iShares Russell Small/Mid-Cap Index Fund - (IWM) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: April 30, 2024

Date of reporting period: October 31, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

OCTOBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core Dividend ETF | DIVB | Cboe BZX

· iShares Core Dividend Growth ETF | DGRO | NYSE Arca

· iShares Core High Dividend ETF | HDV | NYSE Arca

· iShares Select Dividend ETF | DVY | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		1.39	%		10.14	%
U.S. small cap equities (Russell 2000® Index)		(5.29	)		(8.56	)
International equities (MSCI Europe, Australasia, Far East Index)		(7.88	)		14.40
Emerging market equities (MSCI Emerging Markets Index)		(4.78	)		10.80
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63			4.77
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70	)		(3.25	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.13	)		0.36
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.65	)		2.64
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02			6.23
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index .

2 THIS  PAGE  IS  NOT    PART  OF  YOUR    FUND    REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		30
Statements of Operations		31
Statements of Changes in Net Assets		32
Financial Highlights		34
Notes to Financial Statements		38
Board Review and Approval of Investment Advisory Contract		45
Supplemental Information		49
General Information		50
Glossary of Terms Used in this Report		51

3

Fund Summary   as of October 31, 2023    iShares^® Core Dividend ETF

Investment Objective

The iShares Core Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar^® US Dividend and Buyback 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.06	)%		0.45	%		9.40	%		8.84	%		0.45	%		56.72	%		66.01	%
Fund Market		(2.08	)		0.41			9.41			8.84			0.41			56.79			66.01
Index		(2.05	)		0.47			9.64			9.09			0.47			58.42			68.25

The inception date of the Fund was November 7, 2017. The first day of secondary market trading was November 9, 2017.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	979.40	$	0.25		$	1,000.00	$	1,024.89	$	0.25		0.05	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	21.8	%
Financials	18.4
Health Care	10.9
Industrials	9.8
Energy	9.5
Consumer Staples	9.2
Consumer Discretionary	6.0
Communication Services	4.8
Materials	3.4
Real Estate	3.1
Utilities	3.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Broadcom, Inc.	5.0	%
Cisco Systems, Inc.	4.6
Exxon Mobil Corp.	2.8
International Business Machines Corp.	2.5
QUALCOMM, Inc.	2.4
Procter & Gamble Co. (The)	2.1
Texas Instruments, Inc.	2.1
Home Depot, Inc. (The)	1.9
JPMorgan Chase & Co.	1.9
Wells Fargo & Co.	1.7

4 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of  October 31, 2023    iShares^® Core Dividend Growth ETF

Investment Objective

The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar^® U.S. Dividend 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(3.99	)%		1.01	%		9.20	%		9.80	%		1.01	%		55.30	%		140.62	%
Fund Market		(3.99	)		0.95			9.20			9.80			0.95			55.27			140.62
Index		(3.98	)		1.02			9.28			9.87			1.02			55.83			141.94

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

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

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	960.10	$	0.39		$	1,000.00	$	1,024.73	$	0.41		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Health Care	19.4	%
Financials	18.8
Information Technology	15.6
Industrials	11.5
Consumer Staples	10.8
Utilities	6.9
Energy	6.8
Consumer Discretionary	6.0
Materials	2.7
Communication Services	1.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Microsoft Corp.	3.2	%
JPMorgan Chase & Co.	2.9
Apple Inc.	2.9
Exxon Mobil Corp.	2.8
Johnson & Johnson	2.8
AbbVie, Inc.	2.6
Chevron Corp.	2.4
Procter & Gamble Co. (The)	2.3
Pfizer, Inc.	2.1
UnitedHealth Group, Inc.	2.0

FUND   SUMMARY 5

Fund Summary  as of  October 31, 2023 iShares^® Core High Dividend ETF

Investment Objective

The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar^® Dividend Yield Focus 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.31	)%		(3.46	)%		5.45	%		7.03	%		(3.46	)%		30.37	%		97.33	%
Fund Market		(5.33	)		(3.51	)		5.44			7.03			(3.51	)		30.35			97.24
Index		(5.30	)		(3.41	)		5.52			7.14			(3.41	)		30.84			99.34

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

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	946.90	$	0.39		$	1,000.00	$	1,024.73	$	0.41		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Energy	22.3	%
Health Care	19.2
Consumer Staples	14.8
Utilities	10.4
Communication Services	9.4
Information Technology	9.3
Financials	8.3
Industrials	3.4
Materials	2.3
Other (each representing less than 1%)	0.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Exxon Mobil Corp.	8.1	%
Verizon Communications, Inc.	6.7
Johnson & Johnson	6.4
AbbVie, Inc.	6.0
Chevron Corp.	5.6
Coca-Cola Co. (The)	4.1
PepsiCo, Inc.	3.9
Altria Group, Inc.	3.7
International Business Machines Corp.	3.5
Cisco Systems, Inc.	3.5

6 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary  as of  October 31, 2023    iShares^® Select Dividend ETF

Investment Objective

The iShares Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.13	)%		(7.93	)%		5.59	%		7.80	%		(7.93	)%		31.28	%		111.97	%
Fund Market		(9.15	)		(7.99	)		5.58			7.79			(7.99	)		31.21			111.80
Index		(8.93	)		(7.53	)		6.02			8.24			(7.53	)		33.94			120.64

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

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	908.70	$	1.84		$	1,000.00	$	1,023.21	$	1.93		0.38	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Utilities	27.3	%
Financials	22.9
Consumer Staples	9.5
Materials	8.9
Consumer Discretionary	7.1
Energy	6.5
Communication Services	5.9
Information Technology	4.9
Industrials	3.7
Health Care	3.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Altria Group, Inc.	2.5	%
Verizon Communications, Inc.	2.3
International Business Machines Corp.	2.1
ONEOK, Inc.	2.0
AT&T Inc.	1.7
Prudential Financial, Inc.	1.7
LyondellBasell Industries NV, Class A	1.7
Philip Morris International, Inc.	1.7
Seagate Technology Holdings PLC	1.7
International Paper Co.	1.6

FUND   SUMMARY 7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

8 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.4%
General Dynamics Corp.		2,691	$	649,365
Huntington Ingalls Industries, Inc.		349		76,717
L3Harris Technologies, Inc.		4,656		835,333
Lockheed Martin Corp.		5,442		2,474,151
RTX Corp.		20,801		1,692,994
				5,728,560
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		4,069		332,966
FedEx Corp.		2,683		644,189
United Parcel Service, Inc., Class B		12,781		1,805,316
				2,782,471
Automobile Components — 0.1%
Autoliv, Inc.		806		73,870
Dana, Inc.		945		10,849
LCI Industries		276		29,943
Lear Corp.		600		77,856
				192,518
Automobiles — 0.3%
Ford Motor Co.		62,851		612,797
Harley-Davidson, Inc.		2,667		71,609
Thor Industries, Inc.		662		58,210
				742,616
Banks — 8.5%
Associated Banc-Corp.		2,245		36,392
Atlantic Union Bankshares Corp.		1,232		35,494
Bank of America Corp.		143,847		3,788,930
Bank OZK		2,931		104,959
BOK Financial Corp.		357		23,391
Cadence Bank		353		7,477
Cathay General Bancorp		1,460		49,509
Citigroup, Inc.		44,352		1,751,461
Citizens Financial Group, Inc.		11,347		265,860
Columbia Banking System, Inc.		519		10,209
Comerica, Inc.		2,551		100,509
Commerce Bancshares, Inc.		1,306		57,281
Cullen/Frost Bankers, Inc.		625		56,869
CVB Financial Corp.		2,352		36,738
East West Bancorp, Inc.		1,478		79,250
Eastern Bankshares, Inc.		2,963		32,623
Fifth Third Bancorp		13,241		313,944
First Financial Bankshares, Inc.		844		20,298
First Hawaiian, Inc.		2,067		37,061
First Horizon Corp.		9,649		103,727
First Interstate BancSystem, Inc., Class A		2,466		56,891
FNB Corp.		4,557		48,714
Glacier Bancorp, Inc.		1,195		36,077
Hancock Whitney Corp.		808		27,819
Home BancShares, Inc.		2,011		41,125
Huntington Bancshares, Inc.		26,565		256,352
International Bancshares Corp.		476		20,863
JPMorgan Chase & Co.		31,934		4,440,742
KeyCorp		24,308		248,428
M&T Bank Corp.		3,989		449,760
New York Community Bancorp, Inc., Class A		10,250		97,170
Old National Bancorp		3,500		47,950
Pacific Premier Bancorp, Inc.		361		6,859
PNC Financial Services Group, Inc. (The)		10,032		1,148,363
Popular, Inc.		1,706		110,958
Prosperity Bancshares, Inc.		1,260		68,720

Security	Shares		Value
Banks (continued)
Regions Financial Corp.		13,828	$	200,921
ServisFirst Bancshares, Inc.		239		11,271
Simmons First National Corp., Class A		2,333		33,152
SouthState Corp.		861		56,912
Synovus Financial Corp.		2,103		54,825
Truist Financial Corp.		25,170		713,821
U.S. Bancorp		17,936		571,800
UMB Financial Corp.		361		22,642
United Bankshares, Inc.		1,919		54,576
United Community Banks, Inc.		781		17,252
Valley National Bancorp		5,619		43,716
Webster Financial Corp.		2,729		103,620
Wells Fargo & Co.		103,208		4,104,582
WSFS Financial Corp.		714		25,276
				20,033,139
Beverages — 1.9%
Coca-Cola Co. (The)		36,807		2,079,227
Keurig Dr Pepper, Inc.		8,138		246,826
Molson Coors Beverage Co., Class B		1,534		88,619
PepsiCo, Inc.		12,683		2,070,880
				4,485,552
Biotechnology — 3.2%
AbbVie, Inc.		24,198		3,416,274
Amgen, Inc.		10,388		2,656,212
Gilead Sciences, Inc.		17,675		1,388,194
				7,460,680
Broadline Retail — 0.0%
Nordstrom, Inc.		1,925		26,912
Building Products — 0.5%
A O Smith Corp.		1,913		133,451
Fortune Brands Innovations, Inc.		2,674		149,209
Johnson Controls International PLC		10,957		537,112
Masco Corp.		4,508		234,822
Owens Corning		1,764		199,985
				1,254,579
Capital Markets — 4.1%
Ameriprise Financial, Inc.		1,853		582,898
Ares Management Corp., Class A		1,037		102,238
Artisan Partners Asset Management, Inc., Class A		951		31,383
Bank of New York Mellon Corp. (The)		18,038		766,615
BlackRock, Inc.(a)		1,700		1,040,876
Blackstone, Inc., Class A, NVS		7,112		656,793
Blue Owl Capital, Inc., Class A		4,251		52,415
Carlyle Group, Inc. (The)		3,146		86,641
CME Group, Inc., Class A		3,234		690,330
Cohen & Steers, Inc.		256		13,373
Federated Hermes, Inc., Class B		1,987		62,988
Franklin Resources, Inc.		3,803		86,670
Goldman Sachs Group, Inc. (The)		5,575		1,692,626
Hamilton Lane, Inc., Class A		359		30,199
Houlihan Lokey, Inc., Class A		578		58,100
Invesco Ltd.		8,775		113,812
Janus Henderson Group PLC		2,644		60,997
Jefferies Financial Group, Inc.		4,617		148,575
Moelis & Co., Class A		1,345		56,006
Morgan Stanley		34,301		2,429,197
Northern Trust Corp.		2,471		162,864
State Street Corp.		6,473		418,350

SCHEDULES   OF   INVESTMENTS 9

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Stifel Financial Corp.		1,302	$	74,214
T Rowe Price Group, Inc.		4,151		375,665
				9,793,825
Chemicals — 1.9%
Air Products & Chemicals, Inc.		1,486		419,706
Ashland, Inc.		1,739		133,260
Avient Corp.		805		25,454
Celanese Corp., Class A		1,175		134,549
CF Industries Holdings, Inc.		4,966		396,187
Chemours Co. (The)		4,402		106,132
Dow, Inc.		18,753		906,520
DuPont de Nemours, Inc.		12,571		916,175
Eastman Chemical Co.		4,691		350,558
International Flavors & Fragrances, Inc.		3,400		232,390
LyondellBasell Industries NV, Class A		4,817		434,686
Mosaic Co. (The)		11,433		371,344
NewMarket Corp.		135		65,090
Scotts Miracle-Gro Co. (The)		1,193		53,017
				4,545,068
Communications Equipment — 4.8%
Cisco Systems, Inc.		209,057		10,898,141
Juniper Networks, Inc.		19,603		527,713
				11,425,854
Construction & Engineering — 0.0%
MDU Resources Group, Inc.		2,502		46,562
Consumer Finance — 0.3%
Discover Financial Services		9,311		764,247
Consumer Staples Distribution & Retail — 1.2%
Kroger Co. (The)		10,313		467,901
Sysco Corp.		6,379		424,140
Target Corp.		13,536		1,499,653
Walgreens Boots Alliance, Inc.		19,493		410,912
				2,802,606
Containers & Packaging — 0.5%
Amcor PLC		40,602		360,952
Crown Holdings, Inc.		2,588		208,593
Greif, Inc., Class A, NVS		366		23,241
Greif, Inc., Class B		103		6,598
Packaging Corp. of America		1,662		254,369
Sealed Air Corp.		2,897		89,199
Sonoco Products Co.		1,230		63,726
Westrock Co.		5,963		214,250
				1,220,928
Distributors — 0.2%
Genuine Parts Co.		1,484		191,228
LKQ Corp.		5,916		259,831
				451,059
Diversified Consumer Services — 0.2%
ADT, Inc.		1,583		8,960
H&R Block, Inc.		5,575		228,853
Service Corp. International		3,771		205,218
				443,031
Diversified REITs — 0.1%
WP Carey, Inc.		3,040		163,096
Diversified Telecommunication Services — 2.5%
AT&T Inc.		168,580		2,596,132

Security	Shares		Value
Diversified Telecommunication Services (continued)
Cogent Communications Holdings, Inc.		682	$	44,317
Verizon Communications, Inc.		93,356		3,279,596
				5,920,045
Electric Utilities — 1.9%
Alliant Energy Corp.		2,384		116,315
American Electric Power Co., Inc.		4,142		312,887
Duke Energy Corp.		10,362		921,078
Edison International		4,764		300,418
Entergy Corp.		1,158		110,693
Evergy, Inc.		3,085		151,597
Eversource Energy		3,910		210,319
Exelon Corp.		10,294		400,848
FirstEnergy Corp.		7,056		251,194
Hawaiian Electric Industries, Inc.		3,731		48,428
IDACORP, Inc.		495		46,881
NRG Energy, Inc.		5,160		218,681
OGE Energy Corp.		2,908		99,454
Pinnacle West Capital Corp.		1,531		113,570
PNM Resources, Inc.		903		38,161
PPL Corp.		8,199		201,449
Southern Co. (The)		9,104		612,699
Xcel Energy, Inc.		3,803		225,404
				4,380,076
Electrical Equipment — 0.3%
Emerson Electric Co.		7,704		685,425
Electronic Equipment, Instruments & Components — 0.5%
Avnet, Inc.		5,857		271,355
Corning, Inc.		31,093		832,048
				1,103,403
Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		10,363		356,695
Helmerich & Payne, Inc.		2,258		89,349
Patterson-UTI Energy, Inc.		2,679		34,023
				480,067
Entertainment — 0.0%
Warner Music Group Corp., Class A		662		20,721
Financial Services — 1.2%
Apollo Global Management, Inc.		2,965		229,610
Enact Holdings, Inc.		287		7,910
Essent Group Ltd.		1,198		56,593
Fidelity National Information Services, Inc.		46,336		2,275,561
MGIC Investment Corp.		7,441		125,306
TFS Financial Corp.		964		11,433
Voya Financial, Inc.		3,195		213,330
Walker & Dunlop, Inc.		350		22,680
				2,942,423
Food Products — 1.3%
Archer-Daniels-Midland Co.		8,215		587,947
Bunge Ltd.		1,007		106,722
Cal-Maine Foods, Inc.		1,251		56,683
Campbell Soup Co.		2,900		117,189
Conagra Brands, Inc.		7,422		203,066
Flowers Foods, Inc.		2,653		58,180
General Mills, Inc.		11,570		754,827
Hormel Foods Corp.		2,509		81,668
Ingredion, Inc.		729		68,220
J M Smucker Co. (The)		1,946		221,533
Kellanova		3,021		152,470

10 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Kraft Heinz Co. (The)		11,434	$	359,713
Tyson Foods, Inc., Class A		6,114		283,384
				3,051,602
Gas Utilities — 0.1%
National Fuel Gas Co.		946		48,199
New Jersey Resources Corp.		888		36,035
ONE Gas, Inc.		278		16,791
Spire, Inc.		607		33,767
UGI Corp.		3,705		77,064
				211,856
Ground Transportation — 1.5%
Norfolk Southern Corp.		5,637		1,075,483
Ryder System, Inc.		1,359		132,557
Union Pacific Corp.		11,029		2,289,731
				3,497,771
Health Care Equipment & Supplies — 0.6%
Baxter International, Inc.		4,455		144,476
Medtronic PLC		17,277		1,219,065
				1,363,541
Health Care Providers & Services — 2.1%
Cardinal Health, Inc.		6,714		610,974
Cigna Group (The)		7,941		2,455,357
CVS Health Corp.		21,272		1,467,981
Patterson Cos., Inc.		1,482		45,142
Premier, Inc., Class A		2,851		54,796
Quest Diagnostics, Inc.		2,652		345,025
				4,979,275
Health Care REITs — 0.3%
Healthpeak Properties, Inc.		7,694		119,642
Medical Properties Trust, Inc.		25,777		123,214
National Health Investors, Inc.		1,338		66,954
Omega Healthcare Investors, Inc.		5,332		176,489
Physicians Realty Trust		1,538		16,703
Sabra Health Care REIT, Inc.		4,925		67,177
Ventas, Inc.		2,779		117,996
				688,175
Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		3,892		61,027
Host Hotels & Resorts, Inc.		7,327		113,422
Park Hotels & Resorts, Inc.		6,538		75,383
				249,832
Hotels, Restaurants & Leisure — 0.6%
Bloomin’ Brands, Inc.		1,596		37,251
Cracker Barrel Old Country Store, Inc.		885		58,729
Darden Restaurants, Inc.		2,619		381,143
Domino’s Pizza, Inc.		394		133,562
Marriott Vacations Worldwide Corp.		1,560		140,182
Papa John’s International, Inc.		908		59,038
Red Rock Resorts, Inc., Class A		2,061		81,512
Travel + Leisure Co.		3,033		103,213
Vail Resorts, Inc.		692		146,877
Wendy’s Co. (The)		4,016		76,384
Wyndham Hotels & Resorts, Inc.		1,820		131,768
				1,349,659
Household Durables — 0.3%
Garmin Ltd.		4,897		502,089
Leggett & Platt, Inc.		2,909		68,158
MDC Holdings, Inc.		828		31,423

Security	Shares		Value
Household Durables (continued)
Newell Brands, Inc.		6,634	$	44,580
Tempur Sealy International, Inc.		4,185		167,107
				813,357
Household Products — 2.8%
Clorox Co. (The)		1,138		133,943
Colgate-Palmolive Co.		11,324		850,659
Energizer Holdings, Inc.		1,006		31,769
Kimberly-Clark Corp.		3,950		472,578
Procter & Gamble Co. (The)		33,282		4,993,298
Reynolds Consumer Products, Inc.		606		15,411
Spectrum Brands Holdings, Inc.		1,496		112,679
				6,610,337
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		7,358		109,634
Clearway Energy, Inc., Class A		693		14,117
Clearway Energy, Inc., Class C		1,524		33,086
				156,837
Industrial Conglomerates — 1.2%
3M Co.		13,088		1,190,354
Honeywell International, Inc.		9,328		1,709,449
				2,899,803
Industrial REITs — 0.3%
LXP Industrial Trust		2,203		17,426
Prologis, Inc.		7,352		740,714
				758,140
Insurance — 4.0%
Aflac, Inc.		10,077		787,115
Allstate Corp. (The)		7,438		953,031
American International Group, Inc.		20,472		1,255,138
Assurant, Inc.		1,307		194,612
Axis Capital Holdings Ltd.		583		33,289
Chubb Ltd.		5,491		1,178,479
Cincinnati Financial Corp.		1,703		169,738
CNO Financial Group, Inc.		2,895		67,106
Fidelity National Financial, Inc., Class A		4,746		185,521
First American Financial Corp.		1,805		92,849
Hanover Insurance Group, Inc. (The)		338		39,617
Hartford Financial Services Group, Inc. (The)		7,118		522,817
Kemper Corp.		424		16,909
MetLife, Inc.		15,897		953,979
Old Republic International Corp.		4,569		125,099
Principal Financial Group, Inc.		5,105		345,506
Prudential Financial, Inc.		8,624		788,579
Reinsurance Group of America, Inc.		623		93,120
Travelers Cos., Inc. (The)		4,486		751,136
Unum Group		2,008		98,191
Willis Towers Watson PLC		3,650		860,999
				9,512,830
Interactive Media & Services — 0.0%
Shutterstock, Inc.		421		17,126
IT Services — 2.5%
International Business Machines Corp.		40,145		5,806,573
Leisure Products — 0.1%
Acushnet Holdings Corp.		562		28,639
Brunswick Corp.		1,634		113,514
Hasbro, Inc.		1,697		76,620
Polaris, Inc.		1,207		104,309
				323,082

SCHEDULES   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery — 1.5%
Allison Transmission Holdings, Inc.		2,123	$	107,042
Caterpillar, Inc.		6,928		1,566,074
Crane Co.		646		62,875
Cummins, Inc.		1,517		328,127
Flowserve Corp.		758		27,834
Hillenbrand, Inc.		1,287		48,945
Illinois Tool Works, Inc.		3,319		743,854
Kennametal, Inc.		1,493		34,503
Oshkosh Corp.		343		30,091
Snap-on, Inc.		597		153,990
Stanley Black & Decker, Inc.		5,049		429,418
				3,532,753
Marine Transportation — 0.0%
Matson, Inc.		1,322		115,080
Media — 2.2%
Cable One, Inc.		111		61,036
Comcast Corp., Class A		99,067		4,090,477
Fox Corp., Class A, NVS		8,993		273,297
Fox Corp., Class B		4,618		128,888
Interpublic Group of Cos., Inc. (The)		5,596		158,926
John Wiley & Sons, Inc., Class A		762		23,066
Omnicom Group, Inc.		4,905		367,434
Paramount Global, Class A		129		1,793
Paramount Global, Class B, NVS		8,605		93,622
Sirius XM Holdings, Inc.		13,856		59,304
TEGNA, Inc.		1,591		23,085
				5,280,928
Metals & Mining — 1.0%
Arch Resources, Inc., Class A		541		81,599
Newmont Corp.		12,894		483,138
Nucor Corp.		6,059		895,460
Southern Copper Corp.		1,111		78,770
Steel Dynamics, Inc.		4,945		526,692
United States Steel Corp.		5,832		197,646
Worthington Industries, Inc.		300		18,486
				2,281,791
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
AGNC Investment Corp.		15,935		117,600
Blackstone Mortgage Trust, Inc., Class A		930		18,554
Rithm Capital Corp.		13,779		128,558
Starwood Property Trust, Inc.		5,400		95,850
				360,562
Multi-Utilities — 1.1%
Ameren Corp.		1,661		125,754
Black Hills Corp.		300		14,505
CenterPoint Energy, Inc.		5,053		135,825
CMS Energy Corp.		3,355		182,311
Consolidated Edison, Inc.		5,418		475,646
Dominion Energy, Inc.		8,463		341,228
DTE Energy Co.		448		43,178
Public Service Enterprise Group, Inc.		5,453		336,177
Sempra		7,833		548,545
WEC Energy Group, Inc.		3,625		295,039
				2,498,208
Office REITs — 0.2%
Boston Properties, Inc.		2,462		131,889
COPT Defense Properties		1,443		32,900
Cousins Properties, Inc.		2,441		43,621
Douglas Emmett, Inc.		4,088		45,827
Highwoods Properties, Inc.		2,506		44,832

Security	Shares		Value
Office REITs (continued)
Kilroy Realty Corp.		1,893	$	54,102
Vornado Realty Trust		2,840		54,528
				407,699
Oil, Gas & Consumable Fuels — 9.3%
Antero Midstream Corp.		6,846		84,480
APA Corp.		9,075		360,459
California Resources Corp.		1,655		87,036
Chevron Corp.		16,702		2,433,982
Chord Energy Corp.		1,104		182,513
Civitas Resources, Inc.		555		41,864
Comstock Resources, Inc.		1,090		13,734
ConocoPhillips		21,223		2,521,292
CONSOL Energy, Inc.		304		27,935
Coterra Energy, Inc.		19,083		524,783
CVR Energy, Inc.		432		14,148
Devon Energy Corp.		19,299		898,754
Diamondback Energy, Inc.		4,175		669,336
DT Midstream, Inc.		1,371		73,993
EOG Resources, Inc.		4,487		566,484
Equitrans Midstream Corp.		7,332		65,035
Exxon Mobil Corp.		61,313		6,489,981
HF Sinclair Corp.		3,553		196,765
Kinder Morgan, Inc.		39,800		644,760
Magnolia Oil & Gas Corp., Class A		3,694		82,930
Marathon Oil Corp.		19,479		531,972
Murphy Oil Corp.		901		40,428
New Fortress Energy, Inc., Class A		1,481		44,874
ONEOK, Inc.		7,032		458,486
Ovintiv, Inc.		4,686		224,928
Phillips 66		8,225		938,226
Pioneer Natural Resources Co.		7,318		1,749,002
Targa Resources Corp.		2,028		169,561
Valero Energy Corp.		9,717		1,234,059
Williams Cos., Inc. (The)		16,767		576,785
				21,948,585
Pharmaceuticals — 5.0%
Bristol-Myers Squibb Co.		53,345		2,748,868
Johnson & Johnson		27,103		4,020,459
Merck & Co., Inc.		21,426		2,200,450
Organon & Co.		4,206		62,207
Perrigo Co. PLC		1,241		34,301
Pfizer, Inc.		86,385		2,639,926
Viatris, Inc.		20,168		179,495
				11,885,706
Professional Services — 0.6%
Automatic Data Processing, Inc.		4,085		891,429
ManpowerGroup, Inc.		1,349		94,389
Paychex, Inc.		2,773		307,942
Robert Half, Inc.		1,975		147,671
				1,441,431
Real Estate Management & Development — 0.0%
Kennedy-Wilson Holdings, Inc.		2,720		35,006
Residential REITs — 0.4%
Apartment Income REIT Corp.		3,742		109,304
AvalonBay Communities, Inc.		1,058		175,353
Equity LifeStyle Properties, Inc.		1,010		66,458
Equity Residential		4,029		222,924
Essex Property Trust, Inc.		902		192,956

12 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Residential REITs (continued)
Invitation Homes, Inc.		777	$	23,069
Mid-America Apartment Communities, Inc.		1,314		155,249
				945,313
Retail REITs — 0.5%
Brixmor Property Group, Inc.		3,775		78,482
Federal Realty Investment Trust		438		39,941
Kimco Realty Corp.		8,051		144,435
Kite Realty Group Trust		2,887		61,551
Macerich Co. (The)		3,086		29,996
NNN REIT, Inc.		1,986		72,151
Regency Centers Corp.		1,872		112,807
Simon Property Group, Inc.		6,193		680,549
SITE Centers Corp.		2,450		28,567
				1,248,479
Semiconductors & Semiconductor Equipment — 12.3%
Broadcom, Inc.		14,114		11,875,096
Intel Corp.		103,036		3,760,814
NXP Semiconductors NV		12,512		2,157,444
QUALCOMM, Inc.		51,294		5,590,533
Skyworks Solutions, Inc.		8,770		760,710
Texas Instruments, Inc.		34,820		4,944,788
				29,089,385
Software — 0.2%
Gen Digital, Inc.		32,582		542,816
Specialized REITs — 1.2%
American Tower Corp.		2,840		506,060
Crown Castle, Inc.		8,009		744,677
Digital Realty Trust, Inc.		1,204		149,729
EPR Properties		1,697		72,462
Extra Space Storage, Inc.		2,876		297,925
Gaming & Leisure Properties, Inc.		646		29,322
Iron Mountain, Inc.		3,287		194,163
Lamar Advertising Co., Class A		1,390		114,355
Outfront Media, Inc.		4,681		45,687
PotlatchDeltic Corp.		1,076		46,107
Public Storage		1,662		396,736
Rayonier, Inc.		810		20,444
Weyerhaeuser Co.		8,232		236,176
				2,853,843
Specialty Retail — 3.8%
American Eagle Outfitters, Inc.		4,144		72,396
Dick’s Sporting Goods, Inc.		2,713		290,155
Gap, Inc. (The)		5,318		68,070
Home Depot, Inc. (The)		15,823		4,504,650
Lowe’s Cos., Inc.		19,240		3,666,567
Penske Automotive Group, Inc.		578		82,700
Williams-Sonoma, Inc.		2,416		362,980
				9,047,518

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 1.5%
Hewlett Packard Enterprise Co.		61,627	$	947,823
NetApp, Inc.		15,195		1,105,892
Seagate Technology Holdings PLC		20,487		1,398,238
				3,451,953
Textiles, Apparel & Luxury Goods — 0.3%
Kontoor Brands, Inc.		1,171		54,393
Ralph Lauren Corp., Class A		1,558		175,322
Steven Madden Ltd.		1,764		57,842
Tapestry, Inc.		12,806		352,933
VF Corp.		10,076		148,419
				788,909
Tobacco — 1.9%
Altria Group, Inc.		55,931		2,246,748
Philip Morris International, Inc.		26,054		2,322,975
				4,569,723
Trading Companies & Distributors — 0.5%
Fastenal Co.		4,678		272,915
Ferguson PLC		4,403		661,331
Herc Holdings, Inc.		350		37,376
MSC Industrial Direct Co., Inc., Class A		656		62,156
Watsco, Inc.		280		97,689
				1,131,467
Water Utilities — 0.0%
Essential Utilities, Inc.		779		26,065
Total Long-Term Investments — 99.6% (Cost: $253,917,345)				235,668,479
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b)		863,690		863,690
Total Short-Term Securities — 0.4% (Cost: $863,690)				863,690
Total Investments — 100.0% (Cost: $254,781,035)				236,532,169
Liabilities in Excess of Other Assets — (0.0)%				(30,765	)
Net Assets — 100.0%			$	236,501,404

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

SCHEDULES   OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23	Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	859,810	$	3,880	(a)	$	—		$	—		$	—		$	863,690	863,690	$	20,550	$	—
BlackRock, Inc.		1,322,935		104,745			(299,318	)		(34,925	)		(52,561	)		1,040,876	1,700		17,795		—
									$	(34,925	)	$	(52,561	)	$	1,904,566		$	38,345	$	—

^(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
Micro E-Mini S&P 500 Index		38		12/15/23	$800	$	(25,025	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	25,025	$	—	$	—	$	—	$	25,025

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	3,505		$	—	$	—	$	—	$	3,505
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(42,854	)	$	—	$	—	$	—		$  (42,854	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,000,049

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

14 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend ETF

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	235,668,479		$	—	$	—	$	235,668,479
Short-Term Securities
Money Market Funds		863,690			—		—		863,690
	$	236,532,169		$	—	$	—	$	236,532,169
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(25,025	)	$	—	$	—	$	(25,025	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULES    OF   INVESTMENTS 15

Schedule of Investments (unaudited) October 31, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.6%
BWX Technologies, Inc.		67,675	$	5,026,899
Curtiss-Wright Corp.		10,143		2,016,530
General Dynamics Corp.		317,569		76,632,575
HEICO Corp.		3,786		599,740
HEICO Corp., Class A		7,445		946,483
Huntington Ingalls Industries, Inc.		54,291		11,934,248
L3Harris Technologies, Inc.		295,047		52,934,382
Lockheed Martin Corp.		371,581		168,935,586
Northrop Grumman Corp.		147,001		69,300,682
RTX Corp.		2,405,259		195,764,030
				584,091,155
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		190,199		15,563,984
Expeditors International of Washington, Inc.		105,994		11,579,845
Forward Air Corp.		20,513		1,321,242
United Parcel Service, Inc., Class B		1,685,513		238,078,711
				266,543,782
Automobile Components — 0.0%
Gentex Corp.		202,220		5,799,670
Automobiles — 0.0%
Thor Industries, Inc.		54,804		4,818,916
Banks — 8.2%
Associated Banc-Corp.		441,602		7,158,368
Atlantic Union Bankshares Corp.		130,119		3,748,728
BancFirst Corp.		18,491		1,499,805
Bank of America Corp.		13,656,795		359,719,980
Bank OZK		232,243		8,316,622
BOK Financial Corp.		44,614		2,923,109
Cadence Bank		145,900		3,090,162
Cathay General Bancorp		153,149		5,193,283
Citigroup, Inc.		5,811,281		229,487,487
Comerica, Inc.		469,949		18,515,991
Commerce Bancshares, Inc.		150,322		6,593,123
Community Bank System, Inc.		101,405		4,051,130
Cullen/Frost Bankers, Inc.		148,718		13,531,851
CVB Financial Corp.		344,693		5,384,105
East West Bancorp, Inc.		298,453		16,003,050
Fifth Third Bancorp		1,976,296		46,857,978
First Bancorp		367,396		4,904,737
First Financial Bankshares, Inc.		199,086		4,788,018
First Horizon Corp.		1,585,168		17,040,556
Glacier Bancorp, Inc.		294,106		8,879,060
Home BancShares, Inc.		360,278		7,367,685
Independent Bank Corp.		69,304		3,382,035
JPMorgan Chase & Co.		4,697,280		653,203,757
M&T Bank Corp.		414,378		46,721,120
PNC Financial Services Group, Inc. (The)		1,217,880		139,410,724
Popular, Inc.		144,912		9,425,076
Prosperity Bancshares, Inc.		214,657		11,707,393
Regions Financial Corp.		2,910,061		42,283,186
ServisFirst Bancshares, Inc.		68,585		3,234,469
Simmons First National Corp., Class A		262,560		3,730,978
SouthState Corp.		130,272		8,610,979
Synovus Financial Corp.		424,793		11,074,354
U.S. Bancorp		4,319,418		137,703,046
UMB Financial Corp.		63,334		3,972,308
United Community Banks, Inc.		232,614		5,138,443
Wintrust Financial Corp.		74,663		5,576,579

Security	Shares		Value
Banks (continued)
WSFS Financial Corp.		31,138	$	1,102,285
Zions Bancorp N.A.		408,064		12,588,774
				1,873,920,334
Beverages — 3.6%
Brown-Forman Corp., Class A		42,675		2,450,398
Brown-Forman Corp., Class B, NVS		138,714		7,790,178
Coca-Cola Co. (The)		7,097,175		400,919,416
Constellation Brands, Inc., Class A		129,026		30,211,438
PepsiCo, Inc.		2,324,056		379,471,864
				820,843,294
Biotechnology — 4.8%
AbbVie, Inc.		4,178,391		589,905,241
Amgen, Inc.		1,065,013		272,323,824
Gilead Sciences, Inc.		2,936,246		230,612,761
				1,092,841,826
Broadline Retail — 0.0%
Dillard’s, Inc., Class A		880		273,196
Building Products — 0.5%
A O Smith Corp.		120,968		8,438,728
AAON, Inc.		18,806		1,024,551
Advanced Drainage Systems, Inc.		18,857		2,014,493
Allegion PLC		85,377		8,397,682
Carlisle Cos., Inc.		39,479		10,031,219
Fortune Brands Innovations, Inc.		102,919		5,742,880
Lennox International, Inc.		21,891		8,111,491
Masco Corp.		260,380		13,563,194
Owens Corning		76,919		8,720,307
Simpson Manufacturing Co., Inc.		19,455		2,591,017
Trane Technologies PLC		194,870		37,085,710
UFP Industries, Inc.		42,297		4,025,405
				109,746,677
Capital Markets — 5.0%
Ameriprise Financial, Inc.		96,228		30,270,442
Bank of New York Mellon Corp. (The)		1,569,713		66,712,802
BlackRock, Inc.(a)		251,439		153,951,071
CME Group, Inc., Class A		452,766		96,647,430
Cohen & Steers, Inc.		54,222		2,832,557
Evercore, Inc., Class A		45,422		5,913,036
FactSet Research Systems, Inc.		20,377		8,800,623
Goldman Sachs Group, Inc. (The)		663,322		201,391,192
Hamilton Lane, Inc., Class A		44,780		3,766,894
Houlihan Lokey, Inc., Class A		62,375		6,269,935
Intercontinental Exchange, Inc.		481,318		51,712,806
Jefferies Financial Group, Inc.		355,925		11,453,667
MarketAxess Holdings, Inc.		27,748		5,931,135
Moody’s Corp.		83,510		25,721,080
Morgan Stanley		3,065,620		217,107,208
Morningstar, Inc.		8,843		2,239,401
MSCI, Inc., Class A		47,709		22,497,179
Nasdaq, Inc.		338,060		16,767,776
Northern Trust Corp.		475,949		31,369,799
Raymond James Financial, Inc.		178,325		17,019,338
S&P Global, Inc.		174,060		60,800,899
SEI Investments Co.		87,989		4,721,490
State Street Corp.		700,920		45,300,460
Stifel Financial Corp.		137,682		7,847,874
T Rowe Price Group, Inc.		571,289		51,701,654
				1,148,747,748
Chemicals — 2.0%
Air Products & Chemicals, Inc.		308,920		87,251,365

16 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Albemarle Corp.		57,833	$	7,332,068
Ashland, Inc.		50,203		3,847,056
Avient Corp.		126,815		4,009,890
Balchem Corp.		9,978		1,159,843
Cabot Corp.		72,706		4,833,495
Celanese Corp., Class A		129,246		14,799,959
Eastman Chemical Co.		266,295		19,900,225
Ecolab, Inc.		169,188		28,379,595
HB Fuller Co.		37,732		2,495,972
Innospec, Inc.		19,353		1,896,594
International Flavors & Fragrances, Inc.		676,924		46,267,755
Linde PLC		379,454		145,012,141
NewMarket Corp.		8,093		3,902,040
PPG Industries, Inc.		259,525		31,861,884
Quaker Chemical Corp.		6,988		1,004,315
RPM International, Inc.		129,289		11,800,207
Sensient Technologies Corp.		62,628		3,533,472
Sherwin-Williams Co. (The)		122,687		29,225,270
Stepan Co.		22,532		1,685,394
Westlake Corp.		31,525		3,636,724
				453,835,264
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		75,945		2,987,676
Brady Corp., Class A, NVS		48,976		2,520,305
Cintas Corp.		55,132		27,958,540
MSA Safety, Inc.		22,986		3,629,030
Republic Services, Inc.		164,075		24,363,497
Tetra Tech, Inc.		20,689		3,122,177
Veralto Corp.(b)		54,136		3,735,384
Waste Management, Inc.		386,392		63,495,797
				131,812,406
Communications Equipment — 1.6%
Cisco Systems, Inc.		6,511,539		339,446,528
Motorola Solutions, Inc.		122,190		34,025,027
				373,471,555
Construction & Engineering — 0.0%
Comfort Systems U.S.A., Inc.		10,429		1,896,513
MDU Resources Group, Inc.		536,134		9,977,454
				11,873,967
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		24,558		10,042,749
Vulcan Materials Co.		61,935		12,169,608
				22,212,357
Consumer Finance — 0.6%
American Express Co.		526,491		76,883,481
Discover Financial Services		451,768		37,081,117
FirstCash Holdings, Inc.		32,125		3,499,055
Nelnet, Inc., Class A		11,564		980,743
Synchrony Financial		790,316		22,168,364
				140,612,760
Consumer Staples Distribution & Retail — 2.3%
Casey’s General Stores, Inc.		15,902		4,323,913
Costco Wholesale Corp.		192,713		106,462,370
Dollar General Corp.		239,159		28,469,487
Kroger Co. (The)		975,159		44,242,964
Sysco Corp.		860,642		57,224,087
Target Corp.		956,241		105,941,940
Walmart, Inc.		1,153,701		188,526,280
				535,191,041

Security	Shares		Value
Containers & Packaging — 0.2%
AptarGroup, Inc.		50,909	$	6,224,644
Avery Dennison Corp.		82,844		14,420,655
Ball Corp.		277,956		13,383,581
Silgan Holdings, Inc.		81,638		3,270,418
Sonoco Products Co.		211,667		10,966,467
				48,265,765
Distributors — 0.2%
Genuine Parts Co.		205,874		26,528,924
Pool Corp.		28,528		9,008,286
				35,537,210
Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		2,623		1,517,982
H&R Block, Inc.		265,656		10,905,179
Service Corp. International		154,042		8,382,966
				20,806,127
Electric Utilities — 4.4%
ALLETE, Inc.		166,586		8,919,014
Alliant Energy Corp.		536,759		26,188,472
American Electric Power Co., Inc.		1,303,594		98,473,491
Duke Energy Corp.		2,103,820		187,008,560
Edison International		969,841		61,158,174
Entergy Corp.		562,800		53,798,052
Evergy, Inc.		613,667		30,155,596
Eversource Energy		897,930		48,299,655
IDACORP, Inc.		98,392		9,318,706
MGE Energy, Inc.		47,415		3,396,336
NextEra Energy, Inc.		3,355,351		195,616,963
Otter Tail Corp.		58,198		4,477,754
PNM Resources, Inc.		166,723		7,045,714
Portland General Electric Co.		248,665		9,951,573
Southern Co. (The)		2,684,515		180,667,860
Xcel Energy, Inc.		1,184,619		70,212,368
				994,688,288
Electrical Equipment — 0.9%
AMETEK, Inc.		85,282		12,005,147
Eaton Corp. PLC		344,073		71,536,217
Emerson Electric Co.		702,413		62,493,685
Hubbell, Inc.		44,121		11,917,082
nVent Electric PLC		121,515		5,848,517
Regal Rexnord Corp.		33,477		3,964,012
Rockwell Automation, Inc.		102,215		26,863,124
				194,627,784
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		332,572		26,788,675
Avnet, Inc.		124,747		5,779,529
Badger Meter, Inc.		10,138		1,404,620
CDW Corp.		87,206		17,476,082
Cognex Corp.		56,931		2,048,947
Corning, Inc.		1,570,586		42,028,881
Littelfuse, Inc.		14,566		3,156,015
TD SYNNEX Corp.		36,068		3,306,714
TE Connectivity Ltd.		332,370		39,169,804
				141,159,267
Financial Services — 1.6%
Equitable Holdings, Inc.		608,283		16,162,079
Fidelity National Information Services, Inc.		1,294,971		63,596,026
Jack Henry & Associates, Inc.		57,343		8,084,790
Mastercard, Inc., Class A		268,873		101,190,353

SCHEDULES   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Visa, Inc., Class A		689,317	$	162,058,427
Walker & Dunlop, Inc.		59,430		3,851,064
				354,942,739
Food Products — 1.6%
Archer-Daniels-Midland Co.		735,800		52,661,206
Flowers Foods, Inc.		459,985		10,087,471
Hershey Co. (The)		194,159		36,375,689
Hormel Foods Corp.		500,458		16,289,908
Ingredion, Inc.		109,290		10,227,358
J & J Snack Foods Corp.		15,029		2,353,692
J M Smucker Co. (The)		187,473		21,341,926
Kellanova		604,205		30,494,226
Lamb Weston Holdings, Inc.		98,601		8,854,370
Lancaster Colony Corp.		24,112		4,079,027
McCormick & Co., Inc., NVS		285,760		18,260,064
Mondelez International, Inc., Class A		1,752,951		116,062,886
Tyson Foods, Inc., Class A		622,143		28,836,328
WK Kellogg Co.(b)		151,179		1,514,813
				357,438,964
Gas Utilities — 0.4%
Atmos Energy Corp.		222,968		24,004,735
Chesapeake Utilities Corp.		22,802		2,020,485
National Fuel Gas Co.		206,847		10,538,855
New Jersey Resources Corp.		213,952		8,682,172
ONE Gas, Inc.		114,834		6,935,974
Southwest Gas Holdings, Inc.		158,189		9,271,457
Spire, Inc.		151,589		8,432,896
UGI Corp.		735,159		15,291,307
				85,177,881
Ground Transportation — 1.4%
CSX Corp.		1,755,705		52,407,794
JB Hunt Transport Services, Inc.		43,730		7,515,875
Landstar System, Inc.		15,125		2,492,298
Norfolk Southern Corp.		361,125		68,899,039
Old Dominion Freight Line, Inc.		19,835		7,471,051
Ryder System, Inc.		77,210		7,531,063
Schneider National, Inc., Class B		31,183		789,865
Union Pacific Corp.		867,800		180,163,958
Werner Enterprises, Inc.		41,696		1,514,399
				328,785,342
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		2,034,680		192,378,994
Baxter International, Inc.		860,553		27,907,734
Becton Dickinson & Co.		225,437		56,985,965
DENTSPLY SIRONA, Inc.		189,670		5,767,865
Medtronic PLC		2,650,164		186,995,572
ResMed, Inc.		107,554		15,188,776
STERIS PLC		48,760		10,238,625
Stryker Corp.		204,685		55,309,980
				550,773,511
Health Care Providers & Services — 3.0%
Cardinal Health, Inc.		339,568		30,900,688
Cencora, Inc.		105,532		19,539,250
Chemed Corp.		2,478		1,394,247
Elevance Health, Inc.		183,282		82,493,395
Encompass Health Corp.		49,651		3,106,166
Ensign Group, Inc. (The)		8,891		858,871
HCA Healthcare, Inc.		104,819		23,703,769
Humana, Inc.		55,668		29,152,775
McKesson Corp.		47,828		21,778,958

Security	Shares		Value
Health Care Providers & Services (continued)
Quest Diagnostics, Inc.		146,271	$	19,029,857
UnitedHealth Group, Inc.		855,029		457,919,331
				689,877,307
Hotels, Restaurants & Leisure — 1.9%
Domino’s Pizza, Inc.		26,086		8,842,893
McDonald’s Corp.		938,723		246,105,009
Starbucks Corp.		1,475,487		136,098,921
Texas Roadhouse, Inc.		85,318		8,663,190
Wingstop, Inc.		9,978		1,823,679
Yum! Brands, Inc.		310,599		37,538,995
				439,072,687
Household Durables — 0.2%
DR Horton, Inc.		156,163		16,303,417
Garmin Ltd.		252,276		25,865,858
				42,169,275
Household Products — 3.1%
Church & Dwight Co., Inc.		168,143		15,290,924
Colgate-Palmolive Co.		1,283,328		96,403,599
Kimberly-Clark Corp.		733,069		87,704,375
Procter & Gamble Co. (The)		3,395,652		509,449,670
WD-40 Co.		13,664		2,888,570
				711,737,138
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		1,490,970		22,215,453
Industrial Conglomerates — 0.7%
Honeywell International, Inc.		865,603		158,630,406
Insurance — 3.3%
Aflac, Inc.		723,560		56,517,272
Allstate Corp. (The)		503,952		64,571,370
American Equity Investment Life Holding Co.(b)		24,708		1,308,536
American Financial Group, Inc.		90,861		9,936,559
Aon PLC, Class A		87,956		27,213,586
Arthur J. Gallagher & Co.		120,245		28,316,495
Assurant, Inc.		63,263		9,419,861
Assured Guaranty Ltd.		65,270		4,072,848
Axis Capital Holdings Ltd.		146,873		8,386,448
Brown & Brown, Inc.		87,066		6,044,122
Chubb Ltd.		411,020		88,213,113
Cincinnati Financial Corp.		262,388		26,152,212
CNO Financial Group, Inc.		171,520		3,975,834
Erie Indemnity Co., Class A, NVS		25,427		7,022,683
Everest Group Ltd.		45,246		17,900,223
First American Financial Corp.		203,875		10,487,330
Globe Life, Inc.		43,583		5,071,318
Hanover Insurance Group, Inc. (The)		63,767		7,474,130
Hartford Financial Services Group, Inc. (The)		426,692		31,340,527
Kinsale Capital Group, Inc.		2,142		715,235
Marsh & McLennan Cos., Inc.		422,325		80,093,936
MetLife, Inc.		1,234,112		74,059,061
Old Republic International Corp.		580,458		15,892,940
Primerica, Inc.		29,007		5,544,978
Principal Financial Group, Inc.		441,109		29,854,257
Reinsurance Group of America, Inc.		95,183		14,227,003
RenaissanceRe Holdings Ltd.		22,692		4,982,936
RLI Corp.		19,342		2,577,128
Selective Insurance Group, Inc.		42,198		4,393,234
Travelers Cos., Inc. (The)		334,330		55,980,215
Unum Group		325,546		15,919,199

18 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
W. R. Berkley Corp.		81,689	$	5,507,472
Willis Towers Watson PLC		99,683		23,514,223
				746,686,284
IT Services — 0.7%
Accenture PLC, Class A		504,996		150,029,262
Leisure Products — 0.1%
Acushnet Holdings Corp.		30,070		1,532,367
Brunswick Corp.		85,382		5,931,487
Polaris, Inc.		75,180		6,497,056
				13,960,910
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		133,640		13,814,367
Danaher Corp.		162,040		31,114,921
Thermo Fisher Scientific, Inc.		58,814		26,158,703
West Pharmaceutical Services, Inc.		8,185		2,605,203
				73,693,194
Machinery — 2.3%
AGCO Corp.		33,870		3,883,534
Caterpillar, Inc.		551,730		124,718,567
Cummins, Inc.		234,687		50,762,798
Donaldson Co., Inc.		112,106		6,464,032
Dover Corp.		115,014		14,946,069
Franklin Electric Co., Inc.		21,016		1,822,508
Graco, Inc.		120,296		8,944,008
Hillenbrand, Inc.		78,144		2,971,816
IDEX Corp.		51,070		9,775,309
Illinois Tool Works, Inc.		345,885		77,519,746
Ingersoll Rand, Inc.		30,962		1,878,774
ITT, Inc.		55,492		5,180,178
Kadant, Inc.		4,074		896,280
Lincoln Electric Holdings, Inc.		46,287		8,090,968
Nordson Corp.		35,806		7,611,998
Oshkosh Corp.		61,150		5,364,690
Otis Worldwide Corp.		387,148		29,891,697
PACCAR, Inc.		398,289		32,870,791
Parker-Hannifin Corp.		107,125		39,519,484
Pentair PLC		121,987		7,089,884
Snap-on, Inc.		76,427		19,713,580
Stanley Black & Decker, Inc.		305,904		26,017,135
Terex Corp.		41,558		1,903,356
Timken Co. (The)		67,201		4,644,933
Toro Co. (The)		80,771		6,529,528
Watts Water Technologies, Inc., Class A		12,736		2,203,455
Xylem, Inc.		188,919		17,671,483
				518,886,601
Marine Transportation — 0.0%
Matson, Inc.		31,422		2,735,285
Media — 1.5%
Cable One, Inc.		5,331		2,931,357
Comcast Corp., Class A		6,255,496		258,289,430
Interpublic Group of Cos., Inc. (The)		864,267		24,545,183
John Wiley & Sons, Inc., Class A		100,046		3,028,392
Nexstar Media Group, Inc., Class A		80,485		11,274,339
Omnicom Group, Inc.		407,650		30,537,062
Sirius XM Holdings, Inc.(c)		913,483		3,909,707
				334,515,470
Metals & Mining — 0.4%
Nucor Corp.		177,882		26,289,181
Reliance Steel & Aluminum Co.		51,056		12,987,625

Security	Shares		Value
Metals & Mining (continued)
Royal Gold, Inc.		53,100	$	5,539,923
Southern Copper Corp.		249,978		17,723,440
Steel Dynamics, Inc.		153,530		16,352,480
Worthington Industries, Inc.		29,446		1,814,463
				80,707,112
Multi-Utilities — 1.9%
Ameren Corp.		495,232		37,494,015
Black Hills Corp.		182,179		8,808,355
CMS Energy Corp.		601,988		32,712,028
Consolidated Edison, Inc.		754,364		66,225,616
DTE Energy Co.		452,522		43,614,070
NiSource, Inc.		918,490		23,109,208
Public Service Enterprise Group, Inc.		1,119,683		69,028,457
Sempra		1,253,821		87,805,085
WEC Energy Group, Inc.		699,606		56,940,932
				425,737,766
Oil, Gas & Consumable Fuels — 6.8%
Chevron Corp.		3,758,558		547,734,657
ConocoPhillips		1,168,459		138,812,929
EOG Resources, Inc.		844,494		106,617,368
Exxon Mobil Corp.		6,076,214		643,167,252
Phillips 66		962,534		109,796,254
Texas Pacific Land Corp.		2,495		4,605,645
				1,550,734,105
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		63,427		3,252,537
Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		227,264		29,287,512
Inter Parfums, Inc.		20,615		2,620,372
				31,907,884
Pharmaceuticals — 8.8%
Bristol-Myers Squibb Co.		4,676,163		240,962,679
Eli Lilly & Co.		370,444		205,200,045
Johnson & Johnson		4,225,617		626,828,026
Merck & Co., Inc.		4,053,067		416,249,981
Perrigo Co. PLC		257,862		7,127,306
Pfizer, Inc.		15,691,372		479,528,328
Zoetis, Inc., Class A		215,699		33,864,743
				2,009,761,108
Professional Services — 0.8%
Automatic Data Processing, Inc.		479,361		104,606,158
Booz Allen Hamilton Holding Corp., Class A		127,074		15,239,985
Broadridge Financial Solutions, Inc.		107,935		18,418,028
Exponent, Inc.		34,582		2,534,515
Genpact Ltd.		148,297		4,973,881
Insperity, Inc.		48,061		5,086,776
ManpowerGroup, Inc.		113,995		7,976,230
Robert Half, Inc.		167,153		12,498,030
SS&C Technologies Holdings, Inc.		217,719		10,940,380
				182,273,983
Semiconductors & Semiconductor Equipment — 5.3%
Analog Devices, Inc.		556,492		87,552,886
Applied Materials, Inc.		410,442		54,321,999
Broadcom, Inc.		512,272		431,010,293
KLA Corp.		80,883		37,990,745
Lam Research Corp.		77,353		45,500,582
Microchip Technology, Inc.		644,268		45,929,866
Monolithic Power Systems, Inc.		19,996		8,833,033
NXP Semiconductors NV		296,543		51,132,909

SCHEDULES   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Power Integrations, Inc.		29,686	$	2,058,130
QUALCOMM, Inc.		1,810,814		197,360,618
Skyworks Solutions, Inc.		238,477		20,685,495
Texas Instruments, Inc.		1,560,531		221,611,007
Universal Display Corp.		23,850		3,319,443
				1,207,307,006
Software — 4.0%
Dolby Laboratories, Inc., Class A		46,010		3,724,050
Intuit, Inc.		92,415		45,740,804
Microsoft Corp.		2,171,517		734,211,613
Oracle Corp.		1,153,617		119,283,998
Roper Technologies, Inc.		34,476		16,843,939
				919,804,404
Specialty Retail — 3.0%
Best Buy Co., Inc.		564,682		37,732,051
Dick’s Sporting Goods, Inc.		128,802		13,775,374
Group 1 Automotive, Inc.		6,667		1,682,284
Home Depot, Inc. (The)		1,512,754		430,665,936
Lithia Motors, Inc., Class A		10,512		2,546,111
Lowe’s Cos., Inc.		665,611		126,845,488
Penske Automotive Group, Inc.		25,296		3,619,352
Ross Stores, Inc.		223,640		25,935,531
Tractor Supply Co.		121,712		23,436,863
Valvoline, Inc.		129,810		3,851,463
Williams-Sonoma, Inc.		98,142		14,744,854
				684,835,307
Technology Hardware, Storage & Peripherals — 3.3%
Apple Inc.		3,789,942		647,208,395
Hewlett Packard Enterprise Co.		2,037,107		31,330,706
HP, Inc.		1,763,968		46,445,278
NetApp, Inc.		313,149		22,790,984
				747,775,363
Textiles, Apparel & Luxury Goods — 0.5%
Carter’s, Inc.		101,142		6,792,697
Columbia Sportswear Co.		31,573		2,330,087
NIKE, Inc., Class B		974,442		100,143,404
Steven Madden Ltd.		110,883		3,635,854
				112,902,042
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A		118,019		4,086,998

Security	Shares		Value
Trading Companies & Distributors (continued)
Applied Industrial Technologies, Inc.		19,950	$	3,062,525
Boise Cascade Co.		17,498		1,640,438
Fastenal Co.		831,985		48,538,005
GATX Corp.		39,653		4,146,911
McGrath RentCorp		27,389		2,755,333
MSC Industrial Direct Co., Inc., Class A		93,031		8,814,687
Rush Enterprises, Inc., Class A		54,583		1,942,063
Rush Enterprises, Inc., Class B		9,937		401,852
Watsco, Inc.		54,690		19,080,794
WW Grainger, Inc.		28,005		20,438,889
				114,908,495
Water Utilities — 0.2%
American States Water Co.		45,552		3,555,333
American Water Works Co., Inc.		235,897		27,753,282
California Water Service Group		70,160		3,415,389
Essential Utilities, Inc.		486,268		16,270,527
SJW Group		39,093		2,442,531
				53,437,062
Total Long-Term Investments — 99.7% (Cost: $21,227,187,679)				22,718,392,272
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(a)(d)(e)		3,963,080		3,964,665
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(d)		46,583,009		46,583,009
Total Short-Term Securities — 0.2% (Cost: $50,547,599)				50,547,674
Total Investments — 99.9% (Cost: $21,277,735,278)				22,768,939,946
Other Assets Less Liabilities — 0.1%				27,688,679
Net Assets — 100.0%			$	22,796,628,625

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

^(c)  All or a portion of this security is on loan.

^(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.

20 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23	Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	644,774	$	3,319,464	(a)	$	—		$	352	$	75		$	3,964,665	3,963,080	$	221,846	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		46,636,422		—			(53,413	)(a)		—		—			46,583,009	46,583,009		1,446,116			—
BlackRock, Inc.		162,805,601		15,312,289			(9,508,264	)		1,237,703		(15,896,258	)		153,951,071	251,439		2,464,715			—
									$	1,238,055	$	(15,896,183	)	$	204,498,745		$	4,132,677		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		346		12/15/23	$72,872	$	(3,047,144	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	3,047,144	$	—	$	—	$	—	$	3,047,144

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	6,044,926		$	—	$	—	$	—	$	6,044,926
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$  (7,658,504	)	$	—	$	—	$	—		$  (7,658,504	)

SCHEDULES    OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core Dividend Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	83,157,775

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	22,718,392,272		$	—	$	—	$	22,718,392,272
Short-Term Securities
Money Market Funds		50,547,674			—		—		50,547,674
	$	22,768,939,946		$	—	$	—	$	22,768,939,946
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(3,047,144	)	$	—	$	—	$	(3,047,144	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

22 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2023 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 2.4%
United Parcel Service, Inc., Class B		1,671,521	$	236,102,341
Banks — 3.0%
Wells Fargo & Co.		7,397,706		294,206,768
Beverages — 8.0%
Coca-Cola Co. (The)		7,038,019		397,577,693
PepsiCo, Inc.		2,304,684		376,308,804
				773,886,497
Biotechnology — 8.4%
AbbVie, Inc.		4,143,586		584,991,471
Gilead Sciences, Inc.		2,911,713		228,685,939
				813,677,410
Capital Markets — 4.3%
Ares Management Corp., Class A		281,823		27,784,930
Artisan Partners Asset Management, Inc., Class A		229,999		7,589,967
BlackRock, Inc.(a)		249,251		152,611,402
Blackstone, Inc., Class A, NVS		1,194,534		110,315,215
Carlyle Group, Inc. (The)		548,489		15,105,387
Cohen & Steers, Inc.		51,955		2,714,129
Franklin Resources, Inc.		764,357		17,419,696
Invesco Ltd.		1,369,207		17,758,615
Janus Henderson Group PLC		442,446		10,207,229
Moelis & Co., Class A		203,532		8,475,073
T Rowe Price Group, Inc.		568,740		51,470,970
				421,452,613
Chemicals — 1.7%
Dow, Inc.		2,084,269		100,753,564
LyondellBasell Industries NV, Class A		735,234		66,347,516
				167,101,080
Communications Equipment — 3.5%
Cisco Systems, Inc.		6,457,278		336,617,902
Consumer Staples Distribution & Retail — 0.6%
Sysco Corp.		855,201		56,862,314
Containers & Packaging — 0.4%
Amcor PLC		4,493,471		39,946,957
Diversified Telecommunication Services — 6.7%
Verizon Communications, Inc.		18,544,116		651,454,795
Electric Utilities — 7.4%
ALLETE, Inc.		166,777		8,929,241
Alliant Energy Corp.		529,888		25,853,236
Duke Energy Corp.		2,086,218		185,443,918
IDACORP, Inc.		98,612		9,339,543
NextEra Energy, Inc.		3,327,398		193,987,303
PNM Resources, Inc.		165,225		6,982,409
PPL Corp.		1,676,746		41,197,649
Southern Co. (The)		2,662,165		179,163,704
Xcel Energy, Inc.		1,173,724		69,566,621
				720,463,624
Financial Services — 0.2%
Radian Group, Inc.		310,007		7,855,577
Western Union Co. (The)		1,453,864		16,414,125
				24,269,702
Food Products — 1.3%
General Mills, Inc.		1,215,626		79,307,440

Security	Shares		Value
Food Products (continued)
Hormel Foods Corp.		495,297	$	16,121,917
Kellanova		601,869		30,376,329
				125,805,686
Gas Utilities — 0.1%
New Jersey Resources Corp.		214,260		8,694,671
Health Care Equipment & Supplies — 1.9%
Medtronic PLC		2,628,135		185,441,206
Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc.		246,204		35,830,068
Household Durables — 0.3%
Garmin Ltd.		249,046		25,534,686
Household Products — 1.2%
Clorox Co. (The)		223,920		26,355,384
Kimberly-Clark Corp.		726,673		86,939,158
Reynolds Consumer Products, Inc.		113,093		2,875,955
				116,170,497
Insurance — 0.6%
Cincinnati Financial Corp.		261,636		26,077,260
Old Republic International Corp.		574,600		15,732,548
Unum Group		322,723		15,781,155
				57,590,963
IT Services — 3.5%
International Business Machines Corp.		2,352,414		340,253,161
Media — 2.6%
Comcast Corp., Class A		6,203,352		256,136,404
Metals & Mining — 0.2%
Southern Copper Corp.		247,836		17,571,572
Multi-Utilities — 2.7%
DTE Energy Co.		449,945		43,365,699
Northwestern Energy Group, Inc.		178,974		8,592,542
Public Service Enterprise Group, Inc.		1,109,343		68,390,996
Sempra		1,242,912		87,041,127
WEC Energy Group, Inc.		692,718		56,380,318
				263,770,682
Oil, Gas & Consumable Fuels — 22.3%
Antero Midstream Corp.		1,499,311		18,501,498
Chevron Corp.		3,727,163		543,159,464
Chord Energy Corp.		80,157		13,251,555
Coterra Energy, Inc.		1,249,262		34,354,705
DT Midstream, Inc.		308,414		16,645,104
EOG Resources, Inc.		837,525		105,737,531
Exxon Mobil Corp.		7,423,994		785,829,765
Kinder Morgan, Inc.		7,741,554		125,413,175
ONEOK, Inc.		1,551,239		101,140,783
Phillips 66		954,465		108,875,822
Pioneer Natural Resources Co.		747,351		178,616,889
Williams Cos., Inc. (The)		3,722,310		128,047,464
				2,159,573,755
Pharmaceuticals — 8.9%
Bristol-Myers Squibb Co.		4,637,129		238,951,257
Johnson & Johnson		4,190,417		621,606,458
				860,557,715
Professional Services — 0.6%
Paychex, Inc.		548,702		60,933,357
Semiconductors & Semiconductor Equipment — 2.3%
Texas Instruments, Inc.		1,547,531		219,764,877

SCHEDULES   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco — 3.7%
Altria Group, Inc.		8,906,828	$	357,787,281
Trading Companies & Distributors — 0.3%
MSC Industrial Direct Co., Inc., Class A		91,556		8,674,931
Watsco, Inc.		53,395		18,628,982
				27,303,913
Water Utilities — 0.2%
Essential Utilities, Inc.		484,796		16,221,274
Total Long-Term Investments — 99.7% (Cost: $10,275,297,812)				9,670,983,771
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b)		10,847,919		10,847,919
Total Short-Term Securities — 0.1% (Cost: $10,847,919)				10,847,919
Total Investments — 99.8% (Cost: $10,286,145,731)				9,681,831,690
Other Assets Less Liabilities — 0.2%				15,043,841
Net Assets — 100.0%			$	9,696,875,531

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	22,682,184	$	—	$	(11,834,265	)(a)	$	—		$	—		$	10,847,919		10,847,919	$	522,602	$	—
BlackRock, Inc.		—		197,547,708		(22,081,673	)		(339,197	)		(22,515,436	)		152,611,402		249,251		1,318,790		—
								$	(339,197	)	$	(22,515,436	)	$	163,459,321			$	1,841,392	$	—

^(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
E-Mini Consumer Staples Index		147		12/15/23	$	10,090	$	219,294
E-Mini Dow Jones Industrial Average Index		44		12/15/23		7,290		(44,111	)
E-Mini Energy Select Sector Index		67		12/15/23		6,004		(64,801	)
							$	110,382

24 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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	$	—	$	—	$	219,294	$	—	$	—	$	—	$	219,294
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	108,912	$	—	$	—	$	—	$	108,912

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(854,568	)	$	—	$	—	$	—	$	(854,568	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,675,345	)	$	—	$	—	$	—	$	(1,675,345	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	28,591,108

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	9,670,983,771		$	—	$	—	$	9,670,983,771
Short-Term Securities
Money Market Funds		10,847,919			—		—		10,847,919
	$	9,681,831,690		$	—	$	—	$	9,681,831,690
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	219,294		$	—	$	—	$	219,294
Liabilities
Equity Contracts		(108,912	)		—		—		(108,912	)
	$	110,382		$	—	$	—	$	110,382

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULES    OF   INVESTMENTS 25

Schedule of Investments (unaudited) October 31, 2023 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
Lockheed Martin Corp.		321,370	$	146,107,657
Automobiles — 1.3%
Ford Motor Co.		23,308,805		227,260,849
Banks — 10.1%
Citizens Financial Group, Inc.		6,422,962		150,490,000
Comerica, Inc.		3,150,301		124,121,859
Fifth Third Bancorp		6,562,184		155,589,383
First Horizon Corp.		6,976,837		75,000,998
FNB Corp.		8,407,965		89,881,146
Huntington Bancshares, Inc.		17,039,154		164,427,836
KeyCorp		15,763,547		161,103,450
New York Community Bancorp, Inc., Class A		16,499,091		156,411,383
Regions Financial Corp.		9,595,191		139,418,125
Truist Financial Corp.		6,153,651		174,517,542
U.S. Bancorp		5,376,192		171,393,001
United Bankshares, Inc.		3,225,975		91,746,729
Valley National Bancorp		10,260,067		79,823,321
				1,733,924,773
Beverages — 1.0%
Coca-Cola Co. (The)		3,134,282		177,055,590
Biotechnology — 1.3%
Gilead Sciences, Inc.		2,824,045		221,800,494
Broadline Retail — 0.4%
Kohl’s Corp.		2,796,695		63,065,472
Capital Markets — 4.1%
Federated Hermes, Inc., Class B		1,927,397		61,098,485
Franklin Resources, Inc.		6,684,267		152,334,445
Invesco Ltd.		10,600,076		137,482,986
Janus Henderson Group PLC		3,124,087		72,072,687
Lazard Ltd., Class A		2,569,610		71,358,070
T Rowe Price Group, Inc.		2,348,211		212,513,095
				706,859,768
Chemicals — 2.8%
Chemours Co. (The)		3,444,962		83,058,034
Huntsman Corp.		4,255,845		99,288,864
LyondellBasell Industries NV, Class A		3,213,437		289,980,555
				472,327,453
Consumer Staples Distribution & Retail — 1.2%
Walgreens Boots Alliance, Inc.		9,528,448		200,859,684
Containers & Packaging — 4.9%
International Paper Co.		8,044,378		271,336,870
Packaging Corp. of America		1,612,090		246,730,375
Sonoco Products Co.		2,283,293		118,297,410
Westrock Co.		5,804,028		208,538,726
				844,903,381
Distributors — 0.6%
Genuine Parts Co.		773,332		99,651,562
Diversified Consumer Services — 0.8%
H&R Block, Inc.		3,519,228		144,464,309
Diversified Telecommunication Services — 4.0%
AT&T Inc.		19,197,106		295,635,432
Verizon Communications, Inc.		10,906,089		383,130,907
				678,766,339
Electric Utilities — 15.4%
Alliant Energy Corp.		4,166,476		203,282,364

Security	Shares		Value
Electric Utilities (continued)
American Electric Power Co., Inc.		2,572,189	$	194,303,157
Edison International		3,966,632		250,135,814
Entergy Corp.		2,437,829		233,032,074
Eversource Energy		2,910,558		156,558,915
Exelon Corp.		5,260,360		204,838,418
FirstEnergy Corp.		6,046,983		215,272,595
IDACORP, Inc.		1,171,396		110,942,915
NextEra Energy, Inc.		2,158,014		125,812,216
NRG Energy, Inc.		5,095,145		215,932,245
OGE Energy Corp.		4,588,231		156,917,500
Pinnacle West Capital Corp.		2,475,619		183,641,417
PPL Corp.		7,994,110		196,415,283
Xcel Energy, Inc.		3,044,372		180,439,929
				2,627,524,842
Electrical Equipment — 0.9%
Emerson Electric Co.		1,785,715		158,875,064
Financial Services — 0.6%
Western Union Co. (The)		9,171,039		103,541,030
Food Products — 1.8%
Conagra Brands, Inc.		6,146,244		168,161,236
General Mills, Inc.		2,089,964		136,349,251
				304,510,487
Gas Utilities — 1.6%
New Jersey Resources Corp.		2,177,118		88,347,448
Southwest Gas Holdings, Inc.		1,438,591		84,315,819
UGI Corp.		4,898,203		101,882,622
				274,545,889
Hotels, Restaurants & Leisure — 1.3%
McDonald’s Corp.		528,657		138,598,006
Wendy’s Co. (The)		4,024,111		76,538,591
				215,136,597
Household Durables — 2.7%
Garmin Ltd.		1,842,053		188,865,694
Leggett & Platt, Inc.		3,179,540		74,496,622
Newell Brands, Inc.		9,499,831		63,838,864
Whirlpool Corp.		1,259,017		131,642,818
				458,843,998
Household Products — 1.3%
Kimberly-Clark Corp.		1,855,619		222,006,257
Insurance — 8.0%
Cincinnati Financial Corp.		1,294,005		128,973,478
Fidelity National Financial, Inc., Class A		6,734,884		263,266,616
MetLife, Inc.		2,511,363		150,706,894
Old Republic International Corp.		6,761,797		185,138,002
Principal Financial Group, Inc.		2,091,293		141,538,710
Prudential Financial, Inc.		3,208,946		293,426,022
Unum Group		4,094,076		200,200,316
				1,363,250,038
IT Services — 2.1%
International Business Machines Corp.		2,426,144		350,917,468
Media — 1.9%
Interpublic Group of Cos., Inc. (The)		6,075,862		172,554,481
Omnicom Group, Inc.		2,087,021		156,338,743
				328,893,224
Metals & Mining — 1.2%
Newmont Corp.		5,296,440		198,457,607

26 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities — 10.3%
Avista Corp.		1,709,226	$	54,165,372
Black Hills Corp.		1,505,659		72,798,612
CenterPoint Energy, Inc.		5,935,967		159,558,793
CMS Energy Corp.		3,364,172		182,809,106
Dominion Energy, Inc.		5,315,993		214,340,838
DTE Energy Co.		1,969,285		189,799,688
NiSource, Inc.		8,001,586		201,319,904
Northwestern Energy Group, Inc.		1,350,019		64,814,412
Public Service Enterprise Group, Inc.		3,890,097		239,824,480
Sempra		2,596,990		181,867,210
WEC Energy Group, Inc.		2,397,194		195,107,620
				1,756,406,035
Oil, Gas & Consumable Fuels — 6.4%
Chevron Corp.		1,401,378		204,222,816
Exxon Mobil Corp.		1,832,743		193,995,847
Marathon Petroleum Corp.		1,155,274		174,735,192
ONEOK, Inc.		5,294,763		345,218,548
Valero Energy Corp.		1,419,881		180,324,887
				1,098,497,290
Pharmaceuticals — 2.0%
Merck & Co., Inc.		1,544,890		158,660,203
Pfizer, Inc.		6,132,377		187,405,441
				346,065,644
Technology Hardware, Storage & Peripherals — 2.8%
HP, Inc.		7,657,695		201,627,110
Seagate Technology Holdings PLC		4,148,425		283,130,006
				484,757,116

Security	Shares		Value
Tobacco — 4.1%
Altria Group, Inc.		10,531,591	$	423,054,010
Philip Morris International, Inc.		3,185,580		284,026,313
				707,080,323
Trading Companies & Distributors — 1.9%
MSC Industrial Direct Co., Inc., Class A		1,066,039		101,007,195
Watsco, Inc.		638,168		222,650,434
				323,657,629
Total Long-Term Investments — 99.7% (Cost: $18,715,110,990)				17,040,013,869
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b)		14,962,651		14,962,651
Total Short-Term Securities — 0.1% (Cost: $14,962,651)				14,962,651
Total Investments — 99.8% (Cost: $18,730,073,641)				17,054,976,520
Other Assets Less Liabilities — 0.2%				34,658,960
Net Assets — 100.0%			$	17,089,635,480

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	(48	)(b)	$	48	$	—	$	—		—	$	803	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,848,274		—		(15,885,623	)(b)		—		—		14,962,651		14,962,651		985,804			—
								$	48	$	—	$	14,962,651			$	986,607		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

SCHEDULES   OF  INVESTMENTS 27

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Select Dividend ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		74		12/15/23	$	6,632	$	(96,819	)
E-Mini Financials Select Sector Index		249		12/15/23		24,922		(485,718	)
E-Mini Utilities Select Sector Index		278		12/15/23		16,791		171,268
							$	(411,269	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	171,268	$	—	$	—	$	—	$	171,268
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	582,537	$	—	$	—	$	—	$	582,537

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			��	Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(3,119,889	)		$	—	$	—	$	—	$	(3,119,889	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(2,540,824	)		$	—	$	—	$	—	$	(2,540,824	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	49,672,221

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

28 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Select Dividend ETF

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	17,040,013,869		$	—	$	—	$	17,040,013,869
Short-Term Securities
Money Market Funds		14,962,651			—		—		14,962,651
	$	17,054,976,520		$	—	$	—	$	17,054,976,520
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	171,268		$	—	$	—	$	171,268
Liabilities
Equity Contracts		(582,537	)		—		—		(582,537	)
	$	(411,269	)	$	—	$	—	$	(411,269	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULES    OF   INVESTMENTS 29

Statements of Assets and Liabilities (unaudited)

October 31, 2023

	iShares Core Dividend ETF			iShares Core Dividend Growth ETF		iShares Core High Dividend ETF			iShares Select Dividend ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	234,627,603		$	22,564,441,201	$	9,518,372,369		$	17,040,013,869
Investments, at value — affiliated(c)		1,904,566			204,498,745		163,459,321			14,962,651
Cash		2			1,534		147			1,127
Cash pledged:
Futures contracts		41,000			3,914,000		1,255,000			2,056,000
Receivables:
Investments sold		—			220,256		395,861			2,497,185
Securities lending income — affiliated		—			86,381		22,951			225
Capital shares sold		—			1,871,302		—			—
Dividends — unaffiliated		436,957			26,613,380		30,241,741			35,781,652
Dividends — affiliated		3,777			244,931		84,408			142,018
Variation margin on futures contracts		5,003			458,450		76,780			384,577
Total assets		237,018,908			22,802,350,180		9,713,908,578			17,095,839,304
LIABILITIES
Collateral on securities loaned		—			3,964,612		—			—
Payables:
Investments purchased		507,566			220,256		16,322,381			—
Capital shares redeemed		—			—		39,308			505,517
Investment advisory fees		9,938			1,536,687		671,358			5,698,307
Total liabilities		517,504			5,721,555		17,033,047			6,203,824
Commitments and contingent liabilities
NET ASSETS	$	236,501,404		$	22,796,628,625	$	9,696,875,531		$	17,089,635,480
NET ASSETS CONSIST OF:
Paid-in capital	$	278,793,693		$	22,145,928,378	$	11,756,850,001		$	19,718,952,610
Accumulated earnings (loss)		(42,292,289	)		650,700,247		(2,059,974,470	)		(2,629,317,130	)
NET ASSETS	$	236,501,404		$	22,796,628,625	$	9,696,875,531		$	17,089,635,480
NET ASSET VALUE
Shares outstanding	$	6,550,000		$	472,700,000	$	101,550,000		$	163,250,000
Net asset value	$	36.11		$	48.23	$	95.49		$	104.68
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Investments, at cost — unaffiliated	$	252,666,874		$	21,073,570,735	$	10,100,170,974		$	18,715,110,990
(b) Securities loaned, at value	$	—		$	3,770,787	$	—		$	—
(c) Investments, at cost — affiliated	$	2,114,161		$	204,164,543	$	185,974,757		$	14,962,651

See notes to financial statements.

30 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended October 31, 2023

	iShares Core Dividend ETF			iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares Select Dividend ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	4,278,876		$	305,286,669		$	206,996,601		$	436,527,397
Dividends — affiliated		38,345			3,910,831			1,841,392			985,804
Interest — unaffiliated		—			14,955			4,708			—
Securities lending income — affiliated — net		—			221,846			—			803
Foreign taxes withheld		(4,562	)		(107,484	)		—			—
Total investment income		4,312,659			309,326,817			208,842,701			437,514,004
EXPENSES
Investment advisory		63,526			9,437,676			4,196,470			37,213,594
Interest expense		—			61			249			1,358
Total expenses		63,526			9,437,737			4,196,719			37,214,952
Net investment income		4,249,133			299,889,080			204,645,982			400,299,052
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		2,890,638			177,089,245			(36,450,778	)		(103,604,502	)
Investments — affiliated		(41,009	)		(315,964	)		(267,637	)		48
Futures contracts		3,505			6,044,926			(854,568	)		(3,119,889	)
In-kind redemptions — unaffiliated(a)		(9,589	)		182,575,429			108,614,167			447,144,030
In-kind redemptions — affiliated(a)		6,084			1,554,019			(71,560	)		—
		2,849,629			366,947,655			70,969,624			340,419,687
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(11,051,746	)		(1,574,133,397	)		(812,425,304	)		(2,567,032,472	)
Investments — affiliated		(52,561	)		(15,896,183	)		(22,515,436	)		—
Futures contracts		(42,854	)		(7,658,504	)		(1,675,345	)		(2,540,824	)
		(11,147,161	)		(1,597,688,084	)		(836,616,085	)		(2,569,573,296	)
Net realized and unrealized loss		(8,297,532	)		(1,230,740,429	)		(765,646,461	)		(2,229,153,609	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,048,399	)	$	(930,851,349	)	$	(561,000,479	)	$	(1,828,854,557	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

FINANCIAL  STATEMENTS 31

Statements of Changes in Net Assets

	iShares Core Dividend ETF						iShares Core Dividend Growth ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,249,133		$	6,460,263		$	299,889,080		$	575,258,915
Net realized gain (loss)		2,849,629			(12,617,681	)		366,947,655			248,197,630
Net change in unrealized appreciation (depreciation)		(11,147,161	)		(962,486	)		(1,597,688,084	)		(65,720,886	)
Net increase (decrease) in net assets resulting from operations		(4,048,399	)		(7,119,904	)		(930,851,349	)		757,735,659
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,275,715	)		(6,069,221	)		(298,719,311	)		(566,321,278	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(15,873,963	)		13,625,180			514,996,250			576,990,646
NET ASSETS
Total increase (decrease) in net assets		(24,198,077	)		436,055			(714,574,410	)		768,405,027
Beginning of period		260,699,481			260,263,426			23,511,203,035			22,742,798,008
End of period	$	236,501,404		$	260,699,481		$	22,796,628,625		$	23,511,203,035

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

32 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Core High Dividend ETF						iShares Select Dividend ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	204,645,982		$	467,160,044		$	400,299,052		$	779,187,674
Net realized gain		70,969,624			187,210,528			340,419,687			684,182,466
Net change in unrealized appreciation (depreciation)		(836,616,085	)		(426,134,339	)		(2,569,573,296	)		(1,827,432,545	)
Net increase (decrease) in net assets resulting from operations		(561,000,479	)		228,236,233			(1,828,854,557	)		(364,062,405	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(194,001,369	)		(476,667,345	)		(391,161,171	)		(783,757,169	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(685,787,406	)		1,755,194,226			(2,112,736,310	)		908,270,822
NET ASSETS
Total increase (decrease) in net assets		(1,440,789,254	)		1,506,763,114			(4,332,752,038	)		(239,548,752	)
Beginning of period		11,137,664,785			9,630,901,671			21,422,387,518			21,661,936,270
End of period	$	9,696,875,531		$	11,137,664,785		$	17,089,635,480		$	21,422,387,518

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL  STATEMENTS 33

Financial Highlights  

(For a share outstanding throughout each period)

	iShares Core Dividend ETF
		Six Months Ended 10/31/23 (unaudited	)		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of period	$	37.51		$	39.14		$	38.39		$	25.94		$	27.96		$	25.30
Net investment income(a)		0.64			0.96			0.77			0.70			0.64			0.61
Net realized and unrealized gain (loss)(b)		(1.39	)		(1.68	)		0.68			12.43			(2.02	)		2.67
Net increase (decrease) from investment operations		(0.75	)		(0.72	)		1.45			13.13			(1.38	)		3.28
Distributions(c)
From net investment income		(0.65	)		(0.91	)		(0.70	)		(0.68	)		(0.64	)		(0.58	)
From net realized gain		—			—			—			—			—			(0.04	)
Total distributions		(0.65	)		(0.91	)		(0.70	)		(0.68	)		(0.64	)		(0.62	)
Net asset value, end of period	$	36.11		$	37.51		$	39.14		$	38.39		$	25.94		$	27.96
Total Return(d)
Based on net asset value		(2.06	)%(e)		(1.75	)%		3.71	%		51.33	%		(4.95	)%		13.21	%
Ratios to Average Net Assets(f)
Total expenses		0.05	%(g)		0.15	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		3.34	%(g)		2.54	%		1.87	%		2.20	%		2.31	%		2.34	%
Supplemental Data
Net assets, end of period (000)	$	236,501		$	260,699		$	260,263		$	67,180		$	24,645		$	8,389
Portfolio turnover rate(h)		24	%		65	%		25	%		30	%		33	%		31	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

34 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core Dividend Growth ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of period	$	50.88		$	50.58		$	49.87		$	36.39		$	38.13		$	33.86
Net investment income(a)		0.65			1.22			1.10			1.08			0.99			0.91
Net realized and unrealized gain (loss)(b)		(2.65	)		0.28			0.68			13.44			(1.77	)		4.20
Net increase (decrease) from investment operations		(2.00	)		1.50			1.78			14.52			(0.78	)		5.11
Distributions from net investment income(c)		(0.65	)		(1.20	)		(1.07	)		(1.04	)		(0.96	)		(0.84	)
Net asset value, end of period	$	48.23		$	50.88		$	50.58		$	49.87		$	36.39		$	38.13
Total Return(d)
Based on net asset value		(3.99	)%(e)		3.13	%		3.51	%		40.52	%		(2.05	)%		15.30	%
Ratios to Average Net Assets(f)
Total expenses		0.08	%(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		2.54	%(g)		2.47	%		2.10	%		2.53	%		2.55	%		2.55	%
Supplemental Data
Net assets, end of period (000)	$	22,796,629		$	23,511,203		$	22,742,798		$	18,403,156		$	9,355,727		$	7,084,809
Portfolio turnover rate(h)		10	%		30	%		22	%		31	%		24	%		26	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 35

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core High Dividend ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of period	$	102.75		$	103.67		$	95.59		$	81.85		$	95.42		$	84.44
Net investment income(a)		1.97			3.95			3.68			3.56			3.24			3.09
Net realized and unrealized gain (loss)(b)		(7.36	)		(0.88	)		7.80			13.72			(13.51	)		11.01
Net increase (decrease) from investment operations		(5.39	)		3.07			11.48			17.28			(10.27	)		14.10
Distributions from net investment income(c)		(1.87	)		(3.99	)		(3.40	)		(3.54	)		(3.30	)		(3.12	)
Net asset value, end of period	$	95.49		$	102.75		$	103.67		$	95.59		$	81.85		$	95.42
Total Return(d)
Based on net asset value		(5.31	)%(e)		3.16	%		12.21	%		21.70	%		(10.86	)%		17.05	%
Ratios to Average Net Assets(f)
Total expenses		0.08	%(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		3.90	%(g)		3.86	%		3.68	%		4.13	%		3.53	%		3.48	%
Supplemental Data
Net assets, end of period (000)	$	9,696,876		$	11,137,665		$	9,630,902		$	6,839,327		$	6,036,798		$	7,175,741
Portfolio turnover rate(h)		35	%		74	%		74	%		75	%		62	%		57	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

36 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Select Dividend ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of period	$	117.61		$	123.50		$	118.37		$	80.66		$	101.13		$	96.31
Net investment income(a)		2.32			4.24			3.91			3.51			3.51			3.31
Net realized and unrealized gain (loss)(b)		(12.97	)		(5.87	)		4.97			37.74			(20.30	)		4.80
Net increase (decrease) from investment operations		(10.65	)		(1.63	)		8.88			41.25			(16.79	)		8.11
Distributions from net investment income(c)		(2.28	)		(4.26	)		(3.75	)		(3.54	)		(3.68	)		(3.29	)
Net asset value, end of period	$	104.68		$	117.61		$	123.50		$	118.37		$	80.66		$	101.13
Total Return(d)
Based on net asset value		(9.13	)%(e)		(1.23	)%		7.63	%		52.54	%		(16.96	)%		8.63	%
Ratios to Average Net Assets(f)
Total expenses		0.38	%(g)		0.38	%		0.38	%		0.38	%		0.39	%		0.39	%
Net investment income		4.13	%(g)		3.52	%		3.23	%		3.78	%		3.60	%		3.40	%
Supplemental Data
Net assets, end of period (000)	$	17,089,635		$	21,422,388		$	21,666,936		$	18,495,567		$	13,257,023		$	17,585,695
Portfolio turnover rate(h)		3	%		15	%		15	%		55	%		6	%		21	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 37

Notes to Financial Statements (unaudited)

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”):

iShares ETF	Diversification Classification
Core Dividend		Diversified
Core Dividend Growth		Diversified
Core High Dividend		Non-Diversified
Select Dividend		Diversified

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. 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.

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s 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

38 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in

NOTES  TO    FINANCIAL   STATEMENTS 39

Notes to Financial Statements (unaudited) (continued)

connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral  Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount
Core Dividend Growth
Morgan Stanley	$	3,770,787	$	(3,770,787	)	$	—	$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

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 to an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Core Dividend		0.05	%
Core Dividend Growth		0.08
Core High Dividend		0.08

For its investment advisory services to the iShares Select Dividend ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $46 billion		0.4000	%
Over $46 billion, up to and including $81 billion		0.3800
Over $81 billion, up to and including $111 billion		0.3610
Over $111 billion, up to and including $141 billion		0.3430
Over $141 billion, up to and including $171 billion		0.3259
Over $171 billion		0.3096

40 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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. Each Fund does not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core Dividend Growth	$	52,487
Select Dividend		237

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core Dividend	$	27,166,082	$	28,207,082	$	(988,159	)
Core Dividend Growth		716,034,495		758,240,703		68,265,671
Core High Dividend		545,950,029		280,481,990		4,425,675
Select Dividend		67,272,755		3,979,821		(1,067,412	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core Dividend	$	59,083,422	$	59,179,415
Core Dividend Growth		2,323,771,036		2,319,525,891
Core High Dividend		3,661,265,810		3,655,820,349
Select Dividend		523,365,474		572,040,926

NOTES  TO    FINANCIAL   STATEMENTS 41

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core Dividend	$	8,988,916	$	24,757,455
Core Dividend Growth		1,122,487,409		610,896,864
Core High Dividend		293,351,079		974,594,635
Select Dividend		395,339,687		2,464,554,013

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss  Carryforwards
Core Dividend	$	27,102,633
Core Dividend Growth		1,198,672,614
Core High Dividend		1,517,558,189
Select Dividend		1,183,909,294

As of October 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Dividend	$	255,289,092	$	8,863,888	$	(27,645,836	)	$	(18,781,948	)
Core Dividend Growth		21,326,772,276		2,909,668,657		(1,470,548,131)			1,439,120,526
Core High Dividend		10,322,356,491		365,006,401		(1,005,420,820	)		(640,414,419	)
Select Dividend		18,873,732,603		1,045,332,592		(2,864,499,944	)		(1,819,167,352	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant

42 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 10/31/23						Year Ended 04/30/23
iShares ETF	Shares			Amount			Shares			Amount
Core Dividend
Shares sold		250,000		$	9,081,019			3,000,000		$	113,592,280
Shares redeemed		(650,000	)		(24,954,982	)		(2,700,000	)		(99,967,100	)
		(400,000	)	$	(15,873,963	)		300,000		$	13,625,180

NOTES  TO    FINANCIAL   STATEMENTS 43

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 10/31/23						Year Ended 04/30/23
iShares ETF	Shares			Amount			Shares			Amount
Core Dividend Growth
Shares sold		22,700,000		$	1,129,529,079			70,700,000		$	3,514,986,304
Shares redeemed		(12,050,000	)		(614,532,829	)		(58,300,000	)		(2,937,995,658	)
		10,650,000		$	514,996,250			12,400,000		$	576,990,646
Core High Dividend
Shares sold		2,950,000		$	295,927,118			64,500,000		$	6,706,128,749
Shares redeemed		(9,800,000	)		(981,714,524	)		(49,000,000	)		(4,950,934,523	)
		(6,850,000	)	$	(685,787,406	)		15,500,000		$	1,755,194,226
Select Dividend
Shares sold		3,600,000		$	405,101,684			48,000,000		$	5,672,978,227
Shares redeemed		(22,500,000	)		(2,517,837,994	)		(41,250,000	)		(4,764,707,405	)
		(18,900,000	)	$	(2,112,736,310	)		6,750,000		$	908,270,822

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

44 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 45

Board Review and Approval of Investment Advisory Contract (continued)

calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year. iShares Select Dividend ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet

46 2 0 2 3   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (continued)

applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 47

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

48 2 0 2 3   BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information  (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core High Dividend(a)	$	1.802137	$	—	$	0.072370	$	1.874507		96	%		—	%		4	%		100	%
Select Dividend(a)		2.202923		—		0.078170		2.281093		97			—			3			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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.

SUPPLEMENTAL  INFORMATION 49

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 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.

50 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

GLOSSARY  OF  TERMS    USED   IN  THIS  REPORT 51

Want to know more?

iShares.com  |  1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

©2022 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.

iS-SAR-409-1023

OCTOBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Morningstar Mid-Cap Value ETF | IMCV | NASDAQ

· iShares Morningstar Small-Cap ETF | ISCB | NYSE Arca

· iShares Morningstar U.S. Equity ETF | ILCB | NYSE Arca

· iShares Morningstar Value ETF | ILCV | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		1.39	%		10.14	%
U.S. small cap equities (Russell 2000® Index)		(5.29	)		(8.56	)
International equities (MSCI Europe, Australasia, Far East Index)		(7.88	)		14.40
Emerging market equities (MSCI Emerging Markets Index)		(4.78	)		10.80
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63			4.77
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70	)		(3.25	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.13	)		0.36
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.65	)		2.64
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02			6.23
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		49
Statements of Operations		50
Statements of Changes in Net Assets		51
Financial Highlights		53
Notes to Financial Statements		57
Board Review and Approval of Investment Advisory Contract		65
Supplemental Information		67
General Information		68
Glossary of Terms Used in this Report		69

3

Fund Summary as of October 31, 2023 iShares^® Morningstar Mid-Cap Value ETF

Investment Objective

The iShares Morningstar Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® US Mid Cap Broad Value 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.32	)%		(3.13	)%		5.48	%		7.28	%		(3.13	)%		30.58	%		102.00	%
Fund Market		(5.33	)		(3.19	)		5.49			7.28			(3.19	)		30.61			102.00
Index		(5.25	)		(3.06	)		5.63			7.51			(3.06	)		31.51			106.36

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Mid Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Mid Cap Broad Value 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

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$          946.80	$         0.29			$       1,000.00	$       1,024.83	$       0.31		0.06	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	18.7	%
Industrials	12.7
Utilities	11.6
Materials	9.5
Health Care	8.6
Information Technology	8.6
Real Estate	8.4
Consumer Discretionary	7.7
Energy	6.9
Consumer Staples	4.8
Communication Services	2.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
American International Group, Inc.	1.1	%
Newmont Corp.	1.1
PACCAR, Inc.	1.1
Williams Cos., Inc. (The)	1.1
Exelon Corp.	1.0
Capital One Financial Corp.	1.0
ONEOK, Inc.	1.0
Centene Corp.	1.0
Nucor Corp.	1.0
Simon Property Group, Inc.	0.9

^(a) Excludes money market funds.

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Fund Summary as of October 31, 2023 iShares^® Morningstar Small-Cap ETF

Investment Objective

The iShares Morningstar Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the Morningstar^® US Small Cap 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.81	)%		(5.22	)%		2.90	%		5.17	%		(5.22	)%		15.37	%		65.47	%
Fund Market		(4.60	)		(5.33	)		2.88			5.15			(5.33	)		15.25			65.29
Index		(4.89	)		(5.41	)		2.89			5.21			(5.41	)		15.29			66.20

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Small Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Small Cap 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

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$          951.90	$         0.20			$       1,000.00	$       1,024.93	$       0.20		0.04	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	18.9	%
Financials	17.0
Consumer Discretionary	13.3
Information Technology	13.2
Health Care	11.8
Real Estate	6.2
Energy	6.0
Materials	5.1
Consumer Staples	3.3
Communication Services	3.0
Utilities	2.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Vertiv Holdings Co., Class A	0.4	%
Super Micro Computer, Inc.	0.3
Tradeweb Markets, Inc., Class A	0.3
Pure Storage, Inc., Class A	0.3
Saia, Inc.	0.3
XPO, Inc.	0.3
Range Resources Corp.	0.3
Nutanix, Inc., Class A	0.3
Antero Resources Corp.	0.3
Omega Healthcare Investors, Inc.	0.3

^(a) Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of October 31, 2023 iShares^® Morningstar U.S. Equity ETF

Investment Objective

The iShares Morningstar U.S. Equity ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Morningstar^® US Large-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 re included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.63	%		9.96	%		9.74	%		10.37	%		9.96	%		59.17	%		168.29	%
Fund Market		1.70			9.96			9.76			10.37			9.96			59.28			168.28
Index		1.64			9.97			9.85			10.54			9.97			59.99			172.50

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Large Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-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

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$          1,016.30	$         0.15			$       1,000.00	$       1,024.99	$         0.15		0.03	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	28.1	%
Health Care	13.0
Financials	12.8
Consumer Discretionary	10.5
Industrials	8.8
Communication Services	8.5
Consumer Staples	6.4
Energy	4.5
Real Estate	2.5
Materials	2.5
Utilities	2.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	6.8	%
Apple Inc.	6.8
Amazon.com, Inc.	3.3
NVIDIA Corp.	2.7
Alphabet, Inc., Class A	2.0
Meta Platforms, Inc., Class A	1.8
Alphabet, Inc., Class C, NVS	1.7
Berkshire Hathaway, Inc., Class B	1.7
Tesla, Inc.	1.5
UnitedHealth Group, Inc.	1.3

^(a) Excludes money market funds.

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Fund Summary as of October 31, 2023 iShares^® Morningstar Value ETF

Investment Objective

The iShares Morningstar Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Morningstar^® US Large-Mid Cap Broad Value 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.12	)%		2.80	%		6.83	%		7.96	%		2.80	%		39.16	%		115.11	%
Fund Market		(2.09	)		2.74			6.84			7.95			2.74			39.20			114.99
Index		(2.11	)		2.82			6.98			8.16			2.82			40.09			119.21

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Large Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Broad Value 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

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$          978.80	$           0.20			$       1,000.00	$       1,024.94	$         0.20		0.04	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	19.2	%
Health Care	16.5
Industrials	11.2
Information Technology	10.9
Consumer Staples	9.9
Communication Services	9.0
Energy	7.9
Consumer Discretionary	4.9
Utilities	4.4
Materials	3.6
Real Estate	2.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway, Inc., Class B	3.6	%
Exxon Mobil Corp.	2.4
JPMorgan Chase & Co.	2.3
Meta Platforms, Inc., Class A	2.2
Johnson & Johnson	2.1
Procter & Gamble Co. (The)	2.0
Alphabet, Inc., Class A	1.7
Chevron Corp.	1.5
AbbVie, Inc.	1.4
Alphabet, Inc., Class C, NVS	1.4

^(a) Excludes money market funds.

F U N D    S U M M A R Y 7

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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Schedule of Investments (unaudited) October 31, 2023 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
Huntington Ingalls Industries, Inc.		2,596	$	570,653
L3Harris Technologies, Inc.		24,999		4,485,070
Textron, Inc.		17,559		1,334,484
				6,390,207
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.(a)		10,582		865,925
Expeditors International of Washington, Inc.(a)		11,723		1,280,738
				2,146,663
Automobile Components — 0.3%
BorgWarner, Inc.		18,779		692,945
Lear Corp.		4,910		637,122
				1,330,067
Automobiles — 0.3%
Rivian Automotive, Inc., Class A(a)(b)		88,372		1,433,394
Banks — 2.5%
Citizens Financial Group, Inc.		62,509		1,464,586
East West Bancorp, Inc.		18,662		1,000,657
Fifth Third Bancorp		90,024		2,134,469
First Horizon Corp.		74,259		798,284
Huntington Bancshares, Inc.		191,498		1,847,956
KeyCorp		123,992		1,267,198
M&T Bank Corp.		21,927		2,472,269
Regions Financial Corp.		124,123		1,803,507
				12,788,926
Beverages — 0.3%
Molson Coors Beverage Co., Class B		24,588		1,420,449
Biotechnology — 0.3%
Karuna Therapeutics, Inc.(b)		2,139		356,379
United Therapeutics Corp.(b)		6,214		1,384,852
				1,741,231
Broadline Retail — 0.5%
Coupang, Inc., Class A(b)		49,188		836,196
eBay, Inc.		39,763		1,559,902
				2,396,098
Building Products — 2.4%
A O Smith Corp.		7,403		516,433
Allegion PLC		4,514		443,997
Builders FirstSource, Inc.(b)		7,667		832,023
Carlisle Cos., Inc.		2,320		589,489
Carrier Global Corp.		70,267		3,348,925
Fortune Brands Innovations, Inc.		16,721		933,032
Lennox International, Inc.		2,238		829,268
Masco Corp.		29,766		1,550,511
Owens Corning		11,894		1,348,423
Trane Technologies PLC		9,932		1,890,159
				12,282,260
Capital Markets — 4.2%
Ameriprise Financial, Inc.		8,040		2,529,143
Bank of New York Mellon Corp. (The)		102,935		4,374,738
Carlyle Group, Inc. (The)		28,705		790,536
Coinbase Global, Inc., Class A(a)(b)		22,367		1,724,943
Franklin Resources, Inc.		37,693		859,023
Invesco Ltd.		59,629		773,388
Nasdaq, Inc.		26,947		1,336,571
Northern Trust Corp.		27,382		1,804,748
Raymond James Financial, Inc.		11,359		1,084,103
SEI Investments Co.		6,590		353,619

Security	Shares		Value
Capital Markets (continued)
State Street Corp.		42,116	$	2,721,957
T Rowe Price Group, Inc.		29,646		2,682,963
				21,035,732
Chemicals — 4.5%
Albemarle Corp.		7,245		918,521
Celanese Corp., Class A		13,245		1,516,685
CF Industries Holdings, Inc.		25,513		2,035,427
Dow, Inc.		92,928		4,492,140
DuPont de Nemours, Inc.		33,416		2,435,358
Eastman Chemical Co.		15,704		1,173,560
FMC Corp.		9,915		527,478
International Flavors & Fragrances, Inc.		33,744		2,306,402
LyondellBasell Industries NV, Class A		33,782		3,048,488
Mosaic Co. (The)		43,978		1,428,405
Olin Corp.		9,954		425,235
PPG Industries, Inc.		11,953		1,467,470
RPM International, Inc.		8,331		760,370
Westlake Corp.		1,774		204,649
				22,740,188
Communications Equipment — 0.4%
F5, Inc.(b)		5,238		794,028
Juniper Networks, Inc.		42,575		1,146,119
				1,940,147
Construction & Engineering — 0.5%
AECOM		9,072		694,462
EMCOR Group, Inc.		2,650		547,622
Quanta Services, Inc.		6,740		1,126,389
				2,368,473
Consumer Finance — 1.7%
Ally Financial, Inc.		35,879		867,913
Capital One Financial Corp.		50,417		5,106,738
Discover Financial Services		12,850		1,054,728
Synchrony Financial		55,398		1,553,914
				8,583,293
Consumer Staples Distribution & Retail — 1.7%
Albertsons Cos., Inc., Class A		53,386		1,158,476
BJ’s Wholesale Club Holdings, Inc.(a)(b)		8,916		607,358
Casey’s General Stores, Inc.		1,817		494,060
Kroger Co. (The)		87,278		3,959,803
U.S. Foods Holding Corp.(b)		11,072		431,144
Walgreens Boots Alliance, Inc.		94,741		1,997,140
				8,647,981
Containers & Packaging — 1.8%
Amcor PLC		194,086		1,725,424
Avery Dennison Corp.		6,194		1,078,190
Ball Corp.		23,004		1,107,643
Crown Holdings, Inc.		10,566		851,620
International Paper Co.		45,792		1,544,564
Packaging Corp. of America		11,894		1,820,377
Westrock Co.		33,950		1,219,823
				9,347,641
Distributors — 0.6%
Genuine Parts Co.		9,851		1,269,400
LKQ Corp.		24,660		1,083,067
Pool Corp.		2,064		651,749
				3,004,216
Diversified Consumer Services — 0.1%
Service Corp. International		12,132		660,223

S C H E D U L E S    O F    I N V E S  T M E N T S 9

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified REITs — 0.3%
WP Carey, Inc.		28,341	$	1,520,495
Electric Utilities — 6.6%
Alliant Energy Corp.		33,436		1,631,342
Avangrid, Inc.		9,321		278,418
Edison International		50,661		3,194,683
Entergy Corp.		27,949		2,671,645
Evergy, Inc.		30,401		1,493,905
Eversource Energy		46,140		2,481,871
Exelon Corp.		131,542		5,122,246
FirstEnergy Corp.		68,205		2,428,098
NRG Energy, Inc.		20,811		881,970
OGE Energy Corp.		26,406		903,085
PG&E Corp.(b)		276,408		4,505,450
Pinnacle West Capital Corp.		14,942		1,108,398
PPL Corp.		97,427		2,393,781
Xcel Energy, Inc.		72,898		4,320,665
				33,415,557
Electrical Equipment — 0.2%
Regal Rexnord Corp.		8,781		1,039,758
Electronic Equipment, Instruments & Components — 2.2%
Corning, Inc.		101,468		2,715,284
Flex Ltd.(b)		38,636		993,718
Jabil, Inc.		7,254		890,791
Keysight Technologies, Inc.(b)		9,331		1,138,848
TD SYNNEX Corp.		6,360		583,085
TE Connectivity Ltd.		20,009		2,358,061
Teledyne Technologies, Inc.(b)		2,672		1,000,904
Trimble, Inc.(b)		17,731		835,662
Zebra Technologies Corp., Class A(b)		2,902		607,766
				11,124,119
Energy Equipment & Services — 0.7%
Baker Hughes Co., Class A		55,969		1,926,453
Halliburton Co.		42,293		1,663,807
				3,590,260
Entertainment — 0.9%
Electronic Arts, Inc.		18,219		2,255,330
Liberty Media Corp. - Liberty Formula One, Class A(b)		999		57,493
Liberty Media Corp. - Liberty Formula One, Class C(b)		8,754		566,296
Warner Bros Discovery, Inc., Class A(b)		173,463		1,724,222
				4,603,341
Financial Services — 2.6%
Apollo Global Management, Inc.		57,687		4,467,281
Equitable Holdings, Inc.		43,257		1,149,338
Fidelity National Information Services, Inc.		78,308		3,845,706
FleetCor Technologies, Inc.(b)		4,215		949,092
Global Payments, Inc.		22,916		2,434,137
WEX, Inc.(a)(b)		2,620		436,178
				13,281,732
Food Products — 2.4%
Bunge Ltd.		19,918		2,110,909
Campbell Soup Co.		25,942		1,048,316
Conagra Brands, Inc.		63,214		1,729,535
Darling Ingredients, Inc.(b)		7,406		328,012
Hormel Foods Corp.		26,203		852,908
J M Smucker Co. (The)		13,513		1,538,320
Kellanova		34,870		1,759,889
McCormick & Co., Inc., NVS		13,509		863,225
Tyson Foods, Inc., Class A		37,775		1,750,871
				11,981,985

Security	Shares		Value
Gas Utilities — 0.3%
Atmos Energy Corp.		12,772	$	1,375,034
Ground Transportation — 0.4%
Avis Budget Group, Inc.(b)		2,625		427,350
Knight-Swift Transportation Holdings, Inc.		14,732		720,248
U-Haul Holding Co.(b)		862		42,341
U-Haul Holding Co., NVS		13,130		619,867
				1,809,806
Health Care Equipment & Supplies — 2.1%
Baxter International, Inc.		66,952		2,171,253
Cooper Cos., Inc. (The)		2,124		662,157
DENTSPLY SIRONA, Inc.		28,075		853,761
GE HealthCare Technologies, Inc.		32,130		2,138,894
Hologic, Inc.(b)		20,953		1,386,460
Teleflex, Inc.		3,229		596,558
Zimmer Biomet Holdings, Inc.		27,620		2,883,804
				10,692,887
Health Care Providers & Services — 4.1%
Cardinal Health, Inc.		33,652		3,062,332
Cencora, Inc.		22,035		4,079,780
Centene Corp.(b)		71,570		4,936,898
Chemed Corp.		758		426,489
DaVita, Inc.(b)		7,156		552,658
Henry Schein, Inc.(b)		17,297		1,123,959
Laboratory Corp. of America Holdings		11,711		2,339,038
Molina Healthcare, Inc.(b)		3,304		1,100,067
Quest Diagnostics, Inc.		14,843		1,931,074
Universal Health Services, Inc., Class B		8,229		1,035,949
				20,588,244
Health Care REITs — 1.2%
Healthcare Realty Trust, Inc.		50,586		725,909
Healthpeak Properties, Inc.		41,068		638,607
Ventas, Inc.		53,194		2,258,617
Welltower, Inc.		28,868		2,413,654
				6,036,787
Hotels, Restaurants & Leisure — 1.3%
Aramark		19,998		538,546
Carnival Corp.(a)(b)		133,314		1,527,779
Darden Restaurants, Inc.		7,708		1,121,745
Domino’s Pizza, Inc.		1,959		664,081
Expedia Group, Inc.(a)(b)		18,235		1,737,613
Royal Caribbean Cruises Ltd.(b)		11,187		947,875
				6,537,639
Household Durables — 3.0%
DR Horton, Inc.		40,243		4,201,369
Garmin Ltd.		20,293		2,080,641
Lennar Corp., Class A		33,377		3,560,659
Lennar Corp., Class B		1,761		173,652
NVR, Inc.(b)		431		2,332,839
PulteGroup, Inc.		29,015		2,135,214
Whirlpool Corp.		7,267		759,838
				15,244,212
Household Products — 0.3%
Church & Dwight Co., Inc.		11,596		1,054,540
Clorox Co. (The)		5,577		656,413
				1,710,953
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp. (The)		88,712		1,321,809
Vistra Corp.		30,477		997,207
				2,319,016

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Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial REITs — 0.1%
Americold Realty Trust, Inc.		17,444	$	457,382
Insurance — 7.5%
Allstate Corp. (The)		34,573		4,429,839
American Financial Group, Inc.		5,926		648,067
American International Group, Inc.		94,094		5,768,903
Arch Capital Group Ltd.(b)		23,330		2,022,244
Cincinnati Financial Corp.		11,720		1,168,132
Everest Group Ltd.		5,739		2,270,463
Fidelity National Financial, Inc., Class A		32,113		1,255,297
Globe Life, Inc.		11,519		1,340,351
Hartford Financial Services Group, Inc. (The)		40,421		2,968,923
Loews Corp.		24,470		1,566,325
Markel Group, Inc.(b)		958		1,408,758
Old Republic International Corp.		35,073		960,299
Principal Financial Group, Inc.		29,406		1,990,198
Prudential Financial, Inc.		47,979		4,387,200
Reinsurance Group of America, Inc.		8,769		1,310,702
RenaissanceRe Holdings Ltd.		3,383		742,873
Unum Group		24,360		1,191,204
W. R. Berkley Corp.		14,582		983,119
Willis Towers Watson PLC		6,692		1,578,576
				37,991,473
IT Services — 1.1%
Akamai Technologies, Inc.(b)		13,399		1,384,519
Cognizant Technology Solutions Corp., Class A		66,753		4,303,566
				5,688,085
Leisure Products — 0.1%
Hasbro, Inc.		17,276		780,011
Life Sciences Tools & Services — 1.2%
Avantor, Inc.(b)		61,667		1,074,856
Illumina, Inc.(b)		10,464		1,144,971
IQVIA Holdings, Inc.(b)		10,627		1,921,681
Revvity, Inc.		16,425		1,360,811
Waters Corp.(b)		2,663		635,205
				6,137,524
Machinery — 4.2%
AGCO Corp.		8,198		939,983
Cummins, Inc.		10,672		2,308,354
Dover Corp.		7,330		952,533
Fortive Corp.		21,285		1,389,485
Middleby Corp. (The)(b)		3,559		401,704
Otis Worldwide Corp.		25,598		1,976,422
PACCAR, Inc.		69,101		5,702,905
Parker-Hannifin Corp.		5,426		2,001,706
Pentair PLC		12,299		714,818
Snap-on, Inc.		7,000		1,805,580
Stanley Black & Decker, Inc.		20,277		1,724,559
Westinghouse Air Brake Technologies Corp.		11,065		1,173,111
				21,091,160
Media — 1.6%
Fox Corp., Class A, NVS		33,440		1,016,242
Fox Corp., Class B		17,536		489,430
Interpublic Group of Cos., Inc. (The)		50,774		1,441,982
Liberty Media Corp. - Liberty SiriusXM, NVS(b)		19,768		485,304
Liberty Media Corp. - Liberty SiriusXM, Class A(b)		10,024		245,488
News Corp., Class A, NVS		50,469		1,043,699
News Corp., Class B		15,350		329,104
Omnicom Group, Inc.		26,128		1,957,248
Paramount Global, Class A(a)		1,509		20,975

Security	Shares		Value
Media (continued)
Paramount Global, Class B, NVS		64,087	$	697,266
Sirius XM Holdings, Inc.(a)		86,817		371,577
				8,098,315
Metals & Mining — 3.1%
Cleveland-Cliffs, Inc.(b)		67,387		1,130,754
Newmont Corp.		152,321		5,707,468
Nucor Corp.		32,875		4,858,596
Reliance Steel & Aluminum Co.		7,745		1,970,173
Steel Dynamics, Inc.		20,588		2,192,828
				15,859,819
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Annaly Capital Management, Inc.		65,432		1,021,394
Multi-Utilities — 3.8%
Ameren Corp.		17,520		1,326,439
CenterPoint Energy, Inc.		50,097		1,346,607
CMS Energy Corp.		23,833		1,295,085
Consolidated Edison, Inc.		45,590		4,002,346
DTE Energy Co.		27,251		2,626,452
NiSource, Inc.		54,706		1,376,403
Public Service Enterprise Group, Inc.		65,970		4,067,051
WEC Energy Group, Inc.		41,692		3,393,312
				19,433,695
Office REITs — 0.4%
Alexandria Real Estate Equities, Inc.		11,355		1,057,491
Boston Properties, Inc.		19,119		1,024,205
				2,081,696
Oil, Gas & Consumable Fuels — 6.2%
APA Corp.		40,654		1,614,777
Cheniere Energy, Inc.		14,099		2,346,355
Chesapeake Energy Corp.		14,897		1,282,334
Coterra Energy, Inc.		44,470		1,222,925
Devon Energy Corp.		44,397		2,067,568
Diamondback Energy, Inc.		13,434		2,153,739
EQT Corp.		19,326		819,036
HF Sinclair Corp.		19,176		1,061,967
Kinder Morgan, Inc.		256,220		4,150,764
Marathon Oil Corp.		53,424		1,459,009
ONEOK, Inc.		76,988		5,019,618
Ovintiv, Inc.		20,700		993,600
Targa Resources Corp.		17,661		1,476,636
Williams Cos., Inc. (The)		160,780		5,530,832
				31,199,160
Passenger Airlines — 0.7%
American Airlines Group, Inc.(a)(b)		43,401		483,921
Delta Air Lines, Inc.		45,116		1,409,875
Southwest Airlines Co.		45,317		1,007,397
United Airlines Holdings, Inc.(b)		24,657		863,242
				3,764,435
Personal Care Products — 0.1%
Coty, Inc., Class A(a)(b)		29,573		277,099
Pharmaceuticals — 0.9%
Catalent, Inc.(b)		16,865		579,987
Jazz Pharmaceuticals PLC(b)		8,321		1,056,934
Royalty Pharma PLC, Class A		51,146		1,374,293
Viatris, Inc.		158,782		1,413,160
				4,424,374
Professional Services — 1.5%
Booz Allen Hamilton Holding Corp., Class A		9,645		1,156,725

S C H E D U L E S    O F    I N V E S  T M E N T S 11

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Professional Services (continued)
Genpact Ltd.		13,226		$	443,600
Jacobs Solutions, Inc.		9,384			1,250,887
KBR, Inc.		6,937			403,386
Leidos Holdings, Inc.		18,172			1,801,209
Robert Half, Inc.		7,636			570,944
SS&C Technologies Holdings, Inc.		28,469			1,430,567
TransUnion		10,710			469,955
					7,527,273
Real Estate Management & Development — 0.4%
CBRE Group, Inc., Class A(b)		27,237			1,888,614
Residential REITs — 1.2%
American Homes 4 Rent, Class A		17,001			556,613
AvalonBay Communities, Inc.		8,197			1,358,571
Equity LifeStyle Properties, Inc.		9,540			627,732
Equity Residential		21,986			1,216,485
Essex Property Trust, Inc.		4,830			1,033,233
Mid-America Apartment Communities, Inc.		6,942			820,197
UDR, Inc.		13,644			434,016
					6,046,847
Retail REITs — 2.1%
Federal Realty Investment Trust		4,276			389,928
Kimco Realty Corp.		81,764			1,466,846
NNN REIT, Inc.		24,253			881,111
Realty Income Corp.		48,149			2,281,300
Regency Centers Corp.		13,930			839,422
Simon Property Group, Inc.		43,246			4,752,303
					10,610,910
Semiconductors & Semiconductor Equipment — 2.2%
Microchip Technology, Inc.		37,267			2,656,764
NXP Semiconductors NV		19,372			3,340,314
ON Semiconductor Corp.(a)(b)		29,585			1,853,204
Qorvo, Inc.(b)		12,973			1,134,100
Skyworks Solutions, Inc.		13,525			1,173,159
Teradyne, Inc.		10,662			887,825
					11,045,366
Software — 0.2%
Gen Digital, Inc.		74,543			1,241,886
Specialized REITs — 2.7%
CubeSmart		11,944			407,171
Digital Realty Trust, Inc.		22,368			2,781,684
Extra Space Storage, Inc.		12,410			1,285,552
Gaming & Leisure Properties, Inc.		23,982			1,088,543
Iron Mountain, Inc.		15,767			931,357
Lamar Advertising Co., Class A		7,995			657,749
VICI Properties, Inc.		133,949	��		3,737,177
Weyerhaeuser Co.		96,586			2,771,052
					13,660,285
Specialty Retail — 1.2%
Advance Auto Parts, Inc.		7,940			413,118

Security	Shares		Value
Specialty Retail (continued)
Bath & Body Works, Inc.		30,323	$	899,077
Best Buy Co., Inc.		25,693		1,716,806
CarMax, Inc.(b)		9,668		590,618
Dick’s Sporting Goods, Inc.		8,265		883,942
Penske Automotive Group, Inc.(a)		2,595		371,293
Williams-Sonoma, Inc.		8,506		1,277,941
				6,152,795
Technology Hardware, Storage & Peripherals — 2.4%
Dell Technologies, Inc., Class C		33,505		2,241,820
Hewlett Packard Enterprise Co.		170,705		2,625,443
HP, Inc.		114,680		3,019,524
NetApp, Inc.		14,996		1,091,409
Seagate Technology Holdings PLC		25,441		1,736,348
Western Digital Corp.(b)		42,332		1,699,630
				12,414,174
Textiles, Apparel & Luxury Goods — 0.3%
Tapestry, Inc.		30,738		847,139
VF Corp.		43,860		646,058
				1,493,197
Trading Companies & Distributors — 1.1%
Ferguson PLC		26,995		4,054,649
United Rentals, Inc.		4,085		1,659,613
				5,714,262
Water Utilities — 0.4%
American Water Works Co., Inc.		12,205		1,435,918
Essential Utilities, Inc.		14,872		497,617
				1,933,535
Total Long-Term Investments — 99.8% (Cost: $511,785,103)				505,163,780
Short-Term Securities
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		10,567,491		10,571,718
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(c)(d)		601,281		601,281
Total Short-Term Securities — 2.2% (Cost: $11,168,313)				11,172,999
Total Investments — 102.0% (Cost: $522,953,416)				516,336,779
Liabilities in Excess of Other Assets — (2.0)%				(10,000,641	)
Net Assets — 100.0%			$	506,336,138

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

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Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Mid-Cap Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/23		Purchases at Cost	Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23	Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,874,694	$	—	$  (1,304,222	)(a)	$	2,104	$	(858	)	$	10,571,718	10,567,491	$	53,431	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		872,368		—	(271,087	)(a)		—		—			601,281	601,281		31,514			—
							$	2,104	$	(858	)	$	11,172,999		$	84,945		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Utilities Select Sector Index		10		12/15/23	$    604	$	13,414
S&P Mid 400 E-Mini Index		2		12/15/23	475		(6,400	)
						$	7,014

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	13,414	$	—	$	—	$	—	$	13,414
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	6,400	$	—	$	—	$	—	$	6,400

^(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).

S C H E D U L E S    O F    I N V E S  T M E N T S 13

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Mid-Cap Value ETF

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(207,316	)	$	—	$	—	$	—	$	(207,316	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(120	)	$	—	$	—	$	—	$	(120	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,324,965

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	505,163,780		$	—	$	—	$	505,163,780
Short-Term Securities
Money Market Funds		11,172,999			—		—		11,172,999
	$	516,336,779		$	—	$	—	$	516,336,779
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	13,414		$	—	$	—	$	13,414
Liabilities
Equity Contracts		(6,400	)		—		—		(6,400	)
	$	7,014		$	—	$	—	$	7,014

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited)  October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
AAR Corp.(a)		1,841	$	109,282
AeroVironment, Inc.(a)		1,447		165,913
AerSale Corp.(a)		1,546		23,638
BWX Technologies, Inc.		5,004		371,697
Cadre Holdings, Inc.		984		27,601
Curtiss-Wright Corp.		2,094		416,308
Ducommun, Inc.(a)		738		35,306
Hexcel Corp.		4,604		285,080
Kaman Corp.		1,513		28,157
Kratos Defense & Security Solutions, Inc.(a)(b)		6,997		119,299
Leonardo DRS, Inc.(a)(b)		2,840		54,159
Mercury Systems, Inc.(a)(b)		2,797		100,636
Moog, Inc., Class A		1,568		181,966
National Presto Industries, Inc.		284		21,229
Rocket Lab U.S.A., Inc., Class A(a)(b)		14,169		59,935
Spirit AeroSystems Holdings, Inc., Class A(a)		5,713		129,114
Triumph Group, Inc.(a)		4,189		31,250
V2X, Inc.(a)		629		32,123
Virgin Galactic Holdings, Inc., Class A(a)		17,743		26,259
Woodward, Inc.		3,307		412,383
			2,631,335
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)(b)		3,054		59,767
Forward Air Corp.		1,399		90,110
GXO Logistics, Inc.(a)		6,515		329,073
Hub Group, Inc., Class A(a)		1,710		117,562
			596,512
Automobile Components — 1.4%
Adient PLC(a)		5,104		171,954
American Axle & Manufacturing Holdings, Inc.(a)		6,392		43,146
Autoliv, Inc.		4,150		380,347
Dana, Inc.		7,023		80,624
Dorman Products, Inc.(a)		1,539		95,695
Fox Factory Holding Corp.(a)		2,304		187,707
Garrett Motion, Inc.(a)(b)		8,156		57,581
Gentex Corp.		12,763		366,043
Gentherm, Inc.(a)		1,794		72,155
Goodyear Tire & Rubber Co. (The)(a)		15,591		185,533
LCI Industries		1,397		151,560
Luminar Technologies, Inc., Class A(a)(b)		14,192		44,989
Mobileye Global, Inc., Class A(a)(b)		4,206		150,028
Modine Manufacturing Co.(a)		2,846		112,417
Patrick Industries, Inc.		1,146		86,122
QuantumScape Corp., Class A(a)(b)		18,523		96,690
Solid Power, Inc., Class A(a)(b)		6,407		8,457
Standard Motor Products, Inc.		1,040		36,327
Stoneridge, Inc.(a)		1,459		23,738
Visteon Corp.(a)		1,544		177,761
XPEL, Inc.(a)(b)		1,153		53,384
			2,582,258
Automobiles — 0.3%
Fisker, Inc., Class A(a)(b)		10,445		47,003
Harley-Davidson, Inc.		7,084		190,205
Thor Industries, Inc.		2,922		256,931
Winnebago Industries, Inc.		1,640		95,038
			589,177
Banks — 7.2%
1st Source Corp.		979		44,662
Amalgamated Financial Corp.		1,059		19,316

Security	Shares		Value
Banks (continued)
Amerant Bancorp, Inc., Class A		1,467	$	26,743
Ameris Bancorp		3,569		133,124
Associated Banc-Corp.		8,398		136,132
Atlantic Union Bankshares Corp.		4,165		119,994
Axos Financial, Inc.(a)(b)		2,870		103,406
Banc of California, Inc.		2,963		33,215
BancFirst Corp.		794		64,401
Bancorp, Inc. (The)(a)		2,922		104,169
Bank First Corp.		458		36,168
Bank of Hawaii Corp.		2,203		108,806
Bank OZK		5,766		206,480
BankUnited, Inc.		4,134		90,163
Banner Corp.		1,687		71,208
Berkshire Hills Bancorp, Inc.		2,458		48,201
BOK Financial Corp.		1,538		100,770
Brookline Bancorp, Inc.		4,949		40,285
Byline Bancorp, Inc.		1,606		30,466
Cadence Bank		9,893		209,534
Cambridge Bancorp		409		21,967
Camden National Corp.		820		23,911
Capital City Bank Group, Inc.		748		21,370
Capitol Federal Financial, Inc.		7,026		36,535
Cathay General Bancorp		4,085		138,522
Central Pacific Financial Corp.		531		8,379
City Holding Co.		825		74,893
CNB Financial Corp.		1,209		21,980
Coastal Financial Corp.(a)		615		22,860
Columbia Banking System, Inc.		11,453		225,281
Columbia Financial, Inc.(a)		1,569		25,261
Comerica, Inc.		7,200		283,680
Commerce Bancshares, Inc.		6,203		272,064
Community Bank System, Inc.		2,966		118,492
Community Trust Bancorp, Inc.		914		34,330
ConnectOne Bancorp, Inc.		2,019		32,890
CrossFirst Bankshares, Inc.(a)		2,455		25,974
Cullen/Frost Bankers, Inc.		3,506		319,011
Customers Bancorp, Inc.(a)		1,539		61,883
CVB Financial Corp.		7,335		114,573
Dime Community Bancshares, Inc.		1,914		35,198
Eagle Bancorp, Inc.		1,686		32,843
Eastern Bankshares, Inc.		8,648		95,214
Enterprise Financial Services Corp.		2,082		72,391
Farmers National Banc Corp.		1,950		22,016
FB Financial Corp.		1,956		57,448
First Bancorp		2,303		66,833
First Bancorp		9,588		128,000
First Bancshares, Inc. (The)		1,601		38,776
First Busey Corp.		2,922		58,031
First Commonwealth Financial Corp.		5,575		67,904
First Financial Bancorp		5,314		98,309
First Financial Bankshares, Inc.		7,016		168,735
First Financial Corp.		656		22,573
First Hawaiian, Inc.		7,139		128,002
First Interstate BancSystem, Inc., Class A		4,574		105,522
First Merchants Corp.		3,110		84,934
First Mid Bancshares, Inc.		1,091		29,806
FNB Corp.		19,939		213,148
Fulton Financial Corp.		9,187		119,339
German American Bancorp, Inc.		1,712		46,789
Glacier Bancorp, Inc.		6,054		182,770
Great Southern Bancorp, Inc.		517		25,705
Hancock Whitney Corp.		4,719		162,475

S C H E D U L E S    O F    I N V E S  T M E N T S 15

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Hanmi Financial Corp.		1,167	$	17,132
HarborOne Bancorp, Inc.		2,328		22,908
HBT Financial, Inc.		819		14,742
Heartland Financial U.S.A., Inc.		2,196		60,170
Heritage Commerce Corp.		3,624		29,644
Heritage Financial Corp.		2,095		34,086
Hilltop Holdings, Inc.		2,541		70,182
Hingham Institution For Savings (The)(b)		97		14,412
Home BancShares, Inc.		10,110		206,749
Hope Bancorp, Inc.		5,856		51,299
Horizon Bancorp, Inc.		2,249		21,343
Independent Bank Corp.		2,452		119,658
Independent Bank Group, Inc.		1,977		69,887
International Bancshares Corp.		2,956		129,561
Kearny Financial Corp.		3,733		25,907
Lakeland Bancorp, Inc.		3,685		41,567
Lakeland Financial Corp.		1,400		68,950
Live Oak Bancshares, Inc.(b)		1,795		51,786
Luther Burbank Corp.		842		6,854
Mercantile Bank Corp.		850		27,999
Metrocity Bankshares, Inc.		1,021		20,461
Midland States Bancorp, Inc.		1,333		29,086
National Bank Holdings Corp., Class A		2,128		66,351
NBT Bancorp, Inc.		2,022		67,676
New York Community Bancorp, Inc., Class A		39,358		373,114
Nicolet Bankshares, Inc.		702		51,120
Northfield Bancorp, Inc.		2,337		20,098
Northwest Bancshares, Inc.		6,509		67,824
OceanFirst Financial Corp.		3,402		43,069
OFG Bancorp		2,355		69,755
Old National Bancorp		16,032		219,638
Old Second Bancorp, Inc.		2,261		30,659
Origin Bancorp, Inc.		1,612		47,699
Pacific Premier Bancorp, Inc.		5,451		103,569
PacWest Bancorp(b)		6,474		45,836
Park National Corp.		806		81,720
Pathward Financial, Inc.		1,455		65,897
Peapack-Gladstone Financial Corp.		953		22,272
Peoples Bancorp, Inc.		1,884		51,961
Pinnacle Financial Partners, Inc.		4,191		261,351
Popular, Inc.		3,953		257,103
Premier Financial Corp.		2,053		35,620
Prosperity Bancshares, Inc.		5,138		280,227
Provident Financial Services, Inc.		4,334		60,893
QCR Holdings, Inc.		927		43,986
Renasant Corp.		3,092		75,414
Republic Bancorp, Inc., Class A		524		23,156
S&T Bancorp, Inc.		2,069		53,297
Sandy Spring Bancorp, Inc.		2,534		51,820
Seacoast Banking Corp. of Florida		4,707		95,128
ServisFirst Bancshares, Inc.		2,658		125,351
Simmons First National Corp., Class A		6,638		94,326
Southern Missouri Bancorp, Inc.		544		22,005
Southside Bancshares, Inc.		1,615		43,121
SouthState Corp.		4,150		274,315
Stellar Bancorp, Inc.		2,511		54,589
Stock Yards Bancorp, Inc.		1,487		58,157
Synovus Financial Corp.		7,954		207,361
Texas Capital Bancshares, Inc.(a)		2,622		144,367
Tompkins Financial Corp.		712		35,657
Towne Bank		3,912		93,653
TriCo Bancshares		1,875		60,656

Security	Shares		Value
Banks (continued)
Triumph Financial, Inc.(a)		1,186	$	73,829
TrustCo Bank Corp.		859		21,930
Trustmark Corp.		3,427		68,917
UMB Financial Corp.		2,371		148,709
United Bankshares, Inc.		7,391		210,200
United Community Banks, Inc.		6,422		141,862
Univest Financial Corp.		1,730		28,822
Valley National Bancorp		23,217		180,628
Veritex Holdings, Inc.		3,026		52,108
WaFd, Inc.		3,634		89,687
Washington Trust Bancorp, Inc.		970		22,494
Webster Financial Corp.		9,477		359,842
WesBanco, Inc.		3,314		80,828
Westamerica BanCorp		1,473		69,585
Western Alliance Bancorp		5,964		245,120
Wintrust Financial Corp.		3,298		246,328
WSFS Financial Corp.		3,344		118,378
Zions Bancorp N.A.		8,084		249,391
			13,096,712
Beverages — 0.5%
Boston Beer Co., Inc. (The), Class A, NVS(a)		518		172,986
Celsius Holdings, Inc.(a)(b)		2,685		408,362
Coca-Cola Consolidated, Inc.		255		162,285
Duckhorn Portfolio, Inc. (The)(a)		2,284		23,822
MGP Ingredients, Inc.		842		79,704
National Beverage Corp.(a)		1,259		58,392
Vita Coco Co., Inc. (The)(a)(b)		1,662		45,040
			950,591
Biotechnology — 4.5%
4D Molecular Therapeutics, Inc.(a)		1,633		17,538
89bio, Inc.(a)		3,457		25,582
ACADIA Pharmaceuticals, Inc.(a)		6,511		146,953
ADMA Biologics, Inc.(a)		11,272		38,099
Aerovate Therapeutics, Inc.(a)		735		7,798
Agenus, Inc.(a)		18,610		14,888
Agios Pharmaceuticals, Inc.(a)(b)		3,049		64,059
Akero Therapeutics, Inc.(a)(b)		3,029		36,106
Aldeyra Therapeutics, Inc.(a)		2,612		4,467
Alector, Inc.(a)		3,442		17,898
Alkermes PLC(a)		9,083		219,718
Allogene Therapeutics, Inc.(a)(b)		6,217		17,532
Amicus Therapeutics, Inc.(a)		13,973		153,284
AnaptysBio, Inc.(a)		1,014		16,538
Anavex Life Sciences Corp.(a)(b)		4,336		24,195
Arbutus Biopharma Corp.(a)		6,506		11,906
Arcellx, Inc.(a)(b)		1,726		60,841
Arcturus Therapeutics Holdings, Inc.(a)		1,323		25,269
Arcus Biosciences, Inc.(a)		2,973		46,706
Arcutis Biotherapeutics, Inc.(a)		2,780		6,255
Ardelyx, Inc.(a)(b)		11,746		46,397
Arrowhead Pharmaceuticals, Inc.(a)		5,840		143,606
ARS Pharmaceuticals, Inc.(a)(b)		2,758		9,846
Aurinia Pharmaceuticals, Inc.(a)(b)		7,819		57,391
Avid Bioservices, Inc.(a)(b)		3,409		20,965
Avidity Biosciences, Inc.(a)(b)		3,477		17,907
Beam Therapeutics, Inc.(a)		3,783		79,973
BioCryst Pharmaceuticals, Inc.(a)		10,310		56,602
Biohaven Ltd.(a)		3,497		92,705
Biomea Fusion, Inc.(a)(b)		1,394		14,247
Bioxcel Therapeutics, Inc.(a)(b)		1,103		4,429
Bluebird Bio, Inc.(a)(b)		5,801		17,113
Blueprint Medicines Corp.(a)(b)		3,333		196,180

16 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Bridgebio Pharma, Inc.(a)		6,549	$	170,536
CareDx, Inc.(a)		3,019		16,333
Catalyst Pharmaceuticals, Inc.(a)		5,488		68,106
Celldex Therapeutics, Inc.(a)(b)		2,581		60,705
Cerevel Therapeutics Holdings, Inc.(a)(b)		4,226		99,945
Cogent Biosciences, Inc.(a)		4,059		33,121
Coherus Biosciences, Inc.(a)(b)		4,956		16,603
Crinetics Pharmaceuticals, Inc.(a)		3,130		91,678
CRISPR Therapeutics AG(a)(b)		4,349		169,307
Cytokinetics, Inc.(a)		5,223		182,074
Day One Biopharmaceuticals, Inc.(a)		3,036		35,916
Deciphera Pharmaceuticals, Inc.(a)		3,054		36,617
Denali Therapeutics, Inc.(a)		6,734		126,801
Disc Medicine, Inc.(a)		640		29,318
Dynavax Technologies Corp.(a)(b)		7,004		99,527
Dyne Therapeutics, Inc.(a)(b)		2,094		14,763
Editas Medicine, Inc.(a)		4,460		29,793
Emergent BioSolutions, Inc.(a)		3,060		6,395
Enanta Pharmaceuticals, Inc.(a)		1,076		9,706
EQRx, Inc.(a)		15,148		33,023
Erasca, Inc.(a)		4,416		10,201
Exelixis, Inc.(a)		17,430		358,884
Fate Therapeutics, Inc.(a)		4,429		8,016
FibroGen, Inc.(a)		4,979		2,694
Genelux Corp.(a)		1,043		15,134
Geron Corp.(a)		25,046		47,587
Halozyme Therapeutics, Inc.(a)		7,224		244,677
HilleVax, Inc.(a)		915		10,065
Ideaya Biosciences, Inc.(a)		3,137		85,232
ImmunityBio, Inc.(a)(b)		7,594		23,845
ImmunoGen, Inc.(a)		12,338		183,343
Immunovant, Inc.(a)		2,639		87,219
Inhibrx, Inc.(a)		1,340		20,730
Insmed, Inc.(a)(b)		7,829		196,195
Intellia Therapeutics, Inc.(a)(b)		4,799		120,215
Intercept Pharmaceuticals, Inc.(a)		2,001		37,879
Ionis Pharmaceuticals, Inc.(a)(b)		7,808		345,660
Iovance Biotherapeutics, Inc.(a)		11,698		44,686
Ironwood Pharmaceuticals, Inc., Class A(a)		7,597		68,145
iTeos Therapeutics, Inc.(a)		1,407		14,154
Janux Therapeutics, Inc.(a)		981		6,298
Karyopharm Therapeutics, Inc.(a)(b)		6,116		5,321
Keros Therapeutics, Inc.(a)		1,246		35,561
Krystal Biotech, Inc.(a)		1,305		152,515
Kura Oncology, Inc.(a)(b)		4,028		34,037
Kymera Therapeutics, Inc.(a)(b)		2,151		25,102
Lexicon Pharmaceuticals, Inc.(a)(b)		6,675		8,277
Lyell Immunopharma, Inc.(a)(b)		8,428		13,948
MacroGenics, Inc.(a)		3,361		17,544
Madrigal Pharmaceuticals, Inc.(a)(b)		838		110,096
MannKind Corp.(a)(b)		14,972		64,230
Mersana Therapeutics, Inc.(a)		5,614		6,681
MiMedx Group, Inc.(a)		6,341		41,597
Mineralys Therapeutics, Inc.(a)		691		5,341
Mirati Therapeutics, Inc.(a)(b)		3,434		190,690
Mirum Pharmaceuticals, Inc.(a)		1,677		46,000
Morphic Holding, Inc.(a)		2,140		42,693
Myriad Genetics, Inc.(a)		4,445		69,253
Natera, Inc.(a)		5,864		231,452
Novavax, Inc.(a)(b)		5,152		34,312
Nurix Therapeutics, Inc.(a)		2,328		13,014
Nuvalent, Inc., Class A(a)(b)		1,436		74,801

Security	Shares		Value
Biotechnology (continued)
Point Biopharma Global, Inc.(a)(b)		4,862	$	61,553
Prime Medicine, Inc.(a)(b)		1,994		12,941
ProKidney Corp., Class A(a)		1,594		2,598
Protagonist Therapeutics, Inc.(a)		3,137		45,612
Prothena Corp. PLC(a)		2,128		77,587
PTC Therapeutics, Inc.(a)		4,109		77,044
RAPT Therapeutics, Inc.(a)(b)		1,590		20,909
Recursion Pharmaceuticals, Inc., Class A(a)(b)		8,445		44,590
REGENXBIO, Inc.(a)		2,249		28,990
Relay Therapeutics, Inc.(a)		4,901		32,347
Replimune Group, Inc.(a)		2,828		41,204
REVOLUTION Medicines, Inc.(a)(b)		5,353		105,989
Rhythm Pharmaceuticals, Inc.(a)(b)		2,634		60,872
Rocket Pharmaceuticals, Inc.(a)		3,728		67,477
Roivant Sciences Ltd.(a)		17,570		151,805
Sage Therapeutics, Inc.(a)(b)		2,847		53,324
Sana Biotechnology, Inc.(a)(b)		5,265		15,584
Seres Therapeutics, Inc.(a)		5,241		8,019
SpringWorks Therapeutics, Inc.(a)(b)		2,897		66,341
Syndax Pharmaceuticals, Inc.(a)(b)		3,572		50,294
TG Therapeutics, Inc.(a)		7,758		59,969
Travere Therapeutics, Inc.(a)		3,720		24,106
Twist Bioscience Corp.(a)(b)		3,110		49,014
Ultragenyx Pharmaceutical, Inc.(a)(b)		3,911		138,449
uniQure NV(a)		2,556		14,569
Vaxcyte, Inc.(a)(b)		4,690		225,589
Veracyte, Inc.(a)		3,960		82,051
Vericel Corp.(a)(b)		2,614		91,961
Verve Therapeutics, Inc.(a)(b)		2,530		30,461
Viking Therapeutics, Inc.(a)(b)		5,452		53,484
Vir Biotechnology, Inc.(a)		4,670		37,033
Viridian Therapeutics, Inc.(a)		2,163		27,038
Xencor, Inc.(a)(b)		3,313		57,481
Zentalis Pharmaceuticals, Inc.(a)(b)		3,140		51,370
Zymeworks, Inc.(a)		3,669		25,756
			8,189,995
Broadline Retail — 0.4%
Dillard’s, Inc., Class A(b)		192		59,607
Kohl’s Corp.		6,036		136,112
Macy’s, Inc.		15,046		183,260
Nordstrom, Inc.		5,281		73,828
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		3,391		261,921
			714,728
Building Products — 1.8%
AAON, Inc.(b)		3,680		200,486
Advanced Drainage Systems, Inc.		3,784		404,245
American Woodmark Corp.(a)		881		59,230
Apogee Enterprises, Inc.		1,200		51,504
Armstrong World Industries, Inc.		2,428		184,261
AZEK Co., Inc. (The), Class A(a)(b)		8,124		212,849
AZZ, Inc.		1,369		64,713
Gibraltar Industries, Inc.(a)		1,670		101,636
Griffon Corp.		2,229		89,026
Hayward Holdings, Inc.(a)		6,847		71,893
Insteel Industries, Inc.		1,048		29,250
Janus International Group, Inc.(a)		4,900		45,864
JELD-WEN Holding, Inc.(a)		4,673		52,945
Masonite International Corp.(a)		1,197		94,731
Masterbrand, Inc.(a)		6,950		77,214
PGT Innovations, Inc.(a)		3,220		96,407
Quanex Building Products Corp.		1,818		48,813
Resideo Technologies, Inc.(a)		8,066		116,796

S C H E D U L E S    O F    I N V E S  T M E N T S 17

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Simpson Manufacturing Co., Inc.		2,321	$	309,111
Tecnoglass, Inc.		1,103		36,046
Trex Co., Inc.(a)		5,935		333,606
UFP Industries, Inc.		3,369		320,628
Zurn Elkay Water Solutions Corp.		7,722		204,324
			3,205,578
Capital Markets — 2.5%
Affiliated Managers Group, Inc.		1,909		234,349
Artisan Partners Asset Management, Inc., Class A		3,812		125,796
AssetMark Financial Holdings, Inc.(a)		1,242		29,696
Avantax, Inc.(a)		2,009		51,852
B Riley Financial, Inc.		907		32,843
BGC Group, Inc., Class A		21,272		124,867
Blue Owl Capital, Inc., Class A		22,061		272,012
Brightsphere Investment Group, Inc.		1,825		28,580
Cohen & Steers, Inc.		1,382		72,196
Diamond Hill Investment Group, Inc., Class A		170		26,707
Donnelley Financial Solutions, Inc.(a)		1,388		75,549
Evercore, Inc., Class A		1,911		248,774
Federated Hermes, Inc., Class B		4,826		152,984
Freedom Holding Corp.(a)(b)		914		74,985
Hamilton Lane, Inc., Class A		1,994		167,735
Houlihan Lokey, Inc., Class A		2,808		282,260
Janus Henderson Group PLC		7,276		167,857
Jefferies Financial Group, Inc.		9,710		312,468
Moelis & Co., Class A		3,695		153,860
Open Lending Corp.(a)		5,458		32,693
Oppenheimer Holdings, Inc., Class A, NVS		384		13,467
P10, Inc., Class A		2,182		20,554
Piper Sandler Cos		828		115,796
PJT Partners, Inc., Class A		1,222		95,756
Robinhood Markets, Inc., Class A(a)(b)		30,128		275,370
Runway Growth Finance Corp.		979		11,924
StepStone Group, Inc., Class A		2,799		79,212
Stifel Financial Corp.		5,699		324,843
StoneX Group, Inc.(a)		973		92,746
TPG, Inc., Class A		3,338		92,262
Tradeweb Markets, Inc., Class A		6,244		562,023
Victory Capital Holdings, Inc., Class A		2,030		59,804
Virtu Financial, Inc., Class A		5,135		94,946
Virtus Investment Partners, Inc.		375		69,086
WisdomTree, Inc.		6,426		39,841
			4,615,693
Chemicals — 2.0%
AdvanSix, Inc.		1,467		40,416
American Vanguard Corp.		1,512		14,152
Ashland, Inc.		2,786		213,491
Aspen Aerogels, Inc.(a)		2,868		22,141
Avient Corp.		4,959		156,804
Axalta Coating Systems Ltd.(a)		12,105		317,514
Balchem Corp.		1,751		203,536
Cabot Corp.		3,074		204,360
Chase Corp.		406		51,586
Chemours Co. (The)		8,066		194,471
Ecovyst, Inc.(a)		5,572		51,262
Element Solutions, Inc.		12,100		220,583
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		72,354		99,125
Hawkins, Inc.		1,038		59,612
HB Fuller Co.		2,954		195,407
Huntsman Corp.		9,034		210,763
Ingevity Corp.(a)(b)		1,826		73,551
Innospec, Inc.		1,355		132,790

Security	Shares		Value
Chemicals (continued)
Koppers Holdings, Inc.		1,131	$	41,361
Kronos Worldwide, Inc.		1,328		9,163
Livent Corp.(a)(b)		9,771		142,559
LSB Industries, Inc.(a)		2,903		26,446
Mativ Holdings, Inc.		2,998		39,274
Minerals Technologies, Inc.		1,793		96,930
NewMarket Corp.		378		182,253
Origin Materials, Inc., Class A(a)(b)		6,682		6,605
Perimeter Solutions SA(a)		8,118		25,978
PureCycle Technologies, Inc.(a)(b)		7,511		33,424
Quaker Chemical Corp.		759		109,084
Scotts Miracle-Gro Co. (The)		2,274		101,057
Sensient Technologies Corp.		2,298		129,653
Stepan Co.		1,161		86,843
Trinseo PLC		2,116		13,098
Tronox Holdings PLC		6,432		68,758
			3,574,050
Commercial Services & Supplies — 1.6%
ABM Industries, Inc.		3,634		142,962
ACCO Brands Corp.		5,193		26,277
ACV Auctions, Inc., Class A(a)		7,365		98,175
Brady Corp., Class A, NVS		2,507		129,010
BrightView Holdings, Inc.(a)		2,210		14,895
Brink’s Co. (The)		2,551		170,560
Casella Waste Systems, Inc., Class A(a)		3,114		234,951
CECO Environmental Corp.(a)		1,594		25,791
Cimpress PLC(a)		961		57,343
Clean Harbors, Inc.(a)		2,758		423,822
CoreCivic, Inc.(a)		6,276		79,705
Deluxe Corp.		2,369		40,391
Driven Brands Holdings, Inc.(a)		3,361		38,248
Ennis, Inc.		1,466		31,314
Enviri Corp.(a)		4,341		24,917
GEO Group, Inc. (The)(a)		6,886		60,184
Healthcare Services Group, Inc.		4,096		38,912
HNI Corp.		2,546		88,321
Interface, Inc., Class A		3,177		28,243
LanzaTech Global, Inc.(a)(b)		4,348		15,305
Liquidity Services, Inc.(a)		1,281		24,685
Matthews International Corp., Class A		1,686		59,752
MillerKnoll, Inc.		4,165		97,877
Montrose Environmental Group, Inc.(a)		1,513		34,981
MSA Safety, Inc.		2,015		318,128
OPENLANE, Inc.(a)		5,985		80,378
SP Plus Corp.(a)		1,039		52,501
Steelcase, Inc., Class A		5,156		56,252
Stericycle, Inc.(a)		5,036		207,685
UniFirst Corp.		823		135,326
Viad Corp.(a)		1,120		27,138
VSE Corp.		714		38,413
			2,902,442
Communications Equipment — 0.7%
ADTRAN Holdings, Inc.		3,881		25,498
Calix, Inc.(a)		3,237		107,209
Cambium Networks Corp.(a)		672		3,347
Ciena Corp.(a)		8,163		344,479
Clearfield, Inc.(a)(b)		686		16,478
CommScope Holding Co., Inc.(a)		11,436		16,925
Digi International, Inc.(a)(b)		1,971		49,630
Extreme Networks, Inc.(a)		7,031		144,979
Harmonic, Inc.(a)(b)		6,093		65,743
Infinera Corp.(a)(b)		10,711		31,383

18 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Lumentum Holdings, Inc.(a)		3,742	$	146,724
NETGEAR, Inc.(a)		1,611		20,363
NetScout Systems, Inc.(a)		3,966		86,578
Ribbon Communications, Inc.(a)(b)		5,067		9,526
Viasat, Inc.(a)(b)		4,048		74,645
Viavi Solutions, Inc.(a)		12,111		94,224
			1,237,731
Construction & Engineering — 1.4%
Ameresco, Inc., Class A(a)(b)		1,747		45,684
API Group Corp.(a)(b)		11,268		291,503
Arcosa, Inc.		2,649		182,966
Argan, Inc.		696		31,835
Bowman Consulting Group Ltd.(a)		573		15,225
Comfort Systems U.S.A., Inc.		1,949		354,426
Construction Partners, Inc., Class A(a)		2,380		91,511
Dycom Industries, Inc.(a)		1,597		136,033
Fluor Corp.(a)		7,862		261,726
Granite Construction, Inc.		2,424		98,124
IES Holdings, Inc.(a)		453		28,190
MasTec, Inc.(a)		3,299		196,093
MDU Resources Group, Inc.		11,107		206,701
MYR Group, Inc.(a)		916		106,100
Primoris Services Corp.		2,935		88,226
Sterling Infrastructure, Inc.(a)		1,697		123,626
Valmont Industries, Inc.		1,144		225,265
			2,483,234
Construction Materials — 0.3%
Eagle Materials, Inc.		1,924		296,123
Summit Materials, Inc., Class A(a)(b)		6,462		212,600
United States Lime & Minerals, Inc.		109		21,581
			530,304
Consumer Finance — 1.0%
Atlanticus Holdings Corp.(a)		273		7,988
Bread Financial Holdings, Inc.		2,796		75,576
Credit Acceptance Corp.(a)(b)		349		140,448
Encore Capital Group, Inc.(a)		1,299		48,946
Enova International, Inc.(a)		1,683		67,118
EZCORP, Inc., Class A, NVS(a)		3,004		24,633
FirstCash Holdings, Inc.		2,017		219,692
Green Dot Corp., Class A(a)		2,488		27,816
LendingClub Corp.(a)		5,894		30,590
Navient Corp.		4,835		76,925
Nelnet, Inc., Class A		967		82,011
NerdWallet, Inc., Class A(a)		2,221		23,942
OneMain Holdings, Inc.		6,589		236,743
PRA Group, Inc.(a)		2,143		26,380
PROG Holdings, Inc.(a)		2,491		68,228
SLM Corp.		12,352		160,576
SoFi Technologies, Inc.(a)(b)		51,721		390,494
Upstart Holdings, Inc.(a)(b)		3,975		95,519
World Acceptance Corp.(a)		180		17,752
			1,821,377
Consumer Staples Distribution & Retail — 0.4%
Andersons, Inc. (The)		1,719		86,174
Chefs’ Warehouse, Inc. (The)(a)(b)		1,926		36,652
Grocery Outlet Holding Corp.(a)		5,375		148,726
Ingles Markets, Inc., Class A		811		65,059
PriceSmart, Inc.		1,406		87,861
SpartanNash Co.		1,982		44,575
Sprouts Farmers Market, Inc.(a)(b)		5,563		233,757

Security	Shares		Value
Consumer Staples Distribution & Retail (continued)
United Natural Foods, Inc.(a)		3,152	$	45,956
Weis Markets, Inc.		903		58,785
			807,545
Containers & Packaging — 1.2%
AptarGroup, Inc.		3,574		436,993
Berry Global Group, Inc.		6,454		354,970
Graphic Packaging Holding Co.		16,717		359,583
Greif, Inc., Class A, NVS		1,379		87,567
Greif, Inc., Class B		287		18,385
Myers Industries, Inc.		2,013		33,758
O-I Glass, Inc.(a)		8,436		130,336
Pactiv Evergreen, Inc.		2,283		19,679
Sealed Air Corp.		7,914		243,672
Silgan Holdings, Inc.		4,539		181,832
Sonoco Products Co.		5,348		277,080
TriMas Corp.		2,270		54,957
			2,198,812
Diversified Consumer Services — 1.2%
2U, Inc.(a)		4,510		9,561
ADT, Inc.		12,254		69,358
Adtalem Global Education, Inc.(a)		2,266		117,379
Bright Horizons Family Solutions, Inc.(a)(b)		3,146		232,993
Carriage Services, Inc.		719		15,530
Chegg, Inc.(a)		6,287		47,341
Coursera, Inc.(a)		5,640		97,797
Duolingo, Inc., Class A(a)		1,938		283,045
European Wax Center, Inc., Class A(a)		1,906		28,152
Frontdoor, Inc.(a)		4,360		126,135
Graham Holdings Co., Class B		203		117,480
Grand Canyon Education, Inc.(a)		1,618		191,458
H&R Block, Inc.		8,292		340,386
Laureate Education, Inc., Class A		7,432		105,088
Mister Car Wash, Inc.(a)		4,893		25,444
OneSpaWorld Holdings Ltd.(a)		4,754		49,822
Perdoceo Education Corp.		3,578		64,726
Rover Group, Inc., Class A(a)		6,184		39,887
Strategic Education, Inc.		1,202		98,937
Stride, Inc.(a)		2,205		121,231
Udemy, Inc.(a)		4,682		41,810
WW International, Inc.(a)(b)		4,299		33,618
			2,257,178
Diversified REITs — 0.4%
Alexander & Baldwin, Inc.		4,026		63,611
American Assets Trust, Inc.		2,658		47,179
Armada Hoffler Properties, Inc.		3,722		37,071
Broadstone Net Lease, Inc.		10,173		143,948
Empire State Realty Trust, Inc., Class A		7,096		57,406
Essential Properties Realty Trust, Inc.		8,638		189,604
Gladstone Commercial Corp.		2,127		25,418
Global Net Lease, Inc.		10,622		84,339
One Liberty Properties, Inc.		915		16,836
			665,412
Diversified Telecommunication Services — 0.5%
Anterix, Inc.(a)		1,023		31,191
ATN International, Inc.		567		17,549
Cogent Communications Holdings, Inc.		2,368		153,873
Consolidated Communications Holdings, Inc.(a)		4,110		17,139
EchoStar Corp., Class A(a)		1,835		25,433
Frontier Communications Parent, Inc.(a)		12,039		215,739
Globalstar, Inc.(a)(b)		38,713		54,585
IDT Corp., Class B(a)		1,122		31,472

S C H E D U L E S    O F    I N V E S  T M E N T S 19

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
Iridium Communications, Inc.		6,849	$	253,755
Liberty Latin America Ltd., Class A(a)		1,889		12,902
Liberty Latin America Ltd., Class C, NVS(a)		7,167		49,094
Lumen Technologies, Inc.(a)		54,968		80,253
			942,985
Electric Utilities — 0.7%
ALLETE, Inc.		3,136		167,901
Hawaiian Electric Industries, Inc.		6,058		78,633
IDACORP, Inc.		2,771		262,441
MGE Energy, Inc.		1,962		140,538
Otter Tail Corp.		2,291		176,270
PNM Resources, Inc.		4,654		196,678
Portland General Electric Co.		5,534		221,471
			1,243,932
Electrical Equipment — 2.1%
Acuity Brands, Inc.		1,705		276,159
Allient, Inc.		792		21,859
Amprius Technologies, Inc.(a)(b)		1,121		3,262
Array Technologies, Inc.(a)		7,700		133,441
Atkore, Inc.(a)(b)		2,067		256,887
Babcock & Wilcox Enterprises, Inc.(a)		3,193		8,398
Blink Charging Co.(a)(b)		2,865		6,819
Bloom Energy Corp., Class A(a)(b)		11,388		118,435
ChargePoint Holdings, Inc., Class A(a)(b)		16,126		40,960
Encore Wire Corp.(b)		912		163,093
EnerSys		2,244		192,042
Enovix Corp.(a)(b)		7,230		64,419
Fluence Energy, Inc., Class A(a)(b)		2,194		38,000
FREYR Battery SA(a)(b)		6,439		20,669
FuelCell Energy, Inc.(a)		22,190		24,187
Generac Holdings, Inc.(a)		3,388		284,829
GrafTech International Ltd.		10,521		36,297
NEXTracker, Inc., Class A(a)(b)		2,665		92,635
NuScale Power Corp., Class A(a)(b)		2,464		8,328
nVent Electric PLC		9,062		436,154
Plug Power, Inc.(a)(b)		29,485		173,667
Powell Industries, Inc.		501		38,402
Preformed Line Products Co.		154		20,844
Sensata Technologies Holding PLC		8,354		266,326
SES AI Corp., Class A(a)		8,175		14,797
Shoals Technologies Group, Inc., Class A(a)		9,242		141,957
Stem, Inc.(a)(b)		8,225		27,800
SunPower Corp.(a)(b)		4,694		20,043
Sunrun, Inc.(a)(b)		11,887		114,710
Thermon Group Holdings, Inc.(a)		1,846		49,270
TPI Composites, Inc.(a)(b)		2,303		5,320
Vertiv Holdings Co., Class A		19,120		750,842
Vicor Corp.(a)		1,241		48,076
			3,898,927
Electronic Equipment, Instruments & Components — 2.5%
Advanced Energy Industries, Inc.		2,043		178,272
Arlo Technologies, Inc.(a)		5,142		43,656
Arrow Electronics, Inc.(a)		3,047		345,560
Avnet, Inc.		5,034		233,225
Badger Meter, Inc.		1,595		220,987
Bel Fuse, Inc., Class B, NVS		545		29,528
Belden, Inc.		2,327		164,984
Benchmark Electronics, Inc.		1,978		47,887
Coherent Corp.(a)		7,142		211,403
Crane NXT Co.		2,637		137,124
CTS Corp.		1,730		64,719

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
ePlus, Inc.(a)		1,476	$	92,250
Evolv Technologies Holdings, Inc., Class A(a)(b)		4,317		18,347
Fabrinet(a)		1,987		307,985
FARO Technologies, Inc.(a)		1,119		14,402
Insight Enterprises, Inc.(a)(b)		1,672		239,598
IPG Photonics Corp.(a)		1,626		139,673
Itron, Inc.(a)		2,476		141,825
Kimball Electronics, Inc.(a)		1,367		35,815
Knowles Corp.(a)		5,111		66,392
Lightwave Logic, Inc.(a)(b)		6,495		29,422
Littelfuse, Inc.		1,365		295,755
Methode Electronics, Inc.		1,979		45,260
Mirion Technologies, Inc., Class A(a)		9,853		68,281
Napco Security Technologies, Inc.		1,584		29,098
nLight, Inc.(a)		2,665		22,200
Novanta, Inc.(a)(b)		1,950		257,517
OSI Systems, Inc.(a)		840		87,587
PAR Technology Corp.(a)(b)		1,497		43,698
PC Connection, Inc.		634		33,970
Plexus Corp.(a)		1,501		147,578
Rogers Corp.(a)		912		112,076
Sanmina Corp.(a)		3,114		158,409
ScanSource, Inc.(a)		1,419		43,138
SmartRent, Inc., Class A(a)		9,774		23,555
TTM Technologies, Inc.(a)(b)		5,663		65,068
Vishay Intertechnology, Inc.		6,911		153,701
Vishay Precision Group, Inc.(a)		667		19,957
Vontier Corp.		8,488		250,905
			4,620,807
Energy Equipment & Services — 1.8%
Archrock, Inc.		7,615		96,482
Atlas Energy Solutions, Inc.		970		17,664
Bristow Group, Inc.(a)		1,330		34,766
Cactus, Inc., Class A		3,540		166,168
ChampionX Corp.		10,767		331,624
Core Laboratories, Inc.		2,564		54,921
Diamond Offshore Drilling, Inc.(a)		5,547		68,838
Dril-Quip, Inc.(a)		1,888		40,894
Helix Energy Solutions Group, Inc.(a)		7,875		77,175
Helmerich & Payne, Inc.		5,422		214,549
Liberty Energy, Inc., Class A		8,519		167,824
Nabors Industries Ltd.(a)		496		48,429
NOV, Inc.		21,530		429,739
Oceaneering International, Inc.(a)		5,475		120,395
Oil States International, Inc.(a)		3,532		25,642
Patterson-UTI Energy, Inc.		17,470		221,869
ProFrac Holding Corp., Class A(a)(b)		1,132		10,663
ProPetro Holding Corp.(a)		4,728		49,550
RPC, Inc.		4,751		39,528
Select Water Solutions, Inc., Class A		4,526		33,673
Tidewater, Inc.(a)(b)		2,636		180,171
Transocean Ltd.(a)(b)		36,969		244,735
U.S. Silica Holdings, Inc.(a)		4,237		51,141
Valaris Ltd.(a)		3,457		228,300
Weatherford International PLC(a)		3,921		365,006
			3,319,746
Entertainment — 1.0%
AMC Entertainment Holdings, Inc., Class A(a)(b)		2,961		31,624
Atlanta Braves Holdings, Inc., Class A(a)		559		21,192
Atlanta Braves Holdings, Inc., Class C, NVS(a)		2,122		73,803
Cinemark Holdings, Inc.(a)(b)		5,909		97,439
Endeavor Group Holdings, Inc., Class A		10,325		234,997

20 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
IMAX Corp.(a)		2,483	$	45,216
Lions Gate Entertainment Corp., Class A(a)(b)		3,530		27,746
Lions Gate Entertainment Corp., Class B, NVS(a)		6,937		51,750
Madison Square Garden Entertainment Corp.(a)(b)		2,315		70,561
Madison Square Garden Sports Corp., Class A(a)		903		151,830
Marcus Corp. (The)		1,360		21,134
Playstudios, Inc., Class A(a)		4,725		13,372
Playtika Holding Corp.(a)		3,800		31,920
Reservoir Media, Inc.(a)(b)		1,779		10,016
Roku, Inc., Class A(a)(b)		6,788		404,361
Sphere Entertainment Co., Class A(a)(b)		1,432		47,127
TKO Group Holdings, Inc., Class A		2,859		234,381
Vivid Seats, Inc., Class A(a)		1,981		11,648
Warner Music Group Corp., Class A		7,529		235,658
			1,815,775
Financial Services — 2.3%
Affirm Holdings, Inc., Class A(a)(b)		11,740		206,741
A-Mark Precious Metals, Inc.		989		26,782
AvidXchange Holdings, Inc.(a)(b)		9,280		80,179
Cannae Holdings, Inc.(a)		3,760		61,476
Cantaloupe, Inc.(a)		3,082		20,280
Cass Information Systems, Inc.		710		26,845
Compass Diversified Holdings		3,386		58,171
Enact Holdings, Inc.		1,718		47,348
Essent Group Ltd.		5,838		275,787
Euronet Worldwide, Inc.(a)		2,573		197,709
EVERTEC, Inc.		3,505		111,389
Federal Agricultural Mortgage Corp., Class C, NVS		509		75,617
Flywire Corp.(a)		5,749		154,591
I3 Verticals, Inc., Class A(a)		1,272		23,850
International Money Express, Inc.(a)		1,936		30,899
Jackson Financial, Inc., Class A		3,281		120,445
Marqeta, Inc., Class A(a)		23,656		122,302
Merchants Bancorp		1,440		43,042
MGIC Investment Corp.		15,358		258,629
Mr. Cooper Group, Inc.(a)		3,644		205,995
NMI Holdings, Inc., Class A(a)		4,557		124,634
Payoneer Global, Inc.(a)		11,602		67,176
PennyMac Financial Services, Inc., Class A		1,582		106,310
Radian Group, Inc.		8,698		220,407
Remitly Global, Inc.(a)		7,288		196,266
Repay Holdings Corp., Class A(a)(b)		4,047		24,242
Rocket Cos., Inc., Class A(a)		6,670		49,291
Shift4 Payments, Inc., Class A(a)		3,112		138,546
TFS Financial Corp.		2,745		32,556
Toast, Inc., Class A(a)(b)		19,797		316,554
UWM Holdings Corp., Class A		5,136		24,910
Voya Financial, Inc.		5,774		385,530
Walker & Dunlop, Inc.		1,821		118,001
Western Union Co. (The)		17,053		192,528
			4,145,028
Food Products — 1.3%
B&G Foods, Inc.		3,943		31,820
Beyond Meat, Inc.(a)(b)		3,428		20,465
Calavo Growers, Inc.		963		24,402
Cal-Maine Foods, Inc.		2,218		100,498
Flowers Foods, Inc.		10,486		229,958
Fresh Del Monte Produce, Inc.		1,850		46,250
Freshpet, Inc.(a)		2,622		150,503
Hain Celestial Group, Inc. (The)(a)		4,907		54,222
Hostess Brands, Inc., Class A(a)		7,292		243,553
Ingredion, Inc.		3,627		339,415

Security	Shares		Value
Food Products (continued)
J & J Snack Foods Corp.		842	$	131,866
John B. Sanfilippo & Son, Inc.		487		49,801
Lancaster Colony Corp.		1,118		189,132
Mission Produce, Inc.(a)(b)		2,283		21,483
Pilgrim’s Pride Corp.(a)		2,192		55,896
Post Holdings, Inc.(a)(b)		2,781		223,259
Seaboard Corp.		12		42,083
Simply Good Foods Co. (The)(a)		4,968		185,257
Sovos Brands, Inc.(a)		3,417		74,183
Tootsie Roll Industries, Inc.		969		30,146
TreeHouse Foods, Inc.(a)		2,815		117,357
Utz Brands, Inc., Class A		3,639		44,359
Vital Farms, Inc.(a)		1,476		16,324
Westrock Coffee Co.(a)		1,535		12,648
			2,434,880
Gas Utilities — 0.8%
Chesapeake Utilities Corp.		973		86,218
National Fuel Gas Co.		5,033		256,431
New Jersey Resources Corp.		5,306		215,317
Northwest Natural Holding Co.		1,998		73,347
ONE Gas, Inc.		3,033		183,193
Southwest Gas Holdings, Inc.		3,267		191,479
Spire, Inc.		2,882		160,326
UGI Corp.		11,430		237,744
			1,404,055
Ground Transportation — 1.3%
ArcBest Corp.		1,315		143,177
Covenant Logistics Group, Inc., Class A		443		17,492
Daseke, Inc.(a)		2,352		10,443
Heartland Express, Inc.		2,373		27,669
Hertz Global Holdings, Inc.(a)		7,270		61,286
Landstar System, Inc.		1,948		320,991
Lyft, Inc., Class A(a)		18,686		171,351
Marten Transport Ltd.		3,137		55,148
PAM Transportation Services, Inc.(a)		303		5,233
RXO, Inc.(a)		6,454		113,010
Ryder System, Inc.		2,483		242,192
Saia, Inc.(a)		1,450		519,810
Schneider National, Inc., Class B		2,082		52,737
Universal Logistics Holdings, Inc.		377		8,437
Werner Enterprises, Inc.		3,430		124,578
XPO, Inc.(a)		6,337		480,408
			2,353,962
Health Care Equipment & Supplies — 2.4%
Alphatec Holdings, Inc.(a)		4,447		40,823
Artivion, Inc.(a)		2,111		26,894
AtriCure, Inc.(a)		2,577		89,267
Atrion Corp.		73		24,965
Avanos Medical, Inc.(a)		2,543		46,689
Axonics, Inc.(a)(b)		2,781		142,415
Cerus Corp.(a)		9,808		13,731
CONMED Corp.(b)		1,699		165,585
Cutera, Inc.(a)		822		2,556
Embecta Corp.		3,128		47,295
Enovis Corp.(a)		2,704		124,114
Envista Holdings Corp.(a)(b)		8,909		207,312
Establishment Labs Holdings, Inc.(a)(b)		1,252		36,659
Glaukos Corp.(a)		2,659		181,344
Globus Medical, Inc., Class A(a)(b)		6,377		291,493
Haemonetics Corp.(a)		2,775		236,513
ICU Medical, Inc.(a)(b)		1,100		107,866

S C H E D U L E S    O F    I N V E S  T M E N T S 21

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Inari Medical, Inc.(a)		2,779	$	168,713
Inspire Medical Systems, Inc.(a)		1,597		235,015
Integer Holdings Corp.(a)		1,833		148,785
Integra LifeSciences Holdings Corp.(a)		3,849		138,410
iRadimed Corp.		377		15,359
iRhythm Technologies, Inc.(a)(b)		1,663		130,579
Lantheus Holdings, Inc.(a)(b)		3,722		240,441
LeMaitre Vascular, Inc.		1,097		53,292
LivaNova PLC(a)		2,929		143,667
Merit Medical Systems, Inc.(a)		3,164		217,493
Neogen Corp.(a)		10,703		159,368
Nevro Corp.(a)(b)		1,953		28,182
Novocure Ltd.(a)		5,278		70,197
Omnicell, Inc.(a)		2,454		87,215
OraSure Technologies, Inc.(a)		4,010		20,692
Orchestra BioMed Holdings, Inc.(a)(b)		1,395		6,543
Orthofix Medical, Inc.(a)		2,024		22,345
OrthoPediatrics Corp.(a)		833		20,375
Outset Medical, Inc.(a)		2,685		9,505
Paragon 28, Inc.(a)		2,019		17,424
PROCEPT BioRobotics Corp.(a)		2,388		63,975
Pulmonx Corp.(a)(b)		2,036		17,896
QuidelOrtho Corp.(a)		2,691		164,366
RxSight, Inc.(a)		1,225		27,122
SI-BONE, Inc.(a)(b)		1,997		33,969
Sight Sciences, Inc.(a)		1,868		2,961
Silk Road Medical, Inc.(a)(b)		2,116		15,891
STAAR Surgical Co.(a)(b)		2,669		111,618
Tandem Diabetes Care, Inc.(a)		3,615		62,539
TransMedics Group, Inc.(a)(b)		1,772		66,415
Treace Medical Concepts, Inc.(a)		2,340		23,470
UFP Technologies, Inc.(a)		385		60,029
Varex Imaging Corp.(a)		2,213		39,945
Zynex, Inc.(a)		1,150		10,212
			4,419,529
Health Care Providers & Services — 2.4%
23andMe Holding Co., Class A(a)(b)		15,895		13,465
Acadia Healthcare Co., Inc.(a)		5,039		370,417
Accolade, Inc.(a)		3,741		24,316
AdaptHealth Corp.(a)		4,430		32,472
Addus HomeCare Corp.(a)		880		69,432
Agiliti, Inc.(a)		1,903		10,714
Alignment Healthcare, Inc.(a)(b)		5,298		36,450
Amedisys, Inc.(a)		1,794		164,133
AMN Healthcare Services, Inc.(a)		2,065		156,651
Apollo Medical Holdings, Inc.(a)(b)		2,282		71,221
Brookdale Senior Living, Inc.(a)		10,246		40,062
Castle Biosciences, Inc.(a)		1,548		24,180
Community Health Systems, Inc.(a)		6,791		14,533
CorVel Corp.(a)(b)		490		95,031
Cross Country Healthcare, Inc.(a)(b)		1,826		42,290
DocGo, Inc.(a)(b)		4,846		28,785
Encompass Health Corp.		5,480		342,829
Enhabit, Inc.(a)(b)		2,742		20,209
Ensign Group, Inc. (The)		3,075		297,045
Fulgent Genetics, Inc.(a)		1,094		26,190
Guardant Health, Inc.(a)		6,406		165,787
HealthEquity, Inc.(a)		4,679		335,391
Hims & Hers Health, Inc., Class A(a)		7,939		47,475
LifeStance Health Group, Inc.(a)(b)		4,849		28,270
ModivCare, Inc.(a)		680		28,723
National HealthCare Corp.		745		50,183

Security	Shares		Value
Health Care Providers & Services (continued)
National Research Corp., Class A		803	$	33,935
NeoGenomics, Inc.(a)		6,951		97,453
OPKO Health, Inc.(a)		23,997		29,996
Option Care Health, Inc.(a)		9,781		271,227
Owens & Minor, Inc.(a)		4,168		59,727
Patterson Cos., Inc.		4,635		141,182
Pediatrix Medical Group, Inc.(a)		4,534		51,960
Pennant Group, Inc. (The)(a)		1,704		18,523
Premier, Inc., Class A		6,483		124,603
Privia Health Group, Inc.(a)(b)		5,551		116,682
Progyny, Inc.(a)		4,560		140,722
R1 RCM, Inc.(a)(b)		10,708		126,247
RadNet, Inc.(a)		3,278		88,375
Select Medical Holdings Corp.		5,703		129,629
Surgery Partners, Inc.(a)(b)		3,578		82,759
Tenet Healthcare Corp.(a)		5,556		298,357
U.S. Physical Therapy, Inc.		821		69,054
			4,416,685
Health Care REITs — 0.7%
CareTrust REIT, Inc.		5,478		117,887
Community Healthcare Trust, Inc.		1,358		38,934
Global Medical REIT, Inc.		3,352		29,028
LTC Properties, Inc.		2,281		72,102
Medical Properties Trust, Inc.		32,595		155,804
National Health Investors, Inc.		2,377		118,945
Omega Healthcare Investors, Inc.		13,341		441,587
Physicians Realty Trust		12,998		141,158
Sabra Health Care REIT, Inc.		12,646		172,492
Universal Health Realty Income Trust		689		26,485
			1,314,422
Health Care Technology — 0.5%
American Well Corp., Class A(a)		13,797		16,142
Certara, Inc.(a)(b)		5,896		71,872
Definitive Healthcare Corp., Class A(a)		2,516		14,492
Doximity, Inc., Class A(a)(b)		6,829		139,516
Evolent Health, Inc., Class A(a)(b)		6,146		150,147
Health Catalyst, Inc.(a)		3,176		23,788
HealthStream, Inc.		1,348		34,239
Multiplan Corp., Class A(a)		14,853		25,102
NextGen Healthcare, Inc.(a)		2,995		71,640
Phreesia, Inc.(a)(b)		2,784		38,029
Schrodinger, Inc.(a)(b)		2,970		64,449
Sharecare, Inc., Class A(a)		17,690		18,575
Simulations Plus, Inc.		887		31,285
Teladoc Health, Inc.(a)(b)		9,003		148,910
Veradigm, Inc.(a)(b)		6,036		79,615
			927,801
Hotel & Resort REITs — 0.6%
Apple Hospitality REIT, Inc.		11,717		183,722
Chatham Lodging Trust		2,631		24,337
DiamondRock Hospitality Co.		11,574		89,467
Park Hotels & Resorts, Inc.		11,756		135,547
Pebblebrook Hotel Trust(b)		6,544		78,070
RLJ Lodging Trust		8,571		80,567
Ryman Hospitality Properties, Inc.		3,277		280,511
Service Properties Trust		9,063		65,707
Summit Hotel Properties, Inc.		5,837		32,921
Sunstone Hotel Investors, Inc.		11,365		105,694
Xenia Hotels & Resorts, Inc.		5,847		68,001
			1,144,544

22 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.8%
Accel Entertainment, Inc., Class A(a)		3,092	$	30,456
Bally’s Corp.(a)		1,578		14,391
BJ’s Restaurants, Inc.(a)		1,284		33,024
Bloomin’ Brands, Inc.		4,756		111,005
Bowlero Corp., Class A(a)(b)		2,479		25,013
Boyd Gaming Corp.		3,889		214,867
Brinker International, Inc.(a)		2,433		82,527
Cheesecake Factory, Inc. (The)		2,549		79,197
Choice Hotels International, Inc.		1,361		150,391
Chuy’s Holdings, Inc.(a)		987		33,222
Cracker Barrel Old Country Store, Inc.		1,212		80,428
Dave & Buster’s Entertainment, Inc.(a)		1,867		65,233
Denny’s Corp.(a)		3,034		26,153
Dine Brands Global, Inc.		886		43,671
Dutch Bros, Inc., Class A(a)		2,833		68,955
Everi Holdings, Inc.(a)		4,727		51,004
First Watch Restaurant Group, Inc.(a)		1,290		21,556
Global Business Travel Group I, Class A(a)		2,488		12,266
Golden Entertainment, Inc.		1,157		36,284
Hilton Grand Vacations, Inc.(a)		3,998		143,728
Hyatt Hotels Corp., Class A		2,506		256,715
Jack in the Box, Inc.		1,093		69,056
Krispy Kreme, Inc.		4,579		59,206
Kura Sushi U.S.A., Inc., Class A(a)		300		17,142
Life Time Group Holdings, Inc.(a)(b)		3,234		38,226
Light & Wonder, Inc., Class A(a)(b)		4,996		365,258
Lindblad Expeditions Holdings, Inc.(a)(b)		2,081		12,944
Marriott Vacations Worldwide Corp.		1,868		167,859
Monarch Casino & Resort, Inc.		732		44,059
Norwegian Cruise Line Holdings Ltd.(a)(b)		23,155		314,908
Papa John’s International, Inc.		1,775		115,411
Penn Entertainment, Inc.(a)		8,219		162,161
Planet Fitness, Inc., Class A(a)(b)		4,596		254,021
Portillo’s, Inc., Class A(a)		2,594		38,780
RCI Hospitality Holdings, Inc.(b)		461		25,129
Red Rock Resorts, Inc., Class A		2,699		106,745
Sabre Corp.(a)		18,205		63,718
SeaWorld Entertainment, Inc.(a)		1,942		83,661
Shake Shack, Inc., Class A(a)		2,037		114,154
Six Flags Entertainment Corp.(a)		3,904		77,690
Sweetgreen, Inc., Class A(a)(b)		4,946		51,092
Target Hospitality Corp.(a)		1,522		20,897
Texas Roadhouse, Inc.		3,655		371,129
Travel + Leisure Co.		4,032		137,209
Wendy’s Co. (The)		9,305		176,981
Wingstop, Inc.		1,640		299,743
Wyndham Hotels & Resorts, Inc.		4,588		332,171
Xponential Fitness, Inc., Class A(a)		1,422		20,292
			5,119,728
Household Durables — 2.2%
Beazer Homes U.S.A., Inc.(a)		1,622		39,236
Cavco Industries, Inc.(a)		438		109,285
Century Communities, Inc.		1,584		97,416
Cricut, Inc., Class A(b)		2,764		23,577
Dream Finders Homes, Inc., Class A(a)(b)		1,230		24,219
Ethan Allen Interiors, Inc.		1,267		33,272
GoPro, Inc., Class A(a)		6,977		17,512
Green Brick Partners, Inc.(a)		1,379		53,367
Helen of Troy Ltd.(a)		1,307		128,504
Hovnanian Enterprises, Inc., Class A(a)		257		17,856
Installed Building Products, Inc.		1,295		144,613
iRobot Corp.(a)		1,528		50,317

Security	Shares		Value
Household Durables (continued)
KB Home		4,276	$	188,999
La-Z-Boy, Inc.		2,382		69,650
Legacy Housing Corp.(a)		353		6,534
Leggett & Platt, Inc.		7,272		170,383
LGI Homes, Inc.(a)		1,109		104,812
Lovesac Co. (The)(a)		729		11,999
M/I Homes, Inc.(a)		1,516		124,418
MDC Holdings, Inc.		3,291		124,894
Meritage Homes Corp.		1,990		226,900
Mohawk Industries, Inc.(a)		2,873		230,932
Newell Brands, Inc.		20,854		140,139
Skyline Champion Corp.(a)		2,889		169,382
Sonos, Inc.(a)		6,999		75,449
Taylor Morrison Home Corp., Class A(a)		5,985		229,345
Tempur Sealy International, Inc.		9,423		376,260
Toll Brothers, Inc.		5,984		423,129
TopBuild Corp.(a)		1,736		397,127
Tri Pointe Homes, Inc.(a)(b)		5,384		134,923
Vizio Holding Corp., Class A(a)(b)		5,398		27,476
			3,971,925
Household Products — 0.3%
Central Garden & Pet Co.(a)		531		23,167
Central Garden & Pet Co., Class A, NVS(a)		2,216		87,953
Energizer Holdings, Inc.		3,682		116,278
Reynolds Consumer Products, Inc.		3,022		76,849
Spectrum Brands Holdings, Inc.		1,943		146,347
WD-40 Co.(b)		745		157,493
			608,087
Independent Power and Renewable Electricity Producers — 0.2%
Altus Power, Inc., Class A(a)		3,262		17,321
Clearway Energy, Inc., Class A		1,868		38,051
Clearway Energy, Inc., Class C		4,527		98,281
Montauk Renewables, Inc.(a)(b)		3,576		35,975
Ormat Technologies, Inc.		2,941		180,989
Sunnova Energy International, Inc.(a)(b)		5,450		49,759
			420,376
Industrial REITs — 0.8%
EastGroup Properties, Inc.		2,477		404,370
First Industrial Realty Trust, Inc.		7,122		301,261
Innovative Industrial Properties, Inc.		1,532		110,043
LXP Industrial Trust		15,971		126,331
Plymouth Industrial REIT, Inc.		1,951		38,903
STAG Industrial, Inc.		9,822		326,287
Terreno Realty Corp.		4,537		241,731
			1,548,926
Insurance — 2.8%
Ambac Financial Group, Inc.(a)		2,572		31,198
American Equity Investment Life Holding Co.(a)		3,399		180,011
AMERISAFE, Inc.		1,122		57,188
Argo Group International Holdings Ltd.		1,950		58,188
Assurant, Inc.		2,906		432,704
Assured Guaranty Ltd.		3,096		193,191
Axis Capital Holdings Ltd.		4,391		250,726
Brighthouse Financial, Inc.(a)		3,690		167,157
BRP Group, Inc., Class A(a)(b)		3,509		73,443
CNO Financial Group, Inc.		6,474		150,067
Donegal Group, Inc., Class A		1,168		16,492
Employers Holdings, Inc.		1,020		38,760
Enstar Group Ltd.(a)		733		173,699
F&G Annuities & Life, Inc.		1,037		31,826
First American Financial Corp.		5,664		291,356

S C H E D U L E S    O F    I N V E S  T M E N T S 23

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Genworth Financial, Inc., Class A(a)		21,260	$	127,347
Goosehead Insurance, Inc., Class A(a)		1,315		85,304
Hagerty, Inc., Class A(a)		1,378		10,638
Hanover Insurance Group, Inc. (The)		1,992		233,482
HCI Group, Inc.		338		19,932
Hippo Holdings, Inc.(a)		870		6,264
Horace Mann Educators Corp.		1,984		62,952
James River Group Holdings Ltd.		2,049		28,174
Kemper Corp.		3,305		131,804
Lemonade, Inc.(a)(b)		3,391		37,098
Lincoln National Corp.		8,621		187,679
MBIA, Inc.(a)		2,393		16,464
Mercury General Corp.		1,511		46,660
National Western Life Group, Inc., Class A		124		59,384
Oscar Health, Inc., Class A(a)		7,678		39,311
Palomar Holdings, Inc.(a)		1,366		68,409
Primerica, Inc.		1,986		379,644
ProAssurance Corp.		2,198		37,366
RLI Corp.		2,213		294,860
Ryan Specialty Holdings, Inc., Class A(a)(b)		5,520		238,464
Safety Insurance Group, Inc.		773		58,107
Selective Insurance Group, Inc.		3,329		346,582
SiriusPoint Ltd.(a)		4,819		47,467
Skyward Specialty Insurance Group, Inc.(a)		1,540		43,351
Stewart Information Services Corp.		1,375		60,046
Tiptree, Inc.		1,193		18,026
Trupanion, Inc.(a)(b)		1,969		40,561
United Fire Group, Inc.		1,186		23,886
Universal Insurance Holdings, Inc.		1,496		23,427
White Mountains Insurance Group Ltd.		138		197,444
			5,116,139
Interactive Media & Services — 0.6%
Bumble, Inc., Class A(a)		5,403		72,616
Cargurus, Inc., Class A(a)		4,733		81,550
Cars.com, Inc.(a)		3,334		50,777
Eventbrite, Inc., Class A(a)(b)		4,503		37,285
Grindr, Inc.(a)		980		5,831
IAC, Inc.(a)(b)		3,798		161,605
QuinStreet, Inc.(a)		2,919		33,014
Rumble, Inc., Class A(a)(b)		4,115		18,476
Shutterstock, Inc.		1,323		53,820
Taboola.com Ltd.(a)(b)		8,306		30,483
TripAdvisor, Inc.(a)(b)		5,900		87,084
Vimeo, Inc.(a)		8,835		27,212
Yelp, Inc.(a)		3,749		158,170
Ziff Davis, Inc.(a)(b)		2,535		153,266
ZipRecruiter, Inc., Class A(a)(b)		3,980		42,387
			1,013,576
IT Services — 0.5%
BigBear.ai Holdings, Inc.(a)(b)		3,056		3,881
BigCommerce Holdings, Inc., Series 1(a)		3,675		32,671
DigitalOcean Holdings, Inc.(a)		2,850		58,311
DXC Technology Co.(a)		11,196		225,823
Fastly, Inc., Class A(a)(b)		6,504		95,414
Grid Dynamics Holdings, Inc., Class A(a)		3,043		30,856
Hackett Group, Inc. (The)		1,335		29,757
Kyndryl Holdings, Inc.(a)		12,478		182,553
Perficient, Inc.(a)		1,898		110,445
Squarespace, Inc., Class A(a)		2,437		69,235
Thoughtworks Holding, Inc.(a)(b)		5,054		17,133
			856,079

Security	Shares		Value
Leisure Products — 0.9%
Acushnet Holdings Corp.		1,661	$	84,644
Brunswick Corp.		3,819		265,306
Funko, Inc., Class A(a)		1,935		14,919
Johnson Outdoors, Inc., Class A		356		16,928
Malibu Boats, Inc., Class A(a)		1,113		48,549
MasterCraft Boat Holdings, Inc.(a)		806		16,475
Mattel, Inc.(a)		19,361		369,408
Peloton Interactive, Inc., Class A(a)(b)		18,533		88,217
Polaris, Inc.		2,897		250,359
Smith & Wesson Brands, Inc.		2,615		38,519
Solo Brands, Inc., Class A(a)		1,474		5,675
Sturm Ruger & Co., Inc.		954		52,804
Topgolf Callaway Brands Corp.(a)		7,816		95,511
Vista Outdoor, Inc.(a)		3,204		80,484
YETI Holdings, Inc.(a)		4,719		200,652
			1,628,450
Life Sciences Tools & Services — 0.6%
10X Genomics, Inc., Class A(a)		5,628		198,556
Adaptive Biotechnologies Corp.(a)		6,052		26,871
Azenta, Inc.(a)		3,277		148,940
BioLife Solutions, Inc.(a)(b)		1,834		18,523
CryoPort, Inc.(a)		2,660		25,802
Cytek Biosciences, Inc.(a)		5,405		22,755
Maravai LifeSciences Holdings, Inc., Class A(a)(b)		5,969		40,947
Medpace Holdings, Inc.(a)		1,273		308,919
Mesa Laboratories, Inc.		274		25,709
NanoString Technologies, Inc.(a)(b)		2,459		3,393
OmniAb, Inc.(a)(b)		5,202		23,669
OmniAb, Inc., 12.50 Earnout Shares(c)		359		—
OmniAb, Inc., 15.00 Earnout Shares(c)		359		—
Pacific Biosciences of California, Inc.(a)(b)		12,689		78,418
Quanterix Corp.(a)		1,882		40,877
SomaLogic, Inc., Class A(a)		8,682		19,361
Sotera Health Co.(a)(b)		5,375		68,048
			1,050,788
Machinery — 3.7%
3D Systems Corp.(a)		7,204		26,871
Alamo Group, Inc.		566		90,730
Albany International Corp., Class A		1,710		139,553
Allison Transmission Holdings, Inc.		4,867		245,394
Astec Industries, Inc.		1,243		49,770
Barnes Group, Inc.		2,784		57,879
Blue Bird Corp.(a)		935		17,026
Chart Industries, Inc.(a)		2,291		266,283
Columbus McKinnon Corp.		1,573		48,087
Crane Co.		2,677		260,552
Desktop Metal, Inc., Class A(a)(b)		12,994		11,258
Donaldson Co., Inc.		6,601		380,614
Douglas Dynamics, Inc.		1,256		30,496
Energy Recovery, Inc.(a)(b)		3,057		46,466
Enerpac Tool Group Corp., Class A		3,058		86,541
EnPro Industries, Inc.		1,137		126,275
Esab Corp.(b)		3,080		194,964
ESCO Technologies, Inc.		1,412		137,275
Federal Signal Corp.		3,342		193,970
Flowserve Corp.		7,208		264,678
Franklin Electric Co., Inc.		2,160		187,315
Gates Industrial Corp. PLC(a)		7,201		78,635
Gorman-Rupp Co. (The)		1,353		39,981
Greenbrier Cos., Inc. (The)		1,682		58,180
Helios Technologies, Inc.		1,813		93,768
Hillenbrand, Inc.		3,793		144,248

24 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Hillman Solutions Corp.(a)		10,556	$	69,247
Hyster-Yale Materials Handling, Inc., Class A		616		24,646
ITT, Inc.		4,394		410,180
John Bean Technologies Corp.		1,731		180,059
Kadant, Inc.(b)		644		141,680
Kennametal, Inc.		4,403		101,753
Lindsay Corp.		600		74,952
Luxfer Holdings PLC		1,548		12,802
Manitowoc Co., Inc. (The)(a)		1,917		24,538
Mueller Industries, Inc.		6,174		232,821
Mueller Water Products, Inc., Class A		8,540		105,640
Nikola Corp.(a)(b)		38,470		41,548
Omega Flex, Inc.		177		12,933
Oshkosh Corp.		3,558		312,143
Proto Labs, Inc.(a)		1,431		33,786
RBC Bearings, Inc.(a)		1,589		349,326
REV Group, Inc.		1,690		24,066
Shyft Group, Inc. (The)		1,758		19,303
SPX Technologies, Inc.(a)		2,504		200,620
Standex International Corp.		642		92,172
Symbotic, Inc., Class A(a)(b)		870		29,606
Tennant Co.		1,020		75,704
Terex Corp.		3,670		168,086
Timken Co. (The)		3,583		247,657
Titan International, Inc.(a)		2,777		31,547
Trinity Industries, Inc.		4,438		92,444
Velo3D, Inc.(a)(b)		5,049		6,665
Wabash National Corp.		2,536		52,470
Watts Water Technologies, Inc., Class A		1,495		258,650
			6,703,853
Marine Transportation — 0.2%
Eagle Bulk Shipping, Inc.		377		15,382
Genco Shipping & Trading Ltd.		2,349		30,936
Kirby Corp.(a)		3,263		243,746
Matson, Inc.		1,921		167,223
			457,287
Media — 0.8%
Advantage Solutions, Inc., Class A(a)		5,434		12,498
Altice U.S.A., Inc., Class A(a)(b)		12,516		36,171
AMC Networks, Inc., Class A(a)		1,763		20,803
Boston Omaha Corp., Class A(a)		1,107		15,753
Cable One, Inc.		251		138,017
Clear Channel Outdoor Holdings, Inc.(a)(b)		19,259		21,185
DISH Network Corp., Class A(a)		13,528		66,287
EW Scripps Co. (The), Class A, NVS(a)		3,334		18,237
Gray Television, Inc.		4,381		28,564
iHeartMedia, Inc., Class A(a)(b)		5,903		13,872
Integral Ad Science Holding Corp.(a)		2,984		34,256
John Wiley & Sons, Inc., Class A		2,336		70,711
Magnite, Inc.(a)(b)		6,515		43,260
New York Times Co. (The), Class A		8,905		358,961
Nexstar Media Group, Inc., Class A		1,829		256,206
PubMatic, Inc., Class A(a)		2,360		26,597
Scholastic Corp., NVS		1,520		56,088
Sinclair, Inc., Class A		2,070		22,501
Stagwell, Inc., Class A(a)(b)		5,530		22,784
TechTarget, Inc.(a)		1,409		35,479
TEGNA, Inc.		10,991		159,479
Thryv Holdings, Inc.(a)		1,685		29,370
WideOpenWest, Inc.(a)(b)		2,503		17,621
			1,504,700

Security	Shares		Value
Metals & Mining — 1.5%
Alcoa Corp.		9,805	$	251,400
Alpha Metallurgical Resources, Inc.		664		146,053
Arch Resources, Inc., Class A		987		148,869
ATI, Inc.(a)(b)		7,024		265,297
Carpenter Technology Corp.		2,642		165,706
Century Aluminum Co.(a)		2,802		18,521
Coeur Mining, Inc.(a)		19,125		48,004
Commercial Metals Co.		6,368		269,303
Compass Minerals International, Inc.		1,825		44,968
Gatos Silver, Inc.(a)(b)		2,587		12,599
Haynes International, Inc.		687		29,558
Hecla Mining Co.		31,197		126,972
Ivanhoe Electric, Inc.(a)		4,404		45,097
Kaiser Aluminum Corp.		868		49,302
Materion Corp.		1,121		108,715
MP Materials Corp., Class A(a)		7,808		128,051
Olympic Steel, Inc.		525		26,654
Piedmont Lithium, Inc.(a)(b)		979		26,893
Ryerson Holding Corp.		1,592		46,248
Schnitzer Steel Industries, Inc., Class A		1,394		31,658
SunCoke Energy, Inc.		4,717		44,859
TimkenSteel Corp.(a)		2,132		43,344
United States Steel Corp.		12,206		413,661
Warrior Met Coal, Inc.		2,832		138,003
Worthington Industries, Inc.		1,653		101,858
			2,731,593
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
AGNC Investment Corp.		33,359		246,189
Apollo Commercial Real Estate Finance, Inc.		7,204		71,752
Arbor Realty Trust, Inc.		10,058		126,831
Ares Commercial Real Estate Corp.		2,923		26,804
ARMOUR Residential REIT, Inc.		2,456		35,784
Blackstone Mortgage Trust, Inc., Class A		9,354		186,612
BrightSpire Capital, Inc., Class A		7,132		40,367
Chimera Investment Corp.		12,380		59,424
Claros Mortgage Trust, Inc.		6,662		69,485
Dynex Capital, Inc.		3,069		30,813
Ellington Financial, Inc.		3,775		45,413
Franklin BSP Realty Trust, Inc.		4,505		56,808
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,805		99,498
KKR Real Estate Finance Trust, Inc.		3,155		32,938
Ladder Capital Corp., Class A		6,233		63,016
MFA Financial, Inc.		5,515		49,028
New York Mortgage Trust, Inc.		5,021		39,114
Orchid Island Capital, Inc.		2,332		14,645
PennyMac Mortgage Investment Trust		4,708		59,556
Ready Capital Corp.		8,604		81,136
Redwood Trust, Inc.		6,216		39,036
Rithm Capital Corp.		26,355		245,892
Starwood Property Trust, Inc.		16,170		287,018
TPG RE Finance Trust, Inc.		3,288		18,117
Two Harbors Investment Corp.		5,318		61,742
			2,087,018
Multi-Utilities — 0.3%
Avista Corp.		4,204		133,225
Black Hills Corp.		3,676		177,734
Northwestern Energy Group, Inc.		3,293		158,097
Unitil Corp.		900		41,103
			510,159

S C H E D U L E S    O F    I N V E S  T M E N T S 25

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Office REITs — 0.7%
Brandywine Realty Trust		9,421	$	35,235
COPT Defense Properties		6,110		139,308
Cousins Properties, Inc.		8,275		147,874
Douglas Emmett, Inc.		9,221		103,367
Easterly Government Properties, Inc.		5,132		55,220
Equity Commonwealth		5,959		112,864
Highwoods Properties, Inc.		5,768		103,190
Hudson Pacific Properties, Inc.		7,051		31,447
JBG SMITH Properties		5,177		66,628
Kilroy Realty Corp.		5,802		165,821
Paramount Group, Inc.		9,055		38,755
Piedmont Office Realty Trust, Inc., Class A		6,916		36,032
SL Green Realty Corp.(b)		3,557		104,185
Vornado Realty Trust		8,728		167,578
			1,307,504
Oil, Gas & Consumable Fuels — 4.2%
Antero Midstream Corp.		18,762		231,523
Antero Resources Corp.(a)		15,444		454,671
Berry Corp.		3,775		31,521
California Resources Corp.		3,534		185,853
Callon Petroleum Co.(a)(b)		3,042		113,619
Centrus Energy Corp., Class A(a)		724		38,423
Chord Energy Corp.		2,264		374,284
Civitas Resources, Inc.		4,657		351,278
Clean Energy Fuels Corp.(a)(b)		9,685		33,801
CNX Resources Corp.(a)		8,778		190,658
Comstock Resources, Inc.		5,003		63,038
CONSOL Energy, Inc.		1,568		144,084
Crescent Energy Co., Class A		4,495		54,749
CVR Energy, Inc.		1,763		57,738
Delek U.S. Holdings, Inc.		3,519		92,726
Denbury, Inc.(a)		2,770		246,225
Dorian LPG Ltd.		1,853		59,240
DT Midstream, Inc.		5,342		288,308
Earthstone Energy, Inc., Class A(a)		3,474		73,545
Enviva, Inc.		1,794		6,494
Equitrans Midstream Corp.		23,796		211,071
Excelerate Energy, Inc., Class A		1,017		14,462
Green Plains, Inc.(a)(b)		1,656		48,653
Gulfport Energy Corp.(a)		539		66,626
HighPeak Energy, Inc.(b)		974		17,250
International Seaways, Inc.		2,050		98,584
Kinetik Holdings, Inc., Class A		845		29,947
Kosmos Energy Ltd.(a)(b)		25,118		181,854
Magnolia Oil & Gas Corp., Class A		10,250		230,112
Matador Resources Co.		6,033		372,176
Murphy Oil Corp.		8,147		365,556
New Fortress Energy, Inc., Class A		3,568		108,110
NextDecade Corp.(a)(b)		4,085		17,933
Northern Oil & Gas, Inc.		4,906		188,096
Par Pacific Holdings, Inc.(a)		3,225		105,844
PBF Energy, Inc., Class A		6,035		286,844
Peabody Energy Corp.		6,074		143,286
Permian Resources Corp., Class A		15,247		222,149
Range Resources Corp.		13,197		472,980
REX American Resources Corp.(a)		936		35,577
Riley Exploration Permian, Inc.		207		6,552
SandRidge Energy, Inc.		1,705		27,024
SilverBow Resources, Inc.(a)(b)		674		22,983
Sitio Royalties Corp., Class A		4,449		109,979
SM Energy Co.		6,464		260,628
Southwestern Energy Co.(a)		59,958		427,501

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Talos Energy, Inc.(a)		5,475	$	84,862
Tellurian, Inc.(a)(b)		31,538		21,761
Uranium Energy Corp.(a)(b)		20,588		122,499
VAALCO Energy, Inc.		6,025		26,932
Vertex Energy, Inc.(a)(b)		4,463		19,236
Vital Energy, Inc.(a)		912		45,636
Vitesse Energy, Inc.		1,249		29,589
W&T Offshore, Inc.(a)(b)		5,525		22,929
World Kinect Corp.		3,517		65,065
			7,602,064
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)		930		31,443
Louisiana-Pacific Corp.		3,490		178,967
Mercer International, Inc.		2,345		18,619
Sylvamo Corp.		1,938		85,854
			314,883
Passenger Airlines — 0.4%
Alaska Air Group, Inc.(a)		6,923		218,975
Allegiant Travel Co.		823		54,828
Frontier Group Holdings, Inc.(a)		2,188		7,417
Hawaiian Holdings, Inc.(a)		2,936		12,361
JetBlue Airways Corp.(a)		18,394		69,161
Joby Aviation, Inc., Class A(a)(b)		20,020		105,505
SkyWest, Inc.(a)		2,297		96,865
Spirit Airlines, Inc.		5,953		68,340
Sun Country Airlines Holdings, Inc.(a)		2,191		28,527
			661,979
Personal Care Products — 0.6%
Beauty Health Co. (The), Class A(a)(b)		4,502		18,233
BellRing Brands, Inc.(a)		7,144		312,407
Edgewell Personal Care Co.		2,805		97,894
elf Beauty, Inc.(a)		2,970		275,111
Herbalife Ltd.(a)(b)		5,390		76,807
Inter Parfums, Inc.		973		123,678
Medifast, Inc.		592		40,943
Nu Skin Enterprises, Inc., Class A		2,734		51,919
Olaplex Holdings, Inc.(a)		6,006		8,529
USANA Health Sciences, Inc.(a)		609		27,740
			1,033,261
Pharmaceuticals — 1.3%
Aclaris Therapeutics, Inc.(a)		2,965		14,766
Amphastar Pharmaceuticals, Inc.(a)		2,088		94,524
Amylyx Pharmaceuticals, Inc.(a)		2,205		35,964
ANI Pharmaceuticals, Inc.(a)		873		53,899
Arvinas, Inc.(a)(b)		2,918		47,038
Axsome Therapeutics, Inc.(a)		2,107		131,224
Cassava Sciences, Inc.(a)(b)		2,149		43,302
Collegium Pharmaceutical, Inc.(a)		1,937		42,149
Corcept Therapeutics, Inc.(a)(b)		4,912		137,929
Cymabay Therapeutics, Inc.(a)(b)		5,722		93,726
Edgewise Therapeutics, Inc.(a)(b)		2,312		14,797
Elanco Animal Health, Inc.(a)		26,814		236,231
Enliven Therapeutics, Inc.(a)(b)		1,122		13,902
Evolus, Inc.(a)		2,413		18,339
Harmony Biosciences Holdings, Inc.(a)		1,829		43,055
Harrow, Inc.(a)(b)		1,675		24,011
Innoviva, Inc.(a)		3,094		38,397
Intra-Cellular Therapies, Inc.(a)		4,868		242,232
Ligand Pharmaceuticals, Inc.(a)		899		47,009
Liquidia Corp.(a)(b)		2,628		17,108
Marinus Pharmaceuticals, Inc.(a)(b)		2,805		19,467

26 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Ocular Therapeutix, Inc.(a)(b)		4,261	$	12,144
Organon & Co.		13,936		206,113
Pacira BioSciences, Inc.(a)		2,513		71,017
Perrigo Co. PLC		7,374		203,817
Phathom Pharmaceuticals, Inc.(a)(b)		1,761		16,377
Pliant Therapeutics, Inc.(a)		2,836		41,604
Prestige Consumer Healthcare, Inc.(a)		2,718		161,340
Revance Therapeutics, Inc.(a)(b)		4,784		37,746
Scilex Holding Co. (Acquired 01/09/23, cost $19,912)(a)(d)		3,943		7,310
SIGA Technologies, Inc.		2,318		11,822
Supernus Pharmaceuticals, Inc.(a)		2,990		71,311
Tarsus Pharmaceuticals, Inc.(a)(b)		1,414		20,135
Terns Pharmaceuticals, Inc.(a)		2,008		10,562
Theravance Biopharma, Inc.(a)		2,011		18,984
Theseus Pharmaceuticals, Inc.(a)		1,098		2,525
Tilray Brands, Inc.(a)(b)		38,315		68,967
Ventyx Biosciences, Inc.(a)(b)		2,568		37,031
			2,407,874
Professional Services — 2.6%
Alight, Inc., Class A(a)		19,622		130,290
ASGN, Inc.(a)		2,671		222,922
Barrett Business Services, Inc.		375		34,298
CACI International, Inc., Class A(a)		1,245		404,326
CBIZ, Inc.(a)		2,697		140,136
Clarivate PLC(a)(b)		24,099		153,752
Concentrix Corp.		2,358		179,703
Conduent, Inc.(a)		9,675		30,863
CRA International, Inc.		385		37,387
CSG Systems International, Inc.		1,699		79,615
Dun & Bradstreet Holdings, Inc.		12,677		111,051
ExlService Holdings, Inc.(a)		9,014		235,356
Exponent, Inc.		2,762		202,427
First Advantage Corp.		2,775		36,103
Forrester Research, Inc.(a)		642		14,894
Franklin Covey Co.(a)		616		24,277
FTI Consulting, Inc.(a)		1,861		395,016
Heidrick & Struggles International, Inc.		1,105		26,896
HireRight Holdings Corp.(a)		647		5,959
Huron Consulting Group, Inc.(a)		1,033		102,639
ICF International, Inc.		942		119,380
Insperity, Inc.		1,979		209,457
Kelly Services, Inc., Class A, NVS		1,725		30,791
Kforce, Inc.		1,030		62,871
Korn Ferry		2,918		132,827
Legalzoom.com, Inc.(a)(b)		5,748		57,308
ManpowerGroup, Inc.		2,717		190,109
Maximus, Inc.		3,332		248,967
NV5 Global, Inc.(a)(b)		703		66,328
Parsons Corp.(a)(b)		2,244		126,898
Paycor HCM, Inc.(a)(b)		3,473		74,947
Planet Labs PBC, Class A(a)		10,000		21,600
Resources Connection, Inc.		1,735		23,370
Science Applications International Corp.		2,953		322,586
Sterling Check Corp.(a)(b)		1,622		18,134
TriNet Group, Inc.(a)		1,699		174,572
TrueBlue, Inc.(a)		1,711		18,941
TTEC Holdings, Inc.		1,056		21,732
Upwork, Inc.(a)		6,763		70,673
Verra Mobility Corp., Class A(a)		9,244		182,754
			4,742,155

Security	Shares		Value
Real Estate Management & Development — 0.6%
Anywhere Real Estate, Inc.(a)		6,018	$	28,104
Compass, Inc., Class A(a)		17,234		34,123
Cushman & Wakefield PLC(a)		9,270		68,320
DigitalBridge Group, Inc., Class A		7,786		123,408
eXp World Holdings, Inc.		4,171		55,349
Forestar Group, Inc.(a)		994		23,608
FRP Holdings, Inc.(a)		371		19,956
Howard Hughes Holdings, Inc.(a)		1,800		119,394
Jones Lang LaSalle, Inc.(a)		2,592		331,569
Kennedy-Wilson Holdings, Inc.		6,468		83,243
Marcus & Millichap, Inc.		1,312		37,655
Newmark Group, Inc., Class A		6,595		37,394
Opendoor Technologies, Inc.(a)(b)		30,838		58,592
Redfin Corp.(a)(b)		6,273		29,232
Seritage Growth Properties, Class A(a)		2,067		14,965
St. Joe Co. (The)		1,928		89,922
Tejon Ranch Co.(a)		1,335		20,719
			1,175,553
Residential REITs — 0.4%
Apartment Income REIT Corp.		8,218		240,048
Apartment Investment & Management Co., Class A(a)		7,400		43,364
Centerspace		809		39,301
Elme Communities		4,777		60,954
Independence Realty Trust, Inc.		12,151		150,551
NexPoint Residential Trust, Inc.		1,223		33,009
UMH Properties, Inc.		3,115		43,018
Veris Residential, Inc.		4,359		58,367
			668,612
Retail REITs — 1.3%
Acadia Realty Trust		5,247		75,137
Agree Realty Corp.		5,229		292,510
Alexander’s, Inc.		124		23,311
Brixmor Property Group, Inc.		16,506		343,160
CBL & Associates Properties, Inc.		1,324		27,447
Getty Realty Corp.		2,487		66,204
InvenTrust Properties Corp.		3,697		92,795
Kite Realty Group Trust		12,015		256,160
Macerich Co. (The)		11,799		114,686
NETSTREIT Corp.		3,554		50,644
Phillips Edison & Co., Inc.		6,433		227,149
Retail Opportunity Investments Corp.		6,926		81,311
RPT Realty		4,394		47,411
Saul Centers, Inc.		705		24,513
SITE Centers Corp.		9,829		114,606
Spirit Realty Capital, Inc.		7,782		280,074
Tanger Factory Outlet Centers, Inc.		5,800		130,790
Urban Edge Properties		6,398		101,472
Whitestone REIT		2,484		24,716
			2,374,096
Semiconductors & Semiconductor Equipment — 2.4%
ACM Research, Inc., Class A(a)		2,518		34,245
Aehr Test Systems(a)		1,418		33,408
Allegro MicroSystems, Inc.(a)		3,862		100,257
Alpha & Omega Semiconductor Ltd.(a)		1,226		29,081
Ambarella, Inc.(a)		2,027		91,195
Amkor Technology, Inc.		5,601		116,837
Axcelis Technologies, Inc.(a)		1,785		227,587
CEVA, Inc.(a)		1,257		21,583
Cirrus Logic, Inc.(a)		2,974		199,050
Cohu, Inc.(a)		2,621		78,997
Credo Technology Group Holding Ltd.(a)		6,250		88,875

S C H E D U L E S    O F    I N V E S  T M E N T S 27

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Diodes, Inc.(a)		2,515	$	163,676
FormFactor, Inc.(a)		4,254		144,125
Ichor Holdings Ltd.(a)		1,588		38,525
Impinj, Inc.(a)		1,229		79,406
indie Semiconductor, Inc., Class A(a)(b)		6,636		32,450
Kulicke & Soffa Industries, Inc.		3,125		130,031
MACOM Technology Solutions Holdings, Inc.(a)		2,953		208,305
Magnachip Semiconductor Corp.(a)(b)		2,247		16,605
MaxLinear, Inc.(a)		4,062		61,742
MKS Instruments, Inc.		3,419		224,491
Navitas Semiconductor Corp.(a)(b)		6,564		34,395
Onto Innovation, Inc.(a)		2,671		300,140
PDF Solutions, Inc.(a)		1,638		43,456
Photronics, Inc.(a)		3,399		62,406
Power Integrations, Inc.		3,112		215,755
Rambus, Inc.(a)		5,983		325,056
Semtech Corp.(a)		3,549		49,544
Silicon Laboratories, Inc.(a)		1,733		159,748
SiTime Corp.(a)(b)		930		92,814
SkyWater Technology, Inc.(a)(b)		1,017		5,014
SMART Global Holdings, Inc.(a)		2,788		38,196
Synaptics, Inc.(a)		2,169		181,459
Ultra Clean Holdings, Inc.(a)		2,445		58,338
Universal Display Corp.		2,382		331,527
Veeco Instruments, Inc.(a)		3,057		73,185
Wolfspeed, Inc.(a)		6,808		230,383
			4,321,887
Software — 6.4%
A10 Networks, Inc.		3,787		41,165
ACI Worldwide, Inc.(a)		5,955		121,303
Adeia, Inc.		5,831		49,155
Agilysys, Inc.(a)		1,120		96,085
Alarm.com Holdings, Inc.(a)		2,725		139,329
Alkami Technology, Inc.(a)(b)		2,196		39,418
Altair Engineering, Inc., Class A(a)(b)		2,958		183,751
Alteryx, Inc., Class A(a)		3,463		110,851
Amplitude, Inc., Class A(a)(b)		3,877		38,615
Appfolio, Inc., Class A(a)		1,073		201,263
Appian Corp., Class A(a)(b)		2,271		89,614
AppLovin Corp., Class A(a)		7,385		269,109
Asana, Inc., Class A(a)(b)		4,286		79,162
Aurora Innovation, Inc., Class A(a)(b)		40,712		71,246
AvePoint, Inc., Class A(a)(b)		5,163		38,671
Blackbaud, Inc.(a)		2,346		153,428
BlackLine, Inc.(a)		2,756		135,320
Box, Inc., Class A(a)		7,872		195,698
Braze, Inc., Class A(a)		2,578		109,771
C3.ai, Inc., Class A(a)(b)		5,005		122,122
CCC Intelligent Solutions Holdings, Inc.(a)		11,081		119,342
Cerence, Inc.(a)		2,208		33,804
Cipher Mining, Inc.(a)(b)		2,347		7,816
Clear Secure, Inc., Class A		4,585		77,120
Clearwater Analytics Holdings, Inc., Class A(a)(b)		4,792		86,639
CommVault Systems, Inc.(a)		2,391		156,252
Confluent, Inc., Class A(a)(b)		11,605		335,501
Consensus Cloud Solutions, Inc.(a)		959		20,705
Couchbase, Inc.(a)		1,603		24,943
Digital Turbine, Inc.(a)		4,954		23,482
Dolby Laboratories, Inc., Class A		3,255		263,460
Domo, Inc., Class B(a)		1,724		14,068
DoubleVerify Holdings, Inc.(a)		6,826		189,968
Dropbox, Inc., Class A(a)		14,092		370,620

Security	Shares		Value
Software (continued)
E2open Parent Holdings, Inc., Class A(a)		9,439	$	27,279
Ebix, Inc.		1,329		8,094
Elastic NV(a)		4,374		328,225
Enfusion, Inc., Class A(a)		1,881		15,612
EngageSmart, Inc.(a)		2,452		55,538
Envestnet, Inc.(a)		2,734		101,158
Everbridge, Inc.(a)		2,218		45,713
EverCommerce, Inc.(a)		1,156		11,074
Expensify, Inc., Class A(a)(b)		2,544		6,792
Five9, Inc.(a)		3,952		228,702
Freshworks, Inc., Class A(a)(b)		8,665		155,450
Gitlab, Inc., Class A(a)		4,351		188,311
Guidewire Software, Inc.(a)		4,452		401,259
HashiCorp, Inc., Class A(a)		5,467		107,645
Informatica, Inc., Class A(a)(b)		2,117		40,604
Instructure Holdings, Inc.(a)		1,029		25,344
Intapp, Inc.(a)		1,395		47,709
InterDigital, Inc.		1,440		108,360
Jamf Holding Corp.(a)		2,804		45,032
JFrog Ltd.(a)		4,301		96,730
LiveRamp Holdings, Inc.(a)		3,611		99,880
Marathon Digital Holdings, Inc.(a)(b)		9,493		83,633
Matterport, Inc., Class A(a)(b)		12,901		26,318
MeridianLink, Inc.(a)		1,246		20,459
MicroStrategy, Inc., Class A(a)(b)		666		281,978
Mitek Systems, Inc.(a)		2,522		26,935
Model N, Inc.(a)(b)		1,881		45,332
N-able, Inc.(a)		3,852		49,922
nCino, Inc.(a)(b)		3,307		92,927
NCR Voyix Corp.(a)(b)		7,313		111,816
New Relic, Inc.(a)		2,949		255,590
Nutanix, Inc., Class A(a)		12,866		465,621
Olo, Inc., Class A(a)		6,081		31,074
ON24, Inc.		2,207		13,573
OneSpan, Inc.(a)		1,927		15,223
PagerDuty, Inc.(a)(b)		5,023		101,314
Pegasystems, Inc.		2,310		98,729
PowerSchool Holdings, Inc., Class A(a)		3,116		62,071
Progress Software Corp.		2,359		121,205
PROS Holdings, Inc.(a)		2,336		72,766
Q2 Holdings, Inc.(a)(b)		3,183		95,586
Qualys, Inc.(a)(b)		2,010		307,430
Rapid7, Inc.(a)		3,345		155,509
RingCentral, Inc., Class A(a)		4,616		122,693
Riot Platforms, Inc.(a)(b)		9,681		94,680
Samsara, Inc., Class A(a)(b)		8,341		192,427
SEMrush Holdings, Inc., Class A(a)		1,643		13,275
SentinelOne, Inc., Class A(a)		13,067		204,237
Smartsheet, Inc., Class A(a)		7,317		289,314
SolarWinds Corp.(a)		2,862		26,359
SoundHound AI, Inc., Class A(a)(b)		11,119		17,679
Sprinklr, Inc., Class A(a)		5,682		77,218
Sprout Social, Inc., Class A(a)(b)		2,671		115,601
SPS Commerce, Inc.(a)		2,007		321,802
Tenable Holdings, Inc.(a)		6,319		266,093
Teradata Corp.(a)		5,490		234,533
UiPath, Inc., Class A(a)(b)		22,022		342,002
Varonis Systems, Inc.(a)(b)		5,975		200,999
Verint Systems, Inc.(a)		3,509		66,004
Vertex, Inc., Class A(a)(b)		2,271		54,981
Workiva, Inc., Class A(a)		2,597		226,173
Xperi, Inc.(a)		2,387		20,266

28 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Yext, Inc.(a)		5,686	$	34,287
Zeta Global Holdings Corp., Class A(a)(b)		8,154		63,601
Zuora, Inc., Class A(a)		7,096		52,581
			11,725,123
Specialized REITs — 0.6%
EPR Properties		4,110		175,497
Farmland Partners, Inc.		2,367		24,664
Four Corners Property Trust, Inc.		4,901		104,391
Gladstone Land Corp.		1,784		24,370
National Storage Affiliates Trust		4,539		129,452
Outfront Media, Inc.		8,018		78,256
PotlatchDeltic Corp.		4,387		187,983
Rayonier, Inc.		7,410		187,028
Safehold, Inc.		2,455		39,943
Uniti Group, Inc.		12,980		59,708
			1,011,292
Specialty Retail — 2.6%
Aaron’s Co., Inc. (The)		1,689		12,516
Abercrombie & Fitch Co., Class A(a)		2,728		165,917
Academy Sports & Outdoors, Inc.		4,159		186,490
American Eagle Outfitters, Inc.		10,164		177,565
America’s Car-Mart, Inc.(a)		317		21,233
Arhaus, Inc., Class A(a)(b)		2,213		19,076
Arko Corp., Class A		3,948		29,807
Asbury Automotive Group, Inc.(a)		1,120		214,334
AutoNation, Inc.(a)		1,462		190,177
Beyond, Inc.(a)(b)		2,480		38,688
Boot Barn Holdings, Inc.(a)		1,644		114,258
Buckle, Inc. (The)		1,622		54,775
Caleres, Inc.		1,861		47,604
Camping World Holdings, Inc., Class A		2,272		38,056
Carvana Co., Class A(a)		5,222		140,994
Chewy, Inc., Class A(a)(b)		6,317		122,108
Chico’s FAS, Inc.(a)		6,798		50,849
Designer Brands, Inc., Class A		2,699		27,287
EVgo, Inc., Class A(a)(b)		5,207		10,752
Foot Locker, Inc.		4,470		93,825
GameStop Corp., Class A(a)(b)		14,725		202,763
Gap, Inc. (The)		11,659		149,235
Genesco, Inc.(a)		628		17,214
Group 1 Automotive, Inc.		773		195,051
Guess?, Inc.		1,509		32,444
Haverty Furniture Cos., Inc.		754		19,642
Hibbett, Inc.		688		31,696
Leslie’s, Inc.(a)(b)		9,982		49,311
Lithia Motors, Inc., Class A		1,507		365,010
MarineMax, Inc.(a)		1,082		29,625
Monro, Inc.		1,727		42,864
Murphy U.S.A., Inc.		1,066		386,628
National Vision Holdings, Inc.(a)		4,253		66,092
ODP Corp. (The)(a)		1,845		82,877
Petco Health & Wellness Co., Inc.(a)(b)		4,415		15,276
Revolve Group, Inc., Class A(a)(b)		2,224		30,580
RH(a)		840		183,086
Sally Beauty Holdings, Inc.(a)		5,896		50,116
Shoe Carnival, Inc.		986		22,560
Signet Jewelers Ltd.		2,473		172,690
Sleep Number Corp.(a)		1,149		18,694
Sonic Automotive, Inc., Class A		872		41,725
Upbound Group, Inc.		2,506		65,306
Urban Outfitters, Inc.(a)		3,073		106,387
Valvoline, Inc.		7,592		225,255

Security	Shares		Value
Specialty Retail (continued)
Victoria’s Secret & Co.(a)		4,228	$	75,597
Warby Parker, Inc., Class A(a)		4,090		53,088
Wayfair, Inc., Class A(a)		4,949		210,877
Winmark Corp.		156		62,918
			4,760,918
Technology Hardware, Storage & Peripherals — 0.8%
Avid Technology, Inc.(a)		1,889		51,041
Corsair Gaming, Inc.(a)		2,441		31,220
CPI Card Group, Inc.(a)		253		4,187
IonQ, Inc.(a)(b)		9,271		89,372
Pure Storage, Inc., Class A(a)		15,815		534,705
Super Micro Computer, Inc.(a)(b)		2,495		597,478
Xerox Holdings Corp.		6,307		80,982
			1,388,985
Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd.(a)		6,318		323,355
Carter’s, Inc.		2,037		136,805
Columbia Sportswear Co.		1,888		139,334
Crocs, Inc.(a)		3,375		301,455
Figs, Inc., Class A(a)		6,594		36,333
G-III Apparel Group Ltd.(a)		2,231		57,002
Hanesbrands, Inc.		19,010		79,652
Kontoor Brands, Inc.		2,717		126,205
Levi Strauss & Co., Class A		5,519		75,445
Movado Group, Inc.		854		23,793
Oxford Industries, Inc.		810		68,364
PVH Corp.		3,413		253,757
Ralph Lauren Corp., Class A		2,217		249,479
Skechers U.S.A., Inc., Class A(a)		7,351		354,465
Steven Madden Ltd.		3,846		126,110
Under Armour, Inc., Class A(a)		10,371		71,041
Under Armour, Inc., Class C, NVS(a)		10,733		69,013
Wolverine World Wide, Inc.		4,339		34,929
			2,526,537
Tobacco — 0.1%
Turning Point Brands, Inc.		963		19,308
Universal Corp.		1,375		61,875
Vector Group Ltd.		7,292		74,962
			156,145
Trading Companies & Distributors — 1.9%
Air Lease Corp., Class A		5,601		193,963
Alta Equipment Group, Inc., Class A		1,251		11,497
Applied Industrial Technologies, Inc.		2,114		324,520
Beacon Roofing Supply, Inc.(a)		2,880		204,970
BlueLinx Holdings, Inc.(a)		501		35,626
Boise Cascade Co.		2,152		201,750
Core & Main, Inc., Class A(a)(b)		5,724		172,178
Custom Truck One Source, Inc.(a)(b)		3,190		18,406
Distribution Solutions Group, Inc.(a)(b)		613		18,482
DXP Enterprises, Inc.(a)		740		24,124
FTAI Aviation Ltd.		5,438		204,523
GATX Corp.		1,918		200,584
Global Industrial Co.		702		22,429
GMS, Inc.(a)		2,217		129,650
H&E Equipment Services, Inc.		1,740		70,853
Herc Holdings, Inc.		1,535		163,923
McGrath RentCorp		1,327		133,496
MRC Global, Inc.(a)		4,580		48,136
MSC Industrial Direct Co., Inc., Class A		2,594		245,782
NOW, Inc.(a)		5,871		64,698
Rush Enterprises, Inc., Class A		3,377		120,154

S C H E D U L E S    O F    I N V E S  T M E N T S 29

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Rush Enterprises, Inc., Class B		517	$	20,907
SiteOne Landscape Supply, Inc.(a)(b)		2,452		337,812
Titan Machinery, Inc.(a)		1,105		27,448
Transcat, Inc.(a)		433		38,979
Veritiv Corp.		739		125,194
WESCO International, Inc.		2,417		309,859
Xometry, Inc., Class A(a)		2,222		32,330
			3,502,273
Water Utilities — 0.3%
American States Water Co.		1,998		155,944
Artesian Resources Corp., Class A, NVS		499		19,611
California Water Service Group		3,138		152,758
Middlesex Water Co.		960		60,989
SJW Group		1,557		97,281
York Water Co. (The)		785		28,315
			514,898
Wireless Telecommunication Services — 0.1%
Gogo, Inc.(a)		3,362		35,301
Shenandoah Telecommunications Co.		2,755		65,183
Telephone & Data Systems, Inc.		5,420		98,590
United States Cellular Corp.(a)		770		32,363
			231,437
Total Long-Term Investments — 99.6% (Cost: $215,595,667)				181,809,902

Security	Shares		Value
Short-Term Securities
Money Market Funds — 12.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)		21,680,834	$	21,689,507
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f)		520,027		520,027
Total Short-Term Securities — 12.2% (Cost: $22,197,385)				22,209,534
Total Investments — 111.8% (Cost: $237,793,052)				204,019,436
Liabilities in Excess of Other Assets — (11.8)%				(21,565,510	)
Net Assets — 100.0%			$	182,453,926

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $7,310, representing 0.0% of its net assets as of period end, and an original cost of $19,912.

^(e)  Affiliate of the Fund.

^(f)  Annualized 7-day yield as of period end.

^(g)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,584,128	$	—		$	(2,896,634	)(a)	$	327	$	1,686	$	21,689,507		21,680,834	$	196,463	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		345,266		174,761	(a)		—			—		—		520,027		520,027		11,755			—
									$	327	$	1,686	$	22,209,534			$	208,218		$	—

^(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		7		12/15/23	$	584	$	(32,771	)

30 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	32,771	$	—	$	—	$	—	$	32,771

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(16,118	)	$	—	$	—	$	—	$	(16,118)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(31,563	)	$	—	$	—	$	—	$	(31,563	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	616,650

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	181,633,285		$	176,617	$	—	$	181,809,902
Short-Term Securities
Money Market Funds		22,209,534			—		—		22,209,534
	$	203,842,819		$	176,617	$	—	$	204,019,436
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(32,771	)	$	—	$	—	$	(32,771	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E S    O F    I N V E S  T M E N T S 31

Schedule of Investments (unaudited) October 31, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Axon Enterprise, Inc.(a)		1,365	$	279,129
Boeing Co. (The)(a)		11,062		2,066,603
General Dynamics Corp.		4,419		1,066,349
HEICO Corp.		763		120,867
HEICO Corp., Class A		1,480		188,152
Howmet Aerospace, Inc.		7,634		336,659
Huntington Ingalls Industries, Inc.		779		171,240
L3Harris Technologies, Inc.		3,706		664,893
Lockheed Martin Corp.		4,368		1,985,868
Northrop Grumman Corp.		2,773		1,307,275
RTX Corp.		28,364		2,308,546
Textron, Inc.		3,862		293,512
TransDigm Group, Inc.(a)		1,077		891,853
				11,680,946
Air Freight & Logistics — 0.5%
CH Robinson Worldwide, Inc.		2,277		186,327
Expeditors International of Washington, Inc.		2,884		315,077
FedEx Corp.		4,521		1,085,492
United Parcel Service, Inc., Class B		14,095		1,990,919
				3,577,815
Automobile Components — 0.1%
Aptiv PLC(a)		5,512		480,646
BorgWarner, Inc.		4,609		170,072
Lear Corp.		1,134		147,148
				797,866
Automobiles — 1.7%
Ford Motor Co.		76,313		744,052
General Motors Co.		26,702		752,996
Lucid Group, Inc.(a)(b)		17,281		71,198
Tesla, Inc.(a)		53,812		10,807,602
				12,375,848
Banks — 2.8%
Bank of America Corp.		134,737		3,548,973
Citigroup, Inc.		37,540		1,482,455
Citizens Financial Group, Inc.		9,204		215,650
East West Bancorp, Inc.		2,809		150,619
Fifth Third Bancorp		13,254		314,252
First Citizens BancShares, Inc., Class A		235		324,474
First Horizon Corp.		11,085		119,164
Huntington Bancshares, Inc.		28,394		274,002
JPMorgan Chase & Co.		56,338		7,834,362
KeyCorp		18,662		190,726
M&T Bank Corp.		3,214		362,378
PNC Financial Services Group, Inc. (The)		7,754		887,600
Regions Financial Corp.		18,440		267,933
Truist Financial Corp.		25,862		733,446
U.S. Bancorp		30,358		967,813
Wells Fargo & Co.		71,384		2,838,942
				20,512,789
Beverages — 1.6%
Brown-Forman Corp., Class A		1,084		62,243
Brown-Forman Corp., Class B, NVS		3,523		197,852
Coca-Cola Co. (The)		75,843		4,284,371
Constellation Brands, Inc., Class A		3,153		738,275
Keurig Dr Pepper, Inc.		19,608		594,711
Molson Coors Beverage Co., Class B		3,627		209,532

Security	Shares		Value
Beverages (continued)
Monster Beverage Corp.(a)		14,495	$	740,694
PepsiCo, Inc.		26,826		4,380,149
				11,207,827
Biotechnology — 2.3%
AbbVie, Inc.		34,396		4,856,027
Alnylam Pharmaceuticals, Inc.(a)		2,416		366,749
Amgen, Inc.		10,435		2,668,230
Apellis Pharmaceuticals, Inc.(a)		1,920		93,427
Biogen, Inc.(a)		2,812		667,962
BioMarin Pharmaceutical, Inc.(a)(b)		3,648		297,130
Exact Sciences Corp.(a)		3,502		215,688
Gilead Sciences, Inc.		24,280		1,906,951
Incyte Corp.(a)		3,579		193,015
Karuna Therapeutics, Inc.(a)		697		116,127
Moderna, Inc.(a)		6,503		493,968
Neurocrine Biosciences, Inc.(a)		1,872		207,680
Regeneron Pharmaceuticals, Inc.(a)		2,082		1,623,731
Sarepta Therapeutics, Inc.(a)		1,810		121,831
Seagen, Inc.(a)		2,743		583,738
United Therapeutics Corp.(a)		920		205,031
Vertex Pharmaceuticals, Inc.(a)		5,023		1,818,879
				16,436,164
Broadline Retail — 3.5%
Amazon.com, Inc.(a)		176,938		23,548,678
Coupang, Inc., Class A(a)		22,267		378,539
eBay, Inc.		10,295		403,873
Etsy, Inc.(a)		2,394		149,146
MercadoLibre, Inc.(a)		901		1,117,907
				25,598,143
Building Products — 0.5%
A O Smith Corp.		2,489		173,633
Allegion PLC		1,737		170,851
Builders FirstSource, Inc.(a)		2,426		263,270
Carlisle Cos., Inc.		972		246,975
Carrier Global Corp.		16,350		779,241
Fortune Brands Innovations, Inc.		2,449		136,654
Johnson Controls International PLC		13,338		653,829
Lennox International, Inc.		630		233,440
Masco Corp.		4,326		225,341
Owens Corning		1,751		198,511
Trane Technologies PLC		4,448		846,499
				3,928,244
Capital Markets — 2.8%
Ameriprise Financial, Inc.		2,000		629,140
Ares Management Corp., Class A		3,216		317,065
Bank of New York Mellon Corp. (The)		15,185		645,363
BlackRock, Inc.(c)		2,735		1,674,586
Blackstone, Inc., Class A, NVS		13,844		1,278,493
Carlyle Group, Inc. (The)		4,158		114,511
Charles Schwab Corp. (The)		28,989		1,508,588
CME Group, Inc., Class A		7,016		1,497,635
Coinbase Global, Inc., Class A(a)(b)		3,328		256,655
FactSet Research Systems, Inc.		741		320,030
Franklin Resources, Inc.		5,508		125,527
Goldman Sachs Group, Inc. (The)		6,423		1,950,087
Interactive Brokers Group, Inc., Class A		2,086		167,026
Intercontinental Exchange, Inc.		11,158		1,198,816
Invesco Ltd.		8,694		112,761
KKR & Co., Inc., Class A		12,617		698,982
LPL Financial Holdings, Inc.		1,487		333,861
MarketAxess Holdings, Inc.		727		155,396

32 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Moody’s Corp.		3,088	$	951,104
Morgan Stanley		24,858		1,760,444
Morningstar, Inc.		511		129,406
MSCI, Inc., Class A		1,535		723,829
Nasdaq, Inc.		6,643		329,493
Northern Trust Corp.		4,105		270,561
Raymond James Financial, Inc.		3,662		349,501
S&P Global, Inc.		6,341		2,214,975
SEI Investments Co.		2,026		108,715
State Street Corp.		6,209		401,288
T Rowe Price Group, Inc.		4,418		399,829
				20,623,667
Chemicals — 1.6%
Air Products & Chemicals, Inc.		4,338		1,225,225
Albemarle Corp.		2,290		290,326
Celanese Corp., Class A		1,967		225,241
CF Industries Holdings, Inc.		3,734		297,898
Corteva, Inc.		13,835		666,017
Dow, Inc.		13,734		663,902
DuPont de Nemours, Inc.		8,963		653,223
Eastman Chemical Co.		2,270		169,637
Ecolab, Inc.		4,943		829,139
FMC Corp.		2,424		128,957
International Flavors & Fragrances, Inc.		4,933		337,171
Linde PLC		9,510		3,634,342
LyondellBasell Industries NV, Class A		4,967		448,222
Mosaic Co. (The)		6,414		208,327
Olin Corp.		2,385		101,887
PPG Industries, Inc.		4,584		562,778
RPM International, Inc.		2,483		226,623
Sherwin-Williams Co. (The)		4,612		1,098,624
Westlake Corp.		640		73,830
				11,841,369
Commercial Services & Supplies — 0.5%
Cintas Corp.		1,677		850,440
Copart, Inc.(a)		16,938		737,142
Republic Services, Inc.		4,018		596,633
Rollins, Inc.		5,463		205,463
Tetra Tech, Inc.		1,018		153,626
Waste Management, Inc.		7,202		1,183,505
				3,726,809
Communications Equipment — 0.9%
Arista Networks, Inc.(a)		4,890		979,809
Cisco Systems, Inc.		79,412		4,139,747
F5, Inc.(a)		1,179		178,725
Juniper Networks, Inc.		6,222		167,496
Motorola Solutions, Inc.		3,256		906,666
				6,372,443
Construction & Engineering — 0.1%
AECOM		2,709		207,374
EMCOR Group, Inc.		921		190,325
Quanta Services, Inc.		2,820		471,278
WillScot Mobile Mini Holdings Corp.(a)		3,847		151,610
				1,020,587
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		1,204		492,364
Vulcan Materials Co.		2,587		508,319
				1,000,683
Consumer Finance — 0.4%
Ally Financial, Inc.		5,375		130,021

Security	Shares		Value
Consumer Finance (continued)
American Express Co.		11,342	$	1,656,272
Capital One Financial Corp.		7,430		752,585
Discover Financial Services		4,844		397,595
Synchrony Financial		8,152		228,664
				3,165,137
Consumer Staples Distribution & Retail — 1.9%
Albertsons Cos., Inc., Class A		7,855		170,453
BJ’s Wholesale Club Holdings, Inc.(a)		2,573		175,273
Casey’s General Stores, Inc.		741		201,485
Costco Wholesale Corp.		8,636		4,770,872
Dollar General Corp.		4,254		506,396
Dollar Tree, Inc.(a)		4,052		450,137
Kroger Co. (The)		12,794		580,464
Performance Food Group Co.(a)		3,072		177,439
Sysco Corp.		9,802		651,735
Target Corp.		8,957		992,346
U.S. Foods Holding Corp.(a)		4,420		172,115
Walgreens Boots Alliance, Inc.		13,977		294,635
Walmart, Inc.		27,812		4,544,759
				13,688,109
Containers & Packaging — 0.2%
Amcor PLC		29,077		258,495
Avery Dennison Corp.		1,578		274,682
Ball Corp.		6,119		294,630
Crown Holdings, Inc.		2,315		186,589
International Paper Co.		6,869		231,691
Packaging Corp. of America		1,761		269,521
Westrock Co.		4,914		176,560
				1,692,168
Distributors — 0.1%
Genuine Parts Co.		2,764		356,169
LKQ Corp.		5,214		228,999
Pool Corp.		753		237,775
				822,943
Diversified Consumer Services — 0.0%
Service Corp. International		2,895		157,546
Diversified REITs — 0.0%
WP Carey, Inc.		4,181		224,311
Diversified Telecommunication Services — 0.7%
AT&T Inc.		139,315		2,145,451
Verizon Communications, Inc.		81,828		2,874,618
				5,020,069
Electric Utilities — 1.6%
Alliant Energy Corp.		4,907		239,413
American Electric Power Co., Inc.		9,995		755,022
Avangrid, Inc.		1,327		39,637
Constellation Energy Corp.		6,268		707,783
Duke Energy Corp.		15,041		1,336,994
Edison International		7,505		473,265
Entergy Corp.		4,108		392,684
Evergy, Inc.		4,472		219,754
Eversource Energy		6,750		363,083
Exelon Corp.		19,414		755,981
FirstEnergy Corp.		10,058		358,065
NextEra Energy, Inc.		39,437		2,299,177
NRG Energy, Inc.		4,514		191,303
OGE Energy Corp.		3,814		130,439
PG&E Corp.(a)		40,760		664,388
Pinnacle West Capital Corp.		2,234		165,718

S C H E D U L E S    O F    I N V E S  T M E N T S 33

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
PPL Corp.		14,407	$	353,980
Southern Co. (The)		21,275		1,431,808
Xcel Energy, Inc.		10,815		641,005
				11,519,499
Electrical Equipment — 0.6%
AMETEK, Inc.		4,474		629,805
Eaton Corp. PLC		7,779		1,617,332
Emerson Electric Co.		11,098		987,389
Hubbell, Inc.		1,045		282,254
Regal Rexnord Corp.		1,277		151,210
Rockwell Automation, Inc.		2,238		588,169
				4,256,159
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		11,594		933,897
CDW Corp.		2,602		521,441
Cognex Corp.		3,292		118,479
Corning, Inc.		14,910		398,992
Flex Ltd.(a)		8,694		223,610
Jabil, Inc.		2,540		311,912
Keysight Technologies, Inc.(a)		3,472		423,757
TD SYNNEX Corp.		931		85,354
TE Connectivity Ltd.		6,139		723,481
Teledyne Technologies, Inc.(a)		929		347,994
Trimble, Inc.(a)		4,842		228,203
Zebra Technologies Corp., Class A(a)		995		208,383
				4,525,503
Energy Equipment & Services — 0.4%
Baker Hughes Co., Class A		19,659		676,663
Halliburton Co.		17,591		692,030
Schlumberger NV		27,686		1,541,003
				2,909,696
Entertainment — 1.1%
Electronic Arts, Inc.		4,805		594,811
Liberty Media Corp. - Liberty Formula One, Class A(a)		491		28,257
Liberty Media Corp. - Liberty Formula One, Class C(a)		4,088		264,453
Live Nation Entertainment, Inc.(a)		2,807		224,616
Netflix, Inc.(a)		8,639		3,556,590
ROBLOX Corp., Class A(a)		9,390		298,696
Take-Two Interactive Software, Inc.(a)		3,094		413,822
Walt Disney Co. (The)(a)		35,674		2,910,642
				8,291,887
Financial Services — 4.3%
Apollo Global Management, Inc.		8,506		658,705
Berkshire Hathaway, Inc., Class B(a)		35,539		12,130,527
Block, Inc., Class A(a)		10,674		429,628
Equitable Holdings, Inc.		6,428		170,792
Fidelity National Information Services, Inc.		11,579		568,645
Fiserv, Inc.(a)		11,885		1,351,919
FleetCor Technologies, Inc.(a)		1,461		328,973
Global Payments, Inc.		5,094		541,085
Jack Henry & Associates, Inc.		1,430		201,616
Mastercard, Inc., Class A		16,214		6,102,139
PayPal Holdings, Inc.(a)		21,402		1,108,623
Visa, Inc., Class A		31,312		7,361,451
WEX, Inc.(a)		842		140,176
				31,094,279
Food Products — 0.9%
Archer-Daniels-Midland Co.		10,451		747,978
Bunge Ltd.		2,971		314,867
Campbell Soup Co.		3,902		157,680

Security	Shares		Value
Food Products (continued)
Conagra Brands, Inc.		9,259	$	253,326
Darling Ingredients, Inc.(a)		3,056		135,350
General Mills, Inc.		11,352		740,604
Hershey Co. (The)		2,919		546,875
Hormel Foods Corp.		5,554		180,783
J M Smucker Co. (The)		1,990		226,542
Kellanova		5,140		259,416
Kraft Heinz Co. (The)		15,676		493,167
Lamb Weston Holdings, Inc.		2,844		255,391
McCormick & Co., Inc., NVS		4,877		311,640
Mondelez International, Inc., Class A		26,522		1,756,022
Tyson Foods, Inc., Class A		5,558		257,613
				6,637,254
Gas Utilities — 0.1%
Atmos Energy Corp.		2,903		312,537
Ground Transportation — 1.0%
Avis Budget Group, Inc.(a)		383		62,352
CSX Corp.		39,108		1,167,374
JB Hunt Transport Services, Inc.		1,610		276,711
Knight-Swift Transportation Holdings, Inc.		3,140		153,515
Norfolk Southern Corp.		4,418		842,910
Old Dominion Freight Line, Inc.		1,742		656,142
Uber Technologies, Inc.(a)		39,825		1,723,626
U-Haul Holding Co.(a)		187		9,185
U-Haul Holding Co., NVS		1,925		90,879
Union Pacific Corp.		11,864		2,463,085
				7,445,779
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		33,838		3,199,383
Align Technology, Inc.(a)		1,376		253,996
Baxter International, Inc.		9,883		320,506
Becton Dickinson & Co.		5,657		1,429,977
Boston Scientific Corp.(a)		28,551		1,461,526
Cooper Cos., Inc. (The)		964		300,527
DENTSPLY SIRONA, Inc.		4,084		124,194
Dexcom, Inc.(a)		7,528		668,712
Edwards Lifesciences Corp.(a)		11,875		756,675
GE HealthCare Technologies, Inc.		7,609		506,531
Hologic, Inc.(a)		4,769		315,565
IDEXX Laboratories, Inc.(a)		1,621		647,541
Insulet Corp.(a)		1,367		181,223
Intuitive Surgical, Inc.(a)		6,855		1,797,518
Masimo Corp.(a)		867		70,340
Medtronic PLC		25,938		1,830,185
Penumbra, Inc.(a)		743		142,025
ResMed, Inc.		2,855		403,183
Shockwave Medical, Inc.(a)(b)		717		147,888
STERIS PLC		1,914		401,902
Stryker Corp.		6,588		1,780,209
Teleflex, Inc.		903		166,829
Zimmer Biomet Holdings, Inc.		4,047		422,547
				17,328,982
Health Care Providers & Services — 3.0%
agilon health, Inc.(a)(b)		6,057		109,026
Cardinal Health, Inc.		4,980		453,180
Cencora, Inc.		3,249		601,552
Centene Corp.(a)		10,541		727,118
Chemed Corp.		299		168,232
Cigna Group (The)		5,769		1,783,775
CVS Health Corp.		25,012		1,726,078
DaVita, Inc.(a)		1,073		82,868

34 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Elevance Health, Inc.		4,592	$	2,066,813
HCA Healthcare, Inc.		3,924		887,373
Henry Schein, Inc.(a)		2,544		165,309
Humana, Inc.		2,413		1,263,664
Laboratory Corp. of America Holdings		1,721		343,735
McKesson Corp.		2,635		1,199,874
Molina Healthcare, Inc.(a)		1,132		376,900
Quest Diagnostics, Inc.		2,197		285,830
UnitedHealth Group, Inc.		18,051		9,667,394
Universal Health Services, Inc., Class B		1,222		153,838
				22,062,559
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		10,688		166,198
Ventas, Inc.		7,860		333,736
Welltower, Inc.		10,111		845,381
				1,345,315
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A(a)		2,831		545,562
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		13,894		215,079
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A(a)(b)		8,312		983,226
Aramark		5,085		136,939
Booking Holdings, Inc.(a)		695		1,938,744
Caesars Entertainment, Inc.(a)		4,190		167,139
Carnival Corp.(a)		19,799		226,897
Chipotle Mexican Grill, Inc.(a)		537		1,042,961
Churchill Downs, Inc.(b)		1,348		148,064
Darden Restaurants, Inc.		2,344		341,122
Domino’s Pizza, Inc.		686		232,547
DoorDash, Inc., Class A(a)		5,848		438,308
DraftKings, Inc., Class A(a)		8,966		247,641
Expedia Group, Inc.(a)		2,685		255,854
Hilton Worldwide Holdings, Inc.		5,098		772,500
Las Vegas Sands Corp.		6,426		304,978
Marriott International, Inc., Class A		4,885		921,116
McDonald’s Corp.		14,203		3,723,601
MGM Resorts International		5,470		191,012
Royal Caribbean Cruises Ltd.(a)		4,595		389,334
Starbucks Corp.		22,321		2,058,889
Vail Resorts, Inc.		751		159,400
Wynn Resorts Ltd.		1,890		165,904
Yum! Brands, Inc.		5,474		661,588
				15,507,764
Household Durables — 0.3%
DR Horton, Inc.		5,933		619,405
Garmin Ltd.		3,020		309,640
Lennar Corp., Class A		4,925		525,399
Lennar Corp., Class B(b)		229		22,582
NVR, Inc.(a)		65		351,820
PulteGroup, Inc.		4,259		313,420
Whirlpool Corp.		1,078		112,716
				2,254,982
Household Products — 1.3%
Church & Dwight Co., Inc.		4,811		437,512
Clorox Co. (The)		2,414		284,128
Colgate-Palmolive Co.		16,144		1,212,737
Kimberly-Clark Corp.		6,587		788,069
Procter & Gamble Co. (The)		45,938		6,892,078
				9,614,524

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		13,267	$	197,678
Vistra Corp.		6,809		222,791
				420,469
Industrial Conglomerates — 0.8%
3M Co.		10,792		981,532
General Electric Co.		21,190		2,301,870
Honeywell International, Inc.		12,926		2,368,819
				5,652,221
Industrial REITs — 0.3%
Americold Realty Trust, Inc.		4,950		129,789
Prologis, Inc.		18,004		1,813,903
Rexford Industrial Realty, Inc.		4,059		175,511
				2,119,203
Insurance — 2.4%
Aflac, Inc.		10,536		822,967
Allstate Corp. (The)		5,091		652,310
American Financial Group, Inc.		1,291		141,184
American International Group, Inc.		13,755		843,319
Aon PLC, Class A		3,954		1,223,368
Arch Capital Group Ltd.(a)		7,318		634,324
Arthur J. Gallagher & Co.		4,192		987,174
Brown & Brown, Inc.		4,591		318,707
Chubb Ltd.		8,004		1,717,818
Cincinnati Financial Corp.		3,054		304,392
Erie Indemnity Co., Class A, NVS		500		138,095
Everest Group Ltd.		854		337,859
Fidelity National Financial, Inc., Class A		5,120		200,141
Globe Life, Inc.		1,694		197,114
Hartford Financial Services Group, Inc. (The)		5,959		437,689
Kinsale Capital Group, Inc.		430		143,581
Loews Corp.		3,588		229,668
Markel Group, Inc.(a)		260		382,335
Marsh & McLennan Cos., Inc.		9,611		1,822,726
MetLife, Inc.		12,312		738,843
Old Republic International Corp.		5,094		139,474
Principal Financial Group, Inc.		4,400		297,792
Progressive Corp. (The)		11,407		1,803,333
Prudential Financial, Inc.		7,021		642,000
Reinsurance Group of America, Inc.		1,306		195,208
RenaissanceRe Holdings Ltd.		1,010		221,786
Travelers Cos., Inc. (The)		4,461		746,950
Unum Group.		3,596		175,844
W. R. Berkley Corp.		4,016		270,759
Willis Towers Watson PLC		2,033		479,564
				17,246,324
Interactive Media & Services — 5.6%
Alphabet, Inc., Class A(a)		115,619		14,346,006
Alphabet, Inc., Class C, NVS(a)		98,350		12,323,255
Match Group, Inc.(a)		5,424		187,670
Meta Platforms, Inc., Class A(a)		43,312		13,048,606
Pinterest, Inc., Class A(a)		11,342		338,899
Snap, Inc., Class A, NVS(a)(b)		19,616		196,356
ZoomInfo Technologies, Inc., Class A(a)		5,946		77,060
				40,517,852
IT Services — 1.5%
Accenture PLC, Class A		12,293		3,652,127
Akamai Technologies, Inc.(a)		2,954		305,237
Cloudflare, Inc., Class A(a)(b)		5,761		326,591
Cognizant Technology Solutions Corp., Class A		9,801		631,870
EPAM Systems, Inc.(a)		1,122		244,114

S C H E D U L E S    O F    I N V E S  T M E N T S 35

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Gartner, Inc.(a)		1,538	$	510,677
GoDaddy, Inc., Class A(a)		2,863		209,657
International Business Machines Corp.		17,734		2,565,046
MongoDB, Inc., Class A(a)		1,383		476,568
Okta, Inc., Class A(a)		2,977		200,680
Snowflake, Inc., Class A(a)		6,349		921,430
Twilio, Inc., Class A(a)		3,530		180,948
VeriSign, Inc.(a)		1,754		350,204
				10,575,149
Leisure Products — 0.0%
Hasbro, Inc.		2,552		115,223
Life Sciences Tools & Services — 1.3%
Agilent Technologies, Inc.		5,783		597,789
Avantor, Inc.(a)(b)		13,263		231,174
Bio-Rad Laboratories, Inc., Class A(a)		415		114,241
Bio-Techne Corp.		3,077		168,096
Bruker Corp.		1,931		110,067
Charles River Laboratories International, Inc.(a)(b)		1,006		169,370
Danaher Corp.		12,788		2,455,552
Illumina, Inc.(a)		3,071		336,029
IQVIA Holdings, Inc.(a)		3,570		645,563
Mettler-Toledo International, Inc.(a)		427		420,680
Repligen Corp.(a)		1,031		138,731
Revvity, Inc.		2,414		200,000
Thermo Fisher Scientific, Inc.		7,523		3,346,005
Waters Corp.(a)(b)		1,152		274,787
West Pharmaceutical Services, Inc.		1,431		455,473
				9,663,557
Machinery — 1.7%
AGCO Corp.		1,203		137,936
Caterpillar, Inc.		9,928		2,244,224
Cummins, Inc.		2,763		597,637
Deere & Co.		5,314		1,941,523
Dover Corp.		2,755		358,012
Fortive Corp.		6,882		449,257
Graco, Inc.		3,321		246,916
IDEX Corp.		1,492		285,584
Illinois Tool Works, Inc.		5,373		1,204,197
Ingersoll Rand, Inc.		7,900		479,372
Lincoln Electric Holdings, Inc.		1,132		197,874
Middleby Corp. (The)(a)		1,056		119,191
Nordson Corp.		1,041		221,306
Otis Worldwide Corp.		8,055		621,927
PACCAR, Inc.		10,168		839,165
Parker-Hannifin Corp.		2,498		921,537
Pentair PLC		3,202		186,100
Snap-on, Inc.		1,034		266,710
Stanley Black & Decker, Inc.		2,973		252,854
Toro Co. (The)		2,016		162,974
Westinghouse Air Brake Technologies Corp.		3,467		367,571
Xylem, Inc.		4,680		437,767
				12,539,634
Media — 0.9%
Charter Communications, Inc., Class A(a)		1,983		798,752
Comcast Corp., Class A		80,213		3,311,995
Fox Corp., Class A, NVS		4,943		150,218
Fox Corp., Class B		2,698		75,301
Interpublic Group of Cos., Inc. (The)		7,474		212,262
Liberty Broadband Corp., Class A(a)		334		27,829
Liberty Broadband Corp., Class C, NVS(a)		2,213		184,365
Liberty Media Corp. - Liberty SiriusXM, NVS(a)		3,001		73,674

Security	Shares		Value
Media (continued)
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		1,396	$	34,188
News Corp., Class A, NVS		7,484		154,769
News Corp., Class B		2,349		50,363
Omnicom Group, Inc.		3,849		288,329
Paramount Global, Class B, NVS		9,097		98,975
Sirius XM Holdings, Inc.(b)		13,442		57,532
Trade Desk, Inc. (The), Class A(a)		8,647		613,591
				6,132,143
Metals & Mining — 0.5%
Cleveland-Cliffs, Inc.(a)		9,923		166,508
Freeport-McMoRan, Inc.		27,835		940,266
Newmont Corp.		22,447		841,089
Nucor Corp.		4,849		716,634
Reliance Steel & Aluminum Co.		1,155		293,809
Royal Gold, Inc.		1,276		133,125
Southern Copper Corp.		1,638		116,134
Steel Dynamics, Inc.		3,035		323,258
				3,530,823
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		9,591		149,716
Multi-Utilities — 0.7%
Ameren Corp.		5,101		386,197
CenterPoint Energy, Inc.		12,316		331,054
CMS Energy Corp.		5,643		306,641
Consolidated Edison, Inc.		6,728		590,651
Dominion Energy, Inc.		16,235		654,595
DTE Energy Co.		4,002		385,713
NiSource, Inc.		7,956		200,173
Public Service Enterprise Group, Inc.		9,787		603,368
Sempra		12,222		855,907
WEC Energy Group, Inc.		6,108		497,130
				4,811,429
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		3,048		283,860
Boston Properties, Inc.		2,873		153,907
				437,767
Oil, Gas & Consumable Fuels — 4.1%
APA Corp.		5,991		237,962
Cheniere Energy, Inc.		4,669		777,015
Chesapeake Energy Corp.		2,192		188,687
Chevron Corp.		34,576		5,038,760
ConocoPhillips		23,304		2,768,515
Coterra Energy, Inc.		14,711		404,552
Devon Energy Corp.		12,549		584,407
Diamondback Energy, Inc.		3,485		558,715
EOG Resources, Inc.		11,320		1,429,150
EQT Corp.		7,094		300,644
Exxon Mobil Corp.		77,552		8,208,879
Hess Corp.		5,407		780,771
HF Sinclair Corp.		2,836		157,058
Kinder Morgan, Inc.		37,784		612,101
Marathon Oil Corp.		11,805		322,395
Marathon Petroleum Corp.		7,796		1,179,145
Occidental Petroleum Corp.		12,934		799,451
ONEOK, Inc.		11,349		739,955
Ovintiv, Inc.		4,936		236,928
Phillips 66		8,685		990,698
Pioneer Natural Resources Co.		4,539		1,084,821
Targa Resources Corp.		4,334		362,366
Texas Pacific Land Corp.		124		228,898

36 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp.		6,890	$	875,030
Williams Cos., Inc. (The)		23,745		816,828
				29,683,731
Passenger Airlines — 0.1%
American Airlines Group, Inc.(a)		12,638		140,914
Delta Air Lines, Inc.		12,482		390,062
Southwest Airlines Co.		11,581		257,446
United Airlines Holdings, Inc.(a)		6,398		223,994
				1,012,416
Personal Care Products — 0.2%
Coty, Inc., Class A(a)		7,122		66,733
Estee Lauder Cos., Inc. (The), Class A		4,528		583,523
Kenvue, Inc.		33,593		624,830
				1,275,086
Pharmaceuticals — 3.9%
Bristol-Myers Squibb Co.		40,677		2,096,086
Catalent, Inc.(a)		3,495		120,193
Eli Lilly & Co.		15,539		8,607,518
Jazz Pharmaceuticals PLC(a)		1,257		159,664
Johnson & Johnson		46,926		6,961,003
Merck & Co., Inc.		49,450		5,078,515
Pfizer, Inc.		110,042		3,362,883
Royalty Pharma PLC, Class A		7,525		202,197
Viatris, Inc.		23,221		206,667
Zoetis, Inc., Class A		8,978		1,409,546
				28,204,272
Professional Services — 0.9%
Automatic Data Processing, Inc.		8,022		1,750,561
Booz Allen Hamilton Holding Corp., Class A		2,562		307,260
Broadridge Financial Solutions, Inc.		2,321		396,055
Ceridian HCM Holding, Inc.(a)(b)		3,042		194,718
Equifax, Inc.		2,384		404,255
Genpact Ltd.		3,195		107,160
Jacobs Solutions, Inc.		2,433		324,319
KBR, Inc.		2,638		153,400
Leidos Holdings, Inc.		2,665		264,155
Paychex, Inc.		6,256		694,729
Paycom Software, Inc.		974		238,601
Paylocity Holding Corp.(a)		852		152,849
Robert Half, Inc.		2,077		155,297
SS&C Technologies Holdings, Inc.		4,180		210,045
TransUnion		3,800		166,744
Verisk Analytics, Inc.		2,813		639,564
				6,159,712
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A(a)		6,032		418,259
CoStar Group, Inc.(a)		7,936		582,582
Zillow Group, Inc., Class A(a)		964		34,251
Zillow Group, Inc., Class C, NVS(a)(b)		3,017		109,366
				1,144,458
Residential REITs — 0.4%
American Homes 4 Rent, Class A		6,240		204,298
AvalonBay Communities, Inc.		2,757		456,945
Camden Property Trust		2,059		174,768
Equity LifeStyle Properties, Inc.		3,632		238,985
Equity Residential		6,727		372,205
Essex Property Trust, Inc.		1,238		264,833
Invitation Homes, Inc.		11,343		336,774
Mid-America Apartment Communities, Inc.		2,272		268,437

Security	Shares		Value
Residential REITs (continued)
Sun Communities, Inc.		2,417	$	268,867
UDR, Inc.		5,967		189,810
				2,775,922
Retail REITs — 0.3%
Federal Realty Investment Trust		1,408		128,395
Kimco Realty Corp.		12,069		216,518
NNN REIT, Inc.		3,672		133,404
Realty Income Corp.		13,815		654,555
Regency Centers Corp.		3,196		192,591
Simon Property Group, Inc.		6,397		702,966
				2,028,429
Semiconductors & Semiconductor Equipment — 6.9%
Advanced Micro Devices, Inc.(a)		31,499		3,102,651
Analog Devices, Inc.		9,773		1,537,586
Applied Materials, Inc.		16,350		2,163,923
Broadcom, Inc.		8,042		6,766,298
Enphase Energy, Inc.(a)		2,674		212,797
Entegris, Inc.		2,908		256,020
First Solar, Inc.(a)(b)		2,083		296,723
Intel Corp.		81,695		2,981,868
KLA Corp.		2,657		1,247,993
Lam Research Corp.		2,598		1,528,196
Lattice Semiconductor Corp.(a)		2,671		148,534
Marvell Technology, Inc.		16,814		793,957
Microchip Technology, Inc.		10,638		758,383
Micron Technology, Inc.		21,365		1,428,678
Monolithic Power Systems, Inc.		930		410,818
NVIDIA Corp.		48,134		19,629,045
NXP Semiconductors NV		5,024		866,288
ON Semiconductor Corp.(a)		8,447		529,120
Qorvo, Inc.(a)		1,898		165,923
QUALCOMM, Inc.		21,765		2,372,167
Skyworks Solutions, Inc.		3,075		266,726
SolarEdge Technologies, Inc.(a)(b)		1,110		84,305
Teradyne, Inc.		2,983		248,394
Texas Instruments, Inc.		17,670		2,509,317
				50,305,710
Software — 11.1%
Adobe, Inc.(a)		8,882		4,725,757
ANSYS, Inc.(a)		1,681		467,755
Aspen Technology, Inc.(a)		559		99,362
Atlassian Corp., Class A(a)		2,948		532,527
Autodesk, Inc.(a)		4,158		821,745
Bentley Systems, Inc., Class B(b)		4,473		217,567
BILL Holdings, Inc.(a)		1,878		171,443
Cadence Design Systems, Inc.(a)		5,305		1,272,404
Crowdstrike Holdings, Inc., Class A(a)(b)		4,354		769,657
Datadog, Inc., Class A(a)		5,830		474,970
DocuSign, Inc.(a)		4,002		155,598
Dynatrace, Inc.(a)		4,632		207,097
Fair Isaac Corp.(a)		489		413,630
Fortinet, Inc.(a)		12,657		723,601
Gen Digital, Inc.		10,781		179,611
HubSpot, Inc.(a)		980		415,295
Intuit, Inc.		5,465		2,704,902
Manhattan Associates, Inc.(a)		1,192		232,416
Microsoft Corp.		144,787		48,953,933
Oracle Corp.	��	30,694		3,173,760
Palantir Technologies, Inc., Class A(a)		37,111		549,243
Palo Alto Networks, Inc.(a)(b)		5,957		1,447,670
Procore Technologies, Inc.(a)		1,720		105,075

S C H E D U L E S    O F    I N V E S  T M E N T S 37

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
PTC, Inc.(a)		2,317	$	325,353
Roper Technologies, Inc.		2,087		1,019,646
Salesforce, Inc.(a)		18,981		3,811,954
ServiceNow, Inc.(a)		3,970		2,309,944
Splunk, Inc.(a)		2,977		438,095
Synopsys, Inc.(a)		2,969		1,393,767
Tyler Technologies, Inc.(a)		817		304,659
Unity Software, Inc.(a)(b)		4,707		119,417
VMware, Inc., Class A(a)(b)		4,278		623,091
Workday, Inc., Class A(a)		3,995		845,781
Zoom Video Communications, Inc., Class A(a)		4,892		293,422
Zscaler, Inc.(a)		1,710		271,360
				80,571,507
Specialized REITs — 1.1%
American Tower Corp.		9,091		1,619,925
Crown Castle, Inc.		8,429		783,729
CubeSmart		4,373		149,076
Digital Realty Trust, Inc.		5,903		734,097
Equinix, Inc.		1,827		1,333,052
Extra Space Storage, Inc.		4,119		426,687
Gaming & Leisure Properties, Inc.		5,185		235,347
Iron Mountain, Inc.		5,654		333,982
Lamar Advertising Co., Class A		1,701		139,941
Public Storage		3,074		733,795
SBA Communications Corp.		2,106		439,375
VICI Properties, Inc.		19,656		548,402
Weyerhaeuser Co.		14,157		406,164
				7,883,572
Specialty Retail — 2.0%
Advance Auto Parts, Inc.		1,122		58,378
AutoZone, Inc.(a)		356		881,858
Bath & Body Works, Inc.		4,360		129,274
Best Buy Co., Inc.		3,767		251,711
Burlington Stores, Inc.(a)		1,252		151,530
CarMax, Inc.(a)(b)		3,101		189,440
Dick’s Sporting Goods, Inc.		1,193		127,591
Five Below, Inc.(a)		1,086		188,942
Floor & Decor Holdings, Inc., Class A(a)(b)		2,078		171,227
Home Depot, Inc. (The)		19,592		5,577,647
Lowe’s Cos., Inc.		11,410		2,174,404
O’Reilly Automotive, Inc.(a)		1,176		1,094,197
Penske Automotive Group, Inc.		378		54,084
Ross Stores, Inc.		6,610		766,562
TJX Cos., Inc. (The)		22,388		1,971,711
Tractor Supply Co.		2,105		405,339
Ulta Beauty, Inc.(a)		978		372,921
Williams-Sonoma, Inc.		1,264		189,903
				14,756,719
Technology Hardware, Storage & Peripherals — 7.0%
Apple Inc.		286,390		48,906,820
Dell Technologies, Inc., Class C		4,970		332,543
Hewlett Packard Enterprise Co.		25,171		387,130
HP, Inc.		16,972		446,873

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
NetApp, Inc.		4,085	$	297,306
Seagate Technology Holdings PLC		3,769		257,234
Western Digital Corp.(a)		6,317		253,628
				50,881,534
Textiles, Apparel & Luxury Goods — 0.5%
Deckers Outdoor Corp.(a)		516		308,083
Lululemon Athletica, Inc.(a)(b)		2,258		888,478
NIKE, Inc., Class B		23,874		2,453,531
Tapestry, Inc.		4,568		125,894
VF Corp.		6,332		93,270
				3,869,256
Tobacco — 0.6%
Altria Group, Inc.		34,593		1,389,601
Philip Morris International, Inc.		30,288		2,700,478
				4,090,079
Trading Companies & Distributors — 0.4%
Fastenal Co.		11,115		648,449
Ferguson PLC		3,976		597,195
United Rentals, Inc.		1,331		540,745
Watsco, Inc.		648		226,081
WW Grainger, Inc.		867		632,763
				2,645,233
Water Utilities — 0.1%
American Water Works Co., Inc.		3,780		444,717
Essential Utilities, Inc.		4,849		162,248
				606,965
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)		10,090		1,451,547
Total Long-Term Investments — 99.8% (Cost: $641,377,416)				724,596,501
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		5,463,513		5,465,698
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(c)(d)		635,394		635,394
Total Short-Term Securities — 0.9% (Cost: $6,097,665)				6,101,092
Total Investments — 100.7% (Cost: $647,475,081)				730,697,593
Liabilities in Excess of Other Assets — (0.7)%				(4,881,526	)
Net Assets — 100.0%			$	725,816,067

^(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.

38 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023   iShares^® Morningstar U.S. Equity ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,530,618	$	—		$ (66,279	)(a)	$	1,218	$	141		$	5,465,698		5,463,513	$	19,682	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,674,057		—		(1,038,663	)(a)		—		—			635,394		635,394		41,656			—
BlackRock, Inc.		2,014,942		21,431		(205,205	)		39,511		(196,093	)		1,674,586		2,735		29,615			—
								$	40,729	$	(195,952	)	$	7,775,678			$	90,953		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		5		12/15/23	$  1,053	$	(40,782	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	40,782	$	—	$	—	$	—	$	40,782

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	137,375		$	—	$	—	$	—	$	137,375
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(153,905	)	$	—	$	—	$	—	$	(153,905	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,218,706

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E S    O F    I N V E S  T M E N T S 39

Schedule of Investments (unaudited) (continued) October 31, 2023   iShares^® Morningstar U.S. Equity ETF

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	724,596,501		$	—	$	—	$	724,596,501
Short-Term Securities
Money Market Funds		6,101,092			—		—		6,101,092
	$	730,697,593		$	—	$	—	$	730,697,593
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(40,782	)	$	—	$	—	$	(40,782	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

40 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) October 31, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.8%
Boeing Co. (The)(a)		25,428	$	4,750,459
General Dynamics Corp.		10,164		2,452,675
Huntington Ingalls Industries, Inc.		863		189,705
L3Harris Technologies, Inc.		8,500		1,524,985
Lockheed Martin Corp.		10,051		4,569,586
Northrop Grumman Corp.		6,379		3,007,252
RTX Corp.		65,274		5,312,651
Textron, Inc.		5,948		452,048
				22,259,361
Air Freight & Logistics — 1.0%
CH Robinson Worldwide, Inc.		3,632		297,207
Expeditors International of Washington, Inc.		3,972		433,941
FedEx Corp.		10,381		2,492,478
United Parcel Service, Inc., Class B		32,436		4,581,585
				7,805,211
Automobile Components — 0.1%
BorgWarner, Inc.		6,447		237,894
Lear Corp.		1,651		214,234
				452,128
Automobiles — 0.5%
Ford Motor Co.		176,307		1,718,993
General Motors Co.		61,704		1,740,053
Rivian Automotive, Inc., Class A(a)(b)		29,956		485,886
				3,944,932
Banks — 5.9%
Bank of America Corp.		310,038		8,166,401
Citigroup, Inc.		86,361		3,410,396
Citizens Financial Group, Inc.		21,192		496,529
East West Bancorp, Inc.		6,306		338,128
Fifth Third Bancorp		30,459		722,183
First Horizon Corp.		25,070		269,502
Huntington Bancshares, Inc.		64,790		625,223
JPMorgan Chase & Co.		129,667		18,031,493
KeyCorp		42,295		432,255
M&T Bank Corp.		7,425		837,169
PNC Financial Services Group, Inc. (The)		17,861		2,044,549
Regions Financial Corp.		42,095		611,640
Truist Financial Corp.		59,734		1,694,056
U.S. Bancorp		69,824		2,225,989
Wells Fargo & Co.		164,083		6,525,581
				46,431,094
Beverages — 2.1%
Coca-Cola Co. (The)		110,501		6,242,202
Constellation Brands, Inc., Class A		7,223		1,691,266
Keurig Dr Pepper, Inc.		45,125		1,368,641
Molson Coors Beverage Co., Class B		8,274		477,989
PepsiCo, Inc.		41,969		6,852,698
				16,632,796
Biotechnology — 3.5%
AbbVie, Inc.		79,156		11,175,244
Amgen, Inc.		23,988		6,133,732
Biogen, Inc.(a)		6,512		1,546,860
Gilead Sciences, Inc.		55,879		4,388,737
Karuna Therapeutics, Inc.(a)		723		120,459
Moderna, Inc.(a)		14,850		1,128,006
Regeneron Pharmaceuticals, Inc.(a)		3,065		2,390,363
United Therapeutics Corp.(a)		2,111		470,457
				27,353,858

Security	Shares		Value
Broadline Retail — 0.1%
Coupang, Inc., Class A(a)		16,605	$	282,285
eBay, Inc.		13,582		532,822
				815,107
Building Products — 0.7%
A O Smith Corp.		2,467		172,098
Allegion PLC		1,503		147,835
Builders FirstSource, Inc.(a)		2,563		278,137
Carlisle Cos., Inc.		801		203,526
Carrier Global Corp.		23,849		1,136,643
Fortune Brands Innovations, Inc.		5,654		315,493
Johnson Controls International PLC		20,168		988,635
Lennox International, Inc.		762		282,352
Masco Corp.		10,066		524,338
Owens Corning		4,058		460,055
Trane Technologies PLC		3,386		644,390
				5,153,502
Capital Markets — 4.2%
Ameriprise Financial, Inc.		2,729		858,462
Bank of New York Mellon Corp. (The)		34,925		1,484,312
BlackRock, Inc.(c)		6,293		3,853,078
Blackstone, Inc., Class A, NVS		22,777		2,103,456
Carlyle Group, Inc. (The)		9,595		264,246
Charles Schwab Corp. (The)		42,331		2,202,905
CME Group, Inc., Class A		16,133		3,443,750
Coinbase Global, Inc., Class A(a)(b)		7,591		585,418
Franklin Resources, Inc.		12,797		291,644
Goldman Sachs Group, Inc. (The)		14,784		4,488,570
Intercontinental Exchange, Inc.		12,834		1,378,885
Invesco Ltd.		19,938		258,596
KKR & Co., Inc., Class A		28,983		1,605,658
Moody’s Corp.		2,149		661,892
Morgan Stanley		57,218		4,052,179
Nasdaq, Inc.		9,179		455,278
Northern Trust Corp.		9,227		608,152
Raymond James Financial, Inc.		3,848		367,253
S&P Global, Inc.		5,700		1,991,067
SEI Investments Co.		2,201		118,106
State Street Corp.		14,298		924,080
T Rowe Price Group, Inc.		10,066		910,973
				32,907,960
Chemicals — 2.2%
Air Products & Chemicals, Inc.		5,855		1,653,686
Albemarle Corp.		2,475		313,781
Celanese Corp., Class A		4,527		518,387
CF Industries Holdings, Inc.		8,695		693,687
Corteva, Inc.		18,372		884,428
Dow, Inc.		31,531		1,524,209
DuPont de Nemours, Inc.		11,324		825,293
Eastman Chemical Co.		5,274		394,126
Ecolab, Inc.		3,988		668,947
FMC Corp.		3,317		176,464
International Flavors & Fragrances, Inc.		11,411		779,942
Linde PLC		11,815		4,515,220
LyondellBasell Industries NV, Class A		11,492		1,037,038
Mosaic Co. (The)		14,953		485,674
Olin Corp.		3,362		143,625
PPG Industries, Inc.		4,059		498,323
RPM International, Inc.		2,868		261,762
Sherwin-Williams Co. (The)		6,745		1,606,727
Westlake Corp.		579		66,793
				17,048,112

S C H E D U L E S    O F    I N V E S  T M E N T S 41

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies — 0.3%
Cintas Corp.		930	$	471,622
Republic Services, Inc.		4,317		641,031
Waste Management, Inc.		9,051		1,487,351
				2,600,004
Communications Equipment — 1.4%
Cisco Systems, Inc.		182,751		9,526,810
F5, Inc.(a)		1,782		270,133
Juniper Networks, Inc.		14,588		392,709
Motorola Solutions, Inc.		3,193		889,123
				11,078,775
Construction & Engineering — 0.1%
AECOM		3,041		232,789
EMCOR Group, Inc.		896		185,158
Quanta Services, Inc.		2,295		383,540
				801,487
Consumer Finance — 0.9%
Ally Financial, Inc.		12,132		293,473
American Express Co.		26,092		3,810,215
Capital One Financial Corp.		17,091		1,731,147
Discover Financial Services		4,324		354,914
Synchrony Financial		18,764		526,330
				6,716,079
Consumer Staples Distribution & Retail — 2.1%
Albertsons Cos., Inc., Class A		18,082		392,380
BJ’s Wholesale Club Holdings, Inc.(a)		2,978		202,861
Casey’s General Stores, Inc.		607		165,049
Dollar General Corp.		6,746		803,044
Kroger Co. (The)		29,616		1,343,678
Target Corp.		20,722		2,295,790
U.S. Foods Holding Corp.(a)		3,687		143,572
Walgreens Boots Alliance, Inc.		32,116		677,005
Walmart, Inc.		64,005		10,459,057
				16,482,436
Containers & Packaging — 0.4%
Amcor PLC		65,513		582,411
Avery Dennison Corp.		2,121		369,202
Ball Corp.		7,877		379,277
Crown Holdings, Inc.		3,608		290,805
International Paper Co.		15,638		527,470
Packaging Corp. of America		4,049		619,699
Westrock Co.		11,459		411,722
				3,180,586
Distributors — 0.1%
Genuine Parts Co.		3,349		431,552
LKQ Corp.		8,352		366,820
Pool Corp.		691		218,197
				1,016,569
Diversified Consumer Services — 0.0%
Service Corp. International		4,065		221,217
Diversified REITs — 0.1%
WP Carey, Inc.		9,615		515,845
Diversified Telecommunication Services — 1.5%
AT&T Inc.		320,606		4,937,332
Verizon Communications, Inc.		188,535		6,623,235
				11,560,567
Electric Utilities — 2.9%
Alliant Energy Corp.		11,362		554,352
American Electric Power Co., Inc.		23,104		1,745,276

Security	Shares			Value
Electric Utilities (continued)
Avangrid, Inc.		3,061		$	91,432
Duke Energy Corp.		34,564			3,072,394
Edison International		17,181			1,083,434
Entergy Corp.		9,469			905,142
Evergy, Inc.		10,398			510,958
Eversource Energy		15,688			843,857
Exelon Corp.		44,550			1,734,777
FirstEnergy Corp.		23,154			824,282
NextEra Energy, Inc.		55,209			3,218,685
NRG Energy, Inc.		6,980			295,812
OGE Energy Corp.		9,033			308,929
PG&E Corp.(a)		93,785			1,528,695
Pinnacle West Capital Corp.		5,072			376,241
PPL Corp.		33,066			812,432
Southern Co. (The)		48,907			3,291,441
Xcel Energy, Inc.		24,734			1,465,984
					22,664,123
Electrical Equipment — 0.8%
Eaton Corp. PLC		17,894			3,720,342
Emerson Electric Co.		25,645			2,281,636
Regal Rexnord Corp.		2,969			351,559
					6,353,537
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		11,303			910,457
Corning, Inc.		34,470			922,417
Flex Ltd.(a)		13,180			338,990
Jabil, Inc.		2,474			303,807
Keysight Technologies, Inc.(a)		3,187			388,973
TD SYNNEX Corp.		2,146			196,745
TE Connectivity Ltd.		6,815			803,148
Teledyne Technologies, Inc.(a)		899			336,757
Trimble, Inc.(a)		6,064			285,796
Zebra Technologies Corp., Class A(a)		970			203,147
					4,690,237
Energy Equipment & Services — 0.4%
Baker Hughes Co., Class A		19,076			656,596
Halliburton Co.		14,441			568,109
Schlumberger NV		33,588			1,869,508
					3,094,213
Entertainment — 0.6%
Electronic Arts, Inc.		6,181			765,146
Liberty Media Corp. - Liberty Formula One, Class A(a)		298			17,150
Liberty Media Corp. - Liberty Formula One, Class C(a)		2,929			189,477
Walt Disney Co. (The)(a)		34,782			2,837,863
Warner Bros Discovery, Inc., Class A(a)		58,799			584,462
					4,394,098
Financial Services — 4.6%
Apollo Global Management, Inc.		19,637	��		1,520,689
Berkshire Hathaway, Inc., Class B(a)		81,785			27,915,674
Equitable Holdings, Inc.		14,651			389,277
Fidelity National Information Services, Inc.		26,570			1,304,853
Fiserv, Inc.(a)		14,386			1,636,407
FleetCor Technologies, Inc.(a)		1,447			325,821
Global Payments, Inc.		7,799			828,410
PayPal Holdings, Inc.(a)		33,617			1,741,361
WEX, Inc.(a)(b)		883			147,002
					35,809,494
Food Products — 1.6%
Archer-Daniels-Midland Co.		24,043			1,720,758
Bunge Ltd.		6,768			717,273

42 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Campbell Soup Co.		8,770	$	354,396
Conagra Brands, Inc.		21,595		590,839
Darling Ingredients, Inc.(a)		2,464		109,131
General Mills, Inc.		26,243		1,712,093
Hormel Foods Corp.		8,777		285,691
J M Smucker Co. (The)		4,581		521,501
Kellanova		11,810		596,051
Kraft Heinz Co. (The)		35,703		1,123,216
McCormick & Co., Inc., NVS		4,650		297,135
Mondelez International, Inc., Class A		61,010		4,039,472
Tyson Foods, Inc., Class A		12,770		591,889
				12,659,445
Gas Utilities — 0.1%
Atmos Energy Corp.		4,326		465,737
Ground Transportation — 1.4%
Avis Budget Group, Inc.(a)		887		144,404
CSX Corp.		64,324		1,920,071
Knight-Swift Transportation Holdings, Inc.		5,078		248,263
Norfolk Southern Corp.		10,181		1,942,433
Uber Technologies, Inc.(a)		28,546		1,235,471
U-Haul Holding Co.(a)		273		13,410
U-Haul Holding Co., NVS		4,434		209,329
Union Pacific Corp.		27,332		5,674,397
				11,387,778
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		77,825		7,358,354
Baxter International, Inc.		22,736		737,328
Becton Dickinson & Co.		13,010		3,288,668
Boston Scientific Corp.(a)		28,047		1,435,726
Cooper Cos., Inc. (The)		711		221,654
DENTSPLY SIRONA, Inc.		9,456		287,557
GE HealthCare Technologies, Inc.		10,836		721,353
Hologic, Inc.(a)		7,165		474,108
Medtronic PLC		59,698		4,212,291
Stryker Corp.		4,481		1,210,856
Teleflex, Inc.		1,094		202,116
Zimmer Biomet Holdings, Inc.		9,384		979,783
				21,129,794
Health Care Providers & Services — 4.5%
Cardinal Health, Inc.		11,387		1,036,217
Cencora, Inc.		7,476		1,384,181
Centene Corp.(a)		24,284		1,675,110
Chemed Corp.		253		142,350
Cigna Group (The)		13,273		4,104,012
CVS Health Corp.		57,600		3,974,976
DaVita, Inc.(a)		2,417		186,665
Elevance Health, Inc.		7,200		3,240,648
HCA Healthcare, Inc.		9,005		2,036,391
Henry Schein, Inc.(a)		5,924		384,942
Humana, Inc.		2,996		1,568,975
Laboratory Corp. of America Holdings		3,970		792,928
McKesson Corp.		6,050		2,754,928
Molina Healthcare, Inc.(a)		1,139		379,230
Quest Diagnostics, Inc.		5,030		654,403
UnitedHealth Group, Inc.		20,216		10,826,881
Universal Health Services, Inc., Class B		2,821		355,136
				35,497,973
Health Care REITs — 0.3%
Healthcare Realty Trust, Inc.		16,898		242,486
Healthpeak Properties, Inc.		13,729		213,486

Security	Shares		Value
Health Care REITs (continued)
Ventas, Inc.		18,115	$	769,163
Welltower, Inc.		9,799		819,295
				2,044,430
Hotels, Restaurants & Leisure — 0.9%
Aramark		6,657		179,273
Carnival Corp.(a)(b)		45,325		519,425
Darden Restaurants, Inc.		2,642		384,490
Domino’s Pizza, Inc.		662		224,411
Expedia Group, Inc.(a)		6,185		589,369
McDonald’s Corp.		19,147		5,019,769
Royal Caribbean Cruises Ltd.(a)		3,790		321,127
				7,237,864
Household Durables — 0.7%
DR Horton, Inc.		13,654		1,425,477
Garmin Ltd.		6,822		699,460
Lennar Corp., Class A		11,324		1,208,044
Lennar Corp., Class B		636		62,716
NVR, Inc.(a)		147		795,655
PulteGroup, Inc.		9,852		725,009
Whirlpool Corp.		2,455		256,695
				5,173,056
Household Products — 2.7%
Church & Dwight Co., Inc.		3,939		358,213
Clorox Co. (The)		1,851		217,863
Colgate-Palmolive Co.		37,078		2,785,299
Kimberly-Clark Corp.		15,166		1,814,460
Procter & Gamble Co. (The)		105,717		15,860,722
				21,036,557
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		30,331		451,932
Vistra Corp.		10,363		339,077
				791,009
Industrial Conglomerates — 1.3%
3M Co.		24,754		2,251,376
General Electric Co.		22,779		2,474,483
Honeywell International, Inc.		29,777		5,456,933
				10,182,792
Industrial REITs — 0.3%
Americold Realty Trust, Inc.		5,891		154,462
Prologis, Inc.		19,092		1,923,519
				2,077,981
Insurance — 3.6%
Aflac, Inc.		24,243		1,893,621
Allstate Corp. (The)		11,731		1,503,093
American Financial Group, Inc.		2,001		218,829
American International Group, Inc.		31,925		1,957,322
Aon PLC, Class A		4,189		1,296,077
Arch Capital Group Ltd.(a)		7,814		677,317
Arthur J. Gallagher & Co.		3,882		914,172
Chubb Ltd.		18,420		3,953,300
Cincinnati Financial Corp.		3,937		392,401
Everest Group Ltd.		1,948		770,668
Fidelity National Financial, Inc., Class A		11,555		451,685
Globe Life, Inc.		3,902		454,037
Hartford Financial Services Group, Inc. (The)		13,721		1,007,807
Loews Corp.		8,297		531,091
Markel Group, Inc.(a)		327		480,860
Marsh & McLennan Cos., Inc.		9,511		1,803,761
MetLife, Inc.		28,290		1,697,683

S C H E D U L E S    O F    I N V E S  T M E N T S 43

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Old Republic International Corp.		11,878	$	325,220
Principal Financial Group, Inc.		9,984		675,717
Progressive Corp. (The)		10,635		1,681,287
Prudential Financial, Inc.		16,278		1,488,460
Reinsurance Group of America, Inc.		2,995		447,663
RenaissanceRe Holdings Ltd.		1,151		252,748
Travelers Cos., Inc. (The)		10,254		1,716,930
Unum Group		8,196		400,784
W. R. Berkley Corp.		4,950		333,729
Willis Towers Watson PLC		2,292		540,660
				27,866,922
Interactive Media & Services — 5.2%
Alphabet, Inc., Class A(a)		104,002		12,904,568
Alphabet, Inc., Class C, NVS(a)		88,468		11,085,041
Meta Platforms, Inc., Class A(a)		56,668		17,072,368
				41,061,977
IT Services — 1.5%
Accenture PLC, Class A		13,049		3,876,727
Akamai Technologies, Inc.(a)		4,571		472,322
Cognizant Technology Solutions Corp., Class A		22,649		1,460,181
International Business Machines Corp.		40,855		5,909,267
				11,718,497
Leisure Products — 0.0%
Hasbro, Inc.		5,842		263,766
Life Sciences Tools & Services — 0.9%
Avantor, Inc.(a)(b)		21,031		366,570
Illumina, Inc.(a)		3,544		387,785
IQVIA Holdings, Inc.(a)		3,605		651,892
Revvity, Inc.		5,611		464,871
Thermo Fisher Scientific, Inc.		10,880		4,839,098
Waters Corp.(a)		893		213,007
				6,923,223
Machinery — 1.9%
AGCO Corp.		2,785		319,328
Caterpillar, Inc.		14,276		3,227,090
Cummins, Inc.		3,625		784,088
Deere & Co.		5,782		2,112,512
Dover Corp.		2,514		326,694
Fortive Corp.		7,273		474,781
Illinois Tool Works, Inc.		12,341		2,765,865
Middleby Corp. (The)(a)		1,189		134,202
Otis Worldwide Corp.		8,718		673,117
PACCAR, Inc.		23,387		1,930,129
Parker-Hannifin Corp.		1,838		678,057
Pentair PLC		4,209		244,627
Snap-on, Inc.		2,374		612,350
Stanley Black & Decker, Inc.		6,885		585,569
Westinghouse Air Brake Technologies Corp.		3,721		394,500
				15,262,909
Media — 1.5%
Charter Communications, Inc., Class A(a)		3,293		1,326,421
Comcast Corp., Class A		184,573		7,621,019
Fox Corp., Class A, NVS		11,383		345,929
Fox Corp., Class B		5,853		163,357
Interpublic Group of Cos., Inc. (The)		17,365		493,166
Liberty Media Corp. - Liberty SiriusXM, NVS(a)		6,627		162,693
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		3,280		80,327
News Corp., Class A, NVS		17,238		356,482
News Corp., Class B		5,296		113,546
Omnicom Group, Inc.		8,807		659,732

Security	Shares		Value		��
Media (continued)
Paramount Global, Class A(b)		361	$	5,018
Paramount Global, Class B, NVS		21,637		235,411
Sirius XM Holdings, Inc.(b)		28,879		123,602
				11,686,703
Metals & Mining — 1.0%
Cleveland-Cliffs, Inc.(a)		23,039		386,594
Freeport-McMoRan, Inc.		64,348		2,173,676
Newmont Corp.		51,566		1,932,178
Nucor Corp.		11,154		1,648,450
Reliance Steel & Aluminum Co.		2,622		666,984
Southern Copper Corp.		3,849		272,894
Steel Dynamics, Inc.		6,981		743,546
				7,824,322
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		22,390		349,508
Multi-Utilities — 1.3%
Ameren Corp.		5,980		452,746
CenterPoint Energy, Inc.		17,097		459,567
CMS Energy Corp.		8,135		442,056
Consolidated Edison, Inc.		15,468		1,357,936
Dominion Energy, Inc.		37,609		1,516,395
DTE Energy Co.		9,217		888,334
NiSource, Inc.		18,454		464,303
Public Service Enterprise Group, Inc.		22,383		1,379,912
Sempra		28,163		1,972,255
WEC Energy Group, Inc.		14,159		1,152,401
				10,085,905
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		3,822		355,943
Boston Properties, Inc.		6,429		344,401
				700,344
Oil, Gas & Consumable Fuels — 7.4%
APA Corp.		13,887		551,592
Cheniere Energy, Inc.		4,801		798,982
Chesapeake Energy Corp.		5,048		434,532
Chevron Corp.		79,569		11,595,590
ConocoPhillips		28,707		3,410,392
Coterra Energy, Inc.		15,177		417,367
Devon Energy Corp.		15,084		702,462
Diamondback Energy, Inc.		4,559		730,899
EOG Resources, Inc.		26,112		3,296,640
EQT Corp.		6,465		273,987
Exxon Mobil Corp.		178,496		18,893,801
Hess Corp.		7,028		1,014,843
HF Sinclair Corp.		6,526		361,410
Kinder Morgan, Inc.		86,935		1,408,347
Marathon Oil Corp.		18,232		497,916
Marathon Petroleum Corp.		11,879		1,796,699
Occidental Petroleum Corp.		11,770		727,504
ONEOK, Inc.		26,122		1,703,154
Ovintiv, Inc.		7,018		336,864
Phillips 66		19,969		2,277,864
Pioneer Natural Resources Co.		10,459		2,499,701
Targa Resources Corp.		5,982		500,155
Valero Energy Corp.		15,837		2,011,299
Williams Cos., Inc. (The)		54,460		1,873,424
				58,115,424
Passenger Airlines — 0.2%
American Airlines Group, Inc.(a)		14,383		160,370
Delta Air Lines, Inc.		15,356		479,875

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Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Passenger Airlines (continued)
Southwest Airlines Co.		15,394	$	342,209
United Airlines Holdings, Inc.(a)(b)		8,461		296,220
				1,278,674
Personal Care Products — 0.1%
Coty, Inc., Class A(a)		10,111		94,740
Estee Lauder Cos., Inc. (The), Class A		4,320		556,718
				651,458
Pharmaceuticals — 4.9%
Bristol-Myers Squibb Co.		93,688		4,827,743
Catalent, Inc.(a)		5,637		193,856
Jazz Pharmaceuticals PLC(a)		2,837		360,356
Johnson & Johnson		107,991		16,019,385
Merck & Co., Inc.		77,575		7,966,952
Pfizer, Inc.		253,200		7,737,792
Royalty Pharma PLC, Class A		17,324		465,496
Viatris, Inc.		54,025		480,823
				38,052,403
Professional Services — 0.3%
Booz Allen Hamilton Holding Corp., Class A		3,261		391,092
Genpact Ltd.		4,484		150,393
Jacobs Solutions, Inc.		3,169		422,427
KBR, Inc.		2,305		134,036
Leidos Holdings, Inc.		6,192		613,751
Robert Half, Inc.		2,562		191,561
SS&C Technologies Holdings, Inc.		9,756		490,239
TransUnion		3,576		156,915
				2,550,414
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		9,266		642,504
Residential REITs — 0.3%
American Homes 4 Rent, Class A		5,827		190,776
AvalonBay Communities, Inc.		2,789		462,249
Equity LifeStyle Properties, Inc.		3,220		211,876
Equity Residential		7,413		410,161
Essex Property Trust, Inc.		1,642		351,257
Mid-America Apartment Communities, Inc.		2,382		281,433
UDR, Inc.		4,654		148,044
				2,055,796
Retail REITs — 0.5%
Federal Realty Investment Trust		1,413		128,851
Kimco Realty Corp.		27,620		495,503
NNN REIT, Inc.		8,255		299,904
Realty Income Corp.		16,352		774,758
Regency Centers Corp.		4,685		282,318
Simon Property Group, Inc.		14,673		1,612,416
				3,593,750
Semiconductors & Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc.(a)		28,363		2,793,756
Analog Devices, Inc.		11,365		1,788,055
Applied Materials, Inc.		37,659		4,984,169
Broadcom, Inc.		9,275		7,803,707
Intel Corp.		187,816		6,855,284
KLA Corp.		6,132		2,880,200
Lam Research Corp.		5,978		3,516,379
Microchip Technology, Inc.		12,672		903,387
Micron Technology, Inc.		49,120		3,284,654
NXP Semiconductors NV		6,574		1,133,555
ON Semiconductor Corp.(a)		10,021		627,715
Qorvo, Inc.(a)		4,363		381,413

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
QUALCOMM, Inc.		50,048	$	5,454,732
Skyworks Solutions, Inc.		4,597		398,744
Teradyne, Inc.		3,592		299,106
Texas Instruments, Inc.		22,785		3,235,698
				46,340,554
Software — 0.9%
Gen Digital, Inc.		25,071		417,683
Oracle Corp.		41,652		4,306,817
Roper Technologies, Inc.		2,683		1,310,833
VMware, Inc., Class A(a)		5,723		833,555
				6,868,888
Specialized REITs — 1.0%
American Tower Corp.		5,909		1,052,925
Crown Castle, Inc.		12,042		1,119,665
CubeSmart		3,980		135,678
Digital Realty Trust, Inc.		7,592		944,141
Extra Space Storage, Inc.		4,192		434,249
Gaming & Leisure Properties, Inc.		8,180		371,290
Iron Mountain, Inc.		5,434		320,987
Lamar Advertising Co., Class A		2,723		224,021
Public Storage		4,126		984,918
VICI Properties, Inc.		45,449		1,268,027
Weyerhaeuser Co.		32,839		942,151
				7,798,052
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		2,646		137,671
AutoZone, Inc.(a)		378		936,355
Bath & Body Works, Inc.		10,260		304,209
Best Buy Co., Inc.		8,703		581,535
CarMax, Inc.(a)		3,230		197,321
Dick’s Sporting Goods, Inc.		2,811		300,636
Home Depot, Inc. (The)		28,260		8,045,339
Lowe’s Cos., Inc.		16,877		3,216,250
O’Reilly Automotive, Inc.(a)		911		847,631
Penske Automotive Group, Inc.(b)		876		125,338
TJX Cos., Inc. (The)		19,858		1,748,894
Williams-Sonoma, Inc.		2,865		430,438
				16,871,617
Technology Hardware, Storage & Peripherals — 0.5%
Dell Technologies, Inc., Class C		11,380		761,436
Hewlett Packard Enterprise Co.		57,989		891,871
HP, Inc.		39,035		1,027,791
NetApp, Inc.		5,079		369,650
Seagate Technology Holdings PLC		8,705		594,116
Western Digital Corp.(a)		14,393		577,879
				4,222,743
Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc., Class B		16,662		1,712,354
Tapestry, Inc.		10,409		286,872
VF Corp.		14,956		220,302
				2,219,528
Tobacco — 1.2%
Altria Group, Inc.		79,585		3,196,929
Philip Morris International, Inc.		69,617		6,207,052
				9,403,981
Trading Companies & Distributors — 0.2%
Ferguson PLC		9,152		1,374,631
United Rentals, Inc.		1,393		565,934
				1,940,565

S C H E D U L E S    O F    I N V E S  T M E N T S 45

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities — 0.1%
American Water Works Co., Inc.		4,146	$	487,777
Essential Utilities, Inc.		5,143		172,085
				659,862
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)		10,193		1,466,365
Total Long-Term Investments — 99.8% (Cost: $751,835,600)				780,144,398
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		2,622,165		2,623,214
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(c)(d)		768,774		768,774
Total Short-Term Securities — 0.4% (Cost: $3,390,956)				3,391,988
Total Investments — 100.2% (Cost: $755,226,556)				783,536,386
Liabilities in Excess of Other Assets — (0.2)%				(1,466,713	)
Net Assets — 100.0%			$	782,069,673

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,355,543	$	267,483	(a)	$	—		$	636		$	(448	)	$	2,623,214		2,622,165	$	16,610	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,347,896		—			(1,579,122	)(a)		—			—			768,774		768,774		45,227			—
BlackRock, Inc.		4,309,775		378,951			(468,496	)		(49,273	)		(317,879	)		3,853,078		6,293		64,395			—
									$	(48,637	)	$	(318,327	)	$	7,245,066			$	126,232		$	—

^(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.

46 2 0 2 3    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2023   iShares^® Morningstar Value ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Index		6		12/15/23	$	412	$	3,387
E-Mini Financials Select Sector Index		7		12/15/23		701		(14,588	)
S&P 500 E-Mini Index		3		12/15/23		632		(4,275	)
							$	(15,476	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	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)	$	—	$	—	$	3,387	$	—	$	—	$	—	$	3,387
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	18,863	$	—	$	—	$	—	$	18,863

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(48,487	)	$	—	$	—	$	—	$	(48,487	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(47,862	)	$	—	$	—	$	—	$	(47,862	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,017,125

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E S    O F    I N V E S  T M E N T S 47

Schedule of Investments (unaudited) (continued) October 31, 2023   iShares^® Morningstar Value ETF

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	780,144,398		$	—	$	—	$	780,144,398
Short-Term Securities
Money Market Funds		3,391,988			—		—		3,391,988
	$	783,536,386		$	—	$	—	$	783,536,386
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	3,387		$	—	$	—	$	3,387
Liabilities
Equity Contracts		(18,863	)		—		—		(18,863	)
	$	(15,476	)	$	—	$	—	$	(15,476	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited)

October 31, 2023

	iShares Morningstar Mid-Cap Value ETF			iShares Morningstar Small-Cap ETF			iShares Morningstar U.S. Equity ETF		iShares Morningstar Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	505,163,780		$	181,809,902		$	722,921,915	$	776,291,320
Investments, at value — affiliated(c)		11,172,999			22,209,534			7,775,678		7,245,066
Cash		7,379			—			12,876		25,361
Cash pledged:
Futures contracts		56,000			49,000			57,000		92,000
Receivables:
Investments sold		128,752			682,532			198,705		415,735
Securities lending income — affiliated		7,535			16,459			2,909		2,390
Dividends — unaffiliated		508,977			63,894			521,947		1,040,148
Dividends — affiliated		6,985			1,679			8,325		7,549
Variation margin on futures contracts		8,783			5,180			6,625		13,087
Total assets		517,061,190			204,838,180			731,505,980		785,132,656
LIABILITIES
Bank overdraft		—			12,076			—		—
Collateral on securities loaned		10,570,869			21,687,905			5,467,179		2,622,673
Payables:
Investments purchased		128,752			677,894			203,930		413,288
Investment advisory fees		25,431			6,379			18,804		27,022
Total liabilities		10,725,052			22,384,254			5,689,913		3,062,983
Commitments and contingent liabilities
NET ASSETS	$	506,336,138		$	182,453,926		$	725,816,067	$	782,069,673
NET ASSETS CONSIST OF:
Paid-in capital	$	551,196,192		$	252,052,263		$	708,376,512	$	785,943,315
Accumulated earnings (loss)		(44,860,054	)		(69,598,337	)		17,439,555		(3,873,642	)
NET ASSETS	$	506,336,138		$	182,453,926		$	725,816,067	$	782,069,673
NET ASSET VALUE
Shares outstanding		8,700,000			4,150,000			12,600,000		12,450,000
Net asset value	$	58.20		$	43.96		$	57.60	$	62.82
Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited
Par value		None			None			None		None
(a) Investments, at cost — unaffiliated	$	511,785,103		$	215,595,667		$	640,100,157	$	747,277,056
(b) Securities loaned, at value	$	10,407,546		$	21,340,983		$	5,379,900	$	2,597,071
(c)  Investments, at cost — affiliated	$	11,168,313		$	22,197,385		$	7,374,924	$	7,949,500

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 49

Statements of Operations (unaudited) 

Six Months Ended October 31, 2023

	iShares Morningstar Mid-Cap Value ETF			iShares Morningstar Small-Cap ETF			iShares Morningstar U.S. Equity ETF			iShares Morningstar Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	6,788,979		$	1,634,622		$	5,912,328		$	9,656,141
Dividends — affiliated		31,514			11,755			71,271			109,622
Interest — unaffiliated		1,270			1,271			1,101			1,896
Securities lending income — affiliated — net		53,431			196,463			19,682			16,610
Foreign taxes withheld		(2,835	)		(846	)		(1,564	)		(2,653	)
Total investment income		6,872,359			1,843,265			6,002,818			9,781,616
EXPENSES
Investment advisory		155,091			41,174			115,793			160,668
Interest expense		10			292			1			3
Total expenses		155,101			41,466			115,794			160,671
Net investment income		6,717,258			1,801,799			5,887,024			9,620,945
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,994,775	)		(4,176,012	)		(3,364,574	)		7,274,141
Investments — affiliated		2,104			327			6,585			(55,006	)
Futures contracts		(207,316	)		(16,118	)		137,375			(48,487	)
In-kind redemptions — unaffiliated(a)		1,636,169			1,191,637			5,664,492			6,626,734
In-kind redemptions — affiliated(a)		—			—			34,144			6,369
		(3,563,818	)		(3,000,166	)		2,478,022			13,803,751
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(30,443,114	)		(7,674,964	)		5,018,474			(40,933,845	)
Investments — affiliated		(858	)		1,686			(195,952	)		(318,327	)
Futures contracts		(120	)		(31,563	)		(153,905	)		(47,862	)
		(30,444,092	)		(7,704,841	)		4,668,617			(41,300,034	)
Net realized and unrealized gain (loss)		(34,007,910	)		(10,705,007	)		7,146,639			(27,496,283	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(27,290,652	)	$	(8,903,208	)	$	13,033,663		$	(17,875,338	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Morningstar Mid-Cap Value ETF						iShares Morningstar Small-Cap ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,717,258		$	11,990,407		$	1,801,799		$	3,398,402
Net realized gain (loss)		(3,563,818	)		6,599,179			(3,000,166	)		(12,328,087	)
Net change in unrealized appreciation (depreciation)		(30,444,092	)		(33,166,530	)		(7,704,841	)		3,219,922
Net decrease in net assets resulting from operations		(27,290,652	)		(14,576,944	)		(8,903,208	)		(5,709,763	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(5,882,213	)		(11,819,760	)		(1,667,146	)(b)		(3,393,435	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		23,294,144			45,120,668			(7,235,025	)		9,391,283
NET ASSETS
Total increase (decrease) in net assets		(9,878,721	)		18,723,964			(17,805,379	)		288,085
Beginning of period		516,214,859			497,490,895			200,259,305			199,971,220
End of period	$	506,336,138		$	516,214,859		$	182,453,926		$	200,259,305

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  A portion to the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 51

Statements of Changes in Net Assets (continued)

	iShares Morningstar U.S. Equity ETF						iShares Morningstar Value ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,887,024		$	12,196,647		$	9,620,945		$	18,588,586
Net realized gain (loss)		2,478,022			(9,759,247	)		13,803,751			10,547,440
Net change in unrealized appreciation (depreciation)		4,668,617			8,004,673			(41,300,034	)		(10,470,270	)
Net increase (decrease) in net assets resulting from operations		13,033,663			10,442,073			(17,875,338	)		18,665,756
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(5,674,189	)		(12,049,075	)		(9,321,405	)		(18,183,374	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(29,688,794	)		(40,561,179	)		26,892,235			(6,551,556	)
NET ASSETS
Total decrease in net assets		(22,329,320	)		(42,168,181	)		(304,508	)		(6,069,174	)
Beginning of period		748,145,387			790,313,568			782,374,181			788,443,355
End of period	$	725,816,067		$	748,145,387		$	782,069,673		$	782,374,181

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap Value ETF
		Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)
Net asset value, beginning of period	$	62.19		$	65.46		$	64.01		$	40.13		$	53.28		$	52.55
Net investment income(b)		0.81			1.53			1.24			1.14			1.50			1.23
Net realized and unrealized gain (loss)(c)		(4.08	)		(3.29	)		1.50			23.92			(13.08	)		0.73
Net increase (decrease) from investment operations		(3.27	)		(1.76	)		2.74			25.06			(11.58	)		1.96
Distributions from net investment income(d)		(0.72	)		(1.51	)		(1.29	)		(1.18	)		(1.57	)		(1.23	)
Net asset value, end of period	$	58.20		$	62.19		$	65.46		$	64.01		$	40.13		$	53.28
Total Return(e)
Based on net asset value		(5.32	)%(f)		(2.60	)%		4.28	%		63.45	%		(22.07	)%		3.83	%
Ratios to Average Net Assets(g)
Total expenses		0.06	%(h)		0.06	%		0.06	%		0.27	%		0.30	%		0.30	%
Net investment income		2.60	%(h)		2.44	%		1.88	%		2.32	%		2.95	%		2.36	%
Supplemental Data
Net assets, end of period (000)	$	506,336		$	516,215		$	497,491		$	457,694		$	331,048		$	463,524
Portfolio turnover rate(i)		23	%		37	%		42	%		95	%		51	%		35	%

^(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)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 53

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap ETF
		Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)
Net asset value, beginning of period	$	46.57		$	48.77		$	58.27		$	35.60		$	43.90		$	42.58
Net investment income(b)		0.42			0.79			0.72			0.56			0.57			0.58
Net realized and unrealized gain (loss)(c)		(2.64	)		(2.20	)		(9.50	)		22.71			(8.23	)		1.34
Net increase (decrease) from investment operations		(2.22	)		(1.41	)		(8.78	)		23.27			(7.66	)		1.92
Distributions from net investment income(d)		(0.39	)(e)		(0.79	)		(0.72	)		(0.60	)		(0.64	)		(0.60	)
Net asset value, end of period	$	43.96		$	46.57		$	48.77		$	58.27		$	35.60		$	43.90
Total Return(f)
Based on net asset value		(4.81	)%(g)		(2.85	)%		(15.22	)%		65.95	%		(17.58	)%		4.56	%
Ratios to Average Net Assets(h)
Total expenses		0.04	%(i)		0.04	%		0.04	%		0.22	%		0.25	%		0.25	%
Net investment income		1.75	%(i)		1.67	%		1.28	%		1.24	%		1.34	%		1.33	%
Supplemental Data
Net assets, end of period (000)	$	182,454		$	200,259		$	199,971		$	241,801		$	185,115		$	237,032
Portfolio turnover rate(j)		16	%		28	%		41	%		175	%		62	%		67	%

^(a)  Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(f)  Where applicable, assumes the reinvestment of distributions.

^(g)  Not annualized.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar U.S. Equity ETF
		Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)
Net asset value, beginning of period	$	57.11		$	57.06		$	59.02		$	40.80		$	41.90		$	38.08
Net investment income(b)		0.46			0.90			0.79			0.66			0.81			0.81
Net realized and unrealized gain (loss)(c)		0.48			0.04			(1.95	)		18.21			(0.88	)		3.82
Net increase (decrease) from investment operations		0.94			0.94			(1.16	)		18.87			(0.07	)		4.63
Distributions from net investment income(d)		(0.45	)		(0.89	)		(0.80	)		(0.65	)		(1.03	)		(0.81	)
Net asset value, end of period	$	57.60		$	57.11		$	57.06		$	59.02		$	40.80		$	41.90
Total Return(e)
Based on net asset value		1.63	%(f)		1.77	%		(2.08	)%		46.58	%		(0.13	)%		12.33	%
Ratios to Average Net Assets(g)
Total expenses		0.03	%(h)		0.03	%		0.03	%		0.18	%		0.20	%		0.20	%
Net investment income		1.53	%(h)		1.65	%		1.27	%		1.32	%		1.90	%		2.05	%
Supplemental Data
Net assets, end of period (000)	$	725,816		$	748,145		$	790,314		$	891,187		$	718,065		$	863,172
Portfolio turnover rate(i)		2	%		4	%		6	%		131	%		49	%		38	%

^(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)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 55

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Value ETF
		Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)
Net asset value, beginning of period	$	64.93		$	64.89		$	63.68		$	48.12		$	54.18		$	50.55
Net investment income(b)		0.79			1.54			1.38			1.55			1.65			1.49
Net realized and unrealized gain (loss)(c)		(2.15	)		0.00	(d)		1.20			15.58			(6.04	)		3.58
Net increase (decrease) from investment operations		(1.36	)		1.54			2.58			17.13			(4.39	)		5.07
Distributions from net investment income(e)		(0.75	)		(1.50	)		(1.37	)		(1.57	)		(1.67	)		(1.44	)
Net asset value, end of period	$	62.82		$	64.93		$	64.89		$	63.68		$	48.12		$	54.18
Total Return(f)
Based on net asset value		(2.12	)%(g)		2.53	%		4.02	%		36.36	%		(8.23	)%		10.22	%
Ratios to Average Net Assets(h)
Total expenses		0.04	%(i)		0.04	%		0.04	%		0.22	%		0.25	%		0.25	%
Net investment income		2.40	%(i)		2.43	%		2.08	%		2.88	%		3.06	%		2.86	%
Supplemental Data
Net assets, end of period (000)	$	782,070		$	782,374		$	788,443		$	687,758		$	447,483		$	492,996
Portfolio turnover rate(j)		12	%		27	%		21	%		112	%		36	%		24	%

^(a)  Per share amounts reflect a two-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)  Amount is less than $0.005 per share.

^(e)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(f)  Where applicable, assumes the reinvestment of distributions.

^(g)  Not annualized.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited) 

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”):

iShares ETF	Diversification Classification
Morningstar Mid-Cap Value		Diversified
Morningstar Small-Cap		Diversified
Morningstar U.S. Equity		Diversified
Morningstar Value		Diversified

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. 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.

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s 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

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Notes to Financial Statements (unaudited) (continued)

accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy 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

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Notes to Financial Statements (unaudited) (continued)

connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount(b)
Morningstar Mid-Cap Value
Barclays Bank PLC	$	221,700	$	(221,700	)	$	—	$	—
BNP Paribas SA		125		(125	)		—		—
BofA Securities, Inc.		1,198,379		(1,198,356	)		—		23
Citadel Clearing LLC		233,072		(233,072	)		—		—
Goldman Sachs & Co. LLC		1,118,131		(1,118,131	)		—		—
J.P. Morgan Securities LLC		3,090,930		(3,090,930	)		—		—
Morgan Stanley		2,845,084		(2,819,458	)		—		25,626
RBC Capital Market LLC		990,242		(990,242	)		—		—
Scotia Capital (USA), Inc.		253,875		(253,875	)		—		—
Toronto-Dominion Bank		450,393		(450,393	)		—		—
Wells Fargo Securities LLC		5,615		(5,615	)		—		—
	$	10,407,546	$	(10,381,897	)	$	—	$	25,649
Morningstar Small-Cap
Barclays Bank PLC	$	659,637	$	(659,637	)	$	—	$	—
Barclays Capital, Inc.		80,063		(80,063	)		—		—
BMO Capital Markets Corp.		494		(400	)		—		94
BNP Paribas SA		2,559,996		(2,559,996	)		—		—
BofA Securities, Inc.		2,350,077		(2,350,077	)		—		—
Citadel Clearing LLC		345,428		(345,428	)		—		—
Citigroup Global Markets, Inc.		502,389		(499,353	)		—		3,036
Credit Suisse Securities (USA) LLC		63,291		(63,291	)		—		—
Goldman Sachs & Co. LLC		2,943,701		(2,943,701	)		—		—
HSBC Bank PLC		265,631		(265,631	)		—		—
J.P. Morgan Securities LLC		2,797,806		(2,797,806	)		—		—
Jefferies LLC		948,796		(948,796	)		—		—
Mizuho Securities USA LLC		22,802		(22,802	)		—		—
Morgan Stanley		4,402,546		(4,402,546	)		—		—
National Financial Services LLC		770,938		(770,938	)		—		—
Natixis SA		311,962		(311,962	)		—		—
Nomura Securities International, Inc.		8,060		(8,000	)		—		60
RBC Capital Market LLC		38,271		(38,234	)		—		37
Scotia Capital (USA), Inc.		270,023		(270,023	)		—		—
SG Americas Securities LLC		135,495		(135,495	)		—		—
State Street Bank & Trust Co.		382,879		(382,879	)		—		—
Toronto-Dominion Bank		792,607		(792,607	)		—		—
UBS AG		279,827		(279,640	)		—		187
UBS Securities LLC		151,660		(151,660	)		—		—
Wells Fargo Bank N.A.		163,901		(163,901	)		—		—
Wells Fargo Securities LLC		92,703		(92,703	)		—		—
	$	21,340,983	$	(21,337,569	)	$	—	$	3,414
Morningstar U.S. Equity
Barclays Bank PLC	$	270,187	$	(270,187	)	$	—	$	—
BNP Paribas SA		641,741		(637,202	)		—		4,539
BofA Securities, Inc.		865,656		(865,656	)		—		—
Citadel Clearing LLC		20,035		(19,992	)		—		43
Goldman Sachs & Co. LLC		433,610		(433,610	)		—		—
HSBC Bank PLC		614,352		(614,352	)		—		—
J.P. Morgan Securities LLC		333,987		(333,987	)		—		—
Morgan Stanley		390,858		(384,524	)		—		6,334
RBC Capital Market LLC		263,483		(263,483	)		—		—
Scotia Capital (USA), Inc.		952,589		(952,589	)		—		—
Toronto-Dominion Bank		544,054		(544,054	)		—		—
UBS AG		17,291		(17,291	)		—		—
Wells Fargo Securities LLC		32,057		(32,057	)		—		—
	$	5,379,900	$	(5,368,984	)	$	—	$	10,916

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount(b)
Morningstar Value
Barclays Bank PLC	$	437,307	$	(437,307	)	$	—	$	—
Barclays Capital, Inc.		4		(4	)		—		—
BNP Paribas SA		14		(14	)		—		—
BofA Securities, Inc.		78,071		(76,192	)		—		1,879
Goldman Sachs & Co. LLC		7,735		(7,735	)		—		—
J.P. Morgan Securities LLC		971,387		(971,387	)		—		—
Morgan Stanley		621,742		(612,065	)		—		9,677
SG Americas Securities LLC		479,090		(479,090	)		—		—
Wells Fargo Securities LLC		1,721		(1,721	)		—		—
	$	2,597,071	$	(2,585,515	)	$	—	$	11,556

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of October 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Morningstar Mid-Cap Value	0.06%
Morningstar Small-Cap	0.04
Morningstar U.S. Equity	0.03
Morningstar Value	0.04

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.

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Notes to Financial Statements (unaudited) (continued)

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Morningstar Mid-Cap Value	$	15,166
Morningstar Small-Cap		50,975
Morningstar U.S. Equity		6,581
Morningstar Value		4,616

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Morningstar Mid-Cap Value	$	49,463,185	$	60,453,749	$	3,408,931
Morningstar Small-Cap		17,328,259		8,797,361		(526,310	)
Morningstar U.S. Equity		4,755,999		4,081,709		(2,377,532	)
Morningstar Value		52,101,217		50,622,881		4,019,510

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Morningstar Mid-Cap Value	$	120,742,015	$	119,545,154
Morningstar Small-Cap		31,786,293		32,061,741
Morningstar U.S. Equity		20,286,386		18,980,182
Morningstar Value		94,239,277		94,037,407

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Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Morningstar Mid-Cap Value	$	32,105,086	$	9,202,163
Morningstar Small-Cap		—		6,999,831
Morningstar U.S. Equity		—		29,583,165
Morningstar Value		55,681,982		29,098,506

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
Morningstar Mid-Cap Value	$	33,455,274
Morningstar Small-Cap		31,567,199
Morningstar U.S. Equity		68,380,131
Morningstar Value		45,692,589

As of October 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Morningstar Mid-Cap Value	$	525,123,507	$	45,620,206	$	(54,399,920	)	$	(8,779,714	)
Morningstar Small-Cap		239,207,528		23,618,380		(58,839,243	)		(35,220,863	)
Morningstar U.S. Equity		648,138,243		160,574,996		(78,056,428	)		82,518,568
Morningstar Value		757,254,206		95,455,776		(69,189,072	)		26,266,704

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant

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Notes to Financial Statements (unaudited) (continued)

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:

	Six Months Ended 10/31/23						Year Ended 04/30/23
iShares ETF	Shares			Amount			Shares			Amount
Morningstar Mid-Cap Value
Shares sold		550,000		$	32,494,427			1,750,000		$	108,029,844
Shares redeemed		(150,000	)		(9,200,283	)		(1,050,000	)		(62,909,176	)
		400,000		$	23,294,144			700,000		$	45,120,668

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 10/31/23						Year Ended 04/30/23
iShares ETF	Shares			Amount			Shares			Amount
Morningstar Small-Cap
Shares sold		—		$	—			400,000		$	18,341,725
Shares redeemed		(150,000	)		(7,235,025	)		(200,000	)		(8,950,442	)
		(150,000	)	$	(7,235,025	)		200,000		$	9,391,283
Morningstar U.S. Equity
Shares sold		—		$	—			200,000		$	10,798,586
Shares redeemed		(500,000	)		(29,688,794	)		(950,000	)		(51,359,765	)
		(500,000	)	$	(29,688,794	)		(750,000	)	$	(40,561,179	)
Morningstar Value
Shares sold		850,000		$	56,101,232			750,000		$	47,324,307
Shares redeemed		(450,000	)		(29,208,997	)		(850,000	)		(53,875,863	)
		400,000		$	26,892,235			(100,000	)	$	(6,551,556	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF, iShares Morningstar Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by

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Board Review and Approval of Investment Advisory Contract (continued)

numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Morningstar Mid-Cap Value	$	0.717343	$	—	$	—	$	0.717343		100	%		—	%		—	%		100	%
Morningstar Small-Cap(a)		0.375113		—		0.018080		0.393193		95			—			5			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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.

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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 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.

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Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

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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.

©2022 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.

iS-SAR-410-1023

OCTOBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core U.S. REIT ETF | USRT | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President,BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		1.39%		10.14%
U.S. small cap equities (Russell 2000® Index)		(5.29)		(8.56)
International equities (MSCI Europe, Australasia, Far East Index)		(7.88)		14.40
Emerging market equities (MSCI Emerging Markets Index)		(4.78)		10.80
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63		4.77
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70)		(3.25)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.13)		0.36
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.65)		2.64
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02		6.23
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		5
Disclosure of Expenses		5
Schedule of Investments		6
Financial Statements:
Statement of Assets and Liabilities		9
Statement of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to Financial Statements		13
Board Review and Approval of Investment Advisory Contract		19
Supplemental Information		21
General Information		22
Glossary of Terms Used in this Report		23

3

Fund Summary  as of October 31, 2023 iShares^® Core U.S. REIT ETF

Investment Objective

The iShares Core U.S. REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate equities, as represented by the FTSE Nareit Equity REITs 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.66	)%		(6.19	)%		2.40	%		4.89	%		(6.19	)%		12.61	%		61.25	%
Fund Market		(9.67	)		(6.21	)		2.39			4.88			(6.21	)		12.52			61.02
Index		(9.61	)		(6.10	)		2.47			5.05			(6.10	)		12.97			63.67

Index performance through November 2, 2016 reflects the performance of the FTSE NAREIT Real Estate 50 Index. Index performance beginning on November 3, 2016 reflects the performance of the FTSE Nareit Equity REITS Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning   Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	903.40	$	0.38		$	1,000.00	$	1,024.73	$	0.41		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Specialized REITs	27.7	%
Residential REITs	17.7
Retail REITs	16.5
Industrial REITs	15.5
Health Care REITs	10.9
Office REITs	5.4
Hotel & Resort REITs	3.6
Diversified REITs	2.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Prologis, Inc.	10.5	%
Equinix, Inc.	7.7
Welltower, Inc.	4.7
Public Storage	4.2
Digital Realty Trust, Inc.	4.2
Simon Property Group, Inc.	4.0
Realty Income Corp.	3.6
VICI Properties, Inc.	3.2
AvalonBay Communities, Inc.	2.6
Extra Space Storage, Inc.	2.4

^(a) Excludes money market funds.

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of 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.

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S  5

Schedule of Investments(unaudited) October 31, 2023 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 2.7%
Alexander & Baldwin, Inc.		148,923	$	2,352,983
Alpine Income Property Trust, Inc.		27,172		418,449
American Assets Trust, Inc.		100,481		1,783,538
Armada Hoffler Properties, Inc.		138,814		1,382,587
Broadstone Net Lease, Inc.		385,668		5,457,202
CTO Realty Growth, Inc.		45,720		740,207
Empire State Realty Trust, Inc., Class A		270,309		2,186,800
Essential Properties Realty Trust, Inc.		320,488		7,034,711
Gladstone Commercial Corp.		82,466		985,469
Global Net Lease, Inc.		398,538		3,164,392
NexPoint Diversified Real Estate Trust		62,551		492,902
One Liberty Properties, Inc.		33,080		608,672
WP Carey, Inc.		438,784		23,540,761
				50,148,673
Health Care REITs — 10.8%
CareTrust REIT, Inc.		205,913		4,431,248
Community Healthcare Trust, Inc		52,656		1,509,647
Diversified Healthcare Trust		483,958		1,001,793
Global Medical REIT, Inc.		124,988		1,082,396
Healthcare Realty Trust, Inc.		786,008		11,279,215
Healthpeak Properties, Inc.		1,132,503		17,610,422
LTC Properties, Inc.		84,148		2,659,918
Medical Properties Trust, Inc.		1,226,528		5,862,804
National Health Investors, Inc.		85,815		4,294,183
Omega Healthcare Investors, Inc.		484,644		16,041,716
Physicians Realty Trust		488,159		5,301,407
Sabra Health Care REIT, Inc.		474,360		6,470,270
Universal Health Realty Income Trust		26,622		1,023,350
Ventas, Inc.		827,087		35,118,114
Welltower, Inc.		1,028,936		86,029,339
				199,715,822
Hotel & Resort REITs — 3.6%
Apple Hospitality REIT, Inc.		443,092		6,947,683
Braemar Hotels & Resorts, Inc.		138,187		362,050
Chatham Lodging Trust		98,356		909,793
DiamondRock Hospitality Co.		430,897		3,330,834
Hersha Hospitality Trust, Class A		64,491		639,751
Host Hotels & Resorts, Inc.		1,463,334		22,652,410
Park Hotels & Resorts, Inc.		441,780		5,093,723
Pebblebrook Hotel Trust(a)		248,926		2,969,687
RLJ Lodging Trust		321,396		3,021,122
Ryman Hospitality Properties, Inc.		118,605		10,152,588
Service Properties Trust		338,535		2,454,379
Summit Hotel Properties, Inc.		208,742		1,177,305
Sunstone Hotel Investors, Inc.		428,626		3,986,222
Xenia Hotels & Resorts, Inc.		225,540		2,623,030
				66,320,577
Industrial REITs — 15.4%
Americold Realty Trust, Inc.		558,811		14,652,024
EastGroup Properties, Inc.		90,750		14,814,938
First Industrial Realty Trust, Inc.		273,129		11,553,357
Industrial Logistics Properties Trust		133,131		332,828
Innovative Industrial Properties, Inc.		57,388		4,122,180
LXP Industrial Trust		594,663		4,703,784
Plymouth Industrial REIT, Inc.		88,383		1,762,357
Prologis, Inc.		1,911,102		192,543,526
Rexford Industrial Realty, Inc.		425,990		18,419,808

Security	Shares		Value
Industrial REITs (continued)
STAG Industrial, Inc.		371,550	$	12,342,891
Terreno Realty Corp.		167,879		8,944,593
				284,192,286
Office REITs — 5.4%
Alexandria Real Estate Equities, Inc.		355,065		33,067,203
Boston Properties, Inc.		324,618		17,389,786
Brandywine Realty Trust		343,859		1,286,033
City Office REIT, Inc.		78,575		299,371
COPT Defense Properties		231,358		5,274,962
Cousins Properties, Inc.		313,749		5,606,695
Douglas Emmett, Inc.		321,437		3,603,309
Easterly Government Properties, Inc.		193,225		2,079,101
Franklin Street Properties Corp.		209,135		363,895
Highwoods Properties, Inc.		215,625		3,857,531
Hudson Pacific Properties, Inc.		281,371		1,254,915
JBG SMITH Properties		224,303		2,886,780
Kilroy Realty Corp.		241,551		6,903,528
Office Properties Income Trust		102,252		459,111
Orion Office REIT, Inc.		119,999		573,595
Paramount Group, Inc.		381,271		1,631,840
Peakstone Realty Trust, Class E		74,577		963,535
Piedmont Office Realty Trust, Inc., Class A		255,197		1,329,576
Postal Realty Trust, Inc., Class A		39,005		516,426
SL Green Realty Corp.		126,691		3,710,779
Vornado Realty Trust		365,958		7,026,394
				100,084,365
Residential REITs — 17.7%
American Homes 4 Rent, Class A		689,144		22,562,574
Apartment Income REIT Corp.		304,781		8,902,653
Apartment Investment & Management Co., Class A(b)		305,102		1,787,898
AvalonBay Communities, Inc.		293,425		48,632,259
BRT Apartments Corp.		24,599		399,242
Camden Property Trust		214,758		18,228,659
Centerspace		31,120		1,511,810
Elme Communities		179,062		2,284,831
Equity LifeStyle Properties, Inc.		367,707		24,195,121
Equity Residential		772,231		42,727,541
Essex Property Trust, Inc.		132,158		28,271,239
Independence Realty Trust, Inc.		463,799		5,746,470
Invitation Homes, Inc.		1,265,280		37,566,163
Mid-America Apartment Communities, Inc.		240,347		28,396,998
NexPoint Residential Trust, Inc.		47,180		1,273,388
Sun Communities, Inc.		254,371		28,296,230
UDR, Inc.		679,111		21,602,521
UMH Properties, Inc.		113,843		1,572,172
Veris Residential, Inc.		162,353		2,173,907
				326,131,676
Retail REITs — 16.4%
Acadia Realty Trust		190,638		2,729,936
Agree Realty Corp.		190,160		10,637,550
Alexander’s, Inc.		4,454		837,307
Brixmor Property Group, Inc.		619,419		12,877,721
CBL & Associates Properties, Inc.		55,749		1,155,677
Federal Realty Investment Trust		167,320		15,257,911
Getty Realty Corp.		92,003		2,449,120
InvenTrust Properties Corp.		139,304		3,496,530
Kimco Realty Corp.		1,252,397		22,468,002
Kite Realty Group Trust		447,058		9,531,277
Macerich Co. (The)		443,858		4,314,300
NETSTREIT Corp.		138,678		1,976,161
NNN REIT, Inc.		375,421		13,639,045

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Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Phillips Edison & Co., Inc.		242,297	$	8,555,507
Realty Income Corp.		1,394,973		66,093,821
Regency Centers Corp.		373,935		22,533,323
Retail Opportunity Investments Corp.		252,421		2,963,423
RPT Realty		176,934		1,909,118
Saul Centers, Inc.		23,854		829,404
Simon Property Group, Inc.		671,855		73,830,146
SITE Centers Corp.		391,489		4,564,762
Spirit Realty Capital, Inc.		291,596		10,494,540
Tanger Factory Outlet Centers, Inc.		209,905		4,733,358
Urban Edge Properties		235,327		3,732,286
Whitestone REIT		99,592		990,940
				302,601,165
Specialized REITs — 27.6%
CubeSmart		462,886		15,779,784
Digital Realty Trust, Inc.		618,255		76,886,192
EPR Properties		153,341		6,547,661
Equinix, Inc.		193,347		141,073,705
Extra Space Storage, Inc.		432,964		44,850,741
Farmland Partners, Inc.		99,198		1,033,643
Four Corners Property Trust, Inc.		178,291		3,797,598
Gaming & Leisure Properties, Inc.		520,815		23,639,793
Gladstone Land Corp.(a)		68,254		932,350
Iron Mountain, Inc.		599,471		35,410,752
Lamar Advertising Co., Class A		179,831		14,794,696
National Storage Affiliates Trust		165,136		4,709,679
Outfront Media, Inc.		302,802		2,955,347

Security	Shares		Value
Specialized REITs (continued)
Public Storage		324,467	$	77,453,517
Safehold, Inc.(a)		90,305		1,469,262
VICI Properties, Inc.		2,078,442		57,988,532
				509,323,252
Total Long-Term Investments — 99.6% (Cost: $2,376,058,742)				1,838,517,816
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		2,547,985		2,549,004
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(c)(d)		4,926,266		4,926,266
Total Short-Term Securities — 0.4% (Cost: $7,473,769)				7,475,270
Total Investments — 100.0% (Cost: $2,383,532,511)				1,845,993,086
Liabilities in Excess of Other Assets — (0.0)%				(803,328	)
Net Assets — 100.0%			$	1,845,189,758

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,979,342	$	—		$	(8,430,790	)(a)	$	3,444	$	(2,992	)	$	2,549,004		2,547,985	$	53,917	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,910,036		1,016,230	(a)		—			—		—			4,926,266		4,926,266		131,780			—
									$	3,444	$	(2,992	)	$	7,475,270			$	185,697		$	—

^(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
Dow Jones U.S. Real Estate Index		226		12/15/23	$	6,590	$	(112,404	)

S C H E D U L E   O F   I N V E S  T M E N T S 7

Schedule of Investments (unaudited) (continued) October 31, 2023 iShares^® Core U.S. REIT ETF

Derivative Financial Instruments Categorized by Risk Exposure

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)	$	—	$	—	$	112,404	$	—	$	—	$	—	$	112,404

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(606,677)		$	—	$	—	$	—	$	(606,677)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(312,567	)	$	—	$	—	$	—	$	(312,567	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	6,482,495

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.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,838,517,816		$	—	$	—	$	1,838,517,816
Short-Term Securities
Money Market Funds		7,475,270			—		—		7,475,270
	$	1,845,993,086		$	—	$	—	$	1,845,993,086
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(112,404	)	$	—	$	—	$	(112,404	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Statement of Assets and Liabilities (unaudited)

October 31, 2023

	iShares Core U.S. REIT ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,838,517,816
Investments, at value — affiliated(c)		7,475,270
Cash		58
Cash pledged:
Futures contracts		448,000
Receivables:
Investments sold		562,083
Securities lending income — affiliated		1,657
Capital shares sold		55,035
Dividends — unaffiliated		1,343,207
Dividends — affiliated		21,729
Variation margin on futures contracts		111,256
Total assets		1,848,536,111
LIABILITIES
Collateral on securities loaned		2,519,532
Payables:
Investments purchased		562,083
Capital shares redeemed		140,869
Investment advisory fees		123,869
Total liabilities		3,346,353
Commitments and contingent liabilities
NET ASSETS	$	1,845,189,758
NET ASSETS CONSIST OF:
Paid-in capital	$	2,405,948,134
Accumulated loss		(560,758,376	)
NET ASSETS	$	1,845,189,758
NET ASSET VALUE
Shares outstanding	$	40,900,000
Net asset value	$	45.11
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	2,376,058,742
(b) Securities loaned, at value	$	2,477,745
(c) Investments, at cost — affiliated	$	7,473,769

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 9

Statement of Operations (unaudited)

Six Months Ended October 31, 2023

	iShares Core U.S. REIT ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	41,707,841
Dividends — affiliated		131,780
Interest — unaffiliated		2,308
Securities lending income — affiliated — net		53,917
Total investment income		41,895,846
EXPENSES
Investment advisory		787,473
Interest expense		465
Total expenses		787,938
Net investment income		41,107,908
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(13,636,907	)
Investments — affiliated		3,444
Futures contracts		(606,677	)
In-kind redemptions — unaffiliated(a)		17,449,347
		3,209,207
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(239,106,210	)
Investments — affiliated		(2,992	)
Futures contracts		(312,567	)
		(239,421,769	)
Net realized and unrealized loss		(236,212,562	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(195,104,654	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Core U.S. REIT ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	41,107,908		$	64,307,573
Net realized gain		3,209,207			80,322,433
Net change in unrealized appreciation (depreciation)		(239,421,769	)		(490,807,237	)
Net decrease in net assets resulting from operations		(195,104,654	)		(346,177,231	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(33,431,450	)		(65,460,022	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		182,388,457			(15,575,503	)
NET ASSETS
Total decrease in net assets		(46,147,647	)		(427,212,756	)
Beginning of period		1,891,337,405			2,318,550,161
End of period	$	1,845,189,758		$	1,891,337,405

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 11

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core U.S. REIT ETF
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19
Net asset value, beginning of period	$	50.84		$	61.83		$	56.60		$	42.45		$	51.60		$	45.73
Net investment income(a)		1.05			1.71			1.24			1.17			1.62			1.79
Net realized and unrealized gain (loss)(b)		(5.91	)		(10.95	)		5.45			14.39			(8.95	)		6.59
Net increase (decrease) from investment operations		(4.86	)		(9.24	)		6.69			15.56			(7.33	)		8.38
Distributions(c)
From net investment income		(0.87	)		(1.75	)		(1.43	)		(1.41	)		(1.80	)		(2.44	)
From net realized gain		—			—			(0.03	)		—			(0.02	)		(0.07	)
Total distributions		(0.87	)		(1.75	)		(1.46	)		(1.41	)		(1.82	)		(2.51	)
Net asset value, end of period	$	45.11		$	50.84		$	61.83		$	56.60		$	42.45		$	51.60
Total Return(d)
Based on net asset value		(9.66	)%(e)		(14.84	)%		11.82	%		37.43	%		(14.60	)%		18.82	%
Ratios to Average Net Assets(f)
Total expenses		0.08	%(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		4.18	%(g)		3.24	%		2.00	%		2.48	%		3.12	%		3.64	%
Supplemental Data
Net assets, end of period (000)	$	1,845,190		$	1,891,337		$	2,318,550		$	1,986,692		$	1,339,443		$	1,290,051
Portfolio turnover rate(h)		3	%		8	%		9	%		5	%		8	%		11	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

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”):

iShares ETF	Diversification Classification
Core U.S. REIT		Diversified

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 and 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. Dividend 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

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Notes to Financial Statements (unaudited) (continued)

fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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. SECURITIES AND OTHER INVESTMENTS

Securities Lending: The 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 the 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, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the 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 Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund 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 Fund, 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 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 Fund 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.

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Notes to Financial Statements (unaudited) (continued)

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:

Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
BofA Securities, Inc.	$	46,527	$	(46,527	)	$	—		$	—
Goldman Sachs & Co. LLC		2,009,334		(2,009,334	)		—			—
J.P. Morgan Securities LLC		64,448		(64,448	)		—			—
Morgan Stanley		266,828		(266,828	)		—			—
National Financial Services LLC		90,608		(90,608	)		—			—
	$	2,477,745	$	(2,477,745	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities.

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, the 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. The 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 the 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 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.

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 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 average daily net assets of the Fund as follows:

iShares ETF	Investment Advisory Fees
Core U.S. REIT		0.08	%

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

ETF Servicing Fees: The Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Fund does not pay BRIL for ETF Services.

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The 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,

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Notes to Financial Statements (unaudited) (continued)

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 the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the 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 fund (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, the 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 the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the six months ended October 31, 2023, the Fund paid BTC $13,475 for securities lending agent services.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2023, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core U.S. REIT		$  3,959,112		$  15,680,085		$  (2,332,260)

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.

7. PURCHASES AND SALES

For the six months ended October 31, 2023, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core U.S. REIT		$  61,890,308		$  52,392,276

For the six months ended October 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core U.S. REIT		$  365,261,274		$  186,792,448

8. 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 all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of April 30, 2023, the Fund had non-expiring capital loss carryforwards of $10,634,310 available to offset future realized capital gains.

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Notes to Financial Statements (unaudited) (continued)

As of October 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core U.S. REIT	$	2,406,543,298	$	11,234,810	$	(571,897,426	)	$	(560,662,616)

9. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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, the 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 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.

The Fund invests 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

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Notes to Financial Statements (unaudited) (continued)

adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.

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 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:

	Six Months Ended 10/31/23						Year Ended 04/30/23
Share Class	Shares			Amount			Shares			Amount
Shares sold		7,550,000		$	371,924,736			11,700,000		$	614,069,077
Shares redeemed		(3,850,000	)		(189,536,279	)		(12,000,000	)		(629,644,580	)
		3,700,000		$	182,388,457			(300,000	)	$	(15,575,503	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

11. 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.

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Board Review and Approval of Investment Advisory Contract

iShares Core U.S. REIT ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that

B O A R D  R E V I E W  A N D  A P P R O V A L  O F  I N V E S T M E N T  A D V I S O R Y  C O N T R A C T 19

Board Review and Approval of Investment Advisory Contract (continued)

calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core U.S. REIT(a)	$	0.849441	$	—	$	0.020420	$	0.869861		98	%		—	%		2	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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.

S U P P L E M E N T A L  I N F O R M A T I O N 21

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms 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.

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Glossary of Terms Used in this Report

Portfolio Abbreviation

REIT Real Estate Investment Trust

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 23

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 FTSE International Limited, 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.

©2022 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.

iS-SAR-412-1023

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

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

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Recovery of Erroneously Awarded Compensation.

Not applicable

Item 14. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: December 21, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: December 21, 2023

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: December 21, 2023