,654
Flowers
Foods,
Inc.
..................
37,416
933,155
Fresh
Del
Monte
Produce,
Inc.
...........
5,976
152,806
Hain
Celestial
Group,
Inc.
(The)
(a)
.........
16,906
103,803
Ingredion,
Inc.
......................
8,170
936,200
J
&
J
Snack
Foods
Corp.
...............
808
110,930
John
B
Sanfilippo
&
Son,
Inc.
............
758
75,573
Lancaster
Colony
Corp.
...............
1,065
203,213
Mission
Produce,
Inc.
(a)
................
2,914
33,074
Pilgrim's
Pride
Corp.
(a)
................
8,234
296,589
Post
Holdings,
Inc.
(a)
..................
5,756
610,999
Security
Shares
Shares
Value
Food
Products
(continued)
Seaboard
Corp.
.....................
35
$
115,854
TreeHouse
Foods,
Inc.
(a)
...............
9,622
361,306
Utz
Brands,
Inc.
,
Class
A
...............
5,756
103,781
WK
Kellogg
Co.
.....................
9,140
213,328
5,188,818
Gas
Utilities
—
1.3%
Chesapeake
Utilities
Corp.
.............
2,173
230,056
National
Fuel
Gas
Co.
................
17,489
928,666
New
Jersey
Resources
Corp.
............
12,041
526,071
Northwest
Natural
Holding
Co.
...........
7,267
277,236
ONE
Gas,
Inc.
......................
10,281
663,330
Southwest
Gas
Holdings,
Inc.
...........
10,603
791,196
Spire,
Inc.
.........................
10,430
644,470
UGI
Corp.
.........................
41,481
1,060,254
5,121,279
Ground
Transportation
—
1.0%
ArcBest
Corp.
......................
4,655
516,286
Avis
Budget
Group,
Inc.
...............
3,654
348,774
Covenant
Logistics
Group,
Inc.
,
Class
A
.....
1,554
70,225
Heartland
Express,
Inc.
................
4,572
45,446
Hertz
Global
Holdings,
Inc.
(a)
(b)
...........
15,375
69,956
Landstar
System,
Inc.
.................
4,139
721,883
Lyft,
Inc.
,
Class
A
(a)
...................
44,094
689,630
Marten
Transport
Ltd.
.................
6,011
101,706
RXO,
Inc.
(a)
........................
11,106
210,015
Ryder
System,
Inc.
...................
5,102
621,679
Schneider
National,
Inc.
,
Class
B
.........
7,363
152,267
Universal
Logistics
Holdings,
Inc.
.........
1,444
64,518
Werner
Enterprises,
Inc.
...............
12,452
425,858
4,038,243
Health
Care
Equipment
&
Supplies
—
1.3%
Artivion,
Inc.
(a)
......................
7,981
156,587
Atrion
Corp.
.......................
155
65,610
Avanos
Medical,
Inc.
(a)
................
4,972
89,894
Dentsply
Sirona,
Inc.
.................
40,440
1,213,604
Embecta
Corp.
.....................
10,324
104,582
Enovis
Corp.
(a)
......................
10,360
572,183
Envista
Holdings
Corp.
(a)
...............
22,332
439,494
Integer
Holdings
Corp.
(a)
...............
2,709
302,406
Integra
LifeSciences
Holdings
Corp.
(a)
......
8,698
253,721
Masimo
Corp.
(a)
(b)
....................
5,532
743,556
Nevro
Corp.
(a)
......................
3,372
35,676
Novocure
Ltd.
(a)
.....................
9,923
121,457
Omnicell,
Inc.
(a)
.....................
5,578
149,546
QuidelOrtho
Corp.
(a)
..................
9,782
396,660
Tandem
Diabetes
Care,
Inc.
(a)
...........
7,613
279,321
Varex
Imaging
Corp.
(a)
................
4,083
66,349
4,990,646
Health
Care
Providers
&
Services
—
2.0%
Accolade,
Inc.
(a)
(b)
....................
8,802
67,159
Agiliti,
Inc.
(a)
.......................
6,215
63,082
Amedisys,
Inc.
(a)
....................
3,877
356,878
AMN
Healthcare
Services,
Inc.
(a)
(b)
........
7,447
446,671
Brookdale
Senior
Living,
Inc.
(a)
(b)
..........
34,324
233,060
Castle
Biosciences,
Inc.
(a)
..............
3,306
69,724
Cross
Country
Healthcare,
Inc.
(a)
.........
6,549
115,262
DaVita,
Inc.
(a)
.......................
10,885
1,513,124
Encompass
Health
Corp.
..............
6,211
517,873
Fulgent
Genetics,
Inc.
(a)
(b)
..............
3,951
80,403
ModivCare,
Inc.
(a)
....................
2,190
51,399
National
HealthCare
Corp.
..............
1,389
126,219
NeoGenomics,
Inc.
(a)
.................
24,996
347,944
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
OPKO
Health,
Inc.
(a)
(b)
.................
87,573
$
106,839
Owens
&
Minor,
Inc.
(a)
.................
14,036
347,251
Patterson
Cos.,
Inc.
..................
17,115
435,919
Pediatrix
Medical
Group,
Inc.
(a)
...........
16,492
146,284
Premier,
Inc.
,
Class
A
.................
23,651
493,833
Select
Medical
Holdings
Corp.
...........
7,932
225,031
Tenet
Healthcare
Corp.
(a)
...............
19,872
2,231,427
US
Physical
Therapy,
Inc.
..............
1,273
129,222
8,104,604
Health
Care
REITs
—
1.1%
CareTrust
REIT,
Inc.
..................
25,291
625,193
Community
Healthcare
Trust,
Inc.
.........
1,925
51,070
Global
Medical
REIT,
Inc.
..............
5,925
48,052
LTC
Properties,
Inc.
..................
8,298
274,664
Medical
Properties
Trust,
Inc.
............
118,511
545,151
National
Health
Investors,
Inc.
...........
8,265
521,191
Omega
Healthcare
Investors,
Inc.
.........
48,274
1,468,012
Sabra
Health
Care
REIT,
Inc.
............
41,640
579,629
Universal
Health
Realty
Income
Trust
......
1,206
43,452
4,156,414
Health
Care
Technology
—
0.2%
(a)
Health
Catalyst,
Inc.
..................
4,976
30,951
Multiplan
Corp.
,
Class
A
(b)
..............
56,442
36,676
Schrodinger,
Inc.
....................
4,819
117,487
Teladoc
Health,
Inc.
..................
31,082
396,295
581,409
Hotel
&
Resort
REITs
—
0.5%
Chatham
Lodging
Trust
................
5,795
53,140
Park
Hotels
&
Resorts,
Inc.
.............
41,553
670,250
Pebblebrook
Hotel
Trust
(b)
..............
9,385
136,364
Ryman
Hospitality
Properties,
Inc.
........
5,022
529,721
Service
Properties
Trust
...............
32,735
200,666
Summit
Hotel
Properties,
Inc.
............
20,994
126,174
Sunstone
Hotel
Investors,
Inc.
...........
20,717
211,313
1,927,628
Hotels,
Restaurants
&
Leisure
—
2.3%
Accel
Entertainment,
Inc.
,
Class
A
(a)
.......
10,775
115,723
Bally's
Corp.
(a)
(b)
.....................
5,754
75,608
Biglari
Holdings,
Inc.
,
Class
B,
NVS
(a)
......
150
29,566
Bloomin'
Brands,
Inc.
.................
15,515
400,132
Bowlero
Corp.
,
Class
A
(b)
...............
2,902
34,099
Boyd
Gaming
Corp.
..................
6,767
362,102
Brinker
International,
Inc.
(a)
.............
8,663
464,337
Cheesecake
Factory,
Inc.
(The)
..........
3,962
136,768
Chuy's
Holdings,
Inc.
(a)
(b)
...............
1,005
29,607
Cracker
Barrel
Old
Country
Store,
Inc.
......
4,372
254,407
Dave
&
Buster's
Entertainment,
Inc.
(a)
......
4,160
222,144
Denny's
Corp.
(a)
.....................
7,194
57,696
Dine
Brands
Global,
Inc.
...............
2,905
128,110
Everi
Holdings,
Inc.
(a)
.................
7,241
59,159
Golden
Entertainment,
Inc.
.............
2,682
85,958
Hilton
Grand
Vacations,
Inc.
(a)
(b)
..........
7,484
311,634
Hyatt
Hotels
Corp.
,
Class
A
(b)
............
3,196
475,533
Jack
in
the
Box,
Inc.
..................
2,445
139,536
Marriott
Vacations
Worldwide
Corp.
........
6,326
607,992
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
....
83,969
1,588,693
Papa
John's
International,
Inc.
...........
2,650
163,479
Penn
Entertainment,
Inc.
(a)
..............
29,950
495,373
Portillo's,
Inc.
,
Class
A
(a)
...............
3,432
42,076
RCI
Hospitality
Holdings,
Inc.
............
745
37,816
Red
Rock
Resorts,
Inc.
,
Class
A
..........
5,791
307,618
Sabre
Corp.
(a)
......................
71,353
204,783
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Six
Flags
Entertainment
Corp.
(a)
..........
14,000
$
330,120
Target
Hospitality
Corp.
(a)
(b)
.............
2,510
27,924
Travel
+
Leisure
Co.
..................
14,092
613,566
United
Parks
&
Resorts,
Inc.
(a)
(b)
..........
5,109
259,639
Wendy's
Co.
(The)
...................
12,043
240,740
Wyndham
Hotels
&
Resorts,
Inc.
.........
9,386
689,965
8,991,903
Household
Durables
—
3.7%
Century
Communities,
Inc.
.............
3,631
288,011
Cricut,
Inc.
,
Class
A
..................
2,906
15,460
Ethan
Allen
Interiors,
Inc.
..............
4,524
127,758
Green
Brick
Partners,
Inc.
(a)
.............
5,934
321,207
Helen
of
Troy
Ltd.
(a)
(b)
.................
4,696
435,366
Installed
Building
Products,
Inc.
..........
2,098
494,561
iRobot
Corp.
(a)
(b)
.....................
3,270
27,991
KB
Home
.........................
13,860
897,574
La-Z-Boy,
Inc.
......................
8,418
276,447
Legacy
Housing
Corp.
(a)
...............
1,229
25,035
Leggett
&
Platt,
Inc.
..................
26,080
471,266
LGI
Homes,
Inc.
(a)
...................
4,004
360,080
M/I
Homes,
Inc.
(a)
....................
5,518
641,302
Meritage
Homes
Corp.
................
6,914
1,145,926
Mohawk
Industries,
Inc.
(a)
..............
10,518
1,212,936
Newell
Brands,
Inc.
..................
71,678
569,123
Taylor
Morrison
Home
Corp.
(a)
...........
19,979
1,119,024
Tempur
Sealy
International,
Inc.
..........
10,205
510,862
Toll
Brothers,
Inc.
....................
21,243
2,530,255
TopBuild
Corp.
(a)
(b)
...................
3,215
1,301,014
TRI
Pointe
Homes,
Inc.
(a)
...............
19,215
708,073
Whirlpool
Corp.
.....................
10,810
1,025,437
Worthington
Enterprises,
Inc.
............
6,321
361,308
14,866,016
Household
Products
—
0.2%
Central
Garden
&
Pet
Co.
(a)
.............
1,917
78,501
Central
Garden
&
Pet
Co.
,
Class
A,
NVS
(a)
...
10,244
362,945
Energizer
Holdings,
Inc.
...............
4,441
127,546
Reynolds
Consumer
Products,
Inc.
........
5,300
151,739
720,731
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Clearway
Energy,
Inc.
,
Class
A
...........
7,404
160,741
Clearway
Energy,
Inc.
,
Class
C
..........
15,624
365,289
Sunnova
Energy
International,
Inc.
(a)
(b)
......
7,698
32,408
558,438
Industrial
REITs
—
0.5%
Americold
Realty
Trust,
Inc.
.............
21,039
462,227
Innovative
Industrial
Properties,
Inc.
.......
3,101
320,643
LXP
Industrial
Trust
..................
57,692
481,728
Plymouth
Industrial
REIT,
Inc.
...........
4,076
85,107
STAG
Industrial,
Inc.
.................
17,131
589,135
1,938,840
Insurance
—
3.4%
Ambac
Financial
Group,
Inc.
(a)
...........
8,882
128,345
American
Equity
Investment
Life
Holding
Co.
.
12,168
682,746
AMERISAFE,
Inc.
...................
3,831
174,694
Assurant,
Inc.
......................
5,190
905,136
Assured
Guaranty
Ltd.
................
3,216
246,667
Axis
Capital
Holdings
Ltd.
..............
15,096
925,838
Brighthouse
Financial,
Inc.
(a)
............
12,162
586,817
CNO
Financial
Group,
Inc.
..............
21,750
572,678
Crawford
&
Co.
,
Class
A,
NVS
...........
3,394
31,496
Employers
Holdings,
Inc.
...............
3,063
130,453
Enstar
Group
Ltd.
(a)
..................
2,273
660,011
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
F&G
Annuities
&
Life,
Inc.
..............
3,451
$
130,517
First
American
Financial
Corp.
...........
20,245
1,084,525
Horace
Mann
Educators
Corp.
...........
7,990
294,511
James
River
Group
Holdings
Ltd.
.........
7,616
67,706
Kemper
Corp.
......................
11,149
650,098
Lemonade,
Inc.
(a)
(b)
...................
5,925
102,088
Lincoln
National
Corp.
................
33,332
908,964
Mercury
General
Corp.
................
5,317
277,866
National
Western
Life
Group,
Inc.
,
Class
A
...
403
196,994
Old
Republic
International
Corp.
..........
51,724
1,544,479
Primerica,
Inc.
......................
2,218
469,905
ProAssurance
Corp.
(a)
.................
5,867
78,383
RLI
Corp.
.........................
3,127
442,001
Safety
Insurance
Group,
Inc.
............
2,862
227,729
Selective
Insurance
Group,
Inc.
..........
6,321
642,530
SiriusPoint
Ltd.
(a)
....................
18,837
221,900
Skyward
Specialty
Insurance
Group,
Inc.
(a)
...
2,239
78,186
Stewart
Information
Services
Corp.
........
5,371
333,056
Tiptree,
Inc.
.......................
2,218
35,333
Trupanion,
Inc.
(a)
....................
6,663
149,918
United
Fire
Group,
Inc.
................
4,377
96,688
White
Mountains
Insurance
Group
Ltd.
(b)
....
174
309,396
13,387,654
Interactive
Media
&
Services
—
0.3%
Bumble,
Inc.
,
Class
A
(a)
................
7,935
80,144
Cars.com,
Inc.
(a)
.....................
8,207
137,139
Getty
Images
Holdings,
Inc.
(a)
(b)
..........
8,791
32,351
IAC,
Inc.
(a)
.........................
5,059
240,606
Shutterstock,
Inc.
....................
4,899
209,236
Taboola.com
Ltd.
(a)
...................
30,461
127,936
Vimeo,
Inc.
(a)
.......................
9,016
32,367
Ziff
Davis,
Inc.
(a)
.....................
6,146
307,976
1,167,755
IT
Services
—
0.5%
BigCommerce
Holdings,
Inc.
(a)
...........
7,203
40,769
DigitalOcean
Holdings,
Inc.
(a)
............
4,088
134,332
DXC
Technology
Co.
(a)
(b)
...............
36,054
702,692
Fastly,
Inc.
,
Class
A
(a)
(b)
................
9,358
118,379
Hackett
Group,
Inc.
(The)
..............
1,452
31,494
Kyndryl
Holdings,
Inc.
(a)
................
45,131
887,275
Thoughtworks
Holding,
Inc.
(a)
............
9,794
22,722
1,937,663
Leisure
Products
—
1.2%
Acushnet
Holdings
Corp.
...............
2,643
161,170
Brunswick
Corp.
....................
8,994
725,276
Hasbro,
Inc.
.......................
25,939
1,590,061
Johnson
Outdoors,
Inc.
,
Class
A
..........
883
36,212
Malibu
Boats,
Inc.
,
Class
A
(a)
............
3,963
134,821
Mattel,
Inc.
(a)
.......................
39,119
716,660
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
.......
65,861
204,828
Polaris,
Inc.
........................
6,639
565,377
Smith
&
Wesson
Brands,
Inc.
............
4,255
72,207
Sturm
Ruger
&
Co.,
Inc.
...............
3,453
159,632
Vista
Outdoor,
Inc.
(a)
..................
11,109
389,815
YETI
Holdings,
Inc.
(a)
(b)
................
5,232
186,887
4,942,946
Life
Sciences
Tools
&
Services
—
0.3%
BioLife
Solutions,
Inc.
(a)
(b)
...............
2,979
52,252
CryoPort,
Inc.
(a)
(b)
....................
4,300
69,617
Fortrea
Holdings,
Inc.
(a)
................
16,241
594,258
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
21,783
178,621
Mesa
Laboratories,
Inc.
...............
442
46,887
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
OmniAb,
Inc.
(a)
......................
7,618
$
33,824
Quanterix
Corp.
(a)
(b)
..................
2,178
35,109
1,010,568
Machinery
—
2.6%
3D
Systems
Corp.
(a)
..................
26,423
88,517
Albany
International
Corp.
,
Class
A
........
2,782
221,865
Allison
Transmission
Holdings,
Inc.
........
17,684
1,300,658
Astec
Industries,
Inc.
.................
4,450
186,010
Atmus
Filtration
Technologies,
Inc.
(a)
.......
3,149
95,383
Barnes
Group,
Inc.
...................
9,774
339,353
Columbus
McKinnon
Corp.
.............
2,832
116,877
Crane
Co.
.........................
4,098
573,761
Douglas
Dynamics,
Inc.
...............
2,718
61,536
Enpro,
Inc.
........................
1,594
239,307
Esab
Corp.
........................
4,728
500,601
Gates
Industrial
Corp.
plc
(a)
.............
28,209
497,043
Greenbrier
Cos.,
Inc.
(The)
.............
6,075
300,044
Helios
Technologies,
Inc.
...............
2,821
127,227
Hillenbrand,
Inc.
....................
8,996
429,289
Hillman
Solutions
Corp.
(a)
..............
37,981
363,098
Hyster-Yale
Materials
Handling,
Inc.
.......
2,189
128,210
ITT,
Inc.
..........................
4,722
610,744
Kennametal,
Inc.
....................
14,981
352,503
Middleby
Corp.
(The)
(a)
................
4,867
676,367
Miller
Industries,
Inc.
.................
1,263
61,521
Mueller
Industries,
Inc.
................
11,776
657,336
Mueller
Water
Products,
Inc.
,
Class
A
......
9,029
143,019
Nikola
Corp.
(a)
(b)
.....................
87,110
54,061
Oshkosh
Corp.
.....................
4,779
536,538
REV
Group,
Inc.
....................
8,259
180,542
Standex
International
Corp.
.............
705
121,880
Tennant
Co.
.......................
1,832
213,391
Terex
Corp.
........................
5,159
289,162
Timken
Co.
(The)
....................
7,201
642,473
Titan
International,
Inc.
(a)
...............
5,086
56,048
Wabash
National
Corp.
................
5,248
121,281
10,285,645
Marine
Transportation
—
0.2%
Genco
Shipping
&
Trading
Ltd.
...........
3,349
71,468
Kirby
Corp.
(a)
.......................
4,011
437,720
Matson,
Inc.
.......................
4,274
460,652
969,840
Media
—
1.4%
Advantage
Solutions,
Inc.
,
Class
A
(a)
.......
21,180
90,227
Altice
USA,
Inc.
,
Class
A
(a)
..............
42,428
81,886
Cable
One,
Inc.
.....................
493
194,168
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
.....
57,863
80,430
EchoStar
Corp.
,
Class
A
(a)
..............
23,741
379,619
Gray
Television,
Inc.
..................
11,644
66,953
John
Wiley
&
Sons,
Inc.
,
Class
A
.........
8,706
327,084
Liberty
Media
Corp.-Liberty
SiriusXM
,
NVS
(a)
.
31,582
759,863
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A,
NVS
(a)
.........................
15,454
371,823
Nexstar
Media
Group,
Inc.
..............
6,392
1,023,104
Paramount
Global
,
Class
A
(b)
............
951
19,676
Paramount
Global
,
Class
B,
NVS
.........
101,729
1,158,693
Scholastic
Corp.
....................
3,367
119,933
Sinclair,
Inc.
,
Class
A
(b)
................
7,237
89,015
Stagwell,
Inc.
,
Class
A
(a)
...............
19,869
118,221
TechTarget,
Inc.
(a)
....................
3,078
84,645
TEGNA,
Inc.
.......................
23,558
321,331
Thryv
Holdings,
Inc.
(a)
.................
6,235
143,467
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
(continued)
WideOpenWest,
Inc.
(a)
................
9,620
$
34,343
5,464,481
Metals
&
Mining
—
2.1%
Alcoa
Corp.
........................
35,231
1,238,017
Alpha
Metallurgical
Resources,
Inc.
.......
912
298,333
Arch
Resources,
Inc.
,
Class
A
...........
3,331
528,896
Century
Aluminum
Co.
(a)
...............
5,240
90,914
Coeur
Mining,
Inc.
(a)
..................
74,948
338,765
Commercial
Metals
Co.
................
22,961
1,233,924
Haynes
International,
Inc.
..............
934
56,180
Hecla
Mining
Co.
(b)
...................
64,351
304,380
Ivanhoe
Electric,
Inc.
(a)
(b)
...............
6,369
64,327
Kaiser
Aluminum
Corp.
................
3,133
283,505
Metallus,
Inc.
(a)
.....................
4,447
91,430
MP
Materials
Corp.
,
Class
A
(a)
(b)
..........
10,756
172,096
Piedmont
Lithium,
Inc.
(a)
(b)
..............
1,670
20,458
Radius
Recycling,
Inc.
,
Class
A
..........
5,121
89,208
Ramaco
Resources,
Inc.
,
Class
B
.........
559
6,211
Royal
Gold,
Inc.
.....................
5,577
669,965
Ryerson
Holding
Corp.
................
5,759
164,420
SunCoke
Energy,
Inc.
.................
16,401
169,094
United
States
Steel
Corp.
..............
43,985
1,605,453
Warrior
Met
Coal,
Inc.
.................
10,251
700,656
8,126,232
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
2.0%
AGNC
Investment
Corp.
...............
131,994
1,207,745
Apollo
Commercial
Real
Estate
Finance,
Inc.
.
24,741
238,256
Arbor
Realty
Trust,
Inc.
(b)
...............
35,434
454,618
Ares
Commercial
Real
Estate
Corp.
.......
10,429
70,813
ARMOUR
Residential
REIT,
Inc.
(b)
........
9,354
169,962
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
....
32,488
573,088
BrightSpire
Capital,
Inc.
,
Class
A
.........
25,701
161,659
Chimera
Investment
Corp.
..............
45,267
186,500
Claros
Mortgage
Trust,
Inc.
.............
23,025
200,318
Dynex
Capital,
Inc.
...................
11,409
133,143
Ellington
Financial,
Inc.
................
10,926
124,993
Franklin
BSP
Realty
Trust,
Inc.
...........
11,577
144,597
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
.....................
21,698
542,667
KKR
Real
Estate
Finance
Trust,
Inc.
.......
11,506
108,272
Ladder
Capital
Corp.
,
Class
A
...........
22,806
244,708
MFA
Financial,
Inc.
...................
20,234
214,278
New
York
Mortgage
Trust,
Inc.
...........
18,101
123,992
PennyMac
Mortgage
Investment
Trust
......
16,438
227,666
Ready
Capital
Corp.
..................
34,164
291,077
Redwood
Trust,
Inc.
..................
23,872
132,012
Rithm
Capital
Corp.
..................
95,615
1,063,239
Starwood
Property
Trust,
Inc.
............
58,542
1,110,542
TPG
RE
Finance
Trust,
Inc.
.............
10,985
80,520
Two
Harbors
Investment
Corp.
...........
18,423
232,683
8,037,348
Multi-Utilities
—
0.5%
Avista
Corp.
.......................
15,286
549,990
Black
Hills
Corp.
....................
13,443
738,021
Northwestern
Energy
Group,
Inc.
.........
11,393
574,663
Unitil
Corp.
........................
3,199
162,957
2,025,631
Office
REITs
—
1.4%
Brandywine
Realty
Trust
...............
33,744
153,198
COPT
Defense
Properties
..............
15,457
370,504
Cousins
Properties,
Inc.
...............
27,705
635,553
Douglas
Emmett,
Inc.
.................
27,024
370,499
Security
Shares
Shares
Value
Office
REITs
(continued)
Easterly
Government
Properties,
Inc.
......
10,382
$
121,366
Equity
Commonwealth
(a)
...............
20,963
392,427
Highwoods
Properties,
Inc.
.............
20,911
547,868
Hudson
Pacific
Properties,
Inc.
...........
27,909
161,872
JBG
SMITH
Properties
................
17,249
258,907
Kilroy
Realty
Corp.
...................
22,067
745,865
Paramount
Group,
Inc.
................
36,226
168,089
Peakstone
Realty
Trust
................
6,983
97,553
Piedmont
Office
Realty
Trust,
Inc.
,
Class
A
...
24,243
167,034
SL
Green
Realty
Corp.
................
12,690
632,343
Vornado
Realty
Trust
.................
33,510
872,265
5,695,343
Oil,
Gas
&
Consumable
Fuels
—
5.0%
Antero
Midstream
Corp.
...............
36,054
498,987
Berry
Corp.
........................
14,129
119,955
California
Resources
Corp.
.............
13,319
704,042
Chord
Energy
Corp.
..................
8,177
1,447,165
Civitas
Resources,
Inc.
................
13,654
982,542
CNX
Resources
Corp.
(a)
(b)
..............
14,563
342,522
Comstock
Resources,
Inc.
..............
8,182
82,311
CONSOL
Energy,
Inc.
.................
2,572
212,859
Crescent
Energy,
Inc.
,
Class
A
...........
17,143
182,402
CVR
Energy,
Inc.
....................
6,728
204,397
Delek
US
Holdings,
Inc.
...............
11,870
324,407
Dorian
LPG
Ltd.
.....................
6,797
280,852
DT
Midstream,
Inc.
...................
19,165
1,192,063
Equitrans
Midstream
Corp.
.............
85,703
1,159,562
Granite
Ridge
Resources,
Inc.
...........
7,385
48,150
Gulfport
Energy
Corp.
(a)
...............
2,424
384,713
Hallador
Energy
Co.
(a)
.................
2,319
11,850
HighPeak
Energy,
Inc.
(b)
...............
1,433
20,363
International
Seaways,
Inc.
.............
2,698
149,172
Kinetik
Holdings,
Inc.
,
Class
A
...........
2,081
79,786
Kosmos
Energy
Ltd.
(a)
(b)
................
51,733
293,326
Magnolia
Oil
&
Gas
Corp.
,
Class
A
........
20,205
506,539
Matador
Resources
Co.
...............
22,306
1,389,664
Murphy
Oil
Corp.
....................
30,438
1,358,752
Northern
Oil
&
Gas,
Inc.
...............
18,290
746,049
Par
Pacific
Holdings,
Inc.
(a)
.............
11,856
365,165
PBF
Energy,
Inc.
,
Class
A
..............
21,548
1,147,862
Peabody
Energy
Corp.
................
21,622
474,387
Permian
Resources
Corp.
,
Class
A
........
93,727
1,569,927
REX
American
Resources
Corp.
(a)
........
1,830
101,254
Riley
Exploration
Permian,
Inc.
...........
632
16,388
SandRidge
Energy,
Inc.
...............
4,047
55,444
SilverBow
Resources,
Inc.
(a)
.............
2,690
82,637
Sitio
Royalties
Corp.
,
Class
A
............
16,018
372,258
SM
Energy
Co.
.....................
22,859
1,108,433
Southwestern
Energy
Co.
(a)
.............
126,376
946,556
Talos
Energy,
Inc.
(a)
..................
21,463
282,882
VAALCO
Energy,
Inc.
.................
20,880
133,632
Vital
Energy,
Inc.
(a)
...................
4,691
248,717
Vitesse
Energy,
Inc.
..................
1,944
43,137
W&T
Offshore,
Inc.
...................
20,328
45,738
World
Kinect
Corp.
...................
11,791
277,089
19,993,936
Paper
&
Forest
Products
—
0.3%
Clearwater
Paper
Corp.
(a)
..............
3,210
144,578
Louisiana-Pacific
Corp.
................
7,017
513,574
Mercer
International,
Inc.
...............
5,322
53,912
Sylvamo
Corp.
.....................
4,232
264,500
976,564
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Passenger
Airlines
—
0.6%
Alaska
Air
Group,
Inc.
(a)
................
25,309
$
1,088,793
Allegiant
Travel
Co.
..................
1,326
72,347
American
Airlines
Group,
Inc.
(a)
(b)
.........
63,954
864,019
Frontier
Group
Holdings,
Inc.
(a)
(b)
..........
4,160
25,126
JetBlue
Airways
Corp.
(a)
(b)
..............
65,611
372,670
Spirit
Airlines,
Inc.
(b)
..................
21,389
75,503
2,498,458
Personal
Care
Products
—
0.2%
Edgewell
Personal
Care
Co.
............
9,725
365,855
Herbalife
Ltd.
(a)
.....................
19,252
166,530
Medifast,
Inc.
......................
2,185
60,153
Nu
Skin
Enterprises,
Inc.
,
Class
A
.........
9,607
112,978
Olaplex
Holdings,
Inc.
(a)
...............
26,102
36,282
USANA
Health
Sciences,
Inc.
(a)
..........
1,381
57,339
799,137
Pharmaceuticals
—
1.4%
Arvinas,
Inc.
(a)
......................
4,932
156,690
Collegium
Pharmaceutical,
Inc.
(a)
(b)
........
5,893
217,628
Corcept
Therapeutics,
Inc.
(a)
............
5,657
131,921
Elanco
Animal
Health,
Inc.
(a)
.............
93,872
1,235,356
Innoviva,
Inc.
(a)
(b)
....................
11,265
170,214
Ligand
Pharmaceuticals,
Inc.
(a)
(b)
..........
2,009
140,409
Organon
&
Co.
.....................
50,621
942,057
Pacira
BioSciences,
Inc.
(a)
..............
4,390
115,237
Perrigo
Co.
plc
.....................
26,760
873,982
Pliant
Therapeutics,
Inc.
(a)
(b)
.............
4,223
49,916
Prestige
Consumer
Healthcare,
Inc.
(a)
......
9,770
701,095
Supernus
Pharmaceuticals,
Inc.
(a)
.........
10,360
311,836
Tarsus
Pharmaceuticals,
Inc.
(a)
(b)
..........
2,871
90,236
Theravance
Biopharma,
Inc.
(a)
...........
3,428
28,932
Tilray
Brands,
Inc.
,
Class
2
(a)
(b)
...........
77,167
190,602
Ventyx
Biosciences,
Inc.
(a)
(b)
.............
9,057
33,873
5,389,984
Professional
Services
—
1.9%
Alight,
Inc.
,
Class
A
(a)
.................
48,719
439,445
ASGN,
Inc.
(a)
.......................
6,065
584,969
Barrett
Business
Services,
Inc.
...........
582
70,713
CACI
International,
Inc.
,
Class
A
(a)
........
2,184
878,470
Clarivate
plc
(a)
(b)
.....................
31,957
216,029
Concentrix
Corp.
....................
8,462
462,618
Conduent,
Inc.
(a)
....................
33,576
105,765
CSG
Systems
International,
Inc.
..........
3,339
157,734
Dun
&
Bradstreet
Holdings,
Inc.
..........
50,438
458,986
First
Advantage
Corp.
.................
5,843
95,241
Forrester
Research,
Inc.
(a)
..............
1,607
29,231
Genpact
Ltd.
.......................
17,250
530,265
Heidrick
&
Struggles
International,
Inc.
.....
3,995
117,773
HireRight
Holdings
Corp.
(a)
.............
2,299
32,876
ICF
International,
Inc.
.................
1,462
210,952
Kelly
Services,
Inc.
,
Class
A,
NVS
........
6,298
144,476
Kforce,
Inc.
........................
1,466
90,540
Korn
Ferry
........................
4,310
261,703
ManpowerGroup,
Inc.
.................
9,709
732,544
Maximus,
Inc.
......................
6,339
508,895
Resources
Connection,
Inc.
.............
3,859
42,642
Science
Applications
International
Corp.
....
6,045
777,992
Sterling
Check
Corp.
(a)
................
3,949
59,748
TriNet
Group,
Inc.
...................
3,036
304,723
TTEC
Holdings,
Inc.
..................
4,121
30,001
7,344,331
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
—
0.8%
Anywhere
Real
Estate,
Inc.
(a)
(b)
...........
21,682
$
105,375
Compass,
Inc.
,
Class
A
(a)
...............
64,643
203,625
Cushman
&
Wakefield
plc
(a)
.............
30,162
291,063
DigitalBridge
Group,
Inc.
,
Class
A
.........
14,110
231,968
Forestar
Group,
Inc.
(a)
.................
2,238
69,356
Howard
Hughes
Holdings,
Inc.
(a)
..........
2,964
193,134
Jones
Lang
LaSalle,
Inc.
(a)
..............
5,831
1,053,662
Kennedy-Wilson
Holdings,
Inc.
...........
21,728
186,644
Marcus
&
Millichap,
Inc.
...............
2,936
92,983
Newmark
Group,
Inc.
,
Class
A
...........
27,607
264,199
Opendoor
Technologies,
Inc.
(a)
...........
121,379
241,544
Redfin
Corp.
(a)
(b)
.....................
22,718
127,448
3,061,001
Residential
REITs
—
0.4%
Apartment
Income
REIT
Corp.
...........
12,112
464,859
Apartment
Investment
&
Management
Co.
,
Class
A
(a)
.......................
16,381
131,048
Centerspace
.......................
1,713
115,199
Elme
Communities
...................
17,108
259,358
Independence
Realty
Trust,
Inc.
..........
24,074
379,647
NexPoint
Residential
Trust,
Inc.
..........
2,392
81,902
UMH
Properties,
Inc.
.................
12,760
203,139
Veris
Residential,
Inc.
.................
4,908
70,724
1,705,876
Retail
REITs
—
1.6%
Acadia
Realty
Trust
..................
11,848
204,733
Agree
Realty
Corp.
..................
10,207
584,045
Alexander's,
Inc.
....................
423
89,490
Brixmor
Property
Group,
Inc.
............
35,697
788,904
CBL
&
Associates
Properties,
Inc.
.........
2,660
57,855
Federal
Realty
Investment
Trust
..........
7,083
737,836
Getty
Realty
Corp.
...................
7,021
190,269
InvenTrust
Properties
Corp.
.............
7,466
189,188
Macerich
Co.
(The)
..................
42,422
583,727
NNN
REIT,
Inc.
.....................
36,004
1,459,242
Phillips
Edison
&
Co.,
Inc.
..............
10,646
348,124
Retail
Opportunity
Investments
Corp.
......
16,603
203,719
Saul
Centers,
Inc.
...................
2,493
90,770
SITE
Centers
Corp.
..................
21,505
290,103
Tanger,
Inc.
........................
10,504
297,788
Urban
Edge
Properties
................
12,127
202,885
Whitestone
REIT
....................
5,298
60,927
6,379,605
Semiconductors
&
Semiconductor
Equipment
—
1.2%
Alpha
&
Omega
Semiconductor
Ltd.
(a)
......
1,984
43,390
Ambarella,
Inc.
(a)
....................
3,971
182,547
Amkor
Technology,
Inc.
................
11,134
360,185
Cirrus
Logic,
Inc.
(a)
(b)
..................
7,032
622,824
Diodes,
Inc.
(a)
(b)
.....................
5,486
400,533
MaxLinear,
Inc.
(a)
....................
15,003
311,913
MKS
Instruments,
Inc.
................
8,006
952,554
Photronics,
Inc.
(a)
....................
11,647
319,244
Power
Integrations,
Inc.
...............
6,079
405,591
Semtech
Corp.
(a)
(b)
...................
7,695
289,486
SMART
Global
Holdings,
Inc.
(a)
(b)
.........
9,905
180,964
Synaptics,
Inc.
(a)
....................
2,474
222,561
Ultra
Clean
Holdings,
Inc.
(a)
.............
2,855
119,425
Veeco
Instruments,
Inc.
(a)
..............
7,586
268,089
Wolfspeed,
Inc.
(a)
(b)
...................
6,845
185,020
4,864,326
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
—
1.0%
ACI
Worldwide,
Inc.
(a)
.................
8,061
$
274,880
Adeia,
Inc.
........................
21,333
209,917
Aurora
Innovation,
Inc.
,
Class
A
(a)
(b)
........
139,772
387,867
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
....
10,417
116,879
Cerence,
Inc.
(a)
(b)
....................
3,473
31,639
CommVault
Systems,
Inc.
(a)
.............
4,569
468,185
Consensus
Cloud
Solutions,
Inc.
(a)
........
3,699
43,056
Digital
Turbine,
Inc.
(a)
.................
18,971
36,235
E2open
Parent
Holdings,
Inc.
,
Class
A
(a)
....
23,499
113,970
Guidewire
Software,
Inc.
(a)
..............
5,979
660,082
Informatica,
Inc.
,
Class
A
(a)
(b)
............
3,612
111,864
LiveRamp
Holdings,
Inc.
(a)
..............
5,808
186,495
Matterport,
Inc.
,
Class
A
(a)
..............
35,802
164,689
NCR
Voyix
Corp.
(a)
...................
27,879
341,518
Progress
Software
Corp.
...............
5,269
262,501
RingCentral,
Inc.
,
Class
A
(a)
.............
8,687
257,309
SolarWinds
Corp.
...................
5,412
59,640
Verint
Systems,
Inc.
(a)
.................
12,770
386,676
4,113,402
Specialized
REITs
—
0.9%
EPR
Properties
.....................
9,042
367,015
Four
Corners
Property
Trust,
Inc.
.........
11,770
276,006
Gladstone
Land
Corp.
................
4,171
52,888
Lamar
Advertising
Co.
,
Class
A
..........
10,732
1,243,302
National
Storage
Affiliates
Trust
..........
8,170
286,277
Outfront
Media,
Inc.
..................
27,496
436,087
PotlatchDeltic
Corp.
..................
8,684
347,447
Rayonier,
Inc.
......................
14,670
435,112
Uniti
Group,
Inc.
....................
47,151
271,118
3,715,252
Specialty
Retail
—
4.8%
Abercrombie
&
Fitch
Co.
,
Class
A
(a)
........
2,463
299,304
Academy
Sports
&
Outdoors,
Inc.
.........
9,229
538,051
Advance
Auto
Parts,
Inc.
...............
11,375
830,148
American
Eagle
Outfitters,
Inc.
...........
13,963
338,742
America's
Car-Mart,
Inc.
(a)
(b)
.............
1,189
68,058
Arhaus,
Inc.
,
Class
A
.................
6,804
86,139
Arko
Corp.
........................
8,128
34,950
Asbury
Automotive
Group,
Inc.
(a)
..........
4,062
853,995
AutoNation,
Inc.
(a)
(b)
..................
5,570
897,605
Bath
&
Body
Works,
Inc.
...............
43,268
1,965,233
Beyond,
Inc.
(a)
......................
6,436
129,557
Boot
Barn
Holdings,
Inc.
(a)
(b)
.............
3,305
351,883
Buckle,
Inc.
(The)
...................
6,202
231,893
Caleres,
Inc.
.......................
6,626
244,036
Camping
World
Holdings,
Inc.
,
Class
A
.....
2,470
50,067
Carvana
Co.
,
Class
A
(a)
................
21,113
1,750,690
Designer
Brands,
Inc.
,
Class
A
...........
8,749
81,278
Dick's
Sporting
Goods,
Inc.
.............
11,440
2,298,754
Foot
Locker,
Inc.
....................
16,226
338,312
GameStop
Corp.
,
Class
A
(a)
(b)
............
35,314
391,632
Gap,
Inc.
(The)
.....................
19,738
405,024
Group
1
Automotive,
Inc.
...............
2,624
771,508
Guess?,
Inc.
.......................
5,656
151,468
Haverty
Furniture
Cos.,
Inc.
.............
2,714
83,591
Hibbett,
Inc.
.......................
2,429
209,477
Leslie's,
Inc.
(a)
(b)
.....................
35,011
137,593
Lithia
Motors,
Inc.
,
Class
A
.............
5,431
1,381,538
MarineMax,
Inc.
(a)
(b)
..................
3,970
97,940
Monro,
Inc.
........................
6,156
167,751
National
Vision
Holdings,
Inc.
(a)
..........
10,445
181,952
ODP
Corp.
(The)
(a)
...................
7,158
364,414
Petco
Health
&
Wellness
Co.,
Inc.
(a)
(b)
......
18,310
27,465
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Revolve
Group,
Inc.
,
Class
A
(a)
(b)
..........
3,554
$
70,760
RH
(a)
............................
1,396
344,882
Sally
Beauty
Holdings,
Inc.
(a)
............
21,053
228,425
Shoe
Carnival,
Inc.
...................
3,345
111,857
Signet
Jewelers
Ltd.
..................
8,716
854,429
Sonic
Automotive,
Inc.
,
Class
A
..........
2,672
154,548
Upbound
Group,
Inc.
.................
9,637
298,843
Urban
Outfitters,
Inc.
(a)
................
5,035
196,164
Victoria's
Secret
&
Co.
(a)
...............
13,618
239,949
Wayfair,
Inc.
,
Class
A
(a)
(b)
...............
17,623
883,793
19,143,698
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Corsair
Gaming,
Inc.
(a)
................
5,449
60,484
Diebold
Nixdorf,
Inc.
(a)
.................
6,105
193,284
Xerox
Holdings
Corp.
.................
17,769
236,150
489,918
Textiles,
Apparel
&
Luxury
Goods
—
2.4%
Capri
Holdings
Ltd.
(a)
.................
22,961
814,656
Carter's,
Inc.
.......................
7,015
479,896
Columbia
Sportswear
Co.
..............
2,657
211,577
Crocs,
Inc.
(a)
.......................
6,760
840,741
G-III
Apparel
Group
Ltd.
(a)
(b)
.............
8,150
229,423
Hanesbrands,
Inc.
(a)
..................
69,240
315,734
Kontoor
Brands,
Inc.
..................
11,053
685,949
Levi
Strauss
&
Co.
,
Class
A
.............
18,439
391,276
Movado
Group,
Inc.
..................
1,890
48,138
Oxford
Industries,
Inc.
................
2,026
218,362
PVH
Corp.
........................
11,953
1,300,487
Ralph
Lauren
Corp.
..................
3,466
567,176
Steven
Madden
Ltd.
..................
9,097
367,610
Tapestry,
Inc.
.......................
45,242
1,806,061
Under
Armour,
Inc.
,
Class
A
(a)
............
37,219
250,484
Under
Armour,
Inc.
,
Class
C,
NVS
(a)
(b)
......
31,724
206,840
VF
Corp.
.........................
65,009
810,012
Wolverine
World
Wide,
Inc.
.............
10,753
115,487
9,659,909
Tobacco
—
0.1%
Universal
Corp.
.....................
4,840
248,921
Vector
Group
Ltd.
...................
26,915
278,570
527,491
Trading
Companies
&
Distributors
—
2.1%
Air
Lease
Corp.
,
Class
A
...............
20,686
1,039,265
Beacon
Roofing
Supply,
Inc.
(a)
...........
5,514
543,294
BlueLinx
Holdings,
Inc.
(a)
...............
1,179
129,301
Boise
Cascade
Co.
..................
7,814
1,033,558
Core
&
Main,
Inc.
,
Class
A
(a)
.............
16,260
918,202
DNOW,
Inc.
(a)
......................
20,285
286,221
DXP
Enterprises,
Inc.
(a)
................
1,294
63,096
FTAI
Aviation
Ltd.
....................
5,704
400,478
GATX
Corp.
.......................
4,339
530,920
Global
Industrial
Co.
..................
908
34,967
GMS,
Inc.
(a)
........................
7,692
711,664
H&E
Equipment
Services,
Inc.
...........
2,346
113,288
Herc
Holdings,
Inc.
...................
2,362
337,837
MRC
Global,
Inc.
(a)
...................
16,458
184,823
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
.....
3,810
347,624
Rush
Enterprises,
Inc.
,
Class
A
..........
6,187
271,733
Rush
Enterprises,
Inc.
,
Class
B
..........
903
36,942
Titan
Machinery,
Inc.
(a)
................
2,599
57,854
WESCO
International,
Inc.
..............
8,779
1,340,992
8,382,059
2024
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
58
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Water
Utilities
—
0.1%
California
Water
Service
Group
..........
5,565
$
273,353
Consolidated
Water
Co.
Ltd.
............
983
25,018
Middlesex
Water
Co.
.................
1,328
67,356
SJW
Group
........................
2,294
124,908
490,635
Wireless
Telecommunication
Services
—
0.1%
Gogo,
Inc.
(a)
(b)
......................
7,511
68,050
Telephone
&
Data
Systems,
Inc.
..........
19,537
305,754
United
States
Cellular
Corp.
(a)
...........
2,824
102,680
476,484
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
389,489,050
)
..............................
396,189,656
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
7.0%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.49
%
(e)
..................
27,247,289
$
27,255,463
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.28
%
...................
462,954
462,954
Total
Short-Term
Securities
—
7
.0
%
(Cost:
$
27,708,623
)
...............................
27,718,417
Total
Investments
—
106
.8
%
(Cost:
$
417,197,673
)
..............................
423,908,073
Liabilities
in
Excess
of
Other
Assets
—
(
6.8
)
%
.............
(
26,957,412
)
Net
Assets
—
100.0%
...............................
$
396,950,661
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/24
Shares
Held
at
04/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
31,694,311
$
—
$
(
4,438,628
)
(a)
$
725
$
(
945
)
$
27,255,463
27,247,289
$
337,597
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,090,401
—
(
627,447
)
(a)
—
—
462,954
462,954
44,487
—
$
725
$
(
945
)
$
27,718,417
$
382,084
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
3
06/21/24
$
298
$
(
754
)
S&P
Midcap
400
E-Mini
Index
.................................................
1
06/21/24
288
2,239
$
1,485
Schedule
of
Investments
(continued)
April
30,
2024
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
59
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
2,239
$
—
$
—
$
—
$
2,239
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
754
—
—
—
754
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
April
30,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
c
ontracts
.......................
$
—
$
—
$
169,234
$
—
$
—
$
—
$
169,234
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
c
ontracts
.......................
$
—
$
—
$
(
1,246
)
$
—
$
—
$
—
$
(
1,246
)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
843,715
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
396,189,656
$
—
$
—
$
396,189,656
Short-Term
Securities
Money
Market
Funds
......................................
27,718,417
—
—
27,718,417
$
423,908,073
$
—
$
—
$
423,908,073
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
2,239
$
—
$
—
$
2,239
Liabilities
Equity
contracts
...........................................
(
754
)
—
—
(
754
)
$
1,485
$
—
$
—
$
1,485
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities

April
30,
2024
2024
iShares
Annual
Report
to
Shareholders
60
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
2,006,398,569‌
$
823,750,108‌
$
1,906,416,435‌
$
528,503,561‌
Investments,
at
value
—
affiliated
(c)
............................................
49,300,622‌
12,872,605‌
65,545,478‌
73,038,135‌
Cash
pledged:
Futures
contracts
......................................................
227,000‌
79,000‌
260,000‌
44,000‌
Receivables:
–‌
–‌
–‌
–‌
Securities
lending
income
—
affiliated
........................................
7,083‌
6,835‌
20,212‌
27,849‌
Dividends
—
unaffiliated
.................................................
240,686‌
404,835‌
321,087‌
64,882‌
Dividends
—
affiliated
...................................................
17,936‌
5,152‌
16,071‌
5,373‌
Total
a
ssets
...........................................................
2,056,191,896‌
837,118,535‌
1,972,579,283‌
601,683,800‌
LIABILITIES
Collateral
on
securities
loaned
...............................................
44,643,181‌
11,375,141‌
61,463,489‌
72,384,624‌
Payables:
–‌
–‌
–‌
–‌
Capital
shares
redeemed
.................................................
57,868‌
—‌
7,770‌
15,885‌
Investment
advisory
fees
.................................................
67,543‌
27,591‌
97,513‌
26,474‌
Other
accrued
expenses
.................................................
—‌
—‌
—‌
44‌
Variation
margin
on
futures
contracts
.........................................
83,518‌
27,666‌
78,606‌
12,490‌
Total
li
abilities
..........................................................
44,852,110‌
11,430,398‌
61,647,378‌
72,439,517‌
Commitments
and
contingent
liabilities
—‌
—‌
—‌
—‌
NET
ASSETS
..........................................................
$
2,011,339,786‌
$
825,688,137‌
$
1,910,931,905‌
$
529,244,283‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
1,605,847,217‌
$
778,793,843‌
$
1,948,088,516‌
$
643,475,058‌
Accumulated
earnings
(loss)
................................................
405,492,569‌
46,894,294‌
(
37,156,611‌
)
(
114,230,775‌
)
NET
ASSETS
..........................................................
$
2,011,339,786‌
$
825,688,137‌
$
1,910,931,905‌
$
529,244,283‌
NET
ASSET
VALUE
Shares
outstanding
......................................................
27,800,000‌
11,950,000‌
28,750,000‌
12,150,000‌
Net
asset
value
.........................................................
$
72.35‌
$
69.10‌
$
66.47‌
$
43.56‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
.......................................
$
1,364,167,026‌
$
684,688,225‌
$
1,640,637,071‌
$
492,075,620‌
(b)
  Securities
loaned,
at
value
............................................
$
43,190,355‌
$
10,937,252‌
$
59,297,857‌
$
68,338,616‌
(c)
  Investments,
at
cost
—
affiliated
.........................................
$
49,298,647‌
$
12,866,336‌
$
65,518,751‌
$
73,011,116‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
61
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
396,189,656‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
27,718,417‌
Cash
pledged:
Futures
contracts
....................................................................................................
39,000‌
Receivables:
–‌
Investment
s
sold
....................................................................................................
6,189‌
Securities
lending
income
—
affiliated
......................................................................................
13,566‌
Dividends
—
unaffiliated
...............................................................................................
266,457‌
Dividends
—
affiliated
.................................................................................................
3,579‌
Total
a
ssets
.........................................................................................................
424,236,864‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
27,254,669‌
Payables:
–‌
Investment
advisory
fees
...............................................................................................
20,018‌
Variation
margin
on
futures
contracts
.......................................................................................
11,516‌
Total
li
abilities
........................................................................................................
27,286,203‌
Commitments
and
contingent
liabilities
—‌
NET
ASSETS
........................................................................................................
$
396,950,661‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
432,517,737‌
Accumulated
loss
.....................................................................................................
(
35,567,076‌
)
NET
ASSETS
........................................................................................................
$
396,950,661‌
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
6,950,000‌
Net
asset
value
.......................................................................................................
$
57.12‌
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
  Investments,
at
cost
—
unaffiliated
.................................................................................
$
389,489,050‌
(b)
  Securities
loaned,
at
value
......................................................................................
$
25,799,098‌
(c)
  Investments,
at
cost
—
affiliated
...................................................................................
$
27,708,623‌
Statements
of
Operations

Year
Ended
April
30,
2024
2024
iShares
Annual
Report
to
Shareholders
62
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
13,350,637‌
$
13,205,770‌
$
16,057,792‌
$
2,884,760‌
Dividends
—
affiliated
...................................................
194,272‌
84,548‌
189,328‌
51,835‌
Interest
—
unaffiliated
...................................................
16,990‌
10,604‌
18,981‌
7,080‌
Securities
lending
income
—
affiliated
—
net
...................................
87,283‌
146,685‌
302,935‌
680,326‌
Foreign
taxes
withheld
..................................................
(
4,192‌
)
(
10,300‌
)
(
18,879‌
)
(
25‌
)
Total
investment
income
...................................................
13,644,990‌
13,437,307‌
16,550,157‌
3,623,976‌
EXPENSES
Investment
advisory
....................................................
733,545‌
307,502‌
1,024,088‌
265,989‌
Total
expenses
.........................................................
733,545‌
307,502‌
1,024,088‌
265,989‌
Net
investment
income
....................................................
12,911,445‌
13,129,805‌
15,526,069‌
3,357,987‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
462,336,176‌
$
106,549,968‌
$
277,384,109‌
$
58,981,953‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(
5,057,764‌
)
$
(
16,658,542‌
)
$
(
34,483,953‌
)
$
(
13,761,585‌
)
Investments
—
affiliated
...............................................
7,089‌
9,636‌
19,163‌
3,515‌
Foreign
currency
transactions
...........................................
152‌
—‌
—‌
—‌
Futures
contracts
....................................................
1,150,233‌
426,088‌
770,732‌
137,735‌
In-kind
redemptions
—
unaffiliated
(a)
.......................................
77,050,647‌
5,109,900‌
70,995,277‌
9,365,214‌
73,150,357‌
(11,112,918‌)
37,301,219‌
(4,255,121‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
389,571,187‌
117,749,679‌
240,321,522‌
63,280,223‌
Investments
—
affiliated
...............................................
(
11,169‌
)
(
6,518‌
)
(
9,864‌
)
(
6,251‌
)
Futures
contracts
....................................................
(
374,200‌
)
(
80,274‌
)
(
228,768‌
)
(
36,896‌
)
389,185,818‌
117,662,887‌
240,082,890‌
63,237,076‌
Net
realized
and
unrealized
gain
.............................................
462,336,175‌
106,549,969‌
277,384,109‌
58,981,955‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
....................
$
475,247,620‌
$
119,679,774‌
$
292,910,178‌
$
62,339,942‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
April
30,
2024
63
Financial
Statements
iShares
Morningstar
Small-Cap
Value
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
...............................................................................................
$
8,574,895‌
Dividends
—
affiliated
.................................................................................................
44,487‌
Interest
—
unaffiliated
.................................................................................................
5,790‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
337,597‌
Foreign
taxes
withheld
................................................................................................
(
7,730‌
)
Total
investment
income
.................................................................................................
8,955,039‌
EXPENSES
Investment
advisory
..................................................................................................
231,976‌
Total
expenses
.......................................................................................................
231,976‌
Net
investment
income
..................................................................................................
8,723,063‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
40,425,811‌
Net
realized
gain
from:
Investments
—
unaffiliated
...........................................................................................
$
1,282,185‌
Investments
—
affiliated
.............................................................................................
725‌
Futures
contracts
..................................................................................................
169,234‌
In-kind
redemptions
—
unaffiliated
(a)
.....................................................................................
4,626,681‌
6,078,825‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
34,349,177‌
Investments
—
affiliated
.............................................................................................
(
945‌
)
Futures
contracts
..................................................................................................
(
1,246‌
)
34,346,986‌
Net
realized
and
unrealized
gain
...........................................................................................
40,425,811‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................................
$
49,148,874‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2024
iShares
Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/24
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
12,911,445‌
$
11,870,073‌
$
13,129,805‌
$
12,771,284‌
Net
realized
gain
(loss)
............................................
73,150,357‌
(
106,758,696‌
)
(
11,112,918‌
)
(
28,520,129‌
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
389,185,818‌
86,303,003‌
117,662,887‌
(
318,487‌
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
475,247,620‌
(8,585,620‌)
119,679,774‌
(16,067,332‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(12,592,478‌)
(12,112,028‌)
(12,485,761‌)
(12,616,997‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.................
(60,958,531‌)
(81,276,183‌)
(6,132,909‌)
(29,684,689‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
401,696,611‌
(
101,973,831‌
)
101,061,104‌
(
58,369,018‌
)
Beginning
of
year
..................................................
1,609,643,175‌
1,711,617,006‌
724,627,033‌
782,996,051‌
End
of
year
......................................................
$
2,011,339,786‌
$
1,609,643,175‌
$
825,688,137‌
$
724,627,033‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
65
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/24
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
15,526,069‌
$
11,208,146‌
$
3,357,987‌
$
3,489,981‌
Net
realized
gain
(loss)
............................................
37,301,219‌
(
171,297,960‌
)
(
4,255,121‌
)
(
70,668,090‌
)
Net
change
in
unrealized
appreciation
(depreciation)
........................
240,082,890‌
145,253,643‌
63,237,076‌
64,605,629‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
292,910,178‌
(14,836,171‌)
62,339,942‌
(2,572,480‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(15,129,939‌)
(11,519,624‌)
(3,341,553‌)
(3,674,642‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................
233,680,153‌
338,545,817‌
67,958,410‌
90,416,313‌
NET
ASSETS
Total
increase
in
net
assets
...........................................
511,460,392‌
312,190,022‌
126,956,799‌
84,169,191‌
Beginning
of
year
..................................................
1,399,471,513‌
1,087,281,491‌
402,287,484‌
318,118,293‌
End
of
year
......................................................
$
1,910,931,905‌
$
1,399,471,513‌
$
529,244,283‌
$
402,287,484‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2024
iShares
Annual
Report
to
Shareholders
66
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
8,723,063‌
$
8,977,551‌
Net
realized
gain
(loss)
..............................................................................
6,078,825‌
(
3,473,253‌
)
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
34,346,986‌
(
22,604,189‌
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.....................................................
49,148,874‌
(17,099,891‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(8,935,666‌)
(8,550,267‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...........................................
(30,788,939‌)
45,853,900‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
9,424,269‌
20,203,742‌
Beginning
of
year
....................................................................................
387,526,392‌
367,322,650‌
End
of
year
........................................................................................
$
396,950,661‌
$
387,526,392‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
67
Financial
Highlights
iShares
Morningstar
Growth
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Net
asset
value,
beginning
of
year
.................................
$
55.89
‌
$
56.30
‌
$
61.87
‌
$
42.80
‌
$
38.08
‌
Net
investment
income
(b)
........................................
0
.46
‌
0
.40
‌
0
.29
‌
0
.14
‌
0
.21
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
16.45
‌
(0.40
)
(5.56
)
19.07
‌
4.73
‌
Net
increase
(decrease)
from
investment
operations
.......................
16.91
‌
0.00
‌
(5.27
)
19.21
‌
4.94
‌
Distributions
from
net
investment
income
(d)
...........................
(0.45
)
(0.41
)
(0.30
)
(0.14
)
(0.22
)
Net
asset
value,
end
of
year
......................................
$
72.35
‌
$
55.89
‌
$
56.30
‌
$
61.87
‌
$
42.80
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
30.35
%
0.05
%
(8.59
)%
44.94
%
13.04
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................................................
0.04
%
0.04
%
0.04
%
0.23
%
0.25
%
Net
investment
income
...........................................
0.70
%
0.76
%
0.45
%
0.27
%
0.54
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
2,011,340
‌
$
1,609,643
‌
$
1,711,617
‌
$
1,887,051
‌
$
1,519,374
‌
Portfolio
turnover
rate
(g)
...........................................
19
%
28
%
22
%
97
%
28
%
(a)
Per
share
amounts
reflect
a
five-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Annual
Report
to
Shareholders
68
iShares
Morningstar
Mid-Cap
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Net
asset
value,
beginning
of
year
................................
$
60.14
‌
$
62.39
‌
$
65.81
‌
$
43.02
‌
$
49.08
‌
Net
investment
income
(b)
.......................................
1
.10
‌
1
.03
‌
0
.82
‌
0
.57
‌
0
.67
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............................
8.90
‌
(2.26
)
(3.38
)
22.83
‌
(6.03
)
Net
increase
(decrease)
from
investment
operations
......................
10.00
‌
(1.23
)
(2.56
)
23.40
‌
(5.36
)
Distributions
from
net
investment
income
(d)
..........................
(1.04
)
(1.02
)
(0.86
)
(0.61
)
(0.70
)
Net
asset
value,
end
of
year
.....................................
$
69.10
‌
$
60.14
‌
$
62.39
‌
$
65.81
‌
$
43.02
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
16.78
%
(1.91
)%
(3.99
)%
54.74
%
(10.99
)%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...............................................
0.04
%
0.04
%
0.04
%
0.22
%
0.25
%
Net
investment
income
..........................................
1.71
%
1.72
%
1.22
%
1.06
%
1.39
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
825,688
‌
$
724,627
‌
$
782,996
‌
$
881,917
‌
$
567,905
‌
Portfolio
turnover
rate
(g)
..........................................
26
%
24
%
27
%
133
%
55
%
(a)
Per
share
amounts
reflect
a
four-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
69
Financial
Highlights
iShares
Morningstar
Mid-Cap
Growth
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Net
asset
value,
beginning
of
year
.................................
$
56.43
‌
$
57.83
‌
$
66.52
‌
$
42.27
‌
$
40.66
‌
Net
investment
income
(b)
........................................
0
.56
‌
0
.52
‌
0
.35
‌
0
.07
‌
0
.13
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
10.03
‌
(1.40
)
(8.65
)
24.23
‌
1.61
‌
Net
increase
(decrease)
from
investment
operations
.......................
10.59
‌
(0.88
)
(8.30
)
24.30
‌
1.74
‌
Distributions
from
net
investment
income
(d)
...........................
(0.55
)
(0.52
)
(0.39
)
(0.05
)
(0.13
)
Net
asset
value,
end
of
year
......................................
$
66.47
‌
$
56.43
‌
$
57.83
‌
$
66.52
‌
$
42.27
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
18.84
%
(1.49
)%
(12.56
)%
57.51
%
4.29
%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
................................................
0.06
%
0.06
%
0.06
%
0.27
%
0.30
%
Net
investment
income
...........................................
0.91
%
0.93
%
0.51
%
0.12
%
0.31
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
1,910,932
‌
$
1,399,472
‌
$
1,087,281
‌
$
1,519,880
‌
$
532,633
‌
Portfolio
turnover
rate
(g)
...........................................
34
%
43
%
43
%
90
%
26
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2024
iShares
Annual
Report
to
Shareholders
70
iShares
Morningstar
Small-Cap
Growth
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Net
asset
value,
beginning
of
year
................................
$
38.31
‌
$
39.27
‌
$
51.60
‌
$
31.92
‌
$
34.17
‌
Net
investment
income
(b)
.......................................
0
.32
‌
0
.35
‌
0
.31
‌
0
.05
‌
0
.08
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............................
5.25
‌
(0.94
)
(12.30
)
19.68
‌
(2.24
)
Net
increase
(decrease)
from
investment
operations
......................
5.57
‌
(0.59
)
(11.99
)
19.73
‌
(2.16
)
Distributions
from
net
investment
income
(d)
..........................
(0.32
)
(0.37
)
(0.34
)
(0.05
)
(0.09
)
Net
asset
value,
end
of
year
.....................................
$
43.56
‌
$
38.31
‌
$
39.27
‌
$
51.60
‌
$
31.92
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
14.57
%
(1.45
)%
(23.36
)%
61.86
%
(6.32
)%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...............................................
0.06
%
0.06
%
0.06
%
0.26
%
0.30
%
Net
investment
income
..........................................
0.76
%
0.94
%
0.65
%
0.11
%
0.24
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
529,244
‌
$
402,287
‌
$
318,118
‌
$
766,315
‌
$
191,512
‌
Portfolio
turnover
rate
(g)
..........................................
44
%
52
%
58
%
156
%
57
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
iShares
Morningstar
Small-Cap
Value
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Net
asset
value,
beginning
of
year
................................
$
51.33
‌
$
54.82
‌
$
58.31
‌
$
32.95
‌
$
47.85
‌
Net
investment
income
(b)
.......................................
1
.24
‌
1
.24
‌
1
.03
‌
0
.89
‌
1
.02
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............................
5.82
‌
(3.55
)
(3.43
)
25.39
‌
(14.74
)
Net
increase
(decrease)
from
investment
operations
......................
7.06
‌
(2.31
)
(2.40
)
26.28
‌
(13.72
)
Distributions
from
net
investment
income
(d)
..........................
(1.27
)
(1.18
)
(1.09
)
(0.92
)
(1.18
)
Net
asset
value,
end
of
year
.....................................
$
57.12
‌
$
51.33
‌
$
54.82
‌
$
58.31
‌
$
32.95
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
13.85
%
(4.20
)%
(4.19
)%
80.90
%
(29.05
)%
Ratios
to
Average
Net
Assets
(f)
Total
expen
ses
...............................................
0.06
%
0.06
%
0.06
%
0.26
%
0.30
%
Net
investment
income
..........................................
2.26
%
2.33
%
1.76
%
2.07
%
2.34
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
396,951
‌
$
387,526
‌
$
367,323
‌
$
446,078
‌
$
257,012
‌
Portfolio
turnover
rate
(g)
..........................................
45
%
41
%
47
%
145
%
65
%
(a)
Per
share
amounts
reflect
a
three-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
2024
iShares
Annual
Report
to
Shareholders
72
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis. 
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
prevailing
market
rates
as
quoted
by
one
or
more
data
service
providers.
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of 
April
30,
2024
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
iShares
ETF
Diversification
Classification
Morningstar
Growth
...................................................................................................
Non-diversified
Morningstar
Mid-Cap
..................................................................................................
Diversified
Morningstar
Mid-Cap
Growth
.............................................................................................
Diversified
Morningstar
Small-Cap
Growth
...........................................................................................
Diversified
Morningstar
Small-Cap
Value
.............................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
73
Notes
to
Financial
Statements
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
("NYSE").
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
Notes
to
Financial
Statements
(continued)
2024
iShares
Annual
Report
to
Shareholders
74
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Morningstar
Growth
Barclays
Bank
plc
......................................
$
1,522,810‌
$
(1,522,810‌)
$
–‌
$
–‌
BNP
Paribas
SA
.......................................
880,920‌
(880,920‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
1,185,401‌
(1,185,401‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
9,820‌
(9,817‌)
–‌
3‌
(b)
J.P.
Morgan
Securities
LLC
...............................
2,220,410‌
(2,220,410‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
37,142,854‌
(37,142,854‌)
–‌
–‌
Wells
Fargo
Bank
NA
...................................
228,140‌
(228,140‌)
–‌
–‌
$
43,190,355‌
$
(43,190,352‌)
$
–‌
$
3‌
Morningstar
Mid-Cap
Barclays
Bank
plc
......................................
$
793,847‌
$
(793,847‌)
$
–‌
$
–‌
BNP
Paribas
SA
.......................................
2,861,243‌
(2,861,243‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
1,124,045‌
(1,124,045‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
27,446‌
(27,446‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
2,076,915‌
(2,076,915‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
2,665,792‌
(2,665,792‌)
–‌
–‌
Morgan
Stanley
.......................................
159,520‌
(159,520‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
1,228,444‌
(1,228,444‌)
–‌
–‌
$
10,937,252‌
$
(10,937,252‌)
$
–‌
$
–‌
Morningstar
Mid-Cap
Growth
Barclays
Bank
plc
......................................
$
9,013,785‌
$
(9,013,785‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
73,150‌
(73,150‌)
–‌
–‌
BNP
Paribas
SA
.......................................
15,639,916‌
(15,639,916‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
10,294,401‌
(10,294,401‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
6,326,984‌
(6,326,984‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
7,857,827‌
(7,857,827‌)
–‌
–‌
Morgan
Stanley
.......................................
68,638‌
(68,638‌)
–‌
–‌
National
Financial
Services
LLC
............................
1,022,465‌
(1,022,465‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
5,311,621‌
(5,311,621‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
304,679‌
(304,679‌)
–‌
–‌
Toronto-Dominion
Bank
(The)
..............................
3,384,391‌
(3,384,391‌)
–‌
–‌
$
59,297,857‌
$
(59,297,857‌)
$
–‌
$
–‌
Morningstar
Small-Cap
Growth
Barclays
Bank
plc
......................................
$
2,843,702‌
$
(2,843,702‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
900,518‌
(900,518‌)
–‌
–‌
BNP
Paribas
SA
.......................................
9,494,422‌
(9,494,422‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
5,912,794‌
(5,912,794‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
496,247‌
(496,247‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
4,758,289‌
(4,758,289‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
122,618‌
(122,618‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
15,983,362‌
(15,983,362‌)
–‌
–‌
HSBC
Bank
plc
.......................................
83,442‌
(83,442‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
10,221,114‌
(10,221,114‌)
–‌
–‌
Jefferies
LLC
.........................................
1,219,378‌
(1,219,378‌)
–‌
–‌
Morgan
Stanley
.......................................
7,345,842‌
(7,345,842‌)
–‌
–‌
National
Financial
Services
LLC
............................
1,321,769‌
(1,321,769‌)
–‌
–‌
Natixis
SA
...........................................
1,476,990‌
(1,476,990‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
21,887‌
(21,887‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
205,725‌
(205,725‌)
–‌
–‌
Notes
to
Financial
Statements
(continued)
75
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Morningstar
Small-Cap
Growth
(continued)
Scotia
Capital
(USA),
Inc.
................................
2,154,572‌
(2,154,572‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
32,332‌
(32,332‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
78,146‌
(78,146‌)
–‌
–‌
Toronto-Dominion
Bank
(The)
..............................
596,744‌
(596,744‌)
–‌
–‌
UBS
AG
............................................
894,729‌
(894,729‌)
–‌
–‌
UBS
Securities
LLC
....................................
4,253‌
(4,253‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
1,124,823‌
(1,124,823‌)
–‌
–‌
Wells
Fargo
Bank
NA
...................................
843,030‌
(843,030‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
201,888‌
(201,888‌)
–‌
–‌
$
68,338,616‌
$
(68,338,616‌)
$
–‌
$
–‌
Morningstar
Small-Cap
Value
Barclays
Bank
plc
......................................
$
845,970‌
$
(845,970‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
43,579‌
(43,579‌)
–‌
–‌
BNP
Paribas
SA
.......................................
3,206,718‌
(3,206,718‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
802,440‌
(802,440‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
919,929‌
(919,929‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
331,718‌
(331,718‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
4,718,613‌
(4,718,613‌)
–‌
–‌
HSBC
Bank
plc
.......................................
412,861‌
(412,861‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
2,092,035‌
(2,092,035‌)
–‌
–‌
Jefferies
LLC
.........................................
273,982‌
(273,982‌)
–‌
–‌
Morgan
Stanley
.......................................
4,184,026‌
(4,184,026‌)
–‌
–‌
National
Financial
Services
LLC
............................
2,262,629‌
(2,262,629‌)
–‌
–‌
Natixis
SA
...........................................
123,037‌
(123,037‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
1,987,899‌
(1,987,899‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
798,020‌
(798,020‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
133,669‌
(133,669‌)
–‌
–‌
Toronto-Dominion
Bank
(The)
..............................
366,068‌
(366,068‌)
–‌
–‌
UBS
AG
............................................
982,094‌
(982,094‌)
–‌
–‌
UBS
Securities
LLC
....................................
102,583‌
(102,583‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
938,124‌
(938,124‌)
–‌
–‌
Wells
Fargo
Bank
NA
...................................
251,713‌
(251,713‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
21,391‌
(21,391‌)
–‌
–‌
$
25,799,098‌
$
(25,799,098‌)
$
–‌
$
–‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
April
30,
2024.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(continued)
2024
iShares
Annual
Report
to
Shareholders
76
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
redemption
fee,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the year ended
April
30,
2024,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
iShares
ETF
Investment
Advisory
Fees
Morningstar
Growth
................................................................................................
0.04‌
%
Morningstar
Mid-Cap
...............................................................................................
0.04‌
Morningstar
Mid-Cap
Growth
..........................................................................................
0.06‌
Morningstar
Small-Cap
Growth
........................................................................................
0.06‌
Morningstar
Small-Cap
Value
..........................................................................................
0.06‌
iShares
ETF
Amounts
Morningstar
Growth
.......................................................................................................
$
30,137‌
Morningstar
Mid-Cap
......................................................................................................
42,232‌
Morningstar
Mid-Cap
Growth
.................................................................................................
101,231‌
Morningstar
Small-Cap
Growth
...............................................................................................
183,761‌
Morningstar
Small-Cap
Value
.................................................................................................
87,207‌
Notes
to
Financial
Statements
(continued)
77
Notes
to
Financial
Statements
For
the year ended April
30,
2024,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year ended
April
30,
2024,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
April
30,
2024,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
April
30,
2024,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
April
30,
2024,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Morningstar
Growth
....................................................................
$
197,287,237‌
$
180,188,687‌
$
(391,140‌)
Morningstar
Mid-Cap
...................................................................
104,868,220‌
99,409,735‌
(6,570,499‌)
Morningstar
Mid-Cap
Growth
..............................................................
276,071,221‌
331,016,096‌
(18,596,311‌)
Morningstar
Small-Cap
Growth
............................................................
97,466,205‌
93,799,736‌
(2,942,125‌)
Morningstar
Small-Cap
Value
..............................................................
113,083,746‌
65,086,933‌
5,419,784‌
iShares
ETF
Purchases
Sales
Morningstar
Growth
....................................................................................
$
344,649,475‌
$
345,869,198‌
Morningstar
Mid-Cap
...................................................................................
198,912,815‌
196,313,318‌
Morningstar
Mid-Cap
Growth
..............................................................................
576,232,455‌
574,836,424‌
Morningstar
Small-Cap
Growth
............................................................................
197,146,545‌
195,503,495‌
Morningstar
Small-Cap
Value
..............................................................................
172,866,958‌
173,126,069‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Morningstar
Growth
....................................................................................
$
132,315,016‌
$
193,218,423‌
Morningstar
Mid-Cap
...................................................................................
21,815,859‌
27,911,636‌
Morningstar
Mid-Cap
Growth
..............................................................................
486,534,233‌
253,851,167‌
Morningstar
Small-Cap
Growth
............................................................................
121,012,951‌
53,665,752‌
Morningstar
Small-Cap
Value
..............................................................................
5,211,230‌
33,960,491‌
iShares
ETF
Paid-In
Capital
Accumulated
Earnings
(Loss)
Morningstar
Growth
.........................................................................
$
77,000,433‌
$
(77,000,433‌)
Morningstar
Mid-Cap
........................................................................
5,045,970‌
(5,045,970‌)
Morningstar
Mid-Cap
Growth
...................................................................
70,983,287‌
(70,983,287‌)
Morningstar
Small-Cap
Growth
.................................................................
9,332,615‌
(9,332,615‌)
Morningstar
Small-Cap
Value
...................................................................
4,605,230‌
(4,605,230‌)
—‌
Notes
to
Financial
Statements
(continued)
2024
iShares
Annual
Report
to
Shareholders
78
The
tax
character
of
distributions
paid
was
as
follows:
As
of
April
30,
2024,
the
tax
components
of
accumulated
net
earnings
(losses)
were
as
follows:
For
the
year
ended April
30,
2024,
the
Morningstar
Small-Cap
Value
utilized
$356,431
of
its
capital
loss
carryforwards.
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
April
30,
2024,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
each
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
iShares
ETF
Year
Ended
04/30/24
Year
Ended
04/30/23
Morningstar
Growth
Ordinary
income
...........................................................................................
$
12,592,478‌
$
12,112,028‌
Morningstar
Mid-Cap
Ordinary
income
...........................................................................................
$
12,485,761‌
$
12,616,997‌
Morningstar
Mid-Cap
Growth
Ordinary
income
...........................................................................................
$
15,129,939‌
$
11,519,624‌
Morningstar
Small-Cap
Growth
Ordinary
income
...........................................................................................
$
3,341,553‌
$
3,674,642‌
Morningstar
Small-Cap
Value
Ordinary
income
...........................................................................................
$
8,935,666‌
$
8,550,267‌
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Morningstar
Growth
.....................................................
$
508,476‌
$
(236,364,376‌)
$
641,348,469‌
$
405,492,569‌
Morningstar
Mid-Cap
....................................................
681,223‌
(92,072,628‌)
138,285,699‌
46,894,294‌
Morningstar
Mid-Cap
Growth
...............................................
619,902‌
(298,363,261‌)
260,586,748‌
(37,156,611‌)
Morningstar
Small-Cap
Growth
.............................................
822,810‌
(148,189,608‌)
33,136,023‌
(114,230,775‌)
Morningstar
Small-Cap
Value
...............................................
194,283‌
(40,914,422‌)
5,153,063‌
(35,567,076‌)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
were
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies
and
the
timing
and
recognition
of
realized
gains
(losses)
for
tax
purposes.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Morningstar
Growth
................................................
$
1,414,350,722‌
$
706,999,294‌
$
(65,650,825‌)
$
641,348,469‌
Morningstar
Mid-Cap
...............................................
698,327,983‌
193,264,783‌
(54,970,053‌)
138,294,730‌
Morningstar
Mid-Cap
Growth
.........................................
1,711,375,165‌
353,797,001‌
(93,210,253‌)
260,586,748‌
Morningstar
Small-Cap
Growth
........................................
568,405,673‌
91,273,892‌
(58,137,869‌)
33,136,023‌
Morningstar
Small-Cap
Value
.........................................
418,755,010‌
61,568,077‌
(56,415,014‌)
5,153,063‌
Notes
to
Financial
Statements
(continued)
79
Notes
to
Financial
Statements
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With exchange-traded
futures,
there
is
less
counterparty
credit
risk
to the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law,
a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to the
Funds.
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest. 
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Year
Ended
04/30/24
Year
Ended
04/30/23
iShares
ETF
Shares
Amount
Shares
Amount
Morningstar
Growth
Shares
sold
2,100,000‌
$
132,898,359‌
1,750,000‌
$
92,244,933‌
Shares
redeemed
(3,100,000‌)
(193,856,890‌)
(3,350,000‌)
(173,521,116‌)
(1,000,000‌)
$
(60,958,531‌)
(1,600,000‌)
$
(81,276,183‌)
Notes
to
Financial
Statements
(continued)
2024
iShares
Annual
Report
to
Shareholders
80
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
04/30/24
Year
Ended
04/30/23
iShares
ETF
Shares
Amount
Shares
Amount
Morningstar
Mid-Cap
Shares
sold
350,000‌
$
21,981,799‌
400,000‌
$
24,432,366‌
Shares
redeemed
(450,000‌)
(28,114,708‌)
(900,000‌)
(54,117,055‌)
(100,000‌)
$
(6,132,909‌)
(500,000‌)
$
(29,684,689‌)
Morningstar
Mid-Cap
Growth
Shares
sold
7,850,000‌
$
488,966,208‌
7,600,000‌
$
424,829,525‌
Shares
redeemed
(3,900,000‌)
(255,286,055‌)
(1,600,000‌)
(86,283,708‌)
3,950,000‌
$
233,680,153‌
6,000,000‌
$
338,545,817‌
Morningstar
Small-Cap
Growth
Shares
sold
3,050,000‌
$
122,437,537‌
3,350,000‌
$
124,624,087‌
Shares
redeemed
(1,400,000‌)
(54,479,127‌)
(950,000‌)
(34,207,774‌)
1,650,000‌
$
67,958,410‌
2,400,000‌
$
90,416,313‌
Morningstar
Small-Cap
Value
Shares
sold
100,000‌
$
5,637,319‌
1,500,000‌
$
79,185,476‌
Shares
redeemed
(700,000‌)
(36,426,258‌)
(650,000‌)
(33,331,576‌)
(600,000‌)
$
(30,788,939‌)
850,000‌
$
45,853,900‌
Report
of
Independent
Registered
Public
Accounting
Firm
81
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the five
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed in
the
table
below
(five
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the “Funds”)
as
of
April
30,
2024,
the
related
statements
of
operations
for
the
year
ended
April
30,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2024 (collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds listed
in
the
table
below as
of
April
30,
2024,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2024
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2024 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
April
30,
2024
by
correspondence
with
the
custodian,
transfer
agent
and
brokers.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
June
24,
2024 
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Value
ETF
Important
Tax
Information
(unaudited)
2024
iShares
Annual
Report
to
Shareholders
82
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2024:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified business
income
for
individuals
for
the
fiscal
year
ended
April
30,
2024:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended April
30,
2024
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Morningstar
Growth
.................................................................................................
$
11,572,028‌
Morningstar
Mid-Cap
................................................................................................
10,964,332‌
Morningstar
Mid-Cap
Growth
...........................................................................................
12,446,652‌
Morningstar
Small-Cap
Growth
.........................................................................................
2,140,984‌
Morningstar
Small-Cap
Value
...........................................................................................
6,683,717‌
iShares
ETF
Qualified
Business
Income
Morningstar
Growth
.................................................................................................
$
1,208,080‌
Morningstar
Mid-Cap
................................................................................................
1,976,231‌
Morningstar
Mid-Cap
Growth
...........................................................................................
3,197,552‌
Morningstar
Small-Cap
Growth
.........................................................................................
601,620‌
Morningstar
Small-Cap
Value
...........................................................................................
1,692,073‌
iShares
ETF
Dividends-Received
Deduction
Morningstar
Growth
.................................................................................................
85
.77‌
%
Morningstar
Mid-Cap
................................................................................................
79
.42‌
Morningstar
Mid-Cap
Growth
...........................................................................................
75
.22‌
Morningstar
Small-Cap
Growth
.........................................................................................
51
.06‌
Morningstar
Small-Cap
Value
...........................................................................................
73
.39‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
83
Statement
Regarding
Liquidity
Risk
Management
Program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
Morningstar
Growth
ETF,
iShares
Morningstar
Mid-Cap
ETF,
iShares
Morningstar
Mid-Cap
Growth
ETF,
iShares
Morningstar
Small-Cap
Growth
ETF
and
iShares
Morningstar
Small-Cap
Value
ETF (the
“Funds”
or
“ETFs”), each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
8,
2023
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2022
through
September
30,
2023
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
delays
in
the
repatriation
of
the
local
currency
in
certain
non-U.S.
countries,
the
continued
illiquidity
of
Russian
equity
securities
and
the
suspension
of
select
sanctions
in
Venezuela.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
ETFs
for
which
the
custom
baskets
accepted
by
the
ETF
had
a
significant
change
in
its
liquidity
profile.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
APRIL
30,
2024
2024
iShares
Annual
Report
to
Shareholders
84
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Trustee
and
Officer
Information
(unaudited)
85
Trustee
and
Officer
Information
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each
Trustee
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal.
Trustees
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the
Trust
are
referred
to
as
independent
trustees
(“Independent
Trustees”).
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
iShares
Complex
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
iShares
Complex.
Each
Trustee
also
serves
as
a
Director
of
iShares,
Inc.
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
iShares
Complex,
which
consists
of
404
funds
as
of
April
30,
2024.
With
the
exception
of
Stephen
Cohen,
Robert
S.
Kapito
and
Aaron
Wasserman,
the
address
of
each
Trustee
and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito
and
Mr.
Wasserman
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
NY
10001.
The
address
of
Mr.
Cohen
is
c/o
BlackRock,
Inc.,
Drapers
Gardens,
12
Throgmorton
Avenue,
London
EC2N
2DL
United
Kingdom.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’
Trustees
and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Trustees
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Stephen
Cohen
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Trust
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Trustees
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President
of
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Director
of
iShares,
Inc.
(since
2009);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Stephen
Cohen
(b)
(1975)
Trustee
(since
2024).
Senior
Managing
Director,
Head
of
Global
Product
Solutions
of
BlackRock,
Inc.
(since
2024);
Senior
Managing
Director,
Head
of
Europe,
Middle
East
and
Africa
Regions
of
BlackRock,
Inc.
(2021-2024);
Head
of
iShares
Index
and
Wealth
in
EMEA
of
BlackRock,
Inc.
(2017-2021);
Global
Head
of
Fixed
Income
Indexing
of
BlackRock,
Inc.
(2016-
2017);
Chief
Investment
Strategist
for
International
Fixed
Income
and
iShares
of
BlackRock,
Inc.
(2011-2015).
Director
of
iShares,
Inc.
(since
2024);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2024).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
John
E.
Kerrigan
(1955)
Trustee
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Independent
Board
Chair
of
iShares,
Inc.
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(1956)
Trustee
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Director
of
iShares,
Inc.
(since
2015);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(1954)
Trustee
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016);
Director
of
One
Generation
Away
(since
2021).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017).
Laura
F.
Fergerson
(1962)
Trustee
(since
2024).
President,
Franklin
Templeton
Services,
LLC
(2017-2024);
Director
of
the
Board
of
Crocker
Art
Museum
Association
(since
2019);
President,
Crocker
Art
Museum
Foundation
(2022-2023).
Director
of
iShares,
Inc.
(since
2024);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2024).
Cecilia
H.
Herbert
(1949)
Trustee
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018),
Investment
Committee
(since
2011)
and
Personnel
Committee
(since
2022);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022);
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(continued)
2024
iShares
Annual
Report
to
Shareholders
86
Officers
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Trustee
James
Lam
(1961)
Trustee
(since
2024).
President,
James
Lam
&
Associates,
Inc.
(since
2002);
Director
of
the
FAIR
Institute
(since
2020);
adjunct
professor
at
Carnegie
Mellon
University
(since
2018);
Member,
Zicklin
School
of
Business
Dean’s
Council
of
Baruch
College
(since
2017);
Director
and
Audit
Committee
Chair
of
RiskLens,
Inc.
(2018-2023);
Director,
Risk
Oversight
Committee
Chair
and
Audit
Committee
Member
of
E*TRADE
Financial
and
E*TRADE
Bank
(2012-2020).
Director
of
iShares,
Inc.
(since
2024);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2024).
Drew
E.
Lawton
(1959)
Trustee
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Director
of
iShares,
Inc.
(since
2017);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Director
of
Jackson
Financial
Inc.
(since
2021).
John
E.
Martinez
(1961)
Trustee
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Director
of
iShares,
Inc.
(since
2003);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Madhav
V.
Rajan
(1964)
Trustee
(since
2011);
Fixed-
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Director
of
WellBe
Senior
Medical
(since
2023);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-
2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Director
of
iShares,
Inc.
(since
2011);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Jessica
Tan
(1980)
President
(since
2024).
Managing
Director
of
BlackRock,
Inc.
(since
2015);
Head
of
Global
Product
Solutions,
Americas
of
BlackRock,
Inc.
(since
2024)
and
Head
of
Sustainable
and
Transition
Solutions
of
BlackRock,
Inc.
(2022-2024);
Global
Head
of
Corporate
Strategy
of
BlackRock,
Inc.
(2019-2022);
Chief
of
Staff
to
the
CEO
of
BlackRock,
Inc.
(2017-2019).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director
of
BlackRock,
Inc.
(since
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021).
Aaron
Wasserman
(1974)
Chief
Compliance
Officer
(since
2023).
Managing
Director
of
BlackRock,
Inc.
(since
2018);
Chief
Compliance
Officer
of
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-
Income
Complex
and
the
iShares
Complex
(since
2023);
Deputy
Chief
Compliance
Officer
for
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
iShares
Complex
(2014-2023).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director
of
BlackRock,
Inc.
(since
2023);
Director
of
BlackRock,
Inc.
(2018-2022).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director
of
BlackRock,
Inc.
(since
2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
of
BlackRock,
Inc.
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
of
BlackRock,
Inc.
(2020-
2021);
Head
of
Developed
Markets
Portfolio
Engineering
of
BlackRock,
Inc.
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director
of
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
of
BlackRock,
Inc.
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director
of
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
of
BlackRock,
Inc.
(since
2020).
Effective
July
1,
2023,
Aaron
Wasserman
replaced
Charles
Park
as
Chief
Compliance
Officer.
Effective
February
1,
2024,
Salim
Ramji
resigned
as
a
Trustee
of
the
Trust.
Effective
March
5,
2024,
Stephen
Cohen
replaced
Salim
Ramji
as
a
Trustee
of
the
Trust.
Effective
March
5,
2024,
Dominik
Rohé
resigned
as
President
of
the
Trust.
Effective
March
5,
2024,
Jessica
Tan
replaced
Dominik
Rohé
as
President
of
the
Trust.
Effective
April
8,
2024,
Laura
Fergerson
was
appointed
as
a
Trustee
of
the
Trust.
Effective
April
8,
2024,
James
Lam
was
appointed
as
a
Trustee
of
the
Trust.
Independent
Trustees
(continued)
General
Information
87
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s
 policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2024
iShares
Annual
Report
to
Shareholders
88
Portfolio
Abbreviation
MSCI
Morgan
Stanley
Capital
International
NASDAQ
National
Association
of
Securities
Dealers
Automated
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-AR-404-0424
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by Morningstar,
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2024
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
(b) Not Applicable
 
Item 2.      Code of Ethics.
 
The registrant
has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics.
The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.
 
Item 3.      Audit Committee Financial Expert.
 
The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).
 
 
 
 
 
Item 4.      Principal Accountant Fees and Services.
 
The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the six series of the registrant for which the fiscal year-end is April 30, 2024 (the “Funds”), and whose annual financial statements are reported in Item 1.
 
(a)
    
Audit Fees
– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $79,800 for the fiscal year ended
April 30, 2023
and $79,800 for the fiscal year ended April 30, 2024.
 
(b)
   
Audit-Related Fees
– There were no fees billed for the fiscal years end
ed April 30, 2023
and April 30, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.
 
(c)
    
Tax Fees
– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $58,200 for the fiscal year ended
April 30, 2023
and $58,200 for the fiscal year ended April 30, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.
 
(d)
   
All Other Fees
– There were no other fees billed in each of the fiscal years end
ed April 30, 2023 and April 30, 2024
for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
 
(e)
    
(1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
 
(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
 
(f)
     
Not Applicable
 
(g)
   
The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $58,200 for the fiscal year ended
April 30, 2023
and $58,200 for the fiscal year ended April 30, 2024.
 
 
(h)
   
The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.
 
(i)
     
Not Applicable
 
(j)
     
Not Applicable
 
 
 
 
 
 
 

Item 5.      Audit Committee of Listed Registrants.

 
(a)
The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934.  The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.
 
(b) Not applicable.
 

Item 6.      Investments.

 
(a)
    
Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.
 
(b)
   
Not applicable.
 
 
Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
      Not applicable to the registrant.
 
Item 8.      Portfolio Managers of Closed-End Management Investment Companies.
 
     
Not applicable to the registrant.
 

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 
      Not applicable to the registrant.
 
Item 10.    Submission of Matters to a Vote of Security Holders.
 
      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
 
Item 11.    Controls and Procedures.
 
(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.
 
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
 
Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
     
Not applicable to the registrant.
 
 
Item 13.   Recovery of Erroneously Awarded Compensation.
 
     
Not applicable
 
 
Item 14.    Exhibits.
 
(a)(1) Code of Ethics – See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR   240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SIGNATURES
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
iShares Trust
 
 
 
By: /s/ Jessica Tan
 
 
Jessica Tan, President (Principal Executive Officer)
 
 
Date:
June 24, 2024
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By: /s/ Jessica Tan
 
 
Jessica Tan, President (Principal Executive Officer)
 
 
Date:
June 24, 2024
 
 
 
By: /s/
Trent Walker
 
 
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
 
 
Date:
June 24, 2024
 
 
 
 
 
 
 
 
N-CSR Exhibit for Item 14(a)(2): SECTION 302 CERTIFICATIONS                                   EX-99.CERT
I, Jessica Tan, certify that:
 
1.
   
I have reviewed this report on Form N-CSR of iShares Trust for the following six series: iShares Cohen & Steers REIT ETF, iShares Morningstar Growth ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Mid-Cap Growth ETF, iShares Morningstar Small-Cap Growth ETF and iShares Morningstar Small-Cap Value ETF;
 
2.
   
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
   
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
 
4.
   
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a)
    
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)
   
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)
    
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our  conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d)
   
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.
   
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)
  
 All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
(b)
 
 Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
 
 
Date:
 
June 24, 2024
 
 
/s/ Jessica Tan
President
(Principal Executive Officer)
 
Jessica Tan
[Signature]
[Title]

N-CSR Exhibit for Item 14(a)(2): SECTION 302 CERTIFICATIONS                                      EX-99.CERT
 
I, Trent Walker, certify that:
 
1.
   
I have reviewed this report on Form N-CSR of iShares Trust for the following six series: iShares Cohen & Steers REIT ETF, iShares Morningstar Growth ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Mid-Cap Growth ETF, iShares Morningstar Small-Cap Growth ETF and iShares Morningstar Small-Cap Value ETF;
 
2.
   
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.
   
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 
 
4.
   
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
(a)
  
 Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)
   
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c)
    
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
(d)
   
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.
   
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)
    
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
(b)
   
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
 
Date:
 
June 24, 2024
 
 
/s/
Trent Walker
Treasurer and Chief Financial Officer (Principal Financial Officer)
 
Trent Walker
[Signature]
[Title]
 
Ex.99.906 CERT
 
N-CSR Exhibit for Item 14(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002                      
 
Jessica Tan, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the “Registrant”), each certify, to his knowledge, that:
 
1. The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
 
 
Date:
 
June 24, 2024
 
 
/s/ Jessica Tan
President
(Principal Executive Officer)
 
Jessica Tan
[Signature]
[Title]
 
 
 
 
Date:
June 24, 2024
 
 
/s/
Trent Walker
Treasurer and Chief Financial Officer (Principal Financial Officer)
 
Trent Walker
[Signature]
[Title]
 
 
 
 

 
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.