iShares Russell Small/Mid-Cap Index Fund - (IWM) N-CSR Certified 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: April 30, 2024

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2024

2024 Annual Report

iShares Trust

· iShares 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 April 30, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still impressive. Meanwhile, both international developed market equities and emerging market stocks also gained, albeit at a notably slower pace than that of U.S. stocks.

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

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period, and recent statements from the Fed seem to support this view. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, we believe there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2024

	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	20.98%	22.66%
U.S. small cap equities (Russell 2000® Index)	19.66	13.32
International equities (MSCI Europe, Australasia, Far East Index)	18.63	9.28
Emerging market equities (MSCI Emerging Markets Index)	15.40	9.88
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.66	5.36
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	3.66	(6.40)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.97	(1.47)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.06	2.08
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	8.99	9.01

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		36
Statements of Operations		37
Statements of Changes in Net Assets		38
Financial Highlights		40
Notes to Financial Statements		44
Report of Independent Registered Public Accounting Firm		51
Important Tax Information		52
Statement Regarding Liquidity Risk Management Program		53
Supplemental Information		54
Trustee and Officer Information		56
General Information		59
Glossary of Terms Used in this Report		60

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended April 30, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 22.30%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive environment for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. Consumers were emboldened by a strong labor market, as employers continued to add jobs, and average hourly wages increased notably. Higher asset values also supported consumer spending, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

While consumer sentiment rose amid healthy household balance sheets and an improving economy, it remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. Inflation declined early in the reporting period, decreasing from 4.1% in May 2023 to 3% in June 2023, but remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, to the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While investors closely watched the Fed for signs of a shift toward lower interest rates, tenacious inflation later in the reporting period led investors to limit their expectations.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

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Fund Summary as of April 30, 2024 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		17.14	%		11.41	%		11.17	%		17.14	%		71.67	%		98.55	%
Fund Market		17.15			11.39			11.17			17.15			71.48			98.60
Index		17.20			11.63			11.40			17.20			73.33			101.31

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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 (11/01/23)	Ending Account Value (04/30/24	)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/23	)	Ending Account Value (04/30/24	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,196.00		$      0.27			$  1,000.00		$  1,024.61		$     0.25		0.05	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D S U M M A R Y 5

Fund Summary as of April 30, 2024 (continued) iShares^® Core Dividend ETF

Portfolio Management Commentary

Stocks with histories of paying dividends or making buybacks advanced for the reporting period. Corporate dividends reached an all-time high of $1.66 trillion in 2023, as the vast majority of dividend-paying companies either maintained or increased their dividend payments amid continued economic growth. Buybacks took a step back, however, as companies repurchased considerably less stock in 2023 relative to the previous year. Toward the end of the reporting period, an improvement in corporate earnings drove a resurgence in buybacks.

The information technology sector contributed the most to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI, which allows users to generate outputs using simple natural language queries, drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained as products designed to facilitate customers’ AI usage, such as networking products for AI data centers and custom AI accelerators, generated strong revenue. Semiconductor companies also benefited from the CHIPS and Science Act of 2022, which allotted funds for construction of new U.S.-based semiconductor manufacturing facilities. During the reporting period, a leading U.S. semiconductor manufacturer announced a deal with a major producer of smartphones to produce chips in new facilities across the country, bolstering investor sentiment.

The financials sector also contributed to the Index’s return, led by diversified banks, which benefited from increases in net interest income (the difference between the interest received from a bank’s assets and the interest paid on deposits). While higher interest rates typically bolster banking profitability, the value of diversified banks’ existing bond investments declined, forcing banks to raise deposit rates to retain customers. Consequently, the Fed’s shift in monetary policy benefited banks. Stocks in the financial services industry also advanced. Despite a cool market for merger and acquisition activity, strong revenues from asset and wealth management supported earnings growth in the industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	22.7	%
Financials	19.2
Industrials	10.1
Health Care	9.9
Energy	9.7
Consumer Staples	9.0
Consumer Discretionary	5.6
Communication Services	4.5
Materials	3.2
Real Estate	3.1
Utilities	3.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Broadcom, Inc.	4.8	%
Cisco Systems, Inc.	4.7
Texas Instruments, Inc.	3.1
QUALCOMM, Inc.	2.8
Exxon Mobil Corp.	2.8
International Business Machines Corp.	2.6
Chevron Corp.	2.2
JPMorgan Chase & Co.	2.1
Procter & Gamble Co. (The)	1.8
Comcast Corp., Class A	1.8

^(a)  Excludes money market funds.

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Fund Summary as of April 30, 2024 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		12.77	%		10.63	%		11.08	%		12.77	%		65.69	%		182.62	%
Fund Market		12.76			10.63			11.08			12.76			65.73			182.60
Index		12.83			10.70			11.14			12.83			66.26			184.30

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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 (11/01/23)		Ending Account Value (04/30/24)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/23)		Ending Account Value (04/30/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,174.60	$	0.43		$	1,000.00	$	1,024.47	$	0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D S U M M A R Y 7

Fund Summary as of April 30, 2024 (continued) iShares^® Core Dividend Growth ETF

Portfolio Management Commentary

Stocks of firms with a history of consistently growing dividends advanced during the reporting period. Corporate dividends reached an all-time high of $1.66 trillion in 2023, as the vast majority of dividend-paying companies either maintained or increased their dividend payments amid continued economic growth.

The financials sector contributed the most to the Index’s return, led by banks, which benefited from increases in net interest income (the difference between the interest received from a bank’s assets and the interest paid on deposits). While higher interest rates typically bolster banking profitability, the value of banks’ existing bond investments declined, forcing banks to raise deposit rates to retain customers. Consequently, the Fed’s shift in monetary policy benefited the banking industry. Additionally, the announcement of positive client retention figures following the integration of a failed high-profile regional bank by the nation’s largest bank further reinforced industry strength. Stocks in the capital markets industry also advanced. Despite a cool market for merger and acquisition activity, strong revenues from asset and wealth management supported earnings growth in the industry.

The information technology sector also contributed to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI, which allows users to generate outputs using simple natural language queries, drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained as products designed to facilitate customers’ AI usage, such as networking products for AI data centers and custom AI accelerators, generated strong revenue. Semiconductor companies also benefited from the CHIPS and Science Act of 2022, which allotted funds for construction of new U.S.-based semiconductor manufacturing facilities. During the reporting period, a leading U.S. semiconductor manufacturer announced a deal with a major producer of smartphones to produce chips in new facilities across the country, bolstering investor sentiment.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	19.3	%
Health Care	16.5
Information Technology	16.2
Industrials	11.7
Consumer Staples	10.8
Energy	8.5
Utilities	7.3
Consumer Discretionary	5.9
Materials	2.5
Communication Services	1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Exxon Mobil Corp.	3.3	%
Chevron Corp.	3.2
Apple Inc.	3.0
JPMorgan Chase & Co.	3.0
Microsoft Corp.	2.9
Johnson & Johnson	2.5
AbbVie, Inc.	2.4
Broadcom, Inc.	2.3
Procter & Gamble Co. (The)	2.2
Merck & Co., Inc.	2.0

^(a)  Excludes money market funds.

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Fund Summary as of April 30, 2024 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.82	%		6.44	%		7.74	%		8.82	%		36.65	%		110.71	%
Fund Market		8.84			6.46			7.74			8.84			36.75			110.73
Index		8.95			6.53			7.84			8.95			37.23			112.68

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/23)		Ending Account Value (04/30/24)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/23)		Ending Account Value (04/30/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,149.20	$	0.43		$	1,000.00	$	1,024.47	$	0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D S U M M A R Y 9

Fund Summary as of April 30, 2024 (continued) iShares^® Core High Dividend ETF

Portfolio Management Commentary

Stocks with histories of high dividend yields advanced during the reporting period, as the vast majority of dividend-paying U.S. companies either maintained or increased their dividend payments. The information technology sector was the largest contributor to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI, which allows users to generate outputs using simple natural language queries, drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained as products designed to facilitate customers’ AI usage, such as networking products for AI data centers and custom AI accelerators, generated strong revenue. Investors reacted positively to the strategic acquisition of a provider of cloud-based software solutions, which diversified the revenue stream of the acquiring semiconductors firm. The software and services industry also advanced, as IT services companies benefited from investor enthusiasm for generative AI tools. Strong sales of applications that allow businesses to customize their own AI platforms also supported IT services firms. Growth in consulting services associated with implementation of new AI-driven systems further bolstered the industry.

The energy sector also contributed to the Index’s performance, led by the oil and gas exploration and production industry. Rising oil prices encouraged increased exploration, driving gains for some of the larger companies in the industry as the resulting expanded production led to higher profits. Additionally, merger and acquisition activity was relatively high within the industry, driving stock price gains for some large companies slated to be acquired by even larger companies. The oil and gas storage and transportation industry also advanced, as providers of energy infrastructure benefited from greater use of long-haul gas pipelines for the distribution of liquefied natural gas. The prospect of natural gas as a power source for data centers further buoyed sentiment toward the industry as AI-based demand drives electricity use higher.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Energy	27.1	%
Consumer Staples	18.8
Health Care	16.4
Utilities	8.9
Information Technology	8.5
Communication Services	7.8
Financials	7.0
Materials	2.8
Industrials	2.1
Other (each representing less than 1%)	0.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Exxon Mobil Corp.	8.6	%
Chevron Corp.	6.8
Verizon Communications, Inc.	5.7
Johnson & Johnson	5.3
AbbVie, Inc.	5.1
Philip Morris International, Inc.	4.3
Merck & Co., Inc.	4.2
PepsiCo, Inc.	3.9
Coca-Cola Co. (The)	3.9
Altria Group, Inc.	3.8

^(a)  Excludes money market funds.

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Fund Summary as of April 30, 2024 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.58	%		7.29	%		8.50	%		5.58	%		42.18	%		126.15	%
Fund Market		5.59			7.30			8.50			5.59			42.22			126.08
Index		6.01			7.72			8.94			6.01			45.06			135.40

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (11/01/23)	Ending Account Value (04/30/24	)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/23	)	Ending Account Value (04/30/24	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,161.90		$     2.05			$  1,000.00		$  1,022.97		$     1.91		0.38	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D S U M M A R Y 11

Fund Summary as of April 30, 2024 (continued) iShares^® Select Dividend ETF

Portfolio Management Commentary

Stocks with relatively high dividends advanced during the reporting period, as the vast majority of dividend-paying U.S. companies either maintained or increased their dividend payments. The financials sector contributed the most to the Index’s return, led by insurance companies. Within the life and health insurance industry, optimism surrounding continued economic growth drove gains in net investment income for insurers. Also within the industry, strength in group life and disability underwriting raised investor sentiment and led companies to increase dividends and repurchase shares. Property and casualty insurance companies also advanced, benefiting from cost improvements that boosted operating income. Diversified banks further supported the Index’s performance, gaining as the Fed pivoted away from interest rate increases. Although higher interest rates often drive higher bank earnings, in this case the Fed’s move signaled confidence in the economy, which can itself be a tailwind for banks.

The information technology sector contributed to the Index’s return, as IT services companies benefited from investor enthusiasm for generative artificial intelligence (“AI”) tools. Strong sales of applications that allow businesses to customize their own AI platforms also supported IT services firms. In the technology hardware and equipment industry, a newly announced partnership with a consumer electronics giant to produce AI-related disk drives benefited a data storage company.

The energy sector also contributed to the Index’s performance, led by the oil and gas refining and marketing and transportation industry. Oil refining companies benefited from strong demand for gasoline and jet fuel amid production cuts by major oil producers.

On the downside, drug retailers in the consumer staples sector detracted from the Index’s return, as a change in executive leadership and muted earnings expectations weighed on the stock price of a major drugstore chain’s parent company. The healthcare sector also detracted, as a decline in COVID-19 cases translated into lower revenues from vaccines and antiviral treatments for a large pharmaceutical firm.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Utilities	28.3	%
Financials	26.2
Consumer Staples	10.7
Materials	8.2
Consumer Discretionary	7.5
Communication Services	5.7
Energy	5.0
Health Care	3.4
Information Technology	2.8
Industrials	2.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments(	a)
Altria Group, Inc.	2.9	%
AT&T Inc.	1.8
Verizon Communications, Inc.	1.8
Truist Financial Corp.	1.7
Dominion Energy, Inc.	1.7
Philip Morris International, Inc.	1.7
Citizens Financial Group, Inc.	1.7
KeyCorp	1.7
ONEOK, Inc.	1.6
Pfizer, Inc.	1.6

12 2 0 2 4 I S H A R E S 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

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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

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

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

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

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

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 13

Schedule of Investments April 30, 2024 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.0%
General Dynamics Corp.		2,794	$	802,129
Huntington Ingalls Industries, Inc.		361		99,972
L3Harris Technologies, Inc.		2,799		599,126
Lockheed Martin Corp.		7,778		3,616,226
RTX Corp.		46,554		4,726,162
				9,843,615
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		5,563		394,973
FedEx Corp.		3,248		850,261
United Parcel Service, Inc., Class B		18,379		2,710,535
			3,955,769
Automobile Components — 0.1%
Autoliv, Inc.		1,290		154,529
LCI Industries		403		41,904
Lear Corp.		1,059		133,296
			329,729
Automobiles — 0.4%
Ford Motor Co.		87,512		1,063,271
Harley-Davidson, Inc.		4,502		154,823
Thor Industries, Inc.		695		69,097
			1,287,191
Banks — 8.3%
Associated Banc-Corp.		2,160		45,511
Bank of America Corp.		110,925		4,105,334
Bank OZK		3,418		152,614
BOK Financial Corp.		503		44,631
Cadence Bank		353		9,768
Cathay General BanCorp.		1,460		50,282
Citigroup, Inc.		42,553		2,609,776
Citizens Financial Group, Inc.		13,842		472,151
Columbia Banking System, Inc.		2,926		55,038
Comerica, Inc.		2,755		138,218
Commerce Bancshares, Inc.		1,820		99,518
Community Bank System, Inc.		272		11,756
Cullen/Frost Bankers, Inc.		780		81,385
East West BanCorp., Inc.		1,881		140,116
Fifth Third BanCorp.		10,301		375,574
First Financial Bankshares, Inc.		1,297		38,339
First Hawaiian, Inc.		2,467		52,029
First Horizon Corp.		8,521		127,133
First Interstate BancSystem, Inc., Class A		3,527		94,171
FNB Corp.		5,678		75,745
Glacier BanCorp., Inc.		1,429		51,701
Hancock Whitney Corp.		1,102		50,020
Home BancShares, Inc.		3,060		72,461
Huntington Bancshares, Inc.		23,401		315,211
International Bancshares Corp.		630		35,060
JPMorgan Chase & Co.		35,574		6,820,959
KeyCorp.		19,335		280,164
M&T Bank Corp.		5,373		775,807
New York Community BanCorp., Inc., Class A		45,673		121,033
Old National BanCorp.		4,673		77,291
PNC Financial Services Group, Inc. (The)		11,232		1,721,416
Popular, Inc.		1,937		164,626
Prosperity Bancshares, Inc.		1,588		98,408
Regions Financial Corp.		21,001		404,689
ServisFirst Bancshares, Inc.		340		20,046
SouthState Corp.		953		72,142
Synovus Financial Corp.		2,126		76,090

Security	Shares		Value
Banks (continued)
TFS Financial Corp.		1,856	$	22,291
Truist Financial Corp.		28,787		1,080,952
U.S. BanCorp.		22,160		900,361
UMB Financial Corp.		436		34,732
United Bankshares, Inc.		2,466		80,046
United Community Banks, Inc.		781		19,705
Valley National BanCorp.		9,277		65,032
Webster Financial Corp.		3,554		155,772
Wells Fargo & Co.		89,295		5,296,979
WSFS Financial Corp.		768		32,817
				27,624,900
Beverages — 2.2%
Coca-Cola Co. (The)		53,297		3,292,156
Keurig Dr Pepper, Inc.		15,412		519,384
Molson Coors Beverage Co., Class B		2,486		142,348
PepsiCo, Inc.		19,291		3,393,480
				7,347,368
Biotechnology — 2.6%
AbbVie, Inc.		26,026		4,232,869
Amgen, Inc.		10,821		2,964,305
Gilead Sciences, Inc.		24,621		1,605,289
				8,802,463
Broadline Retail — 0.0%
Nordstrom, Inc.		2,479		47,126
Building Products — 0.5%
A. O. Smith Corp.		2,326		192,686
Fortune Brands Innovations, Inc.		2,302		168,276
Johnson Controls International PLC		9,733		633,326
Masco Corp.		4,472		306,108
Owens Corning		2,331		392,098
				1,692,494
Capital Markets — 5.1%
Ameriprise Financial, Inc.		2,311		951,647
Ares Management Corp.., Class A		1,442		191,916
Artisan Partners Asset Management, Inc., Class A		1,045		42,772
Bank of New York Mellon Corp.. (The)		17,144		968,465
BlackRock, Inc.(a)		2,182		1,646,624
Blackstone, Inc., Class A, NVS		8,552		997,249
Blue Owl Capital, Inc., Class A		5,296		100,041
Carlyle Group, Inc. (The)		3,065		137,312
CME Group, Inc., Class A		5,183		1,086,564
Cohen & Steers, Inc.		407		27,993
Federated Hermes, Inc., Class B		3,252		106,828
Franklin Resources, Inc.		6,134		140,101
Goldman Sachs Group, Inc. (The)		7,701		3,286,094
Hamilton Lane, Inc., Class A		625		69,825
Houlihan Lokey, Inc., Class A		628		80,064
Invesco Ltd.		9,804		138,923
Janus Henderson Group PLC		3,260		101,777
Jefferies Financial Group, Inc.		4,088		176,029
Moelis & Co., Class A		1,345		66,013
Morgan Stanley		46,533		4,227,058
Northern Trust Corp.		3,691		304,101
State Street Corp.		18,312		1,327,437
Stifel Financial Corp.		2,074		165,754
T Rowe Price Group, Inc.		5,164		565,819
				16,906,406
Chemicals — 1.9%
Air Products & Chemicals, Inc.		2,458		580,924
Ashland, Inc.		1,524		145,283

14 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Avient Corp.		1,056	$	44,795
Celanese Corp., Class A		755		115,976
CF Industries Holdings, Inc.		5,687		449,102
Chemours Co. (The)		8,745		233,929
Dow, Inc.		21,836		1,242,468
DuPont de Nemours, Inc.		20,480		1,484,800
Eastman Chemical Co.		4,192		395,892
International Flavors & Fragrances, Inc.		4,114		348,250
LyondellBasell Industries NV, Class A		5,840		583,825
Mosaic Co. (The)		17,938		563,074
NewMarket Corp.		105		55,327
Scotts Miracle-Gro Co. (The)		916		62,783
				6,306,428
Communications Equipment — 4.9%
Cisco Systems, Inc.		328,011		15,409,957
Juniper Networks, Inc.		24,129		840,172
				16,250,129
Construction & Engineering — 0.0%
MDU Resources Group, Inc.		2,505		61,873
Consumer Finance — 0.3%
Discover Financial Services		8,786		1,113,450
Consumer Staples Distribution & Retail — 0.8%
Kroger Co. (The)		8,832		489,116
Sysco Corp.		6,710		498,687
Target Corp.		7,785		1,253,229
Walgreens Boots Alliance, Inc.		23,886		423,499
				2,664,531
Containers & Packaging — 0.4%
Amcor PLC		49,448		442,065
Crown Holdings, Inc.		2,484		203,862
Greif, Inc., Class A, NVS		578		35,420
Greif, Inc., Class B		128		7,998
Packaging Corp. of America		1,523		263,449
Sealed Air Corp.		3,007		94,660
Sonoco Products Co.		1,523		85,364
Westrock Co.		4,768		228,673
				1,361,491
Distributors — 0.2%
Genuine Parts Co.		2,042		321,023
LKQ Corp.		6,372		274,824
				595,847
Diversified Consumer Services — 0.2%
ADT, Inc.		1,883		12,240
H&R Block, Inc.		6,123		289,189
Service Corp. International		4,011		287,629
				589,058
Diversified REITs — 0.1%
WP Carey, Inc.		5,184		284,291
Diversified Telecommunication Services — 2.2%
AT&T Inc.		188,860		3,189,846
Cogent Communications Holdings, Inc.		902		57,890
Verizon Communications, Inc.		106,241		4,195,457
				7,443,193
Electric Utilities — 1.8%
Alliant Energy Corp.		2,615		130,227
American Electric Power Co., Inc.		4,140		356,164
Duke Energy Corp.		12,789		1,256,647
Edison International		6,367		452,439

Security	Shares		Value
Electric Utilities (continued)
Entergy Corp.		1,556	$	165,979
Evergy, Inc.		4,150		217,668
Eversource Energy		5,548		336,320
Exelon Corp.		11,339		426,120
FirstEnergy Corp.		8,439		323,551
IDACORP, Inc.		717		67,957
NRG Energy, Inc.		4,651		337,988
OGE Energy Corp.		3,776		130,838
Pinnacle West Capital Corp.		2,197		161,809
PNM Resources, Inc.		1,412		52,329
PPL Corp.		10,119		277,868
Southern Co. (The)		11,436		840,546
Xcel Energy, Inc.		6,754		362,892
				5,897,342
Electrical Equipment — 0.3%
Emerson Electric Co.		8,900		959,242
Electronic Equipment, Instruments & Components — 0.6%
Avnet, Inc.		10,603		518,169
Corning, Inc.		46,003		1,535,580
				2,053,749
Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		13,079		426,637
Helmerich & Payne, Inc.		2,318		91,167
Patterson-UTI Energy, Inc.		5,596		60,549
				578,353
Entertainment — 0.0%
Warner Music Group Corp., Class A		965		31,845
Financial Services — 1.4%
Apollo Global Management, Inc.		3,751		406,533
Enact Holdings, Inc.		337		10,019
Essent Group Ltd.		1,423		75,376
Fidelity National Information Services, Inc.		55,099		3,742,324
MGIC Investment Corp.		8,866		179,802
Radian Group, Inc.		11		329
Voya Financial, Inc.		3,804		259,281
Walker & Dunlop, Inc.		460		42,150
				4,715,814
Food Products — 1.5%
Archer-Daniels-Midland Co.		16,925		992,821
Bunge Global SA		2,969		302,125
Campbell Soup Co.		3,362		153,677
Conagra Brands, Inc.		9,603		295,580
Flowers Foods, Inc.		3,566		88,936
General Mills, Inc.		17,360		1,223,186
Hormel Foods Corp.		3,682		130,932
Ingredion, Inc.		1,003		114,934
J M Smucker Co. (The)		3,019		346,732
Kellanova		4,702		272,058
Kraft Heinz Co. (The)		15,528		599,536
Tyson Foods, Inc., Class A		6,188		375,302
				4,895,819
Gas Utilities — 0.1%
National Fuel Gas Co.		1,031		54,746
New Jersey Resources Corp.		1,098		47,972
ONE Gas, Inc.		257		16,582
Spire, Inc.		323		19,958
UGI Corp.		5,159		131,864
				271,122

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 (continued) April 30, 2024 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation — 1.1%
Norfolk Southern Corp.		4,662	$	1,073,752
Ryder System, Inc.		1,882		229,322
Union Pacific Corp.		10,163		2,410,257
				3,713,331
Health Care Equipment & Supplies — 0.6%
Baxter International, Inc.		5,389		217,554
Medtronic PLC		20,657		1,657,518
				1,875,072
Health Care Providers & Services — 1.8%
Cardinal Health, Inc.		6,806		701,290
Cigna Group (The)		7,196		2,569,260
CVS Health Corp.		30,603		2,072,129
Patterson Cos., Inc.		3,248		82,726
Premier, Inc., Class A		2,537		52,973
Quest Diagnostics, Inc.		3,499		483,492
				5,961,870
Health Care REITs — 0.3%
Healthpeak Properties, Inc.		11,765		218,947
Medical Properties Trust, Inc.		45,680		210,128
National Health Investors, Inc.		1,516		95,599
Omega Healthcare Investors, Inc.		6,879		209,190
Sabra Health Care REIT, Inc.		7,138		99,361
Ventas, Inc.		5,636		249,562
				1,082,787
Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		2,973		43,882
Host Hotels & Resorts, Inc.		9,714		183,303
Park Hotels & Resorts, Inc.		11,003		177,478
				404,663
Hotels, Restaurants & Leisure — 0.5%
Darden Restaurants, Inc.		2,577		395,338
Domino’s Pizza, Inc.		397		210,120
Marriott Vacations Worldwide Corp.		2,235		214,806
Papa John’s International, Inc.		1,281		79,025
Red Rock Resorts, Inc., Class A		755		40,106
Travel + Leisure Co.		4,008		174,508
Vail Resorts, Inc.		955		180,848
Wendy’s Co. (The)		5,641		112,764
Wyndham Hotels & Resorts, Inc.		2,781		204,431
				1,611,946
Household Durables — 0.4%
Garmin Ltd.		6,343		916,373
Leggett & Platt, Inc.		5,162		93,277
Newell Brands, Inc.		12,544		99,600
Tempur Sealy International, Inc.		3,031		151,732
Worthington Enterprises, Inc.		432		24,693
				1,285,675
Household Products — 2.5%
Clorox Co. (The)		1,515		224,023
Colgate-Palmolive Co.		12,336		1,133,925
Energizer Holdings, Inc.		1,100		31,592
Kimberly-Clark Corp.		5,540		756,376
Procter & Gamble Co. (The)		36,119		5,894,621
Reynolds Consumer Products, Inc.		731		20,929
Spectrum Brands Holdings, Inc.		2,028		166,032
				8,227,498
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		10,604		189,811

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Clearway Energy, Inc., Class A		984	$	21,363
Clearway Energy, Inc., Class C		2,248		52,558
				263,732
Industrial Conglomerates — 1.2%
3M Co.		16,850		1,626,193
Honeywell International, Inc.		12,379		2,385,805
				4,011,998
Industrial REITs — 0.3%
LXP Industrial Trust		4,582		38,259
Prologis, Inc.		9,277		946,718
				984,977
Insurance — 3.8%
Aflac, Inc.		14,818		1,239,526
Allstate Corp. (The)		5,557		945,023
American International Group, Inc.		24,752		1,864,073
Assurant, Inc.		1,091		190,270
Axis Capital Holdings Ltd.		905		55,504
Chubb Ltd.		5,559		1,382,190
Cincinnati Financial Corp.		2,198		254,287
CNO Financial Group, Inc.		3,137		82,597
Fidelity National Financial, Inc., Class A		4,609		228,146
First American Financial Corp.		3,006		161,031
Hanover Insurance Group, Inc. (The)		400		51,928
Hartford Financial Services Group, Inc. (The)		7,032		681,330
Kemper Corp.		583		33,995
MetLife, Inc.		20,696		1,471,072
Old Republic International Corp.		8,352		249,391
Principal Financial Group, Inc.		7,839		620,378
Prudential Financial, Inc.		10,359		1,144,462
Reinsurance Group of America, Inc.		732		136,877
Travelers Cos., Inc. (The)		4,084		866,461
Unum Group.		2,726		138,208
Willis Towers Watson PLC		3,498		878,488
				12,675,237
IT Services — 2.6%
International Business Machines Corp.		51,557		8,568,773
Leisure Products — 0.2%
Acushnet Holdings Corp.		888		54,150
Brunswick Corp.		2,114		170,473
Hasbro, Inc.		3,256		199,593
Polaris, Inc.		1,902		161,974
				586,190
Machinery — 1.7%
Allison Transmission Holdings, Inc.		1,700		125,035
Caterpillar, Inc.		8,189		2,739,794
Crane Co.		399		55,864
Cummins, Inc.		1,516		428,255
Flowserve Corp.		979		46,170
Hillenbrand, Inc.		1,195		57,025
Illinois Tool Works, Inc.		4,729		1,154,396
Oshkosh Corp.		693		77,803
Snap-on, Inc.		784		210,081
Stanley Black & Decker, Inc.		6,951		635,321
				5,529,744
Marine Transportation — 0.0%
Matson, Inc.		1,209		130,306
Media — 2.2%
Cable One, Inc.		213		83,890
Comcast Corp., Class A		153,738		5,858,955

16 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Fox Corp., Class A, NVS		12,490	$	387,315
Fox Corp., Class B		6,887		197,519
Interpublic Group of Cos., Inc. (The)		9,843		299,621
Omnicom Group, Inc.		4,685		434,956
Paramount Global, Class A		154		3,186
Paramount Global, Class B, NVS		7,336		83,557
Sirius XM Holdings, Inc.		12,798		37,626
TEGNA, Inc.		2,164		29,517
				7,416,142
Metals & Mining — 0.9%
Arch Resources, Inc., Class A		593		94,157
Newmont Corp.		20,360		827,430
Nucor Corp.		5,528		931,634
Southern Copper Corp.		1,540		179,672
Steel Dynamics, Inc.		5,433		706,942
United States Steel Corp.		4,517		164,870
				2,904,705
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
AGNC Investment Corp.		7,429		67,975
Blackstone Mortgage Trust, Inc., Class A		7,237		127,661
Rithm Capital Corp.		17,139		190,586
Starwood Property Trust, Inc.		10,297		195,334
				581,556
Multi-Utilities — 1.0%
Ameren Corp.		1,599		118,118
Avista Corp.		128		4,605
Black Hills Corp.		555		30,470
CenterPoint Energy, Inc.		6,683		194,743
CMS Energy Corp.		2,838		172,011
Consolidated Edison, Inc.		6,952		656,269
Dominion Energy, Inc.		10,212		520,608
DTE Energy Co.		610		67,295
Public Service Enterprise Group, Inc.		8,182		565,213
Sempra		9,113		652,764
WEC Energy Group, Inc.		4,941		408,324
				3,390,420
Office REITs — 0.1%
Boston Properties, Inc.		3,737		231,283
COPT Defense Properties		2,016		48,323
Cousins Properties, Inc.		2,138		49,046
Kilroy Realty Corp.		2,743		92,713
Vornado Realty Trust		2,120		55,184
				476,549
Oil, Gas & Consumable Fuels — 9.5%
Antero Midstream Corp.		5,960		82,486
APA Corp.		10,357		325,624
California Resources Corp.		1,868		98,742
Chevron Corp.		44,295		7,143,455
Chord Energy Corp.		1,151		203,704
Civitas Resources, Inc.		2,041		146,870
Comstock Resources, Inc.		1,666		16,760
ConocoPhillips		24,130		3,031,211
CONSOL Energy, Inc.		710		58,760
Coterra Energy, Inc.		17,311		473,629
CVR Energy, Inc.		719		21,843
Devon Energy Corp.		15,825		809,923
Diamondback Energy, Inc.		3,573		718,637
DT Midstream, Inc.		1,253		77,937
EOG Resources, Inc.		5,869		775,471
Equitrans Midstream Corp.		7,117		96,293

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp.		78,379	$	9,269,884
HF Sinclair Corp.		5,643		306,133
Kinder Morgan, Inc.		39,378		719,830
Magnolia Oil & Gas Corp., Class A		3,814		95,617
Marathon Oil Corp.		33,078		888,144
Murphy Oil Corp.		1,698		75,799
New Fortress Energy, Inc., Class A		480		12,576
ONEOK, Inc.		7,706		609,699
Ovintiv, Inc.		4,493		230,581
Phillips 66		8,144		1,166,302
Pioneer Natural Resources Co.		4,981		1,341,483
Targa Resources Corp.		2,025		230,972
Valero Energy Corp.		11,536		1,844,260
Williams Cos., Inc. (The)		16,245		623,158
				31,495,783
Pharmaceuticals — 4.9%
Bristol-Myers Squibb Co.		80,949		3,556,899
Johnson & Johnson		35,795		5,175,599
Merck & Co., Inc.		25,330		3,273,143
Organon & Co.		6,106		113,633
Perrigo Co. PLC		2,022		66,038
Pfizer, Inc.		145,342		3,723,662
Viatris, Inc.		21,054		243,595
				16,152,569
Professional Services — 0.6%
Automatic Data Processing, Inc.		5,377		1,300,642
ManpowerGroup, Inc.		1,917		144,638
Paychex, Inc.		3,901		463,478
Robert Half, Inc.		2,358		163,032
				2,071,790
Residential REITs — 0.5%
Apartment Income REIT Corp.		5,559		213,354
AvalonBay Communities, Inc.		1,338		253,645
Equity LifeStyle Properties, Inc.		1,702		102,614
Equity Residential		5,825		375,130
Essex Property Trust, Inc.		1,110		273,337
Invitation Homes, Inc.		6,366		217,717
Mid-America Apartment Communities, Inc.		1,652		214,760
				1,650,557
Retail REITs — 0.6%
Brixmor Property Group, Inc.		4,892		108,113
Federal Realty Investment Trust		560		58,335
Kimco Realty Corp.		12,257		228,348
Kite Realty Group Trust		3,847		83,865
Macerich Co. (The)		3,908		53,774
NNN REIT, Inc.		2,466		99,947
Regency Centers Corp.		2,901		171,797
Simon Property Group, Inc.		7,020		986,521
SITE Centers Corp.		3,159		42,615
				1,833,315
Semiconductors & Semiconductor Equipment — 12.6%
Broadcom, Inc.		12,144		15,790,479
Intel Corp.		56,028		1,707,173
NXP Semiconductors NV		14,199		3,637,642
QUALCOMM, Inc.		56,087		9,302,029
Skyworks Solutions, Inc.		12,896		1,374,585
Texas Instruments, Inc.		57,439		10,133,388
				41,945,296
Software — 0.3%
Gen Digital, Inc.		56,642		1,140,770

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 (continued) April 30, 2024 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialized REITs — 1.1%
American Tower Corp.		3,478	$	596,686
Crown Castle, Inc.		9,452		886,408
EPR Properties		2,180		88,486
Extra Space Storage, Inc.		2,725		365,913
Gaming & Leisure Properties, Inc.		1,834		78,367
Iron Mountain, Inc.		3,543		274,653
Lamar Advertising Co., Class A		1,414		163,812
PotlatchDeltic Corp.		1,509		60,375
Public Storage		2,524		654,852
Rayonier, Inc.		1,390		41,227
Weyerhaeuser Co.		9,498		286,555
				3,497,334
Specialty Retail — 3.4%
American Eagle Outfitters, Inc.		2,989		72,513
Dick’s Sporting Goods, Inc.		1,766		354,860
Gap, Inc. (The)		3,380		69,358
Home Depot, Inc. (The)		15,950		5,330,809
Lowe’s Cos., Inc.		21,954		5,005,292
Penske Automotive Group, Inc.		621		94,957
Williams-Sonoma, Inc.		1,319		378,263
				11,306,052
Technology Hardware, Storage & Peripherals — 1.6%
Hewlett Packard Enterprise Co.		88,955		1,512,235
NetApp, Inc.		20,387		2,083,755
Seagate Technology Holdings PLC		20,429		1,755,056
				5,351,046
Textiles, Apparel & Luxury Goods — 0.2%
Kontoor Brands, Inc.		939		58,274
Ralph Lauren Corp., Class A		1,243		203,404
Steven Madden Ltd.		1,927		77,870
Tapestry, Inc.		8,955		357,484
VF Corp.		8,610		107,281
				804,313

Security	Shares		Value
Tobacco — 2.0%
Altria Group, Inc.		75,868	$	3,323,777
Philip Morris International, Inc.		33,951		3,223,308
				6,547,085
Trading Companies & Distributors — 0.4%
Fastenal Co.		4,855		329,849
Ferguson PLC		3,364		706,103
Herc Holdings, Inc.		425		60,788
MSC Industrial Direct Co., Inc., Class A		1,192		108,758
Watsco, Inc.		356		159,388
				1,364,886
Water Utilities — 0.0%
Essential Utilities, Inc.		1,238		45,286
Total Long-Term Investments — 99.6% (Cost: $307,689,807)				330,799,891
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(a)(b)		806,429		806,429
Total Short-Term Securities — 0.3% (Cost: $806,429)				806,429
Total Investments — 99.9% (Cost: $308,496,236)				331,606,320
Other Assets Less Liabilities — 0.1%				479,806
Net Assets — 100.0%			$	332,086,126

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 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 Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/24		Shares Held at 04/30/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	—		$	—		$	—	$	—		—	$	9	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		859,810		—		(53,381	)(c)		—			—		806,429		806,429		43,586			—
	BlackRock, Inc.		1,322,935		535,789		(349,525	)		(26,788	)		164,213		1,646,624		2,182		36,276			—
									$	(26,788	)	$	164,213	$	2,453,053			$	79,871		$	—

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

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

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

18 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Core 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 Micro E-Mini S&P 500 Index		48		06/21/24	$	1,216	$	(36,577	)

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)	$	—	$	—	$	36,577	$	—	$	—	$	—	$	36,577

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

For the period ended April 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	205,313		$	—	$	—	$	—	$	205,313
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(54,406	)	$	—	$	—	$	—	$	(54,406	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long $ 1,029,305

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 19

Schedule of Investments (continued) April 30, 2024 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	$	330,799,891		$	—	$	—	$	330,799,891
Short-Term Securities
Money Market Funds		806,429			—		—		806,429
	$	331,606,320		$	—	$	—	$	331,606,320
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(36,577	)	$	—	$	—	$	(36,577	)

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

See notes to financial statements.

20 2 0 2 4 I S H A R E S 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 April 30, 2024 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.4%
BWX Technologies, Inc.		50,889	$	4,873,640
Curtiss-Wright Corp.		9,464		2,398,367
General Dynamics Corp.		294,167		84,452,404
HEICO Corp.		3,786		785,217
HEICO Corp., Class A		7,458		1,236,909
Huntington Ingalls Industries, Inc.		44,870		12,425,849
L3Harris Technologies, Inc.		241,041		51,594,826
Lockheed Martin Corp.		396,528		184,357,763
Northrop Grumman Corp.		155,325		75,337,285
RTX Corp.		2,208,043		224,160,525
				641,622,785
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		251,966		17,889,586
Expeditors International of Washington, Inc.		105,269		11,717,493
United Parcel Service, Inc., Class B		1,967,392		290,150,972
				319,758,051
Automobile Components — 0.0%
Gentex Corp.		193,762		6,646,037
LCI Industries		56,834		5,909,599
				12,555,636
Automobiles — 0.0%
Thor Industries, Inc.		57,199		5,686,725
Banks — 7.2%
BancFirst Corp.		25,514		2,275,083
Bank of America Corp.		11,835,212		438,021,196
Bank OZK		237,954		10,624,646
BOK Financial Corp.		44,679		3,964,368
Cadence Bank		145,900		4,037,053
Cathay General Bancorp.		153,149		5,274,452
Citigroup, Inc.		4,477,562		274,608,878
Comerica, Inc.		464,604		23,309,183
Commerce Bancshares, Inc.		165,408		9,044,509
Community Bank System, Inc.		101,724		4,396,511
Cullen/Frost Bankers, Inc.		128,535		13,411,342
East West Bancorp, Inc.		256,527		19,108,696
First Bancorp.		340,696		5,877,006
First Financial Bankshares, Inc.		222,060		6,564,094
Glacier Bancorp, Inc.		245,492		8,881,901
Home BancShares, Inc.		377,559		8,940,597
Independent Bank Corp.		67,804		3,406,473
JPMorgan Chase & Co.		4,056,518		777,796,761
M&T Bank Corp.		389,215		56,198,754
PNC Financial Services Group, Inc. (The)		1,043,118		159,868,265
Popular, Inc.		126,566		10,756,844
Prosperity Bancshares, Inc.		208,855		12,942,744
ServisFirst Bancshares, Inc.		68,676		4,049,137
SouthState Corp.		117,069		8,862,123
UMB Financial Corp.		53,990		4,300,843
United Community Banks, Inc.		238,669		6,021,619
Western Alliance Bancorp.		162,151		9,215,041
Wintrust Financial Corp.		70,884		6,850,230
WSFS Financial Corp.		31,138		1,330,527
Zions Bancorp N.A.		375,480		15,312,074
				1,915,250,950
Beverages — 3.8%
Brown-Forman Corp., Class A		46,271		2,270,518
Brown-Forman Corp., Class B, NVS		298,976		14,306,002
Coca-Cola Co. (The)		7,711,356		476,330,460

Security	Shares		Value
Beverages (continued)
Constellation Brands, Inc., Class A		142,224	$	36,048,095
PepsiCo, Inc.		2,716,322		477,828,203
				1,006,783,278
Biotechnology — 4.3%
AbbVie, Inc.		3,847,655		625,782,609
Amgen, Inc.		1,108,301		303,607,976
Gilead Sciences, Inc.		3,275,631		213,571,141
				1,142,961,726
Broadline Retail — 0.1%
Dillard’s, Inc., Class A		880		385,431
eBay, Inc.		656,633		33,842,865
				34,228,296
Building Products — 0.6%
A. O. Smith Corp.		118,484		9,815,215
AAON, Inc.		21,801		2,051,256
Advanced Drainage Systems, Inc.		15,142		2,377,294
Allegion PLC		78,578		9,551,942
Armstrong World Industries, Inc.		26,003		2,987,225
Carlisle Cos., Inc.		29,338		11,390,478
CSW Industrials, Inc.		4,896		1,163,388
Fortune Brands Innovations, Inc.		99,034		7,239,385
Lennox International, Inc.		19,150		8,874,493
Masco Corp.		217,698		14,901,428
Owens Corning		90,263		15,183,139
Simpson Manufacturing Co., Inc.		13,779		2,396,030
Trane Technologies PLC		169,783		53,878,937
UFP Industries, Inc.		45,755		5,156,589
				146,966,799
Capital Markets — 6.4%
Ameriprise Financial, Inc.		84,038		34,606,008
Ares Management Corp., Class A		241,903		32,194,870
Bank of New York Mellon Corp. (The)		1,452,575		82,055,962
BlackRock, Inc.(a)		219,790		165,862,326
CME Group, Inc., Class A		2,187,857		458,662,341
Evercore, Inc., Class A		35,585		6,458,677
FactSet Research Systems, Inc.		20,743		8,647,549
Goldman Sachs Group, Inc. (The)		581,075		247,950,513
Hamilton Lane, Inc., Class A		41,230		4,606,216
Houlihan Lokey, Inc., Class A		62,508		7,969,145
Intercontinental Exchange, Inc.		438,435		56,452,891
Jefferies Financial Group, Inc.		286,145		12,321,404
MarketAxess Holdings, Inc.		34,470		6,897,102
Moody’s Corp.		88,431		32,748,652
Morgan Stanley		3,200,843		290,764,578
Morningstar, Inc.		8,856		2,503,148
MSCI, Inc., Class A		58,877		27,424,318
Nasdaq, Inc.		388,663		23,261,481
Northern Trust Corp.		484,704		39,934,763
Raymond James Financial, Inc.		178,495		21,776,390
S&P Global, Inc.		170,750		71,002,972
SEI Investments Co.		95,127		6,273,626
State Street Corp.		753,079		54,590,697
Stifel Financial Corp.		140,937		11,263,685
				1,706,229,314
Chemicals — 2.0%
Air Products & Chemicals, Inc.		407,218		96,241,902
Albemarle Corp.		100,247		12,060,717
Ashland, Inc.		52,648		5,018,934
Avient Corp.		154,391		6,549,266
Balchem Corp.		11,419		1,614,418

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 (continued) April 30, 2024 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Cabot Corp.		65,354	$	5,962,246
Celanese Corp., Class A		121,669		18,689,575
Corteva, Inc.		533,237		28,864,119
Eastman Chemical Co.		281,411		26,576,455
Ecolab, Inc.		161,092		36,430,956
FMC Corp.		300,289		17,720,054
HB Fuller Co.		37,003		2,764,494
Innospec, Inc.		21,135		2,536,200
Linde PLC		338,833		149,411,800
Mosaic Co. (The)		530,570		16,654,592
PPG Industries, Inc.		278,291		35,899,539
Quaker Chemical Corp.		8,221		1,533,463
RPM International, Inc.		124,252		13,283,781
Sherwin-Williams Co. (The)		127,725		38,267,687
Westlake Corp.		33,223		4,895,741
				520,975,939
Commercial Services & Supplies — 0.5%
ABM Industries, Inc.		92,123		4,025,775
Brady Corp., Class A, NVS		46,059		2,717,481
Cintas Corp.		48,266		31,775,438
MSA Safety, Inc.		24,893		4,490,697
Republic Services, Inc.		152,490		29,232,333
Tetra Tech, Inc.		20,715		4,033,625
Waste Management, Inc.		316,281		65,792,774
				142,068,123
Communications Equipment — 1.6%
Cisco Systems, Inc.		8,205,053		385,473,390
Motorola Solutions, Inc.		123,256		41,802,272
				427,275,662
Construction & Engineering — 0.1%
Comfort Systems U.S.A., Inc.		7,297		2,257,764
MDU Resources Group, Inc.		285,884		7,061,335
Quanta Services, Inc.		14,805		3,827,981
				13,147,080
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		19,239		11,294,640
Vulcan Materials Co.		52,856		13,617,291
				24,911,931
Consumer Finance — 0.7%
American Express Co.		401,841		94,042,849
Discover Financial Services		374,658		47,480,408
FirstCash Holdings, Inc.		30,906		3,491,760
Nelnet, Inc., Class A		16,370		1,541,727
Synchrony Financial		609,860		26,821,643
				173,378,387
Consumer Staples Distribution & Retail — 2.2%
Casey’s General Stores, Inc.		14,864		4,750,237
Costco Wholesale Corp.		149,048		107,746,799
Dollar General Corp.		212,062		29,516,910
Kroger Co. (The)		977,085		54,110,967
Sysco Corp.		804,214		59,769,185
Target Corp.		744,271		119,812,746
Walmart, Inc.		3,475,567		206,274,901
				581,981,745
Containers & Packaging — 0.2%
AptarGroup, Inc.		47,841		6,907,284
Avery Dennison Corp.		77,548		16,849,629

Security	Shares		Value
Containers & Packaging (continued)
Silgan Holdings, Inc.		86,353	$	4,029,231
Sonoco Products Co.		222,810		12,488,501
				40,274,645
Distributors — 0.2%
Genuine Parts Co.		239,073		37,584,666
Pool Corp.		26,130		9,472,909
				47,057,575
Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		2,623		1,839,693
H&R Block, Inc.		248,490		11,736,183
Service Corp. International		142,876		10,245,638
				23,821,514
Electric Utilities — 4.7%
Alliant Energy Corp.		639,099		31,827,130
American Electric Power Co., Inc.		1,403,800		120,768,914
Duke Energy Corp.		2,137,898		210,069,858
Edison International		1,115,986		79,301,965
Entergy Corp.		590,523		62,991,088
Eversource Energy		1,026,061		62,199,818
IDACORP, Inc.		121,592		11,524,490
MGE Energy, Inc.		49,567		3,882,088
NextEra Energy, Inc.		4,839,223		324,082,764
Otter Tail Corp.		58,276		4,974,439
Pinnacle West Capital Corp.		365,938		26,951,334
PNM Resources, Inc.		228,867		8,481,811
Portland General Electric Co.		302,990		13,098,258
Southern Co. (The)		2,723,462		200,174,457
Xcel Energy, Inc.		1,507,991		81,024,356
				1,241,352,770
Electrical Equipment — 0.9%
AMETEK, Inc.		81,709		14,271,294
Eaton Corp. PLC		294,587		93,755,259
Emerson Electric Co.		693,220		74,715,252
Hubbell, Inc.		39,578		14,664,440
nVent Electric PLC		115,695		8,338,139
Regal Rexnord Corp.		35,488		5,726,698
Rockwell Automation, Inc.		125,288		33,948,036
				245,419,118
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		295,201		35,651,425
Avnet, Inc.		143,516		7,013,627
Badger Meter, Inc.		12,849		2,350,339
CDW Corp.		85,850		20,763,681
Cognex Corp.		81,483		3,384,804
Corning, Inc.		1,679,272		56,054,099
Littelfuse, Inc.		16,408		3,784,341
TD SYNNEX Corp.		50,267		5,923,463
TE Connectivity Ltd.		320,408		45,331,324
				180,257,103
Energy Equipment & Services — 0.0%
Cactus, Inc., Class A		45,274		2,247,401
Financial Services — 1.8%
Equitable Holdings, Inc.		526,082		19,417,687
Essent Group Ltd.		134,628		7,131,245
Fidelity National Information Services, Inc.		1,122,137		76,215,545
Jack Henry & Associates, Inc.		56,621		9,211,671
Mastercard, Inc., Class A		295,233		133,209,130
MGIC Investment Corp.		405,355		8,220,599
Visa, Inc., Class A		746,198		200,436,245

22 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Voya Financial, Inc.		156,583	$	10,672,697
Walker & Dunlop, Inc.		57,964		5,311,241
				469,826,060
Food Products — 1.6%
Archer-Daniels-Midland Co.		1,248,792		73,254,139
Flowers Foods, Inc.		488,887		12,192,842
Hershey Co. (The)		270,879		52,528,856
Hormel Foods Corp.		607,904		21,617,066
Ingredion, Inc.		111,095		12,730,376
J & J Snack Foods Corp.		19,709		2,705,848
J M Smucker Co. (The)		238,987		27,447,657
Kellanova		700,507		40,531,335
Lamb Weston Holdings, Inc.		130,045		10,837,950
Lancaster Colony Corp.		24,157		4,609,397
McCormick & Co., Inc., NVS		395,232		30,061,346
Mondelez International, Inc., Class A		2,055,852		147,897,993
				436,414,805
Gas Utilities — 0.3%
Atmos Energy Corp.		264,893		31,230,885
National Fuel Gas Co.		220,592		11,713,435
New Jersey Resources Corp.		246,386		10,764,604
ONE Gas, Inc.		141,543		9,132,355
Spire, Inc.		167,753		10,365,458
				73,206,737
Ground Transportation — 1.3%
CSX Corp.		1,584,846		52,648,584
JB Hunt Transport Services, Inc.		43,661		7,097,969
Landstar System, Inc.		16,241		2,832,593
Norfolk Southern Corp.		305,468		70,355,390
Old Dominion Freight Line, Inc.		44,610		8,106,083
Ryder System, Inc.		73,462		8,951,345
Schneider National, Inc., Class B		39,634		819,631
Union Pacific Corp.		802,987		190,436,397
Werner Enterprises, Inc.		53,331		1,823,920
				343,071,912
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		2,034,818		215,629,664
Baxter International, Inc.		874,457		35,301,829
Becton Dickinson & Co.		285,133		66,892,202
DENTSPLY SIRONA, Inc.		216,601		6,500,196
Medtronic PLC		2,731,136		219,146,353
ResMed, Inc.		97,864		20,941,917
STERIS PLC		57,302		11,721,697
Stryker Corp.		199,990		67,296,635
				643,430,493
Health Care Providers & Services — 2.6%
Cardinal Health, Inc.		285,258		29,392,984
Cencora, Inc.		87,221		20,850,180
Chemed Corp.		2,822		1,602,896
Elevance Health, Inc.		166,667		88,096,843
Ensign Group, Inc. (The)		8,904		1,053,877
HCA Healthcare, Inc.		94,380		29,240,812
Humana, Inc.		77,402		23,382,370
McKesson Corp.		39,566		21,255,251
Quest Diagnostics, Inc.		160,565		22,186,872
UnitedHealth Group, Inc.		935,757		452,625,661
				689,687,746
Hotels, Restaurants & Leisure — 2.0%
Churchill Downs, Inc.		16,000		2,064,000
Domino’s Pizza, Inc.		24,071		12,740,058

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
McDonald’s Corp.		1,047,985	$	286,141,824
Starbucks Corp.		1,797,934		159,099,180
Texas Roadhouse, Inc.		62,037		9,974,309
Wingstop, Inc.		4,211		1,620,351
Yum! Brands, Inc.		344,197		48,617,826
				520,257,548
Household Durables — 0.2%
DR Horton, Inc.		155,329		22,132,829
Garmin Ltd.		205,028		29,620,395
PulteGroup, Inc.		98,723		10,999,717
Worthington Enterprises, Inc.		48,477		2,770,945
				65,523,886
Household Products — 3.1%
Church & Dwight Co., Inc.		174,704		18,848,815
Colgate-Palmolive Co.		1,154,096		106,084,504
Kimberly-Clark Corp.		811,783		110,832,733
Procter & Gamble Co. (The)		3,531,364		576,318,605
WD-40 Co.		12,256		2,771,449
				814,856,106
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)		1,817,944		32,541,198
Vistra Corp.		296,803		22,509,539
				55,050,737
Industrial Conglomerates — 0.7%
Honeywell International, Inc.		903,950		174,218,284
Insurance — 3.1%
Aflac, Inc.		828,761		69,325,858
Allstate Corp. (The)		378,967		64,447,128
American Financial Group, Inc.		100,311		12,814,730
Aon PLC, Class A		98,977		27,912,504
Arthur J. Gallagher & Co.		132,482		31,092,201
Assurant, Inc.		56,629		9,876,098
Assured Guaranty Ltd.		44,560		3,417,752
Axis Capital Holdings Ltd.		139,790		8,573,321
Brown & Brown, Inc.		91,110		7,429,109
Chubb Ltd.		333,463		82,912,240
Cincinnati Financial Corp.		252,269		29,185,001
CNO Financial Group, Inc.		172,366		4,538,397
Erie Indemnity Co., Class A, NVS		19,928		7,625,648
Everest Group Ltd.		51,732		18,955,122
Fidelity National Financial, Inc., Class A		481,733		23,845,783
First American Financial Corp.		239,980		12,855,729
Globe Life, Inc.		46,324		3,528,499
Hanover Insurance Group, Inc. (The)		58,774		7,630,041
Hartford Financial Services Group, Inc. (The)		343,486		33,280,358
Kinsale Capital Group, Inc.		2,631		955,711
Marsh & McLennan Cos., Inc.		439,677		87,684,784
MetLife, Inc.		1,147,963		81,597,210
Old Republic International Corp.		557,902		16,658,954
Primerica, Inc.		26,932		5,705,813
Principal Financial Group, Inc.		503,559		39,851,659
Reinsurance Group of America, Inc.		75,380		14,095,306
RenaissanceRe Holdings Ltd.		20,599		4,516,331
RLI Corp.		21,297		3,010,331
Selective Insurance Group, Inc.		53,731		5,461,756
Travelers Cos., Inc. (The)		264,286		56,070,918
Unum Group		340,275		17,251,942
W. R. Berkley Corp.		68,133		5,244,197
Willis Towers Watson PLC		79,778		20,035,447
				817,385,878

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 (continued) April 30, 2024 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 1.8%
Accenture PLC, Class A		540,654	$	162,688,195
International Business Machines Corp.		1,967,200		326,948,640
				489,636,835
Leisure Products — 0.1%
Acushnet Holdings Corp.		28,232		1,721,587
Brunswick Corp.		83,059		6,697,878
Polaris, Inc.		94,627		8,058,435
				16,477,900
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.		119,297		16,348,461
Danaher Corp.		163,905		40,422,251
Thermo Fisher Scientific, Inc.		58,458		33,246,234
West Pharmaceutical Services, Inc.		10,097		3,609,475
				93,626,421
Machinery — 2.4%
AGCO Corp.		41,762		4,768,803
Albany International Corp., Class A		21,682		1,729,140
Caterpillar, Inc.		501,980		167,947,449
Cummins, Inc.		212,551		60,043,532
Donaldson Co., Inc.		104,900		7,573,780
Dover Corp.		106,631		19,118,938
Franklin Electric Co., Inc.		25,535		2,458,254
Graco, Inc.		119,237		9,562,807
Hillenbrand, Inc.		82,425		3,933,321
IDEX Corp.		50,198		11,066,651
Illinois Tool Works, Inc.		410,750		100,268,182
Ingersoll Rand, Inc.		21,298		1,987,529
ITT, Inc.		47,525		6,146,883
Kadant, Inc.		3,510		961,003
Lincoln Electric Holdings, Inc.		40,767		8,949,580
Nordson Corp.		33,452		8,636,972
Oshkosh Corp.		63,316		7,108,487
Otis Worldwide Corp.		373,851		34,095,211
PACCAR, Inc.		305,824		32,450,985
Parker-Hannifin Corp.		87,442		47,648,020
Pentair PLC		122,715		9,705,529
Snap-on, Inc.		87,611		23,476,244
Stanley Black & Decker, Inc.		351,509		32,127,923
Terex Corp.		54,395		3,048,840
Timken Co. (The)		70,756		6,312,850
Toro Co. (The)		96,628		8,463,647
Watts Water Technologies, Inc., Class A		12,749		2,530,167
Xylem, Inc.		175,573		22,947,391
				645,068,118
Marine Transportation — 0.0%
Matson, Inc.		29,604		3,190,719
Media — 1.3%
Cable One, Inc.		7,845		3,089,753
Comcast Corp., Class A		6,940,270		264,493,690
Interpublic Group of Cos., Inc. (The)		1,014,019		30,866,738
New York Times Co. (The), Class A		101,931		4,386,091
Nexstar Media Group, Inc., Class A		86,989		13,923,459
Omnicom Group, Inc.		377,496		35,046,729
Sirius XM Holdings, Inc.		1,022,354		3,005,721
				354,812,181
Metals & Mining — 0.3%
Nucor Corp.		182,440		30,746,613
Reliance, Inc.		45,591		12,980,670

Security	Shares		Value
Metals & Mining (continued)
Royal Gold, Inc.		60,647	$	7,285,524
Steel Dynamics, Inc.		131,043		17,051,315
				68,064,122
Multi-Utilities — 1.8%
Ameren Corp.		547,065		40,411,692
CMS Energy Corp.		636,086		38,553,172
Consolidated Edison, Inc.		811,878		76,641,283
DTE Energy Co.		478,811		52,822,430
NiSource, Inc.		1,127,448		31,410,701
Public Service Enterprise Group, Inc.		1,113,281		76,905,451
Sempra		1,349,524		96,666,404
WEC Energy Group, Inc.		828,715		68,485,008
				481,896,141
Oil, Gas & Consumable Fuels — 8.5%
Chevron Corp.		5,182,509		835,783,227
ConocoPhillips		2,086,739		262,136,153
EOG Resources, Inc.		1,157,357		152,921,580
Exxon Mobil Corp.		7,278,807		860,864,504
Ovintiv, Inc.		393,523		20,195,600
Phillips 66		781,632		111,937,519
Texas Pacific Land Corp.		10,324		5,949,721
				2,249,788,304
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		62,252		4,556,224
Personal Care Products — 0.0%
Inter Parfums, Inc.		22,090		2,570,834
Pharmaceuticals — 6.7%
Bristol-Myers Squibb Co.		5,822,403		255,836,388
Eli Lilly & Co.		358,601		280,103,241
Johnson & Johnson		4,576,777		661,756,187
Merck & Co., Inc.		4,013,961		518,684,040
Perrigo Co. PLC		336,573		10,992,474
Zoetis, Inc., Class A		276,401		44,014,095
				1,771,386,425
Professional Services — 1.0%
Automatic Data Processing, Inc.		600,712		145,306,226
Booz Allen Hamilton Holding Corp., Class A		107,635		15,894,461
Broadridge Financial Solutions, Inc.		115,275		22,295,338
Exponent, Inc.		38,876		3,573,093
Genpact Ltd.		154,261		4,741,983
Insperity, Inc.		48,777		5,020,617
Jacobs Solutions, Inc.		61,959		8,892,975
ManpowerGroup, Inc.		124,552		9,397,448
Robert Half, Inc.		177,940		12,302,772
SS&C Technologies Holdings, Inc.		210,080		13,001,851
Verisk Analytics, Inc.		53,566		11,675,245
				252,102,009
Semiconductors & Semiconductor Equipment — 4.9%
Analog Devices, Inc.		566,785		113,702,739
Applied Materials, Inc.		320,690		63,705,068
Broadcom, Inc.		463,473		602,640,038
KLA Corp.		70,075		48,301,997
Lam Research Corp.		68,216		61,013,072
Microchip Technology, Inc.		692,428		63,689,527
Monolithic Power Systems, Inc.		15,723		10,523,876
NXP Semiconductors NV		264,835		67,848,079
Power Integrations, Inc.		39,510		2,636,107
QUALCOMM, Inc.		1,350,188		223,928,680

24 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions, Inc.		263,793	$	28,117,696
Universal Display Corp.		23,889		3,773,984
				1,289,880,863
Software — 3.8%
Dolby Laboratories, Inc., Class A		55,496		4,309,819
Intuit, Inc.		93,909		58,751,349
Microsoft Corp.		1,982,517		771,853,344
Oracle Corp.		1,446,151		164,499,676
Roper Technologies, Inc.		35,086		17,945,085
				1,017,359,273
Specialty Retail — 2.7%
Dick’s Sporting Goods, Inc.		82,029		16,482,907
Group 1 Automotive, Inc.		5,916		1,739,422
Home Depot, Inc. (The)		1,401,575		468,434,397
Lithia Motors, Inc., Class A		13,112		3,335,431
Lowe’s Cos., Inc.		667,861		152,265,629
Penske Automotive Group, Inc.		28,926		4,423,075
Ross Stores, Inc.		180,806		23,423,417
Tractor Supply Co.		121,259		33,113,408
Williams-Sonoma, Inc.		58,258		16,707,229
				719,924,915
Technology Hardware, Storage & Peripherals — 3.3%
Apple Inc.		4,577,130		779,622,553
HP, Inc.		2,008,693		56,424,186
NetApp, Inc.		254,809		26,044,028
				862,090,767
Textiles, Apparel & Luxury Goods — 0.5%
Carter’s, Inc.		82,404		5,637,258
Columbia Sportswear Co.		34,326		2,733,379
Kontoor Brands, Inc.		120,705		7,490,952
NIKE, Inc., Class B		1,142,242		105,383,247
Steven Madden Ltd.		99,894		4,036,717
				125,281,553
Trading Companies & Distributors — 0.6%
Air Lease Corp., Class A		130,544		6,558,531

Security	Shares		Value
Trading Companies & Distributors (continued)
Applied Industrial Technologies, Inc.		21,155	$	3,876,654
Boise Cascade Co.		17,524		2,317,899
Fastenal Co.		762,899		51,831,358
Ferguson PLC		202,912		42,591,229
GATX Corp.		39,705		4,858,304
McGrath RentCorp		27,428		2,925,470
MSC Industrial Direct Co., Inc., Class A		99,042		9,036,592
Rush Enterprises, Inc., Class A		61,025		2,680,218
Rush Enterprises, Inc., Class B		9,950		407,055
Watsco, Inc.		53,867		24,117,333
WW Grainger, Inc.		21,810		20,094,643
				171,295,286
Water Utilities — 0.2%
American States Water Co.		56,973		4,035,967
American Water Works Co., Inc.		292,881		35,825,204
California Water Service Group		86,726		4,259,981
Essential Utilities, Inc.		562,656		20,581,957
				64,703,109
Total Long-Term Investments — 99.6% (Cost: $21,651,851,964)				26,382,854,744
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(a)(b)		72,964,605		72,964,605
Total Short-Term Securities — 0.3% (Cost: $72,964,605)				72,964,605
Total Investments — 99.9% (Cost: $21,724,816,569)				26,455,819,349
Other Assets Less Liabilities — 0.1%				28,219,475
Net Assets — 100.0%			$	26,484,038,824

^(a) Affiliate of the Fund.

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

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 (continued) April 30, 2024 iShares^® Core Dividend Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/24		Shares Held at 04/30/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	644,774	$	—			$ (640,471	)(b)	$	(4,303)	$	—	$	—		—	$	942,446	(c)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		46,636,422		26,328,183	(b)		—			—		—		72,964,605		72,964,605		3,137,753			—
	BlackRock, Inc.		162,805,601		24,926,507			(44,511,786	)		6,414,845		16,227,159		165,862,326		219,790		4,894,684			—
										$	6,410,542	$	16,227,159	$	238,826,931			$	8,974,883		$	—

^(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.

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		383		06/21/24	$	97,033	$	(2,203,914)

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)	$	—	$	—	$	2,203,914	$	—	$	—	$	—	$	2,203,914

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

For the period ended April 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	19,670,097		$	—	$	—	$	—	$	19,670,097
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(6,815,274	)	$	—	$	—	$	—	$	(6,815,274	)

26 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Core Dividend Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long $ 87,997,925

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	$	26,382,854,744		$	—	$	—	$	26,382,854,744
Short-Term Securities  Money Market Funds		72,964,605			—		—		72,964,605
	$	26,455,819,349		$	—	$	—	$	26,455,819,349
Derivative Financial Instruments(a) Liabilities   Equity Contracts	$	(2,203,914	)	$	—	$	—	$	(2,203,914	)

^(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 27

Schedule of Investments  April 30, 2024 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Lockheed Martin Corp.		325,927	$	151,533,240
Banks — 4.0%
PNC Financial Services Group, Inc. (The)		857,451		131,412,940
Wells Fargo & Co.		4,615,333		273,781,554
				405,194,494
Beverages — 8.2%
Coca-Cola Co. (The)		6,338,581		391,534,148
Keurig Dr Pepper, Inc.		1,483,658		49,999,275
PepsiCo, Inc.		2,232,772		392,766,923
				834,300,346
Biotechnology — 5.0%
AbbVie, Inc.		3,162,771		514,393,075
Capital Markets — 2.4%
Artisan Partners Asset Management, Inc., Class A		217,170		8,888,768
Blackstone, Inc., Class A, NVS		1,146,456		133,688,234
Carlyle Group, Inc. (The)		322,268		14,437,606
Cohen & Steers, Inc.		40,631		2,794,600
Franklin Resources, Inc.		666,835		15,230,512
Janus Henderson Group PLC		336,577		10,507,934
Moelis & Co., Class A		161,036		7,903,647
T Rowe Price Group, Inc.		483,667		52,995,393
				246,446,694
Chemicals — 2.4%
Air Products & Chemicals, Inc.		334,833		79,134,431
Dow, Inc.		1,805,105		102,710,474
LyondellBasell Industries NV, Class A		677,075		67,687,188
				249,532,093
Communications Equipment — 3.1%
Cisco Systems, Inc.		6,744,409		316,852,335
Containers & Packaging — 0.4%
Amcor PLC		4,096,506		36,622,764
Distributors — 0.3%
Genuine Parts Co.		195,351		30,711,131
Diversified Telecommunication Services — 5.7%
Verizon Communications, Inc.		14,651,343		578,581,535
Electric Utilities — 5.4%
Alliant Energy Corp.		522,338		26,012,432
American Electric Power Co., Inc.		1,153,938		99,273,286
Duke Energy Corp.		1,757,303		172,672,593
FirstEnergy Corp.		1,178,478		45,182,847
IDACORP, Inc.		99,717		9,451,177
PPL Corp.		1,379,606		37,883,981
Southern Co. (The)		2,238,612		164,537,982
				555,014,298
Financial Services — 0.3%
Radian Group, Inc.		262,497		7,840,785
Western Union Co. (The)		1,305,538		17,546,431
				25,387,216
Food Products — 1.3%
General Mills, Inc.		1,072,802		75,589,629
Hershey Co. (The)		222,623		43,171,052
Ingredion, Inc.		91,589		10,495,184
				129,255,865

Security	Shares		Value
Gas Utilities — 0.3%
Atmos Energy Corp.		216,525	$	25,528,297
New Jersey Resources Corp.		202,152		8,832,021
				34,360,318
Health Care Equipment & Supplies — 1.8%
Medtronic PLC		2,245,014		180,139,923
Hotels, Restaurants & Leisure — 0.3%
Darden Restaurants, Inc.		187,257		28,727,096
Household Products — 1.2%
Clorox Co. (The)		206,450		30,527,762
Kimberly-Clark Corp.		667,270		91,102,373
Reynolds Consumer Products, Inc.		73,448		2,102,816
				123,732,951
Insurance — 0.4%
Cincinnati Financial Corp.		206,189		23,854,005
Old Republic International Corp.		457,594		13,663,757
				37,517,762
IT Services — 2.6%
International Business Machines Corp.		1,616,989		268,743,572
Media — 2.1%
Comcast Corp., Class A		5,704,820		217,410,690
Multi-Utilities — 2.9%
CenterPoint Energy, Inc.		931,752		27,151,253
DTE Energy Co.		393,526		43,413,788
NiSource, Inc.		921,617		25,676,250
Public Service Enterprise Group, Inc.		915,559		63,246,816
Sempra		1,109,455		79,470,262
WEC Energy Group, Inc.		677,178		55,961,990
				294,920,359
Oil, Gas & Consumable Fuels — 27.0%
Antero Midstream Corp.		1,099,609		15,218,588
Chesapeake Energy Corp.		154,766		13,910,368
Chevron Corp.		4,256,444		686,436,724
Chord Energy Corp.		132,886		23,518,164
ConocoPhillips		1,715,322		215,478,750
Coterra Energy, Inc.		1,184,955		32,420,369
Devon Energy Corp.		2,266,856		116,017,690
Diamondback Energy, Inc.		665,306		133,812,996
DT Midstream, Inc.		240,277		14,945,229
EOG Resources, Inc.		951,361		125,703,329
Exxon Mobil Corp.		7,386,209		873,566,938
Kinder Morgan, Inc.		6,518,388		119,156,133
Phillips 66		642,441		92,003,976
Pioneer Natural Resources Co.		650,143		175,096,513
Williams Cos., Inc. (The)		3,113,482		119,433,169
				2,756,718,936
Pharmaceuticals — 9.5%
Johnson & Johnson		3,762,101		543,962,184
Merck & Co., Inc.		3,299,423		426,351,440
				970,313,624
Professional Services — 0.6%
Paychex, Inc.		498,739		59,255,181
Semiconductors & Semiconductor Equipment — 2.7%
Skyworks Solutions, Inc.		217,525		23,185,990
Texas Instruments, Inc.		1,436,065		253,350,587
				276,536,577

28 2 0 2 4 I S H A R E S 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  (continued) April 30, 2024 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco — 8.1%
Altria Group, Inc.		8,750,333	$	383,352,089
Philip Morris International, Inc.		4,631,539		439,718,312
				823,070,401
Trading Companies & Distributors — 0.1%
MSC Industrial Direct Co., Inc., Class A		81,304		7,418,177
Water Utilities — 0.2%
Essential Utilities, Inc.		460,952		16,861,624
Total Long-Term Investments — 99.8% (Cost: $9,667,618,120)				10,169,552,277
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(a)(b)		12,064,701		12,064,701
Total Short-Term Securities — 0.1% (Cost: $12,064,701)				12,064,701
Total Investments — 99.9% (Cost: $9,679,682,821)				10,181,616,978
Other Assets Less Liabilities — 0.1%				10,194,144
Net Assets — 100.0%			$	10,191,811,122

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 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 Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/24		Shares Held at 04/30/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	3,265	(b)	$	—		$	(3,265)	$	—	$	—		—	$	2,419	(c)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		22,682,184		—			(10,617,483	)(b)		—		—		12,064,701		12,064,701		987,260			—
	BlackRock, Inc.(a)		—		200,966,076			(224,482,552	)		23,516,476		—		—		—		2,565,445			—
										$	23,513,211	$	—	$	12,064,701			$	3,555,124		$	—

^(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.

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 (continued) April 30, 2024 iShares^® Core High 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 Consumer Staples Index		135		06/21/24	$	10,333	$	133,152
E-Mini Dow Jones Industrial Average Index		21		06/21/24		3,989		(78,093	)
E-Mini Energy Select Sector Index		67		06/21/24		6,600		378,991
							$	434,050

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)	$	—	$	—	$	512,143	$	—	$	—	$	—	$	512,143
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	—	$	—	$	78,093	$	—	$	—	$	—	$	78,093

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

For the period ended April 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	2,965,060		$	—	$	—	$	—	$	2,965,060
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,351,677	)	$	—	$	—	$	—	$	(1,351,677	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long $ 25,262,890

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

30 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Core High 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	$	10,169,552,277		$	—	$	—	$	10,169,552,277
Short-Term Securities
Money Market Funds		12,064,701			—		—		12,064,701
	$	10,181,616,978		$	—	$	—	$	10,181,616,978
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	512,143		$	—	$	—	$	512,143
Liabilities
Equity Contracts		(78,093	)		—		—		(78,093	)
	$	434,050		$	—	$	—	$	434,050

^(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 April 30, 2024 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
Lockheed Martin Corp.		349,220	$	162,362,855
Automobiles — 1.4%
Ford Motor Co.		20,159,240		244,934,766
Banks — 13.9%
Citizens Financial Group, Inc.		8,802,411		300,250,239
Comerica, Inc.		2,986,995		149,857,539
Fifth Third Bancorp		6,245,924		227,726,389
First Horizon Corp.		12,051,265		179,804,874
FNB Corp.		7,936,596		105,874,191
Huntington Bancshares, Inc.		18,982,643		255,696,201
KeyCorp.		20,660,353		299,368,515
Regions Financial Corp.		14,219,701		274,013,638
Truist Financial Corp.		8,413,670		315,933,308
U.S. Bancorp		5,825,566		236,692,747
United Bankshares, Inc.		3,048,347		98,949,344
Valley National Bancorp		9,904,663		69,431,688
				2,513,598,673
Beverages — 0.9%
Coca-Cola Co. (The)		2,749,065		169,809,745
Biotechnology — 1.1%
Gilead Sciences, Inc.		3,008,553		196,157,656
Broadline Retail — 0.3%
Kohl’s Corp.		2,377,063		56,906,888
Capital Markets — 4.1%
Federated Hermes, Inc., Class B		1,859,359		61,079,943
Franklin Resources, Inc.		6,213,865		141,924,677
Invesco Ltd.		9,910,786		140,435,838
Janus Henderson Group PLC		2,858,565		89,244,399
Lazard, Inc.		2,388,471		91,956,133
T Rowe Price Group, Inc.		2,061,453		225,873,405
				750,514,395
Chemicals — 3.3%
Chemours Co. (The)		3,162,095		84,586,041
FMC Corp.		2,779,454		164,015,580
Huntsman Corp.		3,486,495		83,187,771
LyondellBasell Industries NV, Class A		2,633,275		263,248,502
				595,037,894
Consumer Finance — 0.8%
OneMain Holdings, Inc.		2,598,157		135,389,961
Consumer Staples Distribution & Retail — 1.1%
Walgreens Boots Alliance, Inc.		10,929,243		193,775,478
Containers & Packaging — 3.8%
International Paper Co.		7,587,432		265,104,874
Packaging Corp. of America		857,916		148,402,310
Sonoco Products Co.		2,104,505		117,957,505
Westrock Co.		3,124,897		149,870,060
				681,334,749
Distributors — 0.8%
Genuine Parts Co.		937,434		147,373,999
Diversified Consumer Services — 0.7%
H&R Block, Inc.		2,789,804		131,762,443
Diversified Telecommunication Services — 3.6%
AT&T Inc.		19,604,174		331,114,499
Verizon Communications, Inc.		8,327,650		328,858,898
				659,973,397

Security	Shares		Value
Electric Utilities — 15.9%
Alliant Energy Corp.		4,244,203	$	211,361,309
American Electric Power Co., Inc.		2,639,788		227,100,962
Edison International		3,525,000		250,486,500
Entergy Corp.		2,281,142		243,329,417
Eversource Energy		4,213,408		255,416,793
Exelon Corp.		5,856,833		220,099,784
FirstEnergy Corp.		6,052,045		232,035,405
IDACORP, Inc.		1,107,631		104,981,266
NextEra Energy, Inc.		3,335,944		223,408,170
NRG Energy, Inc.		2,918,544		212,090,592
OGE Energy Corp.		4,358,067		151,007,022
Pinnacle West Capital Corp.		2,513,410		185,112,647
PPL Corp.		7,489,839		205,670,979
Xcel Energy, Inc.		3,103,699		166,761,747
				2,888,862,593
Financial Services — 0.6%
Western Union Co. (The)		7,760,448		104,300,421
Food Products — 2.7%
Conagra Brands, Inc.		9,297,429		286,174,865
General Mills, Inc.		2,910,559		205,077,987
				491,252,852
Gas Utilities — 1.7%
New Jersey Resources Corp.		2,167,225		94,686,061
Southwest Gas Holdings, Inc.		1,168,797		87,215,632
UGI Corp.		4,550,834		116,319,317
				298,221,010
Hotels, Restaurants & Leisure — 1.0%
McDonald’s Corp.		393,909		107,552,913
Wendy’s Co. (The)		3,644,921		72,861,971
				180,414,884
Household Durables — 2.0%
Garmin Ltd.		884,657		127,806,397
Leggett & Platt, Inc.		2,802,354		50,638,537
Newell Brands, Inc.		8,742,743		69,417,379
Whirlpool Corp.		1,203,429		114,157,275
				362,019,588
Household Products — 1.3%
Kimberly-Clark Corp.		1,729,797		236,169,184
Insurance — 6.8%
Cincinnati Financial Corp.		1,294,919		149,809,179
Fidelity National Financial, Inc., Class A		3,756,863		185,964,719
MetLife, Inc.		2,217,245		157,601,775
Old Republic International Corp.		5,567,134		166,234,621
Principal Financial Group, Inc.		2,175,785		172,191,625
Prudential Financial, Inc.		2,281,151		252,021,562
Unum Group		3,092,503		156,789,902
				1,240,613,383
IT Services — 0.9%
International Business Machines Corp.		970,734		161,335,991
Media — 2.0%
Interpublic Group of Cos., Inc. (The)		6,514,568		198,303,450
Omnicom Group, Inc.		1,846,110		171,392,852
				369,696,302
Metals & Mining — 1.1%
Newmont Corp.		5,090,512		206,878,408
Multi-Utilities — 10.6%
Avista Corp.		1,703,022		61,274,732
Black Hills Corp.		1,489,507		81,773,934

32 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
CenterPoint Energy, Inc.		5,307,795	$	154,669,146
CMS Energy Corp.		3,206,610		194,352,632
Dominion Energy, Inc.		6,120,884		312,042,666
DTE Energy Co.		1,779,710		196,337,607
NiSource, Inc.		8,047,828		224,212,488
Northwestern Energy Group, Inc.		1,363,844		68,792,291
Public Service Enterprise Group, Inc.		3,257,870		225,053,660
Sempra		2,428,554		173,957,323
WEC Energy Group, Inc.		2,816,943		232,792,170
				1,925,258,649
Oil, Gas & Consumable Fuels — 5.1%
Chevron Corp.		1,406,932		226,895,924
Exxon Mobil Corp.		1,785,028		211,115,261
ONEOK, Inc.		3,759,747		297,471,183
Valero Energy Corp.		1,119,973		179,050,083
				914,532,451
Pharmaceuticals — 2.3%
Merck & Co., Inc.		955,724		123,498,655
Pfizer, Inc.		11,434,370		292,948,560
				416,447,215
Specialty Retail — 1.3%
Best Buy Co., Inc.		3,183,243		234,414,015
Technology Hardware, Storage & Peripherals — 1.9%
HP, Inc.		6,826,936		191,768,632
Seagate Technology Holdings PLC		1,775,174		152,505,199
				344,273,831

Security	Shares		Value
Tobacco — 4.6%
Altria Group, Inc.		12,098,501	$	530,035,329
Philip Morris International, Inc.		3,260,784		309,578,833
				839,614,162
Trading Companies & Distributors — 1.3%
MSC Industrial Direct Co., Inc., Class A		994,334		90,723,034
Watsco, Inc.		329,798		147,657,161
				238,380,195
Total Long-Term Investments — 99.8% (Cost: $18,046,030,663)				18,091,618,033
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(a)(b)		64,708,693		64,708,693
Total Short-Term Securities — 0.4% (Cost: $64,708,693)				64,708,693
Total Investments — 100.2% (Cost: $18,110,739,356)				18,156,326,726
Liabilities in Excess of Other Assets — (0.2)%				(30,208,664	)
Net Assets — 100.0%			$	18,126,118,062

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 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 Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/24		Shares Held at 04/30/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	14,183	(b)	$	—	$	(14,183	)	$	—	$	—		—	$	30,369	(c)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		30,848,274		33,860,419	(b)		—		—			—		64,708,693		64,708,693		1,934,089			—
									$	(14,183	)	$	—	$	64,708,693			$	1,964,458		$	—

^(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.

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 (continued) April 30, 2024 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		41		06/21/24	$	4,039	$	157,517
E-Mini Financials Select Sector Index		132		06/21/24		16,516		(128,859	)
E-Mini Utilities Select Sector Index		180		06/21/24		12,166		451,038
							$	479,696

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)	$	—	$	—	$	608,555	$	—	$	—	$	—	$	608,555
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	—	$	—	$	128,859	$	—	$	—	$	—	$	128,859

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

For the period ended April 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	9,070,417		$	—	$	—	$	—	$	9,070,417
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,649,859	)	$	—	$	—	$	—	$	(1,649,859	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	41,967,804

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

34 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 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	$	18,091,618,033		$	—	$	—	$	18,091,618,033
Short-Term Securities
Money Market Funds		64,708,693			—		—		64,708,693
	$	18,156,326,726		$	—	$	—	$	18,156,326,726
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	608,555		$	—	$	—	$	608,555
Liabilities
Equity Contracts		(128,859	)		—		—		(128,859	)
	$	479,696		$	—	$	—	$	479,696

^(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 35

Statements of Assets and Liabilities

April 30, 2024

	iShares Core Dividend ETF			iShares Core Dividend Growth ETF		iShares Core High Dividend ETF			iShares Select Dividend ETF
ASSETS
Investments, at value — unaffiliated(a)	$	329,153,267		$	26,216,992,418	$	10,169,552,277		$	18,091,618,033
Investments, at value — affiliated(b)		2,453,053			238,826,931		12,064,701			64,708,693
Cash		—			5,654		1,052			6,674
Cash pledged:
Futures contracts		58,000			4,565,000		875,000			1,079,000
Receivables:
Securities lending income — affiliated		—			4,145		—			—
Capital shares sold		—			228,273		34,305			—
Dividends — unaffiliated		476,288			26,440,434		21,327,728			32,142,181
Dividends — affiliated		4,023			251,854		65,974			166,835
Total assets		332,144,631			26,487,314,709		10,203,921,037			18,189,721,416
LIABILITIES
Bank overdraft		25,545			—		—			—
Payables:
Investments purchased		—			—		11,340,615			57,081,409
Capital shares redeemed		—			—		—			569,520
Investment advisory fees		13,760			1,743,885		674,965			5,700,163
Variation margin on futures contracts		19,200			1,532,000		94,335			252,262
Total liabilities		58,505			3,275,885		12,109,915			63,603,354
Commitments and contingent liabilities
NET ASSETS	$	332,086,126		$	26,484,038,824	$	10,191,811,122		$	18,126,118,062
NET ASSETS CONSIST OF:
Paid-in capital	$	334,797,158		$	22,751,216,722	$	11,250,437,278		$	19,171,321,427
Accumulated earnings (loss)		(2,711,032	)		3,732,822,102		(1,058,626,156	)		(1,045,203,365	)
NET ASSETS	$	332,086,126		$	26,484,038,824	$	10,191,811,122		$	18,126,118,062
NET ASSET VALUE
Shares outstanding		7,800,000			473,350,000		94,500,000			151,800,000
Net asset value	$	42.58		$	55.95	$	107.85		$	119.41
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Investments, at cost — unaffiliated	$	306,050,362		$	21,518,447,182	$	9,667,618,120		$	18,046,030,663
(b) Investments, at cost — affiliated	$	2,445,874		$	206,369,387	$	12,064,701		$	64,708,693

See notes to financial statements.

36 2 0 2 4 I S H A R E S 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

Statements of Operations

Year Ended April 30, 2024

	iShares Core Dividend ETF			iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares Select Dividend ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	8,837,471		$	630,228,479		$	402,873,503		$	829,584,909
Dividends — affiliated		79,862			8,032,437			3,552,705			1,934,089
Interest — unaffiliated		139			21,361			9,521			32,652
Securities lending income — affiliated — net		9			942,446			2,419			30,369
Foreign taxes withheld		(8,866	)		(222,711	)		—			—
Total investment income		8,908,615			639,002,012			406,438,148			831,582,019
EXPENSES
Investment advisory		136,678			19,580,231			8,224,956			71,884,231
Interest expense		5			61			257			153
Total expenses		136,683			19,580,292			8,225,213			71,884,384
Net investment income		8,771,932			619,421,720			398,212,935			759,697,635
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		605,127			185,060,626			(78,052,675	)		177,204,889
Investments — affiliated		(39,269	)		1,463,600			23,486,723			(14,183	)
Futures contracts		205,313			19,670,097			2,965,060			9,070,417
In-kind redemptions — unaffiliated(a)		3,852,975			539,142,844			225,374,702			787,160,997
In-kind redemptions — affiliated(a)		12,481			4,946,942			26,488			—
		4,636,627			750,284,109			173,800,298			973,422,120
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		30,090,430			1,633,541,373			271,307,458			(846,347,981	)
Investments — affiliated		164,213			16,227,159			—			—
Futures contracts		(54,406	)		(6,815,274	)		(1,351,677	)		(1,649,859	)
		30,200,237			1,642,953,258			269,955,781			(847,997,840	)
Net realized and unrealized gain		34,836,864			2,393,237,367			443,756,079			125,424,280
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,608,796		$	3,012,659,087		$	841,969,014		$	885,121,915

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S 37

Statements of Changes in Net Assets

	iShares Core Dividend ETF						iShares Core Dividend Growth ETF
	Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/24			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	8,771,932		$	6,460,263		$	619,421,720		$	575,258,915
Net realized gain (loss)		4,636,627			(12,617,681	)		750,284,109			248,197,630
Net change in unrealized appreciation (depreciation)		30,200,237			(962,486	)		1,642,953,258			(65,720,886	)
Net increase (decrease) in net assets resulting from operations		43,608,796			(7,119,904	)		3,012,659,087			757,735,659
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(8,487,745	)		(6,069,221	)		(616,886,891	)		(566,321,278	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		36,265,594			13,625,180			577,063,593			576,990,646
NET ASSETS
Total increase in net assets		71,386,645			436,055			2,972,835,789			768,405,027
Beginning of year		260,699,481			260,263,426			23,511,203,035			22,742,798,008
End of year	$	332,086,126		$	260,699,481		$	26,484,038,824		$	23,511,203,035

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

See notes to financial statements.

38 2 0 2 4 I S H A R E S 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

Statements of Changes in Net Assets (continued)

	iShares Core High Dividend ETF						iShares Select Dividend ETF
	Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/24			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	398,212,935		$	467,160,044		$	759,697,635		$	779,187,674
Net realized gain		173,800,298			187,210,528			973,422,120			684,182,466
Net change in unrealized appreciation (depreciation)		269,955,781			(426,134,339	)		(847,997,840	)		(1,827,432,545	)
Net increase (decrease) in net assets resulting from operations		841,969,014			228,236,233			885,121,915			(364,062,405	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(372,509,745	)		(476,667,345	)		(737,378,830	)		(783,757,169	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,415,312,932	)		1,755,194,226			(3,444,012,541	)		908,270,822
NET ASSETS
Total increase (decrease) in net assets		(945,853,663	)		1,506,763,114			(3,296,269,456	)		(239,548,752	)
Beginning of year		11,137,664,785			9,630,901,671			21,422,387,518			21,661,936,270
End of year	$	10,191,811,122		$	11,137,664,785		$	18,126,118,062		$	21,422,387,518

^(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 39

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core Dividend ETF
	Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20
Net asset value, beginning of year	$	37.51		$	39.14		$	38.39		$	25.94		$	27.96
Net investment income(a)		1.27			0.96			0.77			0.70			0.64
Net realized and unrealized gain (loss)(b)		5.04			(1.68	)		0.68			12.43			(2.02	)
Net increase (decrease) from investment operations		6.31			(0.72	)		1.45			13.13			(1.38	)
Distributions from net investment income(c)		(1.24	)		(0.91	)		(0.70	)		(0.68	)		(0.64	)
Net asset value, end of year	$	42.58		$	37.51		$	39.14		$	38.39		$	25.94
Total Return(d)
Based on net asset value		17.14	%		(1.75	)%		3.71	%		51.33	%		(4.95	)%
Ratios to Average Net Assets(e)
Total expenses		0.05	%		0.15	%		0.25	%		0.25	%		0.25	%
Net investment income		3.21	%		2.54	%		1.87	%		2.20	%		2.31	%
Supplemental Data
Net assets, end of year (000)	$	332,086		$	260,699		$	260,263		$	67,180		$	24,645
Portfolio turnover rate(f)		36	%		65	%		25	%		30	%		33	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

40 2 0 2 4 B L A C K R O C K 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core Dividend Growth ETF
		Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20
Net asset value, beginning of year	$	50.88		$	50.58		$	49.87		$	36.39		$	38.13
Net investment income(a)		1.33			1.22			1.10			1.08			0.99
Net realized and unrealized gain (loss)(b)		5.07			0.28			0.68			13.44			(1.77	)
Net increase (decrease) from investment operations		6.40			1.50			1.78			14.52			(0.78	)
Distributions from net investment income(c)		(1.33	)		(1.20	)		(1.07	)		(1.04	)		(0.96	)
Net asset value, end of year	$	55.95		$	50.88		$	50.58		$	49.87		$	36.39
Total Return(d)
Based on net asset value		12.77	%		3.13	%		3.51	%		40.52	%		(2.05	)%
Ratios to Average Net Assets(e)
Total expenses		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		2.53	%		2.47	%		2.10	%		2.53	%		2.55	%
Supplemental Data
Net assets, end of year (000)	$	26,484,039		$	23,511,203		$	22,742,798		$	18,403,156		$	9,355,727
Portfolio turnover rate(f)		25	%		30	%		22	%		31	%		24	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core High Dividend ETF
		Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20
Net asset value, beginning of year	$	102.75		$	103.67		$	95.59		$	81.85		$	95.42
Net investment income(a)		3.95			3.95			3.68			3.56			3.24
Net realized and unrealized gain (loss)(b)		4.84			(0.88	)		7.80			13.72			(13.51	)
Net increase (decrease) from investment operations		8.79			3.07			11.48			17.28			(10.27	)
Distributions from net investment income(c)		(3.69	)		(3.99	)		(3.40	)		(3.54	)		(3.30	)
Net asset value, end of year	$	107.85		$	102.75		$	103.67		$	95.59		$	81.85
Total Return(d)
Based on net asset value		8.82	%		3.16	%		12.21	%		21.70	%		(10.86	)%
Ratios to Average Net Assets(e)
Total expenses		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		3.87	%		3.86	%		3.68	%		4.13	%		3.53	%
Supplemental Data
Net assets, end of year (000)	$	10,191,811		$	11,137,665		$	9,630,902		$	6,839,327		$	6,036,798
Portfolio turnover rate(f)		67	%		74	%		74	%		75	%		62	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

42 2 0 2 4 I S H A R E S 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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Select Dividend ETF
	Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20
Net asset value, beginning of year	$	117.61		$	123.50		$	118.37		$	80.66		$	101.13
Net investment income(a)		4.60			4.24			3.91			3.51			3.51
Net realized and unrealized gain (loss)(b)		1.67			(5.87	)		4.97			37.74			(20.30	)
Net increase (decrease) from investment operations		6.27			(1.63	)		8.88			41.25			(16.79	)
Distributions from net investment income(c)		(4.47	)		(4.26	)		(3.75	)		(3.54	)		(3.68	)
Net asset value, end of year	$	119.41		$	117.61		$	123.50		$	118.37		$	80.66
Total Return(d)
Based on net asset value		5.58	%		(1.23	)%		7.63	%		52.54	%		(16.96	)%
Ratios to Average Net Assets(e)
Total expenses		0.38	%		0.38	%		0.38	%		0.38	%		0.39	%
Net investment income		4.04	%		3.52	%		3.23	%		3.78	%		3.60	%
Supplemental Data
Net assets, end of year (000)	$	18,126,118		$	21,422,388		$	21,666,936		$	18,495,567		$	13,257,023
Portfolio turnover rate(f)		17	%		15	%		15	%		55	%		6	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 43

Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

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 April 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

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 (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 (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.

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

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

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Notes to Financial Statements (continued)

on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended April 30, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core Dividend	$	4
Core Dividend Growth		223,134
Core High Dividend		1,035
Select Dividend		9,382

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

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

For the year ended April 30, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core Dividend	$	43,619,381	$	42,575,719	$	(1,370,832	)
Core Dividend Growth		1,507,904,537		1,481,357,509		113,794,870
Core High Dividend		1,482,270,616		1,047,679,320		12,037,035
Select Dividend		307,371,074		180,474,645		(4,495,755	)

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

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

7. PURCHASES AND SALES

For the year ended April 30, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core Dividend	$	99,260,416	$	98,608,151
Core Dividend Growth		6,084,951,766		6,086,170,380
Core High Dividend		6,870,047,720		6,834,866,415
Select Dividend		3,183,719,131		3,220,700,160

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Notes to Financial Statements (continued)

For the year ended April 30, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core Dividend	$	66,783,248	$	31,110,242
Core Dividend Growth		2,294,625,662		1,722,623,010
Core High Dividend		654,703,850		2,072,377,256
Select Dividend		929,867,557		4,300,682,987

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Core Dividend	$	3,863,908	$	(3,863,908	)
Core Dividend Growth		543,221,001		(543,221,001	)
Core High Dividend		223,112,803		(223,112,803	)
Select Dividend		783,645,048		(783,645,048	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended April 30, 2024		Year Ended April 30, 2023
Core Dividend
Ordinary income	$	8,487,745	$	6,069,221
Core Dividend Growth
Ordinary income	$	616,886,891	$	566,321,278
Core High Dividend
Ordinary income	$	372,509,745	$	476,667,345
Select Dividend
Ordinary income	$	737,378,830	$	783,757,169

As of April 30, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)		Net Unrealized Gains (Losses)(b)			Total
Core Dividend	$	1,077,148	$	(26,530,156)	$	22,741,976		$	(2,711,032	)
Core Dividend Growth		49,281,100		(1,009,048,248)		4,692,589,250			3,732,822,102
Core High Dividend		43,872,818		(1,580,879,478)		478,380,504			(1,058,626,156	)
Select Dividend		49,496,952		(1,029,155,503)		(65,544,814	)		(1,045,203,365	)

^(a) Amounts available to offset future realized capital gains.

^(b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions, the timing and recognition of partnership income and the timing and recognition of realized gains (losses) for tax purposes.

For the year ended April 30, 2024, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Amount Utilized
Core Dividend	$	572,477
Core Dividend Growth		189,624,366
Select Dividend		154,753,791

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Notes to Financial Statements (continued)

As of April 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Dividend	$	308,863,114	$	36,072,455	$	(13,329,249	)	$	22,743,206
Core Dividend Growth		21,763,230,099		5,277,493,558		(584,904,308	)		4,692,589,250
Core High Dividend		9,703,236,474		778,625,550		(300,245,046	)		478,380,504
Select Dividend		18,221,871,540		1,705,180,165		(1,770,724,979	)		(65,544,814	)

9. PRINCIPAL RISKS

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

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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

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

Notes to Financial Statements (continued)

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:

iShares ETF	Year Ended 04/30/24						Year Ended 04/30/23
	Shares			Amount			Shares			Amount
Core Dividend
Shares sold		1,650,000		$	67,441,257			3,000,000		$	113,592,280
Shares redeemed		(800,000	)		(31,175,663	)		(2,700,000	)		(99,967,100	)
		850,000		$	36,265,594			300,000		$	13,625,180
Core Dividend Growth
Shares sold		44,300,000		$	2,310,691,239			70,700,000		$	3,514,986,304
Shares redeemed		(33,000,000	)		(1,733,627,646	)		(58,300,000	)		(2,937,995,658	)
		11,300,000		$	577,063,593			12,400,000		$	576,990,646
Core High Dividend
Shares sold		6,500,000		$	660,365,834			64,500,000		$	6,706,128,749
Shares redeemed		(20,400,000	)		(2,075,678,766	)		(49,000,000	)		(4,950,934,523	)
		(13,900,000	)	$	(1,415,312,932	)		15,500,000		$	1,755,194,226
Select Dividend
Shares sold		8,350,000		$	959,530,770			48,000,000		$	5,672,978,227
Shares redeemed		(38,700,000	)		(4,403,543,311	)		(41,250,000	)		(4,764,707,405	)
		(30,350,000	)	$	(3,444,012,541	)		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. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

11. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the four funds listed in the table below

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the five years in the period ended April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

iShares Core Dividend ETF

iShares Core Dividend Growth ETF

iShares Core High Dividend ETF

iShares Select Dividend ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G  F I R M 51

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2024:

iShares ETF	Qualified Dividend Income
Core Dividend	$	8,418,870
Core Dividend Growth		631,875,634
Core High Dividend		400,227,417
Select Dividend		809,554,902

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2024:

iShares ETF	Qualified Business Income
Core Dividend	$	357,339

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2024 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Core Dividend		93.08	%
Core Dividend Growth		99.02
Core High Dividend		98.26
Select Dividend		100.00

52

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF and iShares Select Dividend ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M 53

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (“AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares Select Dividend ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.

Remuneration information at an individual AIF level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m. This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.

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Supplemental Information (unaudited)(continued)

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

iShares Select Dividend ETF is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

iShares Select Dividend ETF has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

S U P P L E M E N T A L I N F O R M A T I O N 55

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund Complex”). Each Fund is included in the iShares Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the iShares Complex, which consists of 404 funds as of April 30, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Laura F. Fergerson (1962)	Trustee (since 2024).	President, Franklin Templeton Services, LLC (2017-2024); Director of the Board of Crocker Art Museum Association (since 2019); President, Crocker Art Museum Foundation (2022-2023).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
James Lam (1961)	Trustee (since 2024).	President, James Lam & Associates, Inc. (since 2002); Director of the FAIR Institute (since 2020); adjunct professor at Carnegie Mellon University (since 2018); Member, Zicklin School of Business Dean’s Council of Baruch College (since 2017); Director and Audit Committee Chair of RiskLens, Inc. (2018-2023); Director, Risk Oversight Committee Chair and Audit Committee Member of E*TRADE Financial and E*TRADE Bank (2012-2020).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).

T R U S T E E A N D O F F I C E R  I N F O R M A T I O N 57

Trustee and Officer Information (unaudited) (continued)

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

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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.

G E N E R A L  I N F O R M A T I O N 59

Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-409-0424

APRIL 30, 2024

2024 Annual Report

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 April 30, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still impressive. Meanwhile, both international developed market equities and emerging market stocks also gained, albeit at a notably slower pace than that of U.S. stocks.

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

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period, and recent statements from the Fed seem to support this view. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, we believe there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2024
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		20.98	%		22.66	%
U.S. small cap equities (Russell 2000® Index)		19.66			13.32
International equities (MSCI Europe, Australasia, Far East Index)		18.63			9.28
Emerging market equities (MSCI Emerging Markets Index)		15.40			9.88
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.66			5.36
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		3.66			(6.40	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		4.97			(1.47	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.06			2.08
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		8.99			9.01
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 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		53
Statements of Operations		54
Statements of Changes in Net Assets		55
Financial Highlights		57
Notes to Financial Statements		61
Report of Independent Registered Public Accounting Firm		70
Important Tax Information		71
Statement Regarding Liquidity Risk Management Program		72
Supplemental Information		73
Trustee and Officer Information		74
General Information		77
Glossary of Terms Used in this Report		78

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended April 30, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 22.30%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive environment for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. Consumers were emboldened by a strong labor market, as employers continued to add jobs, and average hourly wages increased notably. Higher asset values also supported consumer spending, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

While consumer sentiment rose amid healthy household balance sheets and an improving economy, it remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. Inflation declined early in the reporting period, decreasing from 4.1% in May 2023 to 3% in June 2023, but remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, to the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While investors closely watched the Fed for signs of a shift toward lower interest rates, tenacious inflation later in the reporting period led investors to limit their expectations.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

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Fund Summary as of April 30, 2024 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.49	%		8.18	%		8.32	%		14.49	%		48.13	%		122.42	%
Fund Market		14.36			8.17			8.31			14.36			48.07			122.14
Index		14.58			8.31			8.54			14.58			49.05			126.86

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$   1,209.20	$    0.33			$   1,000.00	$   1,024.57	$   0.30		0.06%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D S U M M A R Y 5

Fund Summary as of April 30, 2024 (continued) iShares^® Morningstar Mid-Cap Value ETF

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks advanced for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The financials sector was the largest contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The capital markets industry gained, benefiting from growing institutional acceptance of cryptocurrencies, which promoted increased transactions and drove revenue at cryptocurrency trading platforms. The financial services industry was another source of strength, bolstered by higher earnings from credit operations, which benefited from higher interest rates, and fees for assets under management. Meanwhile, higher premiums, greater income from investments amid higher bond yields, and slowing inflation in claim costs benefited the property and casualty insurance industry. While underwriting losses weighed on profitability in the wake of damaging storms, this was partially offset by premium growth.

The industrials sector was another significant contributor to the Index’s performance. Strong economic growth increased investor confidence that demand would continue to expand, boosting earnings in the sector. Moderating inflation also helped the sector by reducing cost pressures and allowing companies to maintain profitability. The capital goods industry was the leading source of strength, as spending on factory construction increased following passage of federal legislation granting subsidies for certain types of production facilities. The surge in manufacturing construction benefited makers of building products, machinery, manufacturing equipment, and tools.

The information technology sector also contributed to the Index’s return. The technology hardware, storage, and peripherals industry gained, as strong demand for servers optimized for artificial intelligence applications propelled sales in the industry. Continued growth in cloud computing drove increased demand for data storage, benefiting makers of hard drives and memory chips.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	17.7	%
Industrials	11.7
Utilities	11.4
Health Care	9.0
Consumer Discretionary	8.9
Materials	8.8
Information Technology	8.6
Consumer Staples	8.2
Real Estate	8.0
Energy	6.1
Communication Services	1.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
PACCAR, Inc.	1.1	%
Capital One Financial Corp.	1.1
General Motors Co.	1.1
American International Group, Inc.	1.1
Truist Financial Corp.	1.0
Ford Motor Co.	1.0
Williams Cos., Inc. (The)	1.0
ONEOK, Inc.	1.0
Simon Property Group, Inc.	1.0
Newmont Corp.	0.9

^(a) Excludes money market funds.

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Fund Summary as of April 30, 2024 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.32	%		5.19	%		6.44	%		14.32	%		28.78	%		86.67	%
Fund Market		14.62			5.17			6.43			14.62			28.68			86.53
Index		14.18			5.14			6.50			14.18			28.51			87.65

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$   1,201.00	$    0.22			$   1,000.00	$   1,024.66	$   0.20		0.04%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D S U M M A R Y 7

Fund Summary as of April 30, 2024 (continued) iShares^® Morningstar Small-Cap ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks advanced for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The industrials sector contributed the most to the Index’s performance. Strong economic growth bolstered stocks in the sector, which is sensitive to overall conditions in the broader economy. This supportive backdrop led to investor confidence that demand would continue to expand, boosting earnings in the sector. A key measure of confidence among purchasing managers in manufacturing rose to its highest level in nearly two years, as output improved and suppliers’ delivery times shortened. Moderating inflation also helped reduce cost pressures, allowing companies to maintain profitability. The capital goods industry was the leading source of strength, as spending on factory construction increased following passage of federal legislation granting subsidies for certain types of production facilities. The surge in manufacturing construction benefited makers of machinery, building products, manufacturing equipment, and tools.

The financials sector was another strong contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The capital markets industry advanced, as higher short-term interest rates drove increased interest income, bolstering the industry’s revenue. Regional bank stocks also gained, as investor sentiment recovered following a prominent regional bank failure at the beginning of the reporting period.

The information technology sector further aided performance. The software industry advanced, as the U.S. economy continued to expand and the Fed paused its interest rate increases. The rising price of cryptocurrencies late in the reporting period buoyed the stock of a software company with substantial cryptocurrency assets. Amid growth in cloud computing, strong revenue from a multi-cloud software platform designed to simplify integration of products from different vendors bolstered the industry’s earnings.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	18.7	%
Financials	17.3
Consumer Discretionary	14.6
Health Care	13.1
Information Technology	12.0
Real Estate	6.2
Materials	5.6
Energy	4.6
Communication Services	3.0
Consumer Staples	2.8
Utilities	2.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
MicroStrategy, Inc., Class A	0.4	%
TopBuild Corp.	0.3
Toll Brothers, Inc.	0.3
Shockwave Medical, Inc.	0.3
nVent Electric PLC	0.3
Dick’s Sporting Goods, Inc.	0.3
Sarepta Therapeutics, Inc.	0.3
Tenet Healthcare Corp.	0.3
Natera, Inc.	0.3
Comfort Systems U.S.A., Inc.	0.3

^(a) Excludes money market funds.

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Fund Summary as of April 30, 2024 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		23.44	%		12.48	%		11.73	%		23.44	%		80.06	%		203.30	%
Fund Market		23.48			12.50			11.74			23.48			80.22			203.38
Index		23.43			12.58			11.89			23.43			80.84			207.67

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$   1,214.60	$    0.17			$   1,000.00	$   1,024.71	$   0.15		0.03%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D S U M M A R Y 9

Fund Summary as of April 30, 2024 (continued) iShares^® Morningstar U.S. Equity ETF

Portfolio Management Commentary

Large- and mid-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The information technology sector was the largest contributor to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI, which allows users to generate outputs using simple natural language queries, drove investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained the most, as companies purchased specialized chips to provide computing capacity for AI applications, which require substantial processing power. In some cases corporations set up separate budgetary allocations to expedite increased investment in AI technologies. Consequently, industry revenue and earnings grew rapidly.

The software and services industry also advanced, driven by strength among systems software companies. Enthusiasm for AI products benefited a large company in the industry with a significant investment in a prominent consumer-facing AI platform. Integration of AI into already existing productivity software and cloud services also propelled gains, as many customers adopted new AI features to automate certain tasks.

The financials sector also contributed significantly to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The transaction and payment processing services industry advanced, as growth in consumer spending, cross-border transactions, and e-commerce sales increased earnings at companies that manage consumer payments.

The communication services sector further aided performance, led by the interactive media and services industry. Growth in the online advertising market drove large increases in both revenue and income, and industry companies initiated dividend payments while continuing stock buybacks. Cost cutting efforts also boosted profitability, as the industry refocused on core social media products.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	29.1	%
Financials	13.3
Health Care	12.0
Consumer Discretionary	10.3
Industrials	9.1
Communication Services	9.0
Consumer Staples	6.1
Energy	4.2
Materials	2.4
Utilities	2.3
Real Estate	2.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	6.5	%
Apple Inc.	5.6
NVIDIA Corp.	4.7
Amazon.com, Inc.	3.7
Alphabet, Inc., Class A	2.2
Meta Platforms, Inc., Class A	2.2
Alphabet, Inc., Class C, NVS	2.0
Berkshire Hathaway, Inc., Class B	1.6
Eli Lilly & Co.	1.5
Broadcom, Inc.	1.4

^(a) Excludes money market funds.

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Fund Summary as of April 30, 2024 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		16.27	%		9.18	%		8.81	%		16.27	%		55.17	%		132.56	%
Fund Market		16.26			9.19			8.80			16.26			55.21			132.50
Index		16.27			9.30			8.99			16.27			56.02			136.61

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$   1,187.90	$    0.22			$   1,000.00	$   1,024.66	$   0.20		0.04%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D S U M M A R Y 11

Fund Summary as of April 30, 2024 (continued) iShares^® Morningstar Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks advanced for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The financials sector contributed the most to the Index’s return, led by the capital markets industry. Strong revenue from asset and wealth management supported earnings growth, as assets under management rose due to higher asset prices and solid inflows. The financial services industry also gained, as a large multi-sector holding company with investments in a broad array of companies benefited from rising equity prices. Banks also advanced, as robust net interest income (the difference between the interest received from a bank’s assets and the interest paid on deposits) supported earnings. Furthermore, the Fed’s shift in monetary policy raised investor hopes for increased bank loan activity and dealmaking as borrowing costs subside.

The information technology sector was another significant contributor to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained, as companies purchased specialized chips used to provide computing capacity for AI applications. Products designed to facilitate customers’ AI usage, such as networking products for AI data centers and custom AI accelerators, generated strong revenue in the industry.

The communication services sector further aided performance, led by the interactive media and services industry. Growth in the online advertising market drove large increases in both revenue and income, leading companies to initiate dividend payments while continuing stock buybacks. Cost cutting efforts also boosted profitability. In addition, strong sales of cloud computing products bolstered the earnings of a large company in the industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	19.7	%
Health Care	15.3
Information Technology	12.4
Industrials	10.9
Consumer Staples	9.9
Communication Services	8.4
Energy	7.5
Consumer Discretionary	5.9
Utilities	4.1
Materials	3.6
Real Estate	2.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway, Inc., Class B	3.3	%
JPMorgan Chase & Co.	2.6
Exxon Mobil Corp.	2.2
Broadcom, Inc.	1.9
Meta Platforms, Inc., Class A	1.8
Procter & Gamble Co. (The)	1.8
Alphabet, Inc., Class A	1.7
Johnson & Johnson	1.6
Alphabet, Inc., Class C, NVS	1.6
Home Depot, Inc. (The)	1.5

^(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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

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

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

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

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

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 13

Schedule of Investments April 30, 2024 iShares^® Morningstar Mid-Cap  Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
Huntington Ingalls Industries, Inc.		2,166	$	599,831
L3Harris Technologies, Inc.		22,267		4,766,251
Textron, Inc.		12,617		1,067,272
				6,433,354
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		14,385		1,021,335
Expeditors International of Washington, Inc.(a)		10,499		1,168,644
				2,189,979
Automobile Components — 0.2%
BorgWarner, Inc.		28,942		948,429
Automobiles — 2.2%
Ford Motor Co.		488,309		5,932,954
General Motors Co.		143,313		6,381,728
Rivian Automotive, Inc., Class A(a)(b)		83,023		738,905
				13,053,587
Banks — 3.4%
Citizens Financial Group, Inc.		56,016		1,910,706
Fifth Third Bancorp		79,136		2,885,299
Huntington Bancshares, Inc.		173,496		2,336,991
KeyCorp.		116,999		1,695,315
M&T Bank Corp.		20,639		2,980,065
Regions Financial Corp.		115,866		2,232,738
Truist Financial Corp.		165,653		6,220,270
				20,261,384
Beverages — 0.5%
Constellation Brands, Inc., Class A		7,755		1,965,582
Molson Coors Beverage Co., Class B		22,222		1,272,432
				3,238,014
Biotechnology — 1.6%
Biogen, Inc.(b)		17,948		3,855,589
Moderna, Inc.(b)		39,776		4,387,691
United Therapeutics Corp.(b)		5,809		1,361,223
				9,604,503
Broadline Retail — 0.6%
Coupang, Inc., Class A(b)		55,134		1,240,515
eBay, Inc.		39,266		2,023,769
Etsy, Inc.(b)		5,619		385,857
				3,650,141
Building Products — 2.3%
A. O. Smith Corp.		5,866		485,939
Allegion PLC		5,316		646,213
Builders FirstSource, Inc.(b)		15,245		2,787,091
Carrier Global Corp.		54,136		3,328,823
Johnson Controls International PLC		42,387		2,758,122
Masco Corp.		27,826		1,904,690
Owens Corning		11,079		1,863,598
				13,774,476
Capital Markets — 3.5%
Ameriprise Financial, Inc.		5,333		2,196,076
Bank of New York Mellon Corp. (The)		94,246		5,323,957
Carlyle Group, Inc. (The)		25,555		1,144,864
Franklin Resources, Inc.		35,704		815,479
Nasdaq, Inc.		34,003		2,035,080
Northern Trust Corp.		25,605		2,109,596
Raymond James Financial, Inc.		12,830		1,565,260

Security	Shares		Value
Capital Markets (continued)
State Street Corp.		38,152	$	2,765,638
T Rowe Price Group, Inc.		27,479		3,010,874
				20,966,824
Chemicals — 4.4%
Albemarle Corp.		14,495		1,743,893
Celanese Corp., Class A		12,850		1,973,889
CF Industries Holdings, Inc.		21,999		1,737,261
Corteva, Inc.		53,759		2,909,975
Dow, Inc.		87,027		4,951,836
DuPont de Nemours, Inc.		25,268		1,831,930
Eastman Chemical Co.		14,816		1,399,223
International Flavors & Fragrances, Inc.		31,646		2,678,834
LyondellBasell Industries NV, Class A		32,106		3,209,637
Mosaic Co. (The)		40,412		1,268,533
PPG Industries, Inc.		13,445		1,734,405
RPM International, Inc.		5,687		607,997
Westlake Corp.		2,256		332,444
				26,379,857
Commercial Services & Supplies — 0.2%
Clean Harbors, Inc.(b)		2,300		435,735
Veralto Corp.		10,353		969,869
				1,405,604
Communications Equipment — 0.3%
F5, Inc.(b)		4,039		667,687
Juniper Networks, Inc.		39,406		1,372,117
				2,039,804
Construction & Engineering — 0.5%
AECOM		10,631		981,879
EMCOR Group, Inc.		2,388		852,922
Quanta Services, Inc.		4,858		1,256,085
				3,090,886
Consumer Finance — 1.8%
Capital One Financial Corp.		45,665		6,549,731
Discover Financial Services		14,980		1,898,415
Synchrony Financial		49,014		2,155,636
				10,603,782
Consumer Staples Distribution & Retail — 2.4%
Albertsons Cos., Inc., Class A		52,298		1,066,879
BJ’s Wholesale Club Holdings, Inc.(b)		8,814		658,229
Casey’s General Stores, Inc.		1,417		452,845
Dollar General Corp.		27,162		3,780,679
Dollar Tree, Inc.(b)		15,826		1,871,424
Kroger Co. (The)		83,147		4,604,681
U.S. Foods Holding Corp.(b)		12,059		605,965
Walgreens Boots Alliance, Inc.		88,464		1,568,467
				14,609,169
Containers & Packaging — 1.7%
Amcor PLC		178,828		1,598,722
Avery Dennison Corp.		5,710		1,240,669
Ball Corp.		24,718		1,719,631
Crown Holdings, Inc.		9,220		756,686
International Paper Co.		40,802		1,425,622
Packaging Corp. of America		10,588		1,831,512
Westrock Co.		30,755		1,475,010
				10,047,852
Distributors — 0.6%
Genuine Parts Co.		10,571		1,661,867

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Schedule of Investments (continued) April 30, 2024 iShares^® Morningstar Mid-Cap  Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors (continued)
LKQ Corp.		23,670	$	1,020,887
Pool Corp.		2,287		829,106
				3,511,860
Diversified Consumer Services — 0.2%
Service Corp. International		12,431		891,427
Diversified REITs — 0.2%
WP Carey, Inc.		26,932		1,476,951
Electric Utilities — 6.3%
Alliant Energy Corp.		31,557		1,571,539
American Electric Power Co., Inc.		65,165		5,606,145
Avangrid, Inc.		8,816		322,048
Edison International		47,565		3,379,969
Entergy Corp.		26,101		2,784,194
Evergy, Inc.		27,300		1,431,885
Eversource Energy		43,241		2,621,269
Exelon Corp.		123,328		4,634,666
FirstEnergy Corp.		63,833		2,447,357
NRG Energy, Inc.		17,156		1,246,727
PG&E Corp.		263,464		4,507,869
Pinnacle West Capital Corp.		14,015		1,032,205
PPL Corp.		91,311		2,507,400
Xcel Energy, Inc.		68,451		3,677,872
				37,771,145
Electrical Equipment — 0.1%
Regal Rexnord Corp.		4,911		792,488
Electronic Equipment, Instruments & Components — 2.1%
Corning, Inc.		95,711		3,194,833
Flex Ltd.(a)(b)		29,830		854,629
Jabil, Inc.		5,185		608,512
Keysight Technologies, Inc.(b)		11,477		1,697,907
TD SYNNEX Corp.		6,498		765,724
TE Connectivity Ltd.		19,593		2,772,018
Teledyne Technologies, Inc.(b)		2,314		882,745
Trimble, Inc.(b)		13,841		831,429
Zebra Technologies Corp., Class A(b)		3,367		1,059,124
				12,666,921
Energy Equipment & Services — 0.3%
Baker Hughes Co., Class A		50,423		1,644,798
Entertainment — 0.3%
Electronic Arts, Inc.		12,059		1,529,322
Financial Services — 1.9%
Apollo Global Management, Inc.		21,156		2,292,887
Corpay, Inc.(b)		3,276		989,811
Equitable Holdings, Inc.		39,761		1,467,578
Fidelity National Information Services, Inc.		73,527		4,993,954
Global Payments, Inc.		14,122		1,733,758
				11,477,988
Food Products — 4.1%
Archer-Daniels-Midland Co.		65,892		3,865,225
Bunge Global SA		18,071		1,838,905
Campbell Soup Co.		24,614		1,125,106
Conagra Brands, Inc.		56,820		1,748,920
General Mills, Inc.		70,292		4,952,774
Hormel Foods Corp.		25,124		893,409
J M Smucker Co. (The)		13,102		1,504,765
Kellanova		32,601		1,886,294
Kraft Heinz Co. (The)		99,527		3,842,738

Security	Shares		Value
Food Products (continued)
McCormick & Co., Inc., NVS		14,074	$	1,070,468
Tyson Foods, Inc., Class A		33,354		2,022,920
				24,751,524
Gas Utilities — 0.3%
Atmos Energy Corp.		12,918		1,523,032
Ground Transportation — 0.4%
Knight-Swift Transportation Holdings, Inc.		18,686		863,854
U-Haul Holding Co.(b)		539		34,081
U-Haul Holding Co., NVS		7,156		438,806
XPO, Inc.(b)		7,051		757,700
				2,094,441
Health Care Equipment & Supplies — 2.1%
Align Technology, Inc.(b)		4,071		1,149,569
Baxter International, Inc.		62,792		2,534,913
Cooper Cos., Inc. (The)		10,447		930,410
GE HealthCare Technologies, Inc.		25,474		1,942,138
Hologic, Inc.(b)		29,648		2,246,429
Teleflex, Inc.		3,390		707,662
Zimmer Biomet Holdings, Inc.		24,765		2,978,734
				12,489,855
Health Care Providers & Services — 3.1%
Cardinal Health, Inc.		17,965		1,851,114
Cencora, Inc.		19,530		4,668,646
Centene Corp.(b)		66,207		4,837,083
Chemed Corp.		574		326,032
Henry Schein, Inc.(b)		15,039		1,041,902
Laboratory Corp. of America Holdings		10,518		2,118,010
Molina Healthcare, Inc.(b)		2,402		821,724
Quest Diagnostics, Inc.		13,890		1,919,320
Universal Health Services, Inc., Class B		7,271		1,239,197
				18,823,028
Health Care REITs — 0.8%
Healthpeak Properties, Inc.		59,836		1,113,548
Ventas, Inc.		27,765		1,229,434
Welltower, Inc.		26,341		2,509,771
				4,852,753
Hotels, Restaurants & Leisure — 1.1%
Caesars Entertainment, Inc.(b)		13,127		470,209
Carnival Corp.(a)(b)		117,681		1,744,032
Darden Restaurants, Inc.		7,950		1,219,610
Expedia Group, Inc.(b)		7,389		994,781
Royal Caribbean Cruises Ltd.(a)(b)		13,165		1,838,229
Vail Resorts, Inc.		1,967		372,491
				6,639,352
Household Durables — 3.0%
DR Horton, Inc.		38,110		5,430,294
Garmin Ltd.		10,523		1,520,258
Lennar Corp., Class A		30,963		4,694,610
Lennar Corp., Class B		1,540		216,201
NVR, Inc.(b)		380		2,826,763
PulteGroup, Inc.		26,675		2,972,128
				17,660,254
Household Products — 1.0%
Church & Dwight Co., Inc.		9,204		993,020
Clorox Co. (The)		8,675		1,282,772
Kimberly-Clark Corp.		25,356		3,461,855
				5,737,647

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 (continued) April 30, 2024 iShares^® Morningstar Mid-Cap  Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp. (The)		82,878	$	1,483,516
Vistra Corp.		19,918		1,510,581
				2,994,097
Insurance — 6.9%
Allstate Corp. (The)		32,486		5,524,569
American Financial Group, Inc.		5,792		739,928
American International Group, Inc.		84,486		6,362,641
Arch Capital Group Ltd.(b)		16,871		1,578,113
Cincinnati Financial Corp.		9,337		1,080,198
Everest Group Ltd.		2,798		1,025,215
Fidelity National Financial, Inc., Class A		32,113		1,589,593
Globe Life, Inc.		11,892		905,814
Hartford Financial Services Group, Inc. (The)		34,775		3,369,350
Loews Corp.		23,049		1,732,132
Markel Group, Inc.(b)		509		742,326
Principal Financial Group, Inc.		29,396		2,326,399
Prudential Financial, Inc.		44,835		4,953,371
Reinsurance Group of America, Inc.		8,011		1,497,977
RenaissanceRe Holdings Ltd.		2,609		572,023
Travelers Cos., Inc. (The)		17,755		3,766,901
Unum Group		20,662		1,047,563
W. R. Berkley Corp.		9,324		717,668
Willis Towers Watson PLC		6,455		1,621,109
				41,152,890
Interactive Media & Services — 0.1%
Snap, Inc., Class A, NVS(a)(b)		50,348		757,737
IT Services — 0.8%
Akamai Technologies, Inc.(a)(b)		9,484		957,220
Cognizant Technology Solutions Corp., Class A		62,118		4,079,910
				5,037,130
Life Sciences Tools & Services — 1.5%
Avantor, Inc.(b)		80,740		1,956,330
Bio-Rad Laboratories, Inc., Class A(b)		1,488		401,388
Charles River Laboratories International, Inc.(b)		3,329		762,341
Illumina, Inc.(b)		11,630		1,431,072
IQVIA Holdings, Inc.(b)		7,770		1,800,853
Revvity, Inc.		15,288		1,566,561
Waters Corp.(b)		2,683		829,154
				8,747,699
Machinery — 3.4%
AGCO Corp.		7,717		881,204
CNH Industrial NV		117,816		1,343,102
Cummins, Inc.		9,093		2,568,681
Dover Corp.		7,602		1,363,039
Fortive Corp.		17,451		1,313,537
Otis Worldwide Corp.		17,960		1,637,952
PACCAR, Inc.		63,903		6,780,747
Pentair PLC		8,708		688,716
Snap-on, Inc.		3,782		1,013,425
Stanley Black & Decker, Inc.		18,936		1,730,750
Westinghouse Air Brake Technologies Corp.		7,133		1,148,984
				20,470,137
Media — 1.2%
Fox Corp., Class A, NVS		30,590		948,596
Fox Corp., Class B		16,546		474,539
Interpublic Group of Cos., Inc. (The)		47,308		1,440,055
Liberty Broadband Corp., Class A(b)		1,235		61,911
Liberty Broadband Corp., Class C, NVS(b)		8,331		414,301
News Corp., Class A, NVS		46,822		1,114,364
News Corp., Class B		13,331		327,143

Security	Shares		Value
Media (continued)
Omnicom Group, Inc.		23,691	$	2,199,472
Sirius XM Holdings, Inc.(a)		77,930		229,114
				7,209,495
Metals & Mining — 2.7%
Cleveland-Cliffs, Inc.(b)		62,243		1,051,907
Newmont Corp.		138,243		5,618,196
Nucor Corp.		30,397		5,122,806
Reliance, Inc.		7,120		2,027,206
Steel Dynamics, Inc.		19,416		2,526,410
				16,346,525
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Annaly Capital Management, Inc.		62,505		1,171,344
Multi-Utilities — 4.0%
Ameren Corp.		20,433		1,509,386
CenterPoint Energy, Inc.		49,383		1,439,021
CMS Energy Corp.		25,525		1,547,070
Consolidated Edison, Inc.		42,796		4,039,942
Dominion Energy, Inc.		103,686		5,285,912
DTE Energy Co.		25,508		2,814,042
NiSource, Inc.		55,565		1,548,041
Public Service Enterprise Group, Inc.		37,672		2,602,382
WEC Energy Group, Inc.		39,020		3,224,613
				24,010,409
Office REITs — 0.5%
Alexandria Real Estate Equities, Inc.		12,738		1,475,952
Boston Properties, Inc.		19,452		1,203,884
				2,679,836
Oil, Gas & Consumable Fuels — 5.8%
Antero Resources Corp.(b)		35,156		1,195,655
APA Corp.		45,629		1,434,576
Cheniere Energy, Inc.		11,537		1,820,769
Chesapeake Energy Corp.		13,045		1,172,485
Coterra Energy, Inc.		41,799		1,143,621
Devon Energy Corp.		54,020		2,764,744
Diamondback Energy, Inc.		12,820		2,578,487
EQT Corp.		15,209		609,729
HF Sinclair Corp.		18,638		1,011,111
Kinder Morgan, Inc.		244,349		4,466,700
Marathon Oil Corp.		72,754		1,953,445
ONEOK, Inc.		72,110		5,705,343
Ovintiv, Inc.		31,423		1,612,628
Targa Resources Corp.		12,389		1,413,089
Williams Cos., Inc. (The)		151,031		5,793,549
				34,675,931
Passenger Airlines — 0.7%
Delta Air Lines, Inc.		35,834		1,794,208
Southwest Airlines Co.		43,401		1,125,822
United Airlines Holdings, Inc.(b)		25,130		1,293,190
				4,213,220
Personal Care Products — 0.1%
Coty, Inc., Class A(a)(b)		25,511		291,846
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals PLC(b)		7,766		860,084
Royalty Pharma PLC, Class A		47,768		1,323,174
Viatris, Inc.		143,518		1,660,503
				3,843,761
Professional Services — 1.2%
Booz Allen Hamilton Holding Corp., Class A		4,779		705,715

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Schedule of Investments (continued) April 30, 2024 iShares^® Morningstar Mid-Cap  Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Jacobs Solutions, Inc.		5,866	$	841,947
KBR, Inc.		5,856		380,289
Leidos Holdings, Inc.		16,181		2,268,900
Robert Half, Inc.		9,178		634,567
SS&C Technologies Holdings, Inc.		26,896		1,664,593
TransUnion		8,676		633,348
				7,129,359
Real Estate Management & Development — 0.4%
CBRE Group, Inc., Class A(b)		20,275		1,761,695
Zillow Group, Inc., Class A(b)		3,382		142,044
Zillow Group, Inc., Class C, NVS(b)		10,609		451,625
				2,355,364
Residential REITs — 1.7%
American Homes 4 Rent, Class A		16,811		601,834
AvalonBay Communities, Inc.		10,085		1,911,814
Camden Property Trust		7,216		719,291
Equity LifeStyle Properties, Inc.		7,692		463,751
Equity Residential		30,106		1,938,826
Essex Property Trust, Inc.		4,191		1,032,034
Invitation Homes, Inc.		29,702		1,015,808
Mid-America Apartment Communities, Inc.		8,891		1,155,830
Sun Communities, Inc.		6,951		773,785
UDR, Inc.		19,909		758,135
				10,371,108
Retail REITs — 1.9%
Kimco Realty Corp.		83,518		1,555,940
Realty Income Corp.		58,651		3,140,175
Regency Centers Corp.		12,275		726,926
Simon Property Group, Inc.		40,463		5,686,265
				11,109,306
Semiconductors & Semiconductor Equipment — 2.5%
Microchip Technology, Inc.		34,524		3,175,518
NXP Semiconductors NV		19,252		4,932,170
ON Semiconductor Corp.(b)		33,888		2,377,582
Qorvo, Inc.(b)		12,024		1,404,884
Skyworks Solutions, Inc.		19,780		2,108,350
Teradyne, Inc.		9,365		1,089,337
				15,087,841
Software — 0.2%
Gen Digital, Inc.		73,298		1,476,222
Specialized REITs — 2.5%
Crown Castle, Inc.		35,090		3,290,740
CubeSmart		15,584		630,217
Digital Realty Trust, Inc.		13,233		1,836,476
Extra Space Storage, Inc.		15,176		2,037,833
Gaming & Leisure Properties, Inc.		30,643		1,309,376
Iron Mountain, Inc.		20,169		1,563,501
VICI Properties, Inc.		60,620		1,730,701
Weyerhaeuser Co.		84,831		2,559,351
				14,958,195

Security	Shares		Value
Specialty Retail — 1.1%
Best Buy Co., Inc.		23,161	$	1,705,576
CarMax, Inc.(b)		9,623		654,075
Penske Automotive Group, Inc.		2,493		381,205
Tractor Supply Co.		6,067		1,656,777
Ulta Beauty, Inc.(b)		2,712		1,097,926
Williams-Sonoma, Inc.		4,567		1,309,724
				6,805,283
Technology Hardware, Storage & Peripherals — 2.5%
Dell Technologies, Inc., Class C		19,862		2,475,600
Hewlett Packard Enterprise Co.		158,924		2,701,708
HP, Inc.		107,168		3,010,349
NetApp, Inc.		16,990		1,736,548
Seagate Technology Holdings PLC		25,838		2,219,742
Western Digital Corp.(b)		37,317		2,643,163
				14,787,110
Trading Companies & Distributors — 1.4%
Ferguson PLC		25,248		5,299,556
United Rentals, Inc.		3,582		2,392,740
Watsco, Inc.		1,796		804,105
				8,496,401
Water Utilities — 0.3%
American Water Works Co., Inc.		10,643		1,301,852
Essential Utilities, Inc.		17,740		648,929
				1,950,781
Total Long-Term Investments — 99.7% (Cost: $517,971,977)				596,761,458
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.49%(c)(d)(e)		5,587,540		5,589,216
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(c)(d)		944,816		944,816
Total Short-Term Securities — 1.1% (Cost: $6,532,130)				6,534,032
Total Investments — 100.8% (Cost: $524,504,107)				603,295,490
Liabilities in Excess of Other Assets — (0.8)%				(5,065,783	)
Net Assets — 100.0%			$	598,229,707

^(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.

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 (continued) April 30, 2024 iShares^® Morningstar Mid-Cap Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)					Value at 04/30/24		Shares Held at 04/30/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,874,694	$	—		$	(6,285,697	)(a)	$	3,861			$	(3,642	)	$	5,589,216		5,587,540	$	122,369	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		872,368		72,448	(a)		—			—				—			944,816		944,816		62,045			—
										$	3,861			$	(3,642	)	$	6,534,032			$	184,414		$	—

^(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		11		06/21/24	$	744	$	12,031
S&P Mid 400 E-Mini Index		2		06/21/24		575		(27,274	)
							$	(15,243	)

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)	$	—	$	—	$	12,031	$	—	$	—	$	—	$	12,031
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	27,274	$	—	$	—	$	—	$	27,274

^(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).

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Schedule of Investments (continued) April 30, 2024 iShares^® Morningstar Mid-Cap Value ETF

For the period ended April 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	55,102		$	—	$	—	$	—	$	55,102
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(22,377	)	$	—	$	—	$	—	$	(22,377	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,322,283

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	$	596,761,458			$	—		$	—		$	596,761,458
Short-Term Securities
Money Market Funds		6,534,032				—			—			6,534,032
	$	603,295,490			$	—		$	—		$	603,295,490
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	12,031			$	—		$	—		$	12,031
Liabilities
Equity Contracts		(27,274	)			—			—			(27,274	)
	$	(15,243	)		$	—		$	—		$	(15,243	)

^(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 19

Schedule of Investments April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
AAR Corp.(a)		1,720	$	118,921
AeroVironment, Inc.(a)		1,441		230,257
AerSale Corp.(a)(b)		1,336		9,526
BWX Technologies, Inc.		4,720		452,034
Cadre Holdings, Inc.		1,008		33,617
Curtiss-Wright Corp.		1,976		500,758
Ducommun, Inc.(a)		751		40,622
Eve Holding, Inc., Class A(a)(b)		1,368		7,373
Hexcel Corp.		4,327		277,837
Kratos Defense & Security Solutions, Inc.(a)		7,653		136,376
Leonardo DRS, Inc.(a)		2,653		57,093
Mercury Systems, Inc.(a)(b)		2,605		73,461
Moog, Inc., Class A		1,480		235,424
National Presto Industries, Inc.		275		22,547
Rocket Lab U.S.A., Inc., Class A(a)(b)		13,656		51,347
Spirit AeroSystems Holdings, Inc., Class A(a)		5,463		174,816
Triumph Group, Inc.(a)		3,863		51,610
V2X, Inc.(a)		659		32,014
Virgin Galactic Holdings, Inc., Class A(a)		18,626		16,206
Woodward, Inc.		2,893		469,707
				2,991,546
Air Freight & Logistics — 0.2%
Air Transport Services Group, Inc.(a)(b)		2,618		33,563
Forward Air Corp.		1,589		34,990
GXO Logistics, Inc.(a)		6,087		302,280
Hub Group, Inc., Class A		3,174		127,658
				498,491
Automobile Components — 1.5%
Adient PLC(a)		4,857		145,078
American Axle & Manufacturing Holdings, Inc.(a)		5,908		43,365
Autoliv, Inc.		3,686		441,546
Dana, Inc.		6,786		84,350
Dorman Products, Inc.(a)		1,373		120,069
Fox Factory Holding Corp.(a)		2,164		84,223
Garrett Motion, Inc.(a)(b)		6,719		64,234
Gentex Corp.		12,039		412,938
Gentherm, Inc.(a)		1,621		81,974
Goodyear Tire & Rubber Co. (The)(a)		14,162		169,377
LCI Industries		1,295		134,654
Lear Corp.		2,999		377,484
Luminar Technologies, Inc., Class A(a)(b)		13,880		20,404
Mobileye Global, Inc., Class A(a)(b)		3,993		110,007
Modine Manufacturing Co.(a)		2,465		228,333
Patrick Industries, Inc.		1,123		117,342
Phinia, Inc.		2,398		93,522
QuantumScape Corp., Class A(a)(b)		17,943		97,251
Standard Motor Products, Inc.		1,055		33,865
Stoneridge, Inc.(a)		1,401		20,987
Visteon Corp.(a)		1,436		158,865
XPEL, Inc.(a)(b)		1,112		58,436
				3,098,304
Automobiles — 0.3%
Harley-Davidson, Inc.		7,167		246,473
Thor Industries, Inc.		2,633		261,773
Winnebago Industries, Inc.		1,500		92,370
				600,616
Banks — 7.1%
1st Source Corp.		870		43,152
Amalgamated Financial Corp.		843		20,687

Security	Shares		Value
Banks (continued)
Amerant Bancorp, Inc., Class A		1,516	$	32,837
Ameris Bancorp		3,404		161,622
Associated Banc-Corp.		7,905		166,558
Atlantic Union Bankshares Corp.		3,997		126,985
Axos Financial, Inc.(a)		2,870		145,251
Banc of California, Inc.		7,755		106,166
BancFirst Corp.		1,046		93,272
Bancorp, Inc. (The)(a)		2,801		83,862
Bank First Corp.		440		33,964
Bank of Hawaii Corp.		2,104		119,276
Bank OZK		5,561		248,299
BankUnited, Inc.		3,808		101,788
Banner Corp.		1,687		73,604
Berkshire Hills Bancorp, Inc.		2,338		49,846
BOK Financial Corp.		1,260		111,800
Brookline Bancorp, Inc.		4,750		39,425
Byline Bancorp, Inc.		1,549		33,567
Cadence Bank		9,502		262,920
Cambridge Bancorp		362		22,216
Camden National Corp.		805		25,132
Capital City Bank Group, Inc.		708		18,776
Capitol Federal Financial, Inc.		6,597		31,468
Cathay General Bancorp		3,716		127,979
Central Pacific Financial Corp.		531		10,588
City Holding Co.		795		80,311
Coastal Financial Corp.(a)		529		20,462
Columbia Banking System, Inc.		10,663		200,571
Columbia Financial, Inc.(a)		1,526		25,332
Comerica, Inc.		6,806		341,457
Commerce Bancshares, Inc.		6,534		357,279
Community Bank System, Inc.		2,840		122,745
Community Trust Bancorp, Inc.		814		34,196
ConnectOne Bancorp, Inc.		1,947		34,871
CrossFirst Bankshares, Inc.(a)(b)		2,137		25,815
Cullen/Frost Bankers, Inc.		3,000		313,020
Customers Bancorp, Inc.(a)		1,520		69,418
CVB Financial Corp.		7,027		114,821
Dime Community Bancshares, Inc.		2,025		36,855
Eagle Bancorp, Inc.		1,591		29,418
East West Bancorp, Inc.		7,273		541,766
Eastern Bankshares, Inc.		8,218		103,218
Enterprise Financial Services Corp.		1,926		73,207
Farmers National Banc Corp.		2,042		24,157
FB Financial Corp.		1,825		66,886
First Bancorp		2,149		65,351
First Bancorp		8,262		142,519
First Bancshares, Inc. (The)		1,335		31,960
First Busey Corp.		2,876		64,250
First Commonwealth Financial Corp.		5,374		70,883
First Financial Bancorp		5,092		112,584
First Financial Bankshares, Inc.		7,350		217,266
First Hawaiian, Inc.		6,750		142,357
First Horizon Corp.		28,565		426,190
First Interstate BancSystem, Inc., Class A		4,671		124,716
First Merchants Corp.		3,084		103,067
First Mid Bancshares, Inc.		1,228		38,019
FNB Corp.		17,976		239,800
Fulton Financial Corp.		8,329		137,845
German American Bancorp, Inc.		1,497		47,500
Glacier Bancorp, Inc.		5,748		207,963
Great Southern Bancorp, Inc.		499		25,649
Hancock Whitney Corp.		4,417		200,488

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Schedule of Investments (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Hanmi Financial Corp.		1,167	$	17,855
HarborOne Bancorp, Inc.		1,893		19,176
HBT Financial, Inc.		689		12,715
Heartland Financial U.S.A., Inc.		2,118		89,189
Heritage Commerce Corp.		3,365		26,718
Heritage Financial Corp.		1,894		33,600
Hilltop Holdings, Inc.		2,371		69,375
Home BancShares, Inc.		10,070		238,458
Hope Bancorp, Inc.		5,856		58,677
Horizon Bancorp, Inc.		2,343		26,898
Independent Bank Corp.		2,143		107,664
Independent Bank Group, Inc.		1,880		70,011
International Bancshares Corp.		2,747		152,871
Kearny Financial Corp.		2,996		16,178
Lakeland Bancorp, Inc.		3,391		41,336
Lakeland Financial Corp.		1,350		79,339
Live Oak Bancshares, Inc.		1,480		47,834
Mercantile Bank Corp.		820		29,586
Metrocity Bankshares, Inc.		985		22,635
Midland States Bancorp, Inc.		1,163		25,470
National Bank Holdings Corp., Class A		2,022		66,180
NBT Bancorp, Inc.		2,185		76,497
New York Community Bancorp, Inc., Class A		37,459		99,266
Nicolet Bankshares, Inc.		704		53,877
Northwest Bancshares, Inc.		6,509		68,995
OceanFirst Financial Corp.		3,080		45,461
OFG Bancorp		2,511		90,672
Old National Bancorp		14,433		238,722
Old Second Bancorp, Inc.		2,308		31,620
Origin Bancorp, Inc.		1,465		43,510
Pacific Premier Bancorp, Inc.		4,560		98,040
Park National Corp.		735		96,807
Pathward Financial, Inc.		1,376		69,309
Peapack-Gladstone Financial Corp.		844		18,889
Peoples Bancorp, Inc.		1,751		50,849
Pinnacle Financial Partners, Inc.		3,963		303,962
Popular, Inc.		3,446		292,876
Premier Financial Corp.		1,794		34,768
Prosperity Bancshares, Inc.		4,784		296,464
Provident Financial Services, Inc.		3,736		54,844
QCR Holdings, Inc.		836		45,947
Republic Bancorp, Inc., Class A		506		25,664
S&T Bancorp, Inc.		1,994		60,119
Sandy Spring Bancorp, Inc.		2,321		47,464
Seacoast Banking Corp. of Florida		4,525		104,392
ServisFirst Bancshares, Inc.		2,760		162,730
Simmons First National Corp., Class A		6,638		113,443
Southern Missouri Bancorp, Inc.		523		20,972
Southside Bancshares, Inc.		1,595		42,523
SouthState Corp.		3,753		284,102
Stellar Bancorp, Inc.		2,656		58,963
Stock Yards Bancorp, Inc.		1,433		63,840
Synovus Financial Corp.		7,265		260,014
Texas Capital Bancshares, Inc.(a)		2,348		134,775
TFS Financial Corp.		2,788		33,484
Tompkins Financial Corp.		694		30,522
Towne Bank		3,599		93,106
TriCo Bancshares		1,654		57,510
Triumph Financial, Inc.(a)		1,180		83,025
TrustCo Bank Corp.		940		25,023
Trustmark Corp.		3,042		90,043
UMB Financial Corp.		2,257		179,793

Security	Shares		Value
Banks (continued)
United Bankshares, Inc.		6,875	$	223,162
United Community Banks, Inc.		6,254		157,788
Univest Financial Corp.		1,494		31,180
Valley National Bancorp		22,566		158,188
Veritex Holdings, Inc.		2,644		51,505
WaFd, Inc.		3,412		92,431
Webster Financial Corp.		8,469		371,196
WesBanco, Inc.		3,046		82,242
Westamerica BanCorp		1,375		64,006
Western Alliance Bancorp		5,358		304,495
Wintrust Financial Corp.		3,136		303,063
WSFS Financial Corp.		3,236		138,274
Zions Bancorp N.A.		7,590		309,520
				14,926,949
Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A, NVS(a)		503		140,040
Coca-Cola Consolidated, Inc.		245		202,370
Duckhorn Portfolio, Inc. (The)(a)		2,681		22,708
MGP Ingredients, Inc.		760		59,614
National Beverage Corp.(a)		1,247		55,492
Vita Coco Co., Inc. (The)(a)		1,734		42,032
				522,256
Biotechnology — 5.0%
89bio, Inc.(a)(b)		4,099		34,882
ACADIA Pharmaceuticals, Inc.(a)		5,998		100,227
ACELYRIN, Inc.(a)		1,173		4,903
ADMA Biologics, Inc.(a)		11,733		76,499
Agios Pharmaceuticals, Inc.(a)		2,847		92,528
Akero Therapeutics, Inc.(a)(b)		2,836		56,408
Alector, Inc.(a)(b)		3,319		16,861
Alkermes PLC(a)		8,108		198,970
Allogene Therapeutics, Inc.(a)(b)		5,189		14,322
Alpine Immune Sciences, Inc.(a)		1,875		121,106
Amicus Therapeutics, Inc.(a)		13,464		134,505
AnaptysBio, Inc.(a)		766		18,644
Anavex Life Sciences Corp.(a)		4,180		15,257
Apellis Pharmaceuticals, Inc.(a)		5,043		222,850
Apogee Therapeutics, Inc.(a)(b)		1,013		50,954
Arcellx, Inc.(a)		1,967		98,389
Arcturus Therapeutics Holdings, Inc.(a)(b)		1,262		32,269
Arcus Biosciences, Inc.(a)		2,620		39,903
Ardelyx, Inc.(a)(b)		11,064		70,810
Arrowhead Pharmaceuticals, Inc.(a)		6,081		137,552
Aurinia Pharmaceuticals, Inc.(a)		6,989		35,574
Beam Therapeutics, Inc.(a)		3,696		78,429
Biohaven Ltd.(a)		3,549		137,701
Blueprint Medicines Corp.(a)		2,836		259,040
Bridgebio Pharma, Inc.(a)(b)		5,591		143,241
Cabaletta Bio, Inc.(a)		1,905		20,279
Catalyst Pharmaceuticals, Inc.(a)		5,295		79,690
Celldex Therapeutics, Inc.(a)		3,138		117,424
Cerevel Therapeutics Holdings, Inc.(a)		3,942		168,363
Cogent Biosciences, Inc.(a)		4,361		28,347
Crinetics Pharmaceuticals, Inc.(a)		3,236		141,802
CRISPR Therapeutics AG(a)(b)		3,912		207,297
Cytokinetics, Inc.(a)		4,775		292,803
Day One Biopharmaceuticals, Inc.(a)(b)		2,926		50,035
Deciphera Pharmaceuticals, Inc.(a)		2,592		65,500
Denali Therapeutics, Inc.(a)		5,677		87,653
Disc Medicine, Inc.(a)		414		11,526
Dynavax Technologies Corp.(a)		6,663		75,758
Dyne Therapeutics, Inc.(a)		2,678		67,780

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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Editas Medicine, Inc.(a)		4,124	$	21,486
Entrada Therapeutics, Inc.(a)		993		11,767
Exelixis, Inc.(a)		15,930		373,718
Geron Corp.(a)		24,159		94,945
Halozyme Therapeutics, Inc.(a)		6,820		259,842
HilleVax, Inc.(a)		1,056		13,939
Ideaya Biosciences, Inc.(a)		3,251		132,153
Immunovant, Inc.(a)		3,183		87,342
Inhibrx, Inc.(a)		1,489		50,686
Insmed, Inc.(a)		6,881		170,098
Intellia Therapeutics, Inc.(a)(b)		4,446		95,144
Ionis Pharmaceuticals, Inc.(a)(b)		7,377		304,375
Iovance Biotherapeutics, Inc.(a)(b)		11,275		132,820
Ironwood Pharmaceuticals, Inc., Class A(a)		7,031		54,490
Keros Therapeutics, Inc.(a)(b)		1,310		73,871
Kiniksa Pharmaceuticals Ltd., Class A(a)		1,642		30,738
Krystal Biotech, Inc.(a)(b)		1,288		197,219
Kura Oncology, Inc.(a)		3,480		68,278
Kymera Therapeutics, Inc.(a)		2,144		72,081
Lyell Immunopharma, Inc.(a)(b)		7,950		17,252
Madrigal Pharmaceuticals, Inc.(a)		696		141,998
MannKind Corp.(a)		13,689		56,262
Mirum Pharmaceuticals, Inc.(a)		1,708		42,888
Morphic Holding, Inc.(a)		2,062		56,231
Myriad Genetics, Inc.(a)		4,544		88,926
Natera, Inc.(a)		6,189		574,834
Novavax, Inc.(a)(b)		5,680		24,594
Nuvalent, Inc., Class A(a)(b)		1,636		112,688
Olema Pharmaceuticals, Inc.(a)		2,088		21,235
Prime Medicine, Inc.(a)(b)		3,232		15,901
Protagonist Therapeutics, Inc.(a)		2,788		70,007
PTC Therapeutics, Inc.(a)		3,932		126,414
RAPT Therapeutics, Inc.(a)		1,422		10,949
Recursion Pharmaceuticals, Inc., Class A(a)(b)		8,057		63,006
REGENXBIO, Inc.(a)		1,988		30,516
Relay Therapeutics, Inc.(a)		4,397		28,668
Replimune Group, Inc.(a)		2,058		13,068
REVOLUTION Medicines, Inc.(a)		6,297		234,752
Rhythm Pharmaceuticals, Inc.(a)(b)		2,502		99,480
Rocket Pharmaceuticals, Inc.(a)		3,429		73,792
Roivant Sciences Ltd.(a)(b)		19,569		213,302
Sage Therapeutics, Inc.(a)		2,745		38,265
Sana Biotechnology, Inc.(a)		5,277		47,493
Sarepta Therapeutics, Inc.(a)		4,648		588,716
Savara, Inc.(a)		4,337		19,863
Scholar Rock Holding Corp.(a)		1,636		24,000
Soleno Therapeutics, Inc.(a)(b)		685		30,592
SpringWorks Therapeutics, Inc.(a)		3,156		147,354
Summit Therapeutics, Inc.(a)		5,852		22,998
Syndax Pharmaceuticals, Inc.(a)		4,263		90,077
Taysha Gene Therapies, Inc.(a)		2,985		7,254
TG Therapeutics, Inc.(a)(b)		7,277		99,404
Travere Therapeutics, Inc.(a)		3,566		19,720
Twist Bioscience Corp.(a)		2,767		86,413
Tyra Biosciences, Inc.(a)(b)		906		15,493
Ultragenyx Pharmaceutical, Inc.(a)		3,795		161,439
Vaxcyte, Inc.(a)(b)		5,300		320,915
Veracyte, Inc.(a)(b)		3,569		69,845
Vericel Corp.(a)		2,451		112,427
Verve Therapeutics, Inc.(a)(b)		3,244		19,496
Viking Therapeutics, Inc.(a)(b)		5,339		424,878
Vir Biotechnology, Inc.(a)		4,502		38,087

Security	Shares		Value
Biotechnology (continued)
Viridian Therapeutics, Inc.(a)(b)		2,420	$	32,089
Xencor, Inc.(a)		2,980		62,401
Zentalis Pharmaceuticals, Inc.(a)		2,810		31,079
Zymeworks, Inc.(a)(b)		2,085		17,889
				10,496,023
Broadline Retail — 0.5%
Dillard’s, Inc., Class A(b)		234		102,490
Kohl’s Corp.		5,217		124,895
Macy’s, Inc.		14,129		260,398
Nordstrom, Inc.		5,436		103,338
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		3,185		232,951
Savers Value Village, Inc.(a)(b)		8,283		136,835
				960,907
Building Products — 2.3%
AAON, Inc.(b)		3,467		326,210
Advanced Drainage Systems, Inc.		3,549		557,193
American Woodmark Corp.(a)		839		77,255
Apogee Enterprises, Inc.		1,155		71,356
Armstrong World Industries, Inc.		2,273		261,122
AZEK Co., Inc. (The), Class A(a)		7,490		341,844
AZZ, Inc.		1,269		90,898
CSW Industrials, Inc.		792		188,195
Fortune Brands Innovations, Inc.		6,487		474,200
Gibraltar Industries, Inc.(a)		1,559		111,406
Griffon Corp.		2,223		145,651
Hayward Holdings, Inc.(a)		6,558		89,058
Insteel Industries, Inc.		917		29,436
Janus International Group, Inc.(a)(b)		5,910		85,163
JELD-WEN Holding, Inc.(a)		4,169		85,464
Masonite International Corp.(a)		1,134		150,312
Masterbrand, Inc.(a)		6,588		109,822
Quanex Building Products Corp.		1,682		55,876
Resideo Technologies, Inc.(a)		7,548		147,412
Simpson Manufacturing Co., Inc.		2,203		383,080
Tecnoglass, Inc.		1,169		64,938
Trex Co., Inc.(a)		5,586		494,640
UFP Industries, Inc.		3,171		357,372
Zurn Elkay Water Solutions Corp.		7,505		234,756
				4,932,659
Capital Markets — 2.6%
Affiliated Managers Group, Inc.		1,732		270,365
Artisan Partners Asset Management, Inc., Class A		3,644		149,149
AssetMark Financial Holdings, Inc.(a)		1,040		35,162
B Riley Financial, Inc.(b)		888		30,547
BGC Group, Inc., Class A		20,267		158,691
Blue Owl Capital, Inc., Class A		18,692		353,092
Brightsphere Investment Group, Inc.		1,649		36,674
Cohen & Steers, Inc.		1,308		89,964
Diamond Hill Investment Group, Inc., Class A		145		21,637
Donnelley Financial Solutions, Inc.(a)		1,214		76,215
Evercore, Inc., Class A		1,826		331,419
Federated Hermes, Inc., Class B		4,410		144,868
Freedom Holding Corp.(a)		878		59,713
Hamilton Lane, Inc., Class A		1,924		214,949
Houlihan Lokey, Inc., Class A		2,664		339,633
Invesco Ltd.		16,799		238,042
Janus Henderson Group PLC		6,920		216,042
Jefferies Financial Group, Inc.		8,120		349,647
Moelis & Co., Class A		3,544		173,940
Open Lending Corp.(a)		4,970		25,347
Perella Weinberg Partners, Class A		1,971		29,407

22 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Piper Sandler Cos		757	$	148,213
PJT Partners, Inc., Class A		1,222		115,467
Robinhood Markets, Inc., Class A(a)		25,897		427,042
SEI Investments Co.		5,575		367,671
StepStone Group, Inc., Class A		2,758		99,481
Stifel Financial Corp.		5,164		412,707
StoneX Group, Inc.(a)		1,393		101,132
TPG, Inc., Class A		3,069		132,274
Victory Capital Holdings, Inc., Class A		2,017		102,585
Virtu Financial, Inc., Class A		4,422		95,957
Virtus Investment Partners, Inc.		353		77,420
WisdomTree, Inc.		5,870		52,243
				5,476,695
Chemicals — 2.3%
AdvanSix, Inc.		1,382		34,909
Arcadium Lithium PLC(a)(b)		52,982		233,121
Ashland, Inc.		2,644		252,053
Aspen Aerogels, Inc.(a)(b)		2,596		40,653
Avient Corp.		4,719		200,180
Axalta Coating Systems Ltd.(a)		10,638		334,459
Balchem Corp.		1,653		233,701
Cabot Corp.		2,840		259,093
Chemours Co. (The)		7,674		205,279
Ecovyst, Inc.(a)(b)		5,584		52,657
Element Solutions, Inc.		11,629		268,979
FMC Corp.		6,418		378,726
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		76,530		68,196
Hawkins, Inc.		1,028		77,892
HB Fuller Co.		2,779		207,619
Huntsman Corp.		8,522		203,335
Ingevity Corp.(a)		1,857		94,967
Innospec, Inc.		1,266		151,920
Koppers Holdings, Inc.		1,089		55,844
Kronos Worldwide, Inc.		1,253		14,347
LSB Industries, Inc.(a)		2,571		23,910
Mativ Holdings, Inc.		2,858		52,187
Minerals Technologies, Inc.		1,523		111,011
NewMarket Corp.		392		206,553
Olin Corp.		6,293		328,998
Orion SA		2,748		65,018
Perimeter Solutions SA(a)		7,038		49,266
PureCycle Technologies, Inc.(a)(b)		4,941		23,074
Quaker Chemical Corp.		709		132,250
Scotts Miracle-Gro Co. (The)		2,090		143,249
Sensient Technologies Corp.		2,157		157,936
Stepan Co.		1,118		92,783
Tronox Holdings PLC		6,175		104,913
				4,859,078
Commercial Services & Supplies — 1.6%
ABM Industries, Inc.		3,389		148,099
ACCO Brands Corp.		4,967		23,941
ACV Auctions, Inc., Class A(a)		7,028		122,639
Brady Corp., Class A, NVS		2,188		129,092
BrightView Holdings, Inc.(a)		2,129		23,951
Brink’s Co. (The)		2,221		194,249
Casella Waste Systems, Inc., Class A(a)		2,918		263,787
CECO Environmental Corp.(a)		1,541		33,316
Cimpress PLC(a)(b)		815		69,495
CoreCivic, Inc.(a)		5,759		85,809
Deluxe Corp.		2,120		41,870
Driven Brands Holdings, Inc.(a)		3,240		46,429
Ennis, Inc.		1,427		28,397

Security	Shares		Value
Commercial Services & Supplies (continued)
Enviri Corp.(a)		4,229	$	32,902
GEO Group, Inc. (The)(a)		6,192		92,013
Healthcare Services Group, Inc.(a)		3,559		37,797
HNI Corp.		2,382		99,925
Interface, Inc., Class A		3,032		46,359
LanzaTech Global, Inc.(a)		4,850		10,500
Liquidity Services, Inc.(a)		1,236		21,333
Matthews International Corp., Class A		1,550		41,819
MillerKnoll, Inc.		3,753		95,439
Montrose Environmental Group, Inc.(a)		1,456		63,219
MSA Safety, Inc.		1,919		346,188
OPENLANE, Inc.(a)		5,504		94,559
SP Plus Corp.(a)		1,040		53,102
Steelcase, Inc., Class A		4,488		53,991
Stericycle, Inc.(a)		4,575		204,640
Tetra Tech, Inc.		2,732		531,975
UniFirst Corp.		769		123,140
Vestis Corp.		6,757		124,464
Viad Corp.(a)		1,058		36,480
VSE Corp.		687		53,634
				3,374,553
Communications Equipment — 0.5%
ADTRAN Holdings, Inc.		3,740		16,381
Calix, Inc.(a)		3,043		84,382
Ciena Corp.(a)		7,552		349,129
Digi International, Inc.(a)(b)		1,887		57,855
Extreme Networks, Inc.(a)		6,629		74,245
Harmonic, Inc.(a)		5,366		57,631
Infinera Corp.(a)(b)		10,303		49,660
Lumentum Holdings, Inc.(a)		3,462		151,497
NetScout Systems, Inc.(a)		3,514		67,680
Viasat, Inc.(a)(b)		3,902		62,081
Viavi Solutions, Inc.(a)		11,385		89,942
				1,060,483
Construction & Engineering — 1.6%
Ameresco, Inc., Class A(a)(b)		1,619		33,886
API Group Corp.(a)		11,111		428,551
Arcosa, Inc.		2,504		190,354
Argan, Inc.		672		40,495
Comfort Systems U.S.A., Inc.		1,839		569,005
Construction Partners, Inc., Class A(a)		2,253		116,345
Dycom Industries, Inc.(a)		1,460		204,429
Fluor Corp.(a)		8,741		352,524
Granite Construction, Inc.		2,248		124,764
IES Holdings, Inc.(a)		438		59,183
MasTec, Inc.(a)		3,157		279,994
MDU Resources Group, Inc.		10,213		252,261
MYR Group, Inc.(a)		820		136,325
Primoris Services Corp.		2,736		127,498
Sterling Infrastructure, Inc.(a)		1,599		162,458
Valmont Industries, Inc.		1,067		218,522
				3,296,594
Construction Materials — 0.3%
Eagle Materials, Inc.(b)		1,792		449,272
Summit Materials, Inc., Class A(a)(b)		6,103		237,407
United States Lime & Minerals, Inc.		115		35,650
				722,329
Consumer Finance — 1.2%
Ally Financial, Inc.		13,954		535,136
Atlanticus Holdings Corp.(a)		264		6,983
Bread Financial Holdings, Inc.		2,531		93,419

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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Credit Acceptance Corp.(a)(b)		339	$	174,151
Encore Capital Group, Inc.(a)		1,160		47,664
Enova International, Inc.(a)		1,577		95,456
EZCORP, Inc., Class A, NVS(a)		2,654		29,141
FirstCash Holdings, Inc.		2,007		226,751
Green Dot Corp., Class A(a)		2,261		19,784
LendingClub Corp.(a)		5,480		41,210
Navient Corp.		4,384		65,848
Nelnet, Inc., Class A		979		92,202
NerdWallet, Inc., Class A(a)		1,901		23,896
OneMain Holdings, Inc.		5,975		311,357
PRA Group, Inc.(a)		1,870		44,487
PROG Holdings, Inc.		2,354		78,247
SLM Corp.		11,552		244,787
SoFi Technologies, Inc.(a)(b)		45,884		311,093
Upstart Holdings, Inc.(a)		3,712		82,146
World Acceptance Corp.(a)		177		24,350
				2,548,108
Consumer Staples Distribution & Retail — 0.4%
Andersons, Inc. (The)		1,608		88,343
Chefs’ Warehouse, Inc. (The)(a)(b)		1,850		61,198
Grocery Outlet Holding Corp.(a)		4,843		125,773
Ingles Markets, Inc., Class A		747		53,597
PriceSmart, Inc.		1,281		103,236
SpartanNash Co.		1,796		34,286
Sprouts Farmers Market, Inc.(a)(b)		5,249		346,591
United Natural Foods, Inc.(a)		3,021		26,978
Weis Markets, Inc.		842		53,155
				893,157
Containers & Packaging — 1.1%
AptarGroup, Inc.		3,386		488,871
Berry Global Group, Inc.		5,978		338,594
Graphic Packaging Holding Co.		15,762		407,448
Greif, Inc., Class A, NVS		1,287		78,867
Greif, Inc., Class B		156		9,747
Myers Industries, Inc.		1,590		34,821
O-I Glass, Inc.(a)		7,894		118,094
Pactiv Evergreen, Inc.		1,792		27,310
Sealed Air Corp.		7,580		238,618
Silgan Holdings, Inc.		4,243		197,978
Sonoco Products Co.		5,033		282,100
TriMas Corp.		2,103		54,657
				2,277,105
Diversified Consumer Services — 0.9%
ADT, Inc.		11,424		74,256
Adtalem Global Education, Inc.(a)		1,961		97,305
Bright Horizons Family Solutions, Inc.(a)		2,739		284,062
Chegg, Inc.(a)		5,139		26,569
Coursera, Inc.(a)		5,424		55,433
European Wax Center, Inc., Class A(a)		1,686		19,827
Frontdoor, Inc.(a)		3,941		120,949
Graham Holdings Co., Class B		184		129,052
Grand Canyon Education, Inc.(a)		1,451		188,659
H&R Block, Inc.		7,393		349,171
Laureate Education, Inc., Class A		6,751		97,890
Mister Car Wash, Inc.(a)(b)		4,716		31,550
OneSpaWorld Holdings Ltd.(a)		4,272		54,340
Perdoceo Education Corp.		3,237		59,237
Strategic Education, Inc.		1,179		135,396

Security	Shares		Value
Diversified Consumer Services (continued)
Stride, Inc.(a)		2,193	$	146,383
Udemy, Inc.(a)		4,360		43,687
				1,913,766
Diversified REITs — 0.3%
Alexander & Baldwin, Inc.		3,722		61,301
American Assets Trust, Inc.		2,594		55,382
Armada Hoffler Properties, Inc.		3,423		36,010
Broadstone Net Lease, Inc.		8,960		130,458
Empire State Realty Trust, Inc., Class A		6,852		62,353
Essential Properties Realty Trust, Inc.		8,455		222,705
Gladstone Commercial Corp.		2,041		27,288
Global Net Lease, Inc.		9,911		68,881
				664,378
Diversified Telecommunication Services — 0.4%
Anterix, Inc.(a)		600		18,912
ATN International, Inc.		545		10,399
Cogent Communications Holdings, Inc.		2,271		145,753
Consolidated Communications Holdings, Inc.(a)		3,960		17,107
Frontier Communications Parent, Inc.(a)		11,361		262,894
Globalstar, Inc.(a)(b)		39,000		50,310
IDT Corp., Class B		1,078		38,312
Iridium Communications, Inc.		5,752		177,104
Liberty Latin America Ltd., Class A(a)		1,820		13,741
Liberty Latin America Ltd., Class C, NVS(a)		6,398		48,241
Lumen Technologies, Inc.(a)		50,908		60,580
Shenandoah Telecommunications Co.		2,476		31,742
				875,095
Electric Utilities — 0.7%
ALLETE, Inc.		2,978		176,357
Genie Energy Ltd., Class B		720		11,009
Hawaiian Electric Industries, Inc.		5,837		57,494
IDACORP, Inc.		2,599		246,333
MGE Energy, Inc.		1,753		137,295
OGE Energy Corp.		10,359		358,939
Otter Tail Corp.		2,138		182,500
PNM Resources, Inc.		4,441		164,584
Portland General Electric Co.		5,217		225,531
				1,560,042
Electrical Equipment — 1.6%
Acuity Brands, Inc.		1,593		395,542
Allient, Inc.		762		22,395
Atkore, Inc.		1,916		335,875
Bloom Energy Corp., Class A(a)		10,366		115,374
ChargePoint Holdings, Inc., Class A(a)(b)		19,728		26,238
Encore Wire Corp.		783		218,739
EnerSys		2,080		188,136
Fluence Energy, Inc., Class A(a)		2,911		51,932
Freyr Battery, Inc.(a)(b)		6,320		10,428
FuelCell Energy, Inc.(a)(b)		21,389		19,845
Generac Holdings, Inc.(a)		3,172		431,265
GrafTech International Ltd.		10,140		17,441
LSI Industries, Inc.		1,285		18,761
NEXTracker, Inc., Class A(a)		6,082		260,249
nVent Electric PLC		8,494		612,162
Plug Power, Inc.(a)(b)		31,875		73,631
Powell Industries, Inc.		488		69,784
Preformed Line Products Co.		124		15,008
Sensata Technologies Holding PLC		7,805		299,009
SES AI Corp., Class A(a)		6,958		10,994
SunPower Corp.(a)(b)		4,114		8,475
Sunrun, Inc.(a)(b)		11,297		116,246

24 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Thermon Group Holdings, Inc.(a)		1,689	$	53,930
Vicor Corp.(a)		1,203		38,953
				3,410,412
Electronic Equipment, Instruments & Components — 2.7%
Advanced Energy Industries, Inc.		1,923		184,300
Arlo Technologies, Inc.(a)		4,950		61,281
Arrow Electronics, Inc.(a)		2,800		357,476
Avnet, Inc.		4,553		222,505
Badger Meter, Inc.		1,511		276,392
Bel Fuse, Inc., Class B, NVS		522		30,652
Belden, Inc.		2,154		175,056
Benchmark Electronics, Inc.		1,874		56,614
Cognex Corp.		8,876		368,709
Coherent Corp.(a)		6,689		365,420
Crane NXT Co.		2,923		177,748
CTS Corp.		1,592		72,834
Daktronics, Inc.(a)		1,813		17,133
ePlus, Inc.(a)		1,398		107,478
Evolv Technologies Holdings, Inc., Class A(a)		4,179		16,340
Fabrinet(a)		1,867		323,122
Insight Enterprises, Inc.(a)(b)		1,454		265,457
IPG Photonics Corp.(a)		1,564		131,345
Itron, Inc.(a)		2,352		216,666
Kimball Electronics, Inc.(a)		1,237		25,890
Knowles Corp.(a)		4,697		74,354
Lightwave Logic, Inc.(a)		6,333		24,192
Littelfuse, Inc.		1,286		296,603
Methode Electronics, Inc.		1,771		21,588
Mirion Technologies, Inc., Class A(a)		9,704		105,482
Napco Security Technologies, Inc.		1,729		70,370
Novanta, Inc.(a)		1,834		287,021
OSI Systems, Inc.(a)		867		113,958
PAR Technology Corp.(a)(b)		1,438		60,799
PC Connection, Inc.		609		37,740
Plexus Corp.(a)		1,400		141,414
Rogers Corp.(a)		969		115,398
Sanmina Corp.(a)		2,944		178,612
ScanSource, Inc.(a)		1,311		54,564
SmartRent, Inc., Class A(a)		9,506		22,054
TTM Technologies, Inc.(a)		5,193		77,532
Vishay Intertechnology, Inc.		6,234		144,255
Vontier Corp.		7,945		322,805
				5,601,159
Energy Equipment & Services — 1.6%
Archrock, Inc.		7,469		143,330
Atlas Energy Solutions, Inc.		521		11,571
Bristow Group, Inc.(a)		1,124		29,572
Cactus, Inc., Class A		3,201		158,898
ChampionX Corp.		9,647		323,850
Core Laboratories, Inc.(b)		2,268		35,834
Diamond Offshore Drilling, Inc.(a)		5,209		63,758
Dril-Quip, Inc.(a)		1,640		29,815
Helix Energy Solutions Group, Inc.(a)		7,338		78,810
Helmerich & Payne, Inc.		5,107		200,858
Kodiak Gas Services, Inc.		1,018		27,669
Liberty Energy, Inc., Class A		8,146		179,212
Nabors Industries Ltd.(a)		451		32,486
Newpark Resources, Inc.(a)		3,901		27,073
NOV, Inc.		20,240		374,238
Oceaneering International, Inc.(a)		5,128		117,482
Oil States International, Inc.(a)		3,091		12,333
Patterson-UTI Energy, Inc.		19,428		210,211

Security	Shares		Value
Energy Equipment & Services (continued)
ProFrac Holding Corp., Class A(a)(b)		1,342	$	9,756
ProPetro Holding Corp.(a)		4,104		35,787
RPC, Inc.		5,285		35,357
Select Water Solutions, Inc., Class A		4,636		42,837
Tidewater, Inc.(a)		2,463		226,227
Transocean Ltd.(a)(b)		37,234		194,362
U.S. Silica Holdings, Inc.(a)		3,901		60,192
Valaris Ltd.(a)		3,029		197,067
Weatherford International PLC(a)		3,727		460,732
				3,319,317
Entertainment — 0.9%
AMC Entertainment Holdings, Inc., Class A(a)(b)		12,833		37,601
Atlanta Braves Holdings, Inc., Class A(a)		538		21,703
Atlanta Braves Holdings, Inc., Class C, NVS(a)		2,342		87,661
Cinemark Holdings, Inc.(a)(b)		5,700		97,698
Endeavor Group Holdings, Inc., Class A		9,558		252,427
Eventbrite, Inc., Class A(a)		4,341		22,920
IMAX Corp.(a)(b)		2,265		36,263
Liberty Media Corp. - Liberty Live, Class A(a)		1,290		46,259
Liberty Media Corp. - Liberty Live, Class C, NVS(a)		2,978		111,139
Lions Gate Entertainment Corp., Class A(a)		2,866		28,918
Lions Gate Entertainment Corp., Class B, NVS(a)		6,893		65,001
Madison Square Garden Entertainment Corp.(a)		2,054		80,414
Madison Square Garden Sports Corp., Class A(a)		856		159,147
Playtika Holding Corp.		2,696		19,546
Roku, Inc., Class A(a)		6,111		352,360
Sphere Entertainment Co., Class A(a)(b)		1,231		47,837
TKO Group Holdings, Inc., Class A		2,755		260,816
Vivid Seats, Inc., Class A(a)		3,903		20,530
Warner Music Group Corp., Class A		6,798		224,334
				1,972,574
Financial Services — 2.4%
Affirm Holdings, Inc., Class A(a)		11,559		368,501
A-Mark Precious Metals, Inc.		892		35,743
AvidXchange Holdings, Inc.(a)		8,475		98,818
Cannae Holdings, Inc.(a)(b)		3,171		61,676
Cass Information Systems, Inc.		637		27,512
Compass Diversified Holdings		2,987		65,624
Enact Holdings, Inc.		1,643		48,846
Essent Group Ltd.		5,500		291,335
Euronet Worldwide, Inc.(a)		2,279		234,008
EVERTEC, Inc.		3,141		117,882
Federal Agricultural Mortgage Corp., Class C, NVS		461		85,806
Flywire Corp.(a)		4,727		96,904
I3 Verticals, Inc., Class A(a)		1,125		25,549
International Money Express, Inc.(a)		1,658		33,541
Jackson Financial, Inc., Class A		3,081		210,494
Marqeta, Inc., Class A(a)		20,614		114,408
Merchants Bancorp		810		32,667
MGIC Investment Corp.		14,162		287,205
Mr. Cooper Group, Inc.(a)		3,228		249,202
NCR Atleos Corp.(a)		3,607		71,888
NMI Holdings, Inc., Class A(a)		3,903		120,447
PennyMac Financial Services, Inc., Class A		1,355		116,042
Radian Group, Inc.		8,046		240,334
Remitly Global, Inc.(a)		7,038		125,488
Repay Holdings Corp., Class A(a)		4,189		42,602
Rocket Cos., Inc., Class A(a)		6,222		76,406
Shift4 Payments, Inc., Class A(a)		2,922		169,067
Toast, Inc., Class A(a)(b)		19,910		470,473
Voya Financial, Inc.		5,393		367,587
Walker & Dunlop, Inc.		1,707		156,412

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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Western Union Co. (The)		16,315	$	219,274
WEX, Inc.(a)		2,204		465,617
				5,127,358
Food Products — 1.3%
B&G Foods, Inc.		3,992		44,311
Calavo Growers, Inc.		928		25,010
Cal-Maine Foods, Inc.		2,135		118,130
Darling Ingredients, Inc.(a)		8,186		346,841
Flowers Foods, Inc.		9,793		244,237
Fresh Del Monte Produce, Inc.		1,572		40,196
Freshpet, Inc.(a)		2,408		255,417
Hain Celestial Group, Inc. (The)(a)		4,410		27,077
Ingredion, Inc.		3,351		383,991
J & J Snack Foods Corp.		773		106,125
John B. Sanfilippo & Son, Inc.		469		46,759
Lancaster Colony Corp.		1,028		196,153
Mission Produce, Inc.(a)(b)		2,200		24,970
Pilgrim’s Pride Corp.(a)		2,179		78,488
Post Holdings, Inc.(a)		2,551		270,789
Seaboard Corp.		14		46,342
Simply Good Foods Co. (The)(a)		4,654		169,638
Tootsie Roll Industries, Inc.		734		21,807
TreeHouse Foods, Inc.(a)		2,497		93,762
Utz Brands, Inc., Class A		3,078		55,496
Vital Farms, Inc.(a)		1,270		33,985
Westrock Coffee Co.(a)		1,480		15,007
WK Kellogg Co.		3,755		87,642
				2,732,173
Gas Utilities — 0.7%
Chesapeake Utilities Corp.		1,109		117,410
National Fuel Gas Co.		4,570		242,667
New Jersey Resources Corp.		5,038		220,110
Northwest Natural Holding Co.		1,930		73,629
ONE Gas, Inc.		2,661		171,688
Southwest Gas Holdings, Inc.		2,767		206,474
Spire, Inc.		2,735		168,996
UGI Corp.		10,752		274,821
				1,475,795
Ground Transportation — 0.7%
ArcBest Corp.		1,221		135,421
Avis Budget Group, Inc.		967		92,300
Covenant Logistics Group, Inc., Class A		419		18,935
Heartland Express, Inc.		2,438		24,234
Hertz Global Holdings, Inc.(a)(b)		6,560		29,848
Landstar System, Inc.		1,844		321,612
Lyft, Inc., Class A(a)		17,454		272,981
Marten Transport Ltd.		3,025		51,183
RXO, Inc.(a)		5,953		112,571
Ryder System, Inc.		2,298		280,011
Schneider National, Inc., Class B		1,911		39,520
Universal Logistics Holdings, Inc.		362		16,174
Werner Enterprises, Inc.		3,232		110,534
				1,505,324
Health Care Equipment & Supplies — 3.0%
Agiliti, Inc.(a)		1,778		18,047
Alphatec Holdings, Inc.(a)		5,016		63,302
Artivion, Inc.(a)		2,157		42,320
AtriCure, Inc.(a)		2,410		58,129
Atrion Corp.		70		29,630
Avanos Medical, Inc.(a)		2,357		42,615
Axonics, Inc.(a)		2,609		173,681

Security	Shares		Value
Health Care Equipment & Supplies (continued)
CONMED Corp.		1,573	$	106,933
DENTSPLY SIRONA, Inc.		10,583		317,596
Embecta Corp.		2,664		26,986
Enovis Corp.(a)		2,683		148,182
Envista Holdings Corp.(a)(b)		8,754		172,279
Establishment Labs Holdings, Inc.(a)(b)		1,207		60,362
Glaukos Corp.(a)(b)		2,426		232,896
Globus Medical, Inc., Class A(a)		5,930		295,255
Haemonetics Corp.(a)		2,598		238,886
ICU Medical, Inc.(a)		1,043		102,131
Inari Medical, Inc.(a)(b)		2,448		91,408
Inspire Medical Systems, Inc.(a)(b)		1,519		367,082
Integer Holdings Corp.(a)		1,720		192,004
Integra LifeSciences Holdings Corp.(a)		3,568		104,079
iRhythm Technologies, Inc.(a)(b)		1,573		172,369
Lantheus Holdings, Inc.(a)		3,521		234,287
LeMaitre Vascular, Inc.		1,018		65,966
LivaNova PLC(a)		2,758		153,758
Masimo Corp.(a)(b)		2,538		341,133
Merit Medical Systems, Inc.(a)		2,980		220,818
Neogen Corp.(a)		11,159		137,590
Nevro Corp.(a)		1,740		18,409
Novocure Ltd.(a)		5,402		66,120
Omnicell, Inc.(a)		2,326		62,360
OrthoPediatrics Corp.(a)(b)		803		23,793
Paragon 28, Inc.(a)		1,951		17,988
Penumbra, Inc.(a)(b)		1,877		368,774
PROCEPT BioRobotics Corp.(a)		2,181		115,549
QuidelOrtho Corp.(a)		2,583		104,741
RxSight, Inc.(a)		1,164		60,679
Shockwave Medical, Inc.(a)		1,894		625,380
SI-BONE, Inc.(a)		1,925		27,450
STAAR Surgical Co.(a)		2,536		116,555
Tandem Diabetes Care, Inc.(a)(b)		3,382		124,086
TransMedics Group, Inc.(a)(b)		1,628		153,244
Treace Medical Concepts, Inc.(a)		2,256		23,395
UFP Technologies, Inc.(a)		373		76,816
Varex Imaging Corp.(a)(b)		2,161		35,116
				6,230,179
Health Care Providers & Services — 2.5%
Acadia Healthcare Co., Inc.(a)		4,691		346,853
Accolade, Inc.(a)		3,606		27,514
Addus HomeCare Corp.(a)		784		75,382
agilon health, Inc.(a)(b)		15,544		85,492
Amedisys, Inc.(a)		1,552		142,862
AMN Healthcare Services, Inc.(a)		1,968		118,041
Astrana Health, Inc.(a)(b)		2,062		76,603
Brookdale Senior Living, Inc.(a)(b)		8,934		60,662
Castle Biosciences, Inc.(a)		1,243		26,215
CorVel Corp.(a)		482		115,126
Cross Country Healthcare, Inc.(a)		1,685		29,656
DaVita, Inc.(a)(b)		2,849		396,039
DocGo, Inc.(a)(b)		4,672		15,791
Encompass Health Corp.		5,135		428,156
Ensign Group, Inc. (The)		2,900		343,244
Fulgent Genetics, Inc.(a)		1,065		21,673
Guardant Health, Inc.(a)		5,623		101,214
HealthEquity, Inc.(a)		4,421		348,861
Hims & Hers Health, Inc., Class A(a)		6,775		84,891
LifeStance Health Group, Inc.(a)(b)		4,994		30,863
ModivCare, Inc.(a)		573		13,448
National HealthCare Corp.		768		69,788

26 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
National Research Corp., Class A		724	$	24,797
NeoGenomics, Inc.(a)		6,642		92,457
OPKO Health, Inc.(a)(b)		23,130		28,219
Option Care Health, Inc.(a)		9,116		272,477
Owens & Minor, Inc.(a)		3,720		92,033
Patterson Cos., Inc.		4,504		114,717
Pediatrix Medical Group, Inc.(a)		4,369		38,753
Premier, Inc., Class A		6,124		127,869
Privia Health Group, Inc.(a)(b)		5,451		100,298
Progyny, Inc.(a)		4,224		135,421
R1 RCM, Inc.(a)		10,180		125,112
RadNet, Inc.(a)		3,573		173,290
Select Medical Holdings Corp.		5,456		154,787
Surgery Partners, Inc.(a)(b)		3,460		86,327
Tenet Healthcare Corp.(a)		5,187		582,448
U.S. Physical Therapy, Inc.		738		74,914
				5,182,293
Health Care REITs — 0.5%
CareTrust REIT, Inc.		6,613		163,473
Community Healthcare Trust, Inc.		1,237		32,818
Global Medical REIT, Inc.		3,232		26,212
LTC Properties, Inc.		2,134		70,635
Medical Properties Trust, Inc.(b)		31,129		143,193
National Health Investors, Inc.		2,144		135,201
Omega Healthcare Investors, Inc.		12,585		382,710
Sabra Health Care REIT, Inc.		10,800		150,336
Universal Health Realty Income Trust		746		26,878
				1,131,456
Health Care Technology — 0.4%
Certara, Inc.(a)		5,685		97,270
Definitive Healthcare Corp., Class A(a)		2,659		18,454
Doximity, Inc., Class A(a)(b)		6,102		148,218
Evolent Health, Inc., Class A(a)(b)		5,809		161,142
Health Catalyst, Inc.(a)		2,797		17,397
HealthStream, Inc.		1,298		33,450
Multiplan Corp., Class A(a)(b)		14,316		9,303
Phreesia, Inc.(a)		2,538		52,638
Schrodinger, Inc.(a)(b)		2,856		69,629
Simulations Plus, Inc.		804		36,461
Teladoc Health, Inc.(a)(b)		8,059		102,752
				746,714
Hotel & Resort REITs — 0.6%
Apple Hospitality REIT, Inc.		11,667		172,205
Chatham Lodging Trust		2,535		23,246
DiamondRock Hospitality Co.		10,250		91,225
Park Hotels & Resorts, Inc.		10,828		174,656
Pebblebrook Hotel Trust(b)		6,042		87,790
RLJ Lodging Trust		8,155		89,705
Ryman Hospitality Properties, Inc.		2,995		315,913
Service Properties Trust		8,441		51,743
Summit Hotel Properties, Inc.		5,695		34,227
Sunstone Hotel Investors, Inc.		9,635		98,277
Xenia Hotels & Resorts, Inc.		5,517		76,521
				1,215,508
Hotels, Restaurants & Leisure — 3.1%
Accel Entertainment, Inc., Class A(a)		2,760		29,642
Aramark		12,737		401,343
Bally’s Corp.(a)		1,521		19,986
Biglari Holdings, Inc., Class B, NVS(a)		35		6,899
BJ’s Restaurants, Inc.(a)(b)		1,159		37,772
Bloomin’ Brands, Inc.		4,039		104,166

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Bowlero Corp., Class A(b)		1,988	$	23,359
Boyd Gaming Corp.		3,749		200,609
Brinker International, Inc.(a)		2,251		120,654
Cava Group, Inc.(a)		903		64,962
Cheesecake Factory, Inc. (The)		2,443		84,332
Choice Hotels International, Inc.		1,379		163,081
Chuy’s Holdings, Inc.(a)		872		25,689
Cracker Barrel Old Country Store, Inc.		1,134		65,987
Dave & Buster’s Entertainment, Inc.(a)		1,663		88,804
Denny’s Corp.(a)		2,622		21,028
Dine Brands Global, Inc.		753		33,207
Dutch Bros, Inc., Class A(a)		3,872		109,036
Everi Holdings, Inc.(a)		4,290		35,049
First Watch Restaurant Group, Inc.(a)(b)		1,004		25,622
Golden Entertainment, Inc.		1,177		37,723
Hilton Grand Vacations, Inc.(a)		3,986		165,977
Hyatt Hotels Corp., Class A		2,072		308,293
Jack in the Box, Inc.		996		56,842
Krispy Kreme, Inc.		4,027		50,942
Kura Sushi U.S.A., Inc., Class A(a)(b)		288		31,703
Life Time Group Holdings, Inc.(a)(b)		2,978		40,679
Light & Wonder, Inc., Class A(a)		4,646		414,702
Marriott Vacations Worldwide Corp.		1,646		158,197
Monarch Casino & Resort, Inc.		705		47,778
Norwegian Cruise Line Holdings Ltd.(a)		21,945		415,199
Papa John’s International, Inc.		1,672		103,146
Penn Entertainment, Inc.(a)		7,725		127,771
Planet Fitness, Inc., Class A(a)		4,394		262,937
Portillo’s, Inc., Class A(a)		2,374		29,105
RCI Hospitality Holdings, Inc.		421		21,370
Red Rock Resorts, Inc., Class A		2,568		136,412
Sabre Corp.(a)		18,445		52,937
Shake Shack, Inc., Class A(a)		1,938		205,137
Six Flags Entertainment Corp.(a)		3,640		85,831
Sweetgreen, Inc., Class A(a)		4,392		98,688
Target Hospitality Corp.(a)(b)		1,876		20,871
Texas Roadhouse, Inc.		3,442		553,405
Travel + Leisure Co.		3,701		161,142
United Parks & Resorts, Inc.(a)		1,857		94,373
Wendy’s Co. (The)		8,708		174,073
Wingstop, Inc.		1,453		559,100
Wyndham Hotels & Resorts, Inc.		4,255		312,785
Xponential Fitness, Inc., Class A(a)(b)		1,371		17,480
				6,405,825
Household Durables — 2.5%
Cavco Industries, Inc.(a)		399		145,320
Century Communities, Inc.		1,483		117,632
Cricut, Inc., Class A		1,519		8,081
Ethan Allen Interiors, Inc.		1,217		34,368
Green Brick Partners, Inc.(a)		1,525		82,548
Helen of Troy Ltd.(a)(b)		1,233		114,311
Installed Building Products, Inc.		1,228		289,476
iRobot Corp.(a)(b)		1,406		12,035
KB Home		3,612		233,913
La-Z-Boy, Inc.		2,182		71,657
Legacy Housing Corp.(a)		598		12,181
Leggett & Platt, Inc.		6,865		124,051
LGI Homes, Inc.(a)		1,030		92,628
M/I Homes, Inc.(a)		1,441		167,473
Meritage Homes Corp.		1,809		299,824
Mohawk Industries, Inc.(a)		2,732		315,054
Newell Brands, Inc.		18,604		147,716

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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Skyline Champion Corp.(a)		2,793	$	209,447
Sonos, Inc.(a)		6,315		106,724
Taylor Morrison Home Corp., Class A(a)		5,210		291,812
Tempur Sealy International, Inc.		8,772		439,126
Toll Brothers, Inc.		5,550		661,061
TopBuild Corp.(a)		1,639		663,254
Tri Pointe Homes, Inc.(a)		5,013		184,729
Vizio Holding Corp., Class A(a)(b)		3,522		37,333
Whirlpool Corp.		2,821		267,600
Worthington Enterprises, Inc.		1,657		94,714
				5,224,068
Household Products — 0.3%
Central Garden & Pet Co.(a)(b)		440		18,018
Central Garden & Pet Co., Class A, NVS(a)(b)		2,713		96,122
Energizer Holdings, Inc.		3,421		98,251
Reynolds Consumer Products, Inc.		2,280		65,276
Spectrum Brands Holdings, Inc.		1,523		124,688
WD-40 Co.(b)		697		157,613
				559,968
Independent Power and Renewable Electricity Producers — 0.2%
Altus Power, Inc., Class A(a)		3,509		12,878
Clearway Energy, Inc., Class A		1,738		37,732
Clearway Energy, Inc., Class C		4,342		101,516
Montauk Renewables, Inc.(a)		3,447		12,409
Ormat Technologies, Inc.		2,756		175,916
Sunnova Energy International, Inc.(a)(b)		4,921		20,717
				361,168
Industrial REITs — 0.9%
Americold Realty Trust, Inc.		13,819		303,604
EastGroup Properties, Inc.		2,384		370,378
First Industrial Realty Trust, Inc.		6,162		279,878
Innovative Industrial Properties, Inc.		1,456		150,550
LXP Industrial Trust		15,286		127,638
Plymouth Industrial REIT, Inc.		1,992		41,593
STAG Industrial, Inc.		9,326		320,721
Terreno Realty Corp.		4,457		242,238
				1,836,600
Insurance — 2.9%
Ambac Financial Group, Inc.(a)		2,445		35,330
American Equity Investment Life Holding Co.		3,217		180,506
AMERISAFE, Inc.		1,042		47,515
Assurant, Inc.		2,742		478,205
Assured Guaranty Ltd.		2,966		227,492
Axis Capital Holdings Ltd.		3,948		242,131
Brighthouse Financial, Inc.(a)		3,222		155,461
BRP Group, Inc., Class A(a)(b)		3,290		87,646
CNO Financial Group, Inc.		5,716		150,502
Crawford & Co., Class A, NVS		781		7,248
Employers Holdings, Inc.		1,020		43,442
Enstar Group Ltd.(a)		596		173,061
F&G Annuities & Life, Inc.		894		33,811
First American Financial Corp.		5,316		284,778
Goosehead Insurance, Inc., Class A(a)		1,219		69,373
Hagerty, Inc., Class A(a)(b)		1,327		11,877
Hanover Insurance Group, Inc. (The)		1,851		240,297
Horace Mann Educators Corp.		1,984		73,130
James River Group Holdings Ltd.		1,974		17,549
Kemper Corp.		2,932		170,965
Kinsale Capital Group, Inc.		1,140		414,105
Lemonade, Inc.(a)(b)		3,268		56,308
Lincoln National Corp.		8,621		235,095

Security	Shares		Value
Insurance (continued)
Mercury General Corp.		1,381	$	72,171
National Western Life Group, Inc., Class A		104		50,837
Old Republic International Corp.		13,539		404,275
Oscar Health, Inc., Class A(a)		7,400		128,538
Palomar Holdings, Inc.(a)		1,241		97,629
Primerica, Inc.		1,818		385,161
ProAssurance Corp.		2,607		34,830
RLI Corp.		2,129		300,934
Ryan Specialty Holdings, Inc., Class A		5,127		252,966
Safety Insurance Group, Inc.		774		61,587
Selective Insurance Group, Inc.		3,153		320,502
SiriusPoint Ltd.(a)		4,833		56,933
Skyward Specialty Insurance Group, Inc.(a)		1,104		38,552
Stewart Information Services Corp.		1,375		85,264
Tiptree, Inc.		1,151		18,335
Trupanion, Inc.(a)		1,691		38,048
United Fire Group, Inc.		1,144		25,271
White Mountains Insurance Group Ltd.(b)		131		232,936
				6,040,596
Interactive Media & Services — 0.6%
Bumble, Inc., Class A(a)		4,783		48,308
Cargurus, Inc., Class A(a)		4,424		99,363
Cars.com, Inc.(a)		3,181		53,154
Getty Images Holdings, Inc., Class A(a)		2,251		8,284
IAC, Inc.(a)		3,787		180,110
QuinStreet, Inc.(a)		2,497		45,171
Rumble, Inc., Class A(a)(b)		4,268		30,132
Shutterstock, Inc.		1,275		54,455
Taboola.com Ltd.(a)		7,539		31,664
TripAdvisor, Inc.(a)		5,551		146,158
Vimeo, Inc.(a)		8,032		28,835
Yelp, Inc.(a)		3,319		133,557
Ziff Davis, Inc.(a)		2,305		115,503
ZipRecruiter, Inc., Class A(a)		3,342		34,356
ZoomInfo Technologies, Inc., Class A(a)		14,434		228,923
				1,237,973
IT Services — 0.5%
Applied Digital Corp.(a)(b)		3,582		9,689
ASGN, Inc.(a)(b)		2,432		234,566
BigCommerce Holdings, Inc., Series 1(a)		3,320		18,791
Couchbase, Inc.(a)		1,546		37,320
DigitalOcean Holdings, Inc.(a)		2,566		84,319
DXC Technology Co.(a)(b)		9,399		183,187
Fastly, Inc., Class A(a)(b)		6,321		79,961
Grid Dynamics Holdings, Inc., Class A(a)(b)		2,932		28,646
Hackett Group, Inc. (The)		1,287		27,915
Kyndryl Holdings, Inc.(a)		11,759		231,182
Perficient, Inc.(a)		1,757		83,036
Squarespace, Inc., Class A(a)		2,319		80,840
Thoughtworks Holding, Inc.(a)(b)		4,014		9,313
				1,108,765
Leisure Products — 0.9%
Acushnet Holdings Corp.		1,552		94,641
Brunswick Corp.		3,541		285,546
Hasbro, Inc.		6,752		413,898
Johnson Outdoors, Inc., Class A		344		14,107
Malibu Boats, Inc., Class A(a)		1,006		34,224
Mattel, Inc.(a)		17,457		319,812
Peloton Interactive, Inc., Class A(a)(b)		17,119		53,240
Polaris, Inc.		2,638		224,652
Smith & Wesson Brands, Inc.		2,280		38,692

28 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products (continued)
Sturm Ruger & Co., Inc.		905	$	41,838
Topgolf Callaway Brands Corp.(a)		7,514		120,374
Vista Outdoor, Inc.(a)		2,856		100,217
YETI Holdings, Inc.(a)(b)		4,484		160,169
				1,901,410
Life Sciences Tools & Services — 0.8%
10X Genomics, Inc., Class A(a)(b)		5,126		150,089
Adaptive Biotechnologies Corp.(a)		5,833		15,282
Azenta, Inc.(a)(b)		2,676		140,383
BioLife Solutions, Inc.(a)(b)		1,746		30,625
CryoPort, Inc.(a)(b)		2,575		41,689
Fortrea Holdings, Inc.(a)		4,265		156,056
Maravai LifeSciences Holdings, Inc., Class A(a)		5,753		47,175
Medpace Holdings, Inc.(a)		1,214		471,457
Mesa Laboratories, Inc.		268		28,429
OmniAb, Inc.(a)		5,013		22,258
OmniAb, Inc., 12.50 Earnout Shares(a)(c)		359		—
OmniAb, Inc., 15.00 Earnout Shares(a)(c)		359		—
Pacific Biosciences of California, Inc.(a)		12,827		21,165
Quanterix Corp.(a)		1,640		26,437
Repligen Corp.(a)(b)		2,507		411,649
Sotera Health Co.(a)		5,464		61,197
				1,623,891
Machinery — 3.9%
3D Systems Corp.(a)		6,943		23,259
Alamo Group, Inc.		514		99,911
Albany International Corp., Class A		1,610		128,397
Allison Transmission Holdings, Inc.		4,632		340,684
Astec Industries, Inc.		1,160		48,488
Atmus Filtration Technologies, Inc.(a)		878		26,595
Barnes Group, Inc.		2,599		90,237
Chart Industries, Inc.(a)(b)		2,200		316,932
Columbus McKinnon Corp.		1,455		60,048
Crane Co.		2,525		353,525
Donaldson Co., Inc.		6,201		447,712
Douglas Dynamics, Inc.		1,176		26,625
Energy Recovery, Inc.(a)		2,870		42,763
Enerpac Tool Group Corp., Class A		2,773		98,802
Enpro, Inc.		1,030		154,634
Esab Corp.		2,747		290,852
Federal Signal Corp.		3,132		254,632
Flowserve Corp.		6,787		320,075
Franklin Electric Co., Inc.		2,069		199,183
Gates Industrial Corp. PLC(a)		7,351		129,525
Gorman-Rupp Co. (The)		1,119		37,117
Greenbrier Cos., Inc. (The)		1,620		80,012
Helios Technologies, Inc.		1,554		70,085
Hillenbrand, Inc.		3,612		172,365
Hillman Solutions Corp.(a)		9,851		94,176
Hyster-Yale Materials Handling, Inc., Class A		555		32,506
ITT, Inc.		4,228		546,850
John Bean Technologies Corp.		1,624		144,682
Kadant, Inc.(b)		574		157,155
Kennametal, Inc.		3,943		92,779
Lindsay Corp.		562		65,276
Middleby Corp. (The)(a)(b)		2,648		367,993
Miller Industries, Inc.		554		26,985
Mueller Industries, Inc.		5,837		325,821
Mueller Water Products, Inc., Class A		8,015		126,958
Nikola Corp.(a)(b)		50,276		31,201
Omega Flex, Inc.		171		11,330
Oshkosh Corp.		3,156		354,324

Security	Shares		Value
Machinery (continued)
Proto Labs, Inc.(a)		1,244	$	37,917
RBC Bearings, Inc.(a)(b)		1,395		341,147
REV Group, Inc.		2,156		47,130
SPX Technologies, Inc.(a)		2,341		285,157
Standex International Corp.		608		105,111
Symbotic, Inc., Class A(a)(b)		1,026		39,573
Tennant Co.		956		111,355
Terex Corp.		3,456		193,709
Timken Co. (The)		3,410		304,240
Titan International, Inc.(a)		2,678		29,512
Trinity Industries, Inc.		4,248		110,533
Wabash National Corp.		2,351		54,332
Watts Water Technologies, Inc., Class A		1,405		278,836
				8,129,046
Marine Transportation — 0.3%
Genco Shipping & Trading Ltd.		2,177		46,457
Kirby Corp.(a)		2,935		320,297
Matson, Inc.		1,793		193,249
				560,003
Media — 1.0%
Advantage Solutions, Inc., Class A(a)		5,699		24,278
Altice U.S.A., Inc., Class A(a)		11,000		21,230
Boston Omaha Corp., Class A(a)(b)		1,068		16,490
Cable One, Inc.		238		93,736
Clear Channel Outdoor Holdings, Inc.(a)(b)		15,064		20,939
EchoStar Corp., Class A(a)		6,219		99,442
Gray Television, Inc.		4,230		24,323
Integral Ad Science Holding Corp.(a)		2,581		24,752
John Wiley & Sons, Inc., Class A		2,311		86,824
Liberty Media Corp. - Liberty SiriusXM, NVS(a)		8,218		197,725
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		4,055		97,563
Magnite, Inc.(a)		6,021		53,166
New York Times Co. (The), Class A		8,013		344,799
Nexstar Media Group, Inc., Class A		1,668		266,980
Paramount Global, Class A(b)		281		5,814
Paramount Global, Class B, NVS		26,460		301,380
PubMatic, Inc., Class A(a)		2,034		45,643
Scholastic Corp., NVS		1,302		46,377
Sinclair, Inc., Class A		1,977		24,317
Stagwell, Inc., Class A(a)(b)		5,301		31,541
TechTarget, Inc.(a)		1,358		37,345
TEGNA, Inc.		9,808		133,781
Thryv Holdings, Inc.(a)(b)		1,625		37,391
WideOpenWest, Inc.(a)		2,844		10,153
				2,045,989
Metals & Mining — 1.6%
Alcoa Corp.		9,191		322,972
Alpha Metallurgical Resources, Inc.		549		179,589
Arch Resources, Inc., Class A		872		138,456
ATI, Inc.(a)(b)		6,563		391,811
Carpenter Technology Corp.		2,405		206,108
Century Aluminum Co.(a)		2,702		46,880
Coeur Mining, Inc.(a)		19,837		89,663
Commercial Metals Co.		6,008		322,870
Compass Minerals International, Inc.		1,759		21,900
Haynes International, Inc.		622		37,413
Hecla Mining Co.		30,133		142,529
Ivanhoe Electric, Inc.(a)(b)		3,795		38,329
Kaiser Aluminum Corp.		817		73,930
Materion Corp.		1,074		123,446
Metallus, Inc.(a)		1,960		40,298

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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
MP Materials Corp., Class A(a)(b)		6,398	$	102,368
Piedmont Lithium, Inc.(a)(b)		943		11,552
Radius Recycling, Inc., Class A		1,343		23,395
Ramaco Resources, Inc., Class B		250		2,777
Royal Gold, Inc.		3,387		406,880
Ryerson Holding Corp.		1,532		43,739
SunCoke Energy, Inc.		4,283		44,158
United States Steel Corp.		11,482		419,093
Warrior Met Coal, Inc.		2,679		183,110
				3,413,266
Mortgage Real Estate Investment Trusts (REITs) — 1.0%
AGNC Investment Corp.		34,276		313,625
Apollo Commercial Real Estate Finance, Inc.		6,423		61,853
Arbor Realty Trust, Inc.(b)		9,548		122,501
Ares Commercial Real Estate Corp.		2,680		18,197
ARMOUR Residential REIT, Inc.		2,377		43,190
Blackstone Mortgage Trust, Inc., Class A		8,519		150,275
BrightSpire Capital, Inc., Class A		6,874		43,237
Chimera Investment Corp.		11,672		48,089
Claros Mortgage Trust, Inc.		5,925		51,547
Dynex Capital, Inc.		2,973		34,695
Ellington Financial, Inc.		4,123		47,167
Franklin BSP Realty Trust, Inc.		4,187		52,296
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,666		141,707
KKR Real Estate Finance Trust, Inc.		2,955		27,807
Ladder Capital Corp., Class A		5,830		62,556
MFA Financial, Inc.		5,189		54,951
New York Mortgage Trust, Inc.		4,596		31,483
PennyMac Mortgage Investment Trust		4,207		58,267
Ready Capital Corp.		8,989		76,586
Redwood Trust, Inc.		5,986		33,103
Rithm Capital Corp.		24,949		277,433
Starwood Property Trust, Inc.		15,446		293,011
TPG RE Finance Trust, Inc.		2,852		20,905
Two Harbors Investment Corp.		4,728		59,715
				2,124,196
Multi-Utilities — 0.3%
Avista Corp.		4,047		145,611
Black Hills Corp.		3,480		191,052
Northwestern Energy Group, Inc.		2,960		149,302
Unitil Corp.		819		41,720
				527,685
Office REITs — 0.8%
Brandywine Realty Trust		9,009		40,901
COPT Defense Properties		5,748		137,779
Cousins Properties, Inc.		7,241		166,108
Douglas Emmett, Inc.		8,198		112,394
Easterly Government Properties, Inc.		4,946		57,819
Equity Commonwealth(a)		5,499		102,941
Highwoods Properties, Inc.		5,409		141,716
Hudson Pacific Properties, Inc.		7,365		42,717
JBG SMITH Properties		4,658		69,917
Kilroy Realty Corp.		5,782		195,432
Paramount Group, Inc.		9,322		43,254
Peakstone Realty Trust, Class E		1,812		25,314
Piedmont Office Realty Trust, Inc., Class A		6,357		43,800
SL Green Realty Corp.		3,420		170,419
Vornado Realty Trust		8,750		227,762
				1,578,273

Security	Shares		Value
Oil, Gas & Consumable Fuels — 3.0%
Antero Midstream Corp.		16,381	$	226,713
Berry Corp.		3,640		30,904
California Resources Corp.		3,481		184,006
Centrus Energy Corp., Class A(a)		659		28,291
Chord Energy Corp.		2,134		377,675
Civitas Resources, Inc.		3,554		255,746
Clean Energy Fuels Corp.(a)(b)		8,763		20,330
CNX Resources Corp.(a)		8,108		190,700
Comstock Resources, Inc.		4,845		48,741
CONSOL Energy, Inc.		1,469		121,574
Crescent Energy Co., Class A		4,527		48,167
CVR Energy, Inc.		1,913		58,117
Delek U.S. Holdings, Inc.		3,289		89,888
Dorian LPG Ltd.		1,789		73,921
DT Midstream, Inc.		5,010		311,622
Equitrans Midstream Corp.		22,357		302,490
Granite Ridge Resources, Inc.		3,226		21,034
Green Plains, Inc.(a)		1,948		40,265
Gulfport Energy Corp.(a)		623		98,876
Hallador Energy Co.(a)		1,149		5,871
HighPeak Energy, Inc.(b)		1,092		15,517
International Seaways, Inc.		1,800		99,522
Kinetik Holdings, Inc., Class A		909		34,851
Kosmos Energy Ltd.(a)		22,600		128,142
Magnolia Oil & Gas Corp., Class A		8,690		217,858
Matador Resources Co.		5,802		361,465
Murphy Oil Corp.		7,954		355,067
New Fortress Energy, Inc., Class A		4,185		109,647
NextDecade Corp.(a)		4,680		30,046
Northern Oil & Gas, Inc.		4,729		192,896
Par Pacific Holdings, Inc.(a)		3,162		97,390
PBF Energy, Inc., Class A		5,614		299,058
Peabody Energy Corp.		5,705		125,168
Permian Resources Corp., Class A		24,433		409,253
REX American Resources Corp.(a)		852		47,141
Riley Exploration Permian, Inc.		283		7,338
SandRidge Energy, Inc.		1,705		23,359
SilverBow Resources, Inc.(a)		650		19,968
Sitio Royalties Corp., Class A		4,171		96,934
SM Energy Co.		5,968		289,388
Southwestern Energy Co.(a)		53,800		402,962
Talos Energy, Inc.(a)(b)		5,682		74,889
Uranium Energy Corp.(a)		18,616		125,658
VAALCO Energy, Inc.		5,633		36,051
Vital Energy, Inc.(a)		1,243		65,904
Vitesse Energy, Inc.		1,113		24,697
W&T Offshore, Inc.		4,680		10,530
World Kinect Corp.		3,137		73,720
				6,309,350
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)		840		37,834
Louisiana-Pacific Corp.		3,309		242,186
Mercer International, Inc.		2,003		20,290
Sylvamo Corp.		1,835		114,687
				414,997
Passenger Airlines — 0.6%
Alaska Air Group, Inc.(a)		6,602		284,018
Allegiant Travel Co.		726		39,611
American Airlines Group, Inc.(a)		31,358		423,647
Frontier Group Holdings, Inc.(a)(b)		2,110		12,744
JetBlue Airways Corp.(a)		17,175		97,554
Joby Aviation, Inc., Class A(a)(b)		21,862		110,403

30 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Passenger Airlines (continued)
SkyWest, Inc.(a)		2,088	$	152,487
Spirit Airlines, Inc.(b)		5,559		19,623
Sun Country Airlines Holdings, Inc.(a)		1,821		24,237
				1,164,324
Personal Care Products — 0.5%
Beauty Health Co. (The), Class A(a)(b)		4,447		14,364
BellRing Brands, Inc.(a)		6,736		371,625
Edgewell Personal Care Co.		2,544		95,705
elf Beauty, Inc.(a)(b)		2,617		425,341
Herbalife Ltd.(a)		4,960		42,904
Inter Parfums, Inc.		938		109,165
Medifast, Inc.		562		15,472
Nu Skin Enterprises, Inc., Class A		2,552		30,012
Olaplex Holdings, Inc.(a)		6,621		9,203
USANA Health Sciences, Inc.(a)		572		23,749
				1,137,540
Pharmaceuticals — 1.5%
Amphastar Pharmaceuticals, Inc.(a)		1,920		79,200
Amylyx Pharmaceuticals, Inc.(a)		2,318		4,195
AN2 Therapeutics, Inc.(a)		427		1,025
ANI Pharmaceuticals, Inc.(a)		879		58,014
Arvinas, Inc.(a)		2,555		81,172
Axsome Therapeutics, Inc.(a)(b)		1,880		138,669
Cassava Sciences, Inc.(a)(b)		2,158		47,800
Catalent, Inc.(a)		9,277		518,120
Collegium Pharmaceutical, Inc.(a)		1,563		57,722
Corcept Therapeutics, Inc.(a)		4,886		113,941
Elanco Animal Health, Inc.(a)(b)		24,437		321,591
Enliven Therapeutics, Inc.(a)(b)		1,223		21,268
Evolus, Inc.(a)(b)		2,275		26,777
Harmony Biosciences Holdings, Inc.(a)		1,882		58,173
Harrow, Inc.(a)(b)		1,796		18,301
Innoviva, Inc.(a)		2,850		43,063
Intra-Cellular Therapies, Inc.(a)		4,951		355,531
Ligand Pharmaceuticals, Inc.(a)(b)		898		62,761
Liquidia Corp.(a)(b)		2,360		30,326
Neumora Therapeutics, Inc.(a)(b)		3,975		36,133
Organon & Co.		13,221		246,043
Pacira BioSciences, Inc.(a)		2,371		62,239
Perrigo Co. PLC		7,004		228,751
Phathom Pharmaceuticals, Inc.(a)(b)		1,698		15,333
Pliant Therapeutics, Inc.(a)(b)		2,402		28,392
Prestige Consumer Healthcare, Inc.(a)		2,538		182,127
Revance Therapeutics, Inc.(a)		4,128		14,902
Scilex Holding Co. (Acquired 01/09/23, cost $19,912)(a)(d)		3,943		3,221
Supernus Pharmaceuticals, Inc.(a)		2,722		81,932
Tarsus Pharmaceuticals, Inc.(a)(b)		1,333		41,896
Theravance Biopharma, Inc.(a)		2,188		18,467
Tilray Brands, Inc.(a)(b)		38,106		94,122
Ventyx Biosciences, Inc.(a)(b)		2,475		9,256
				3,100,463
Professional Services — 2.3%
Alight, Inc., Class A(a)		19,141		172,652
Barrett Business Services, Inc.		321		39,002
CACI International, Inc., Class A(a)		1,150		462,565
CBIZ, Inc.(a)		2,428		172,825
Clarivate PLC(a)(b)		17,611		119,050
Concentrix Corp.		2,229		121,859
Conduent, Inc.(a)		8,713		27,446
CRA International, Inc.		342		49,621

Security	Shares		Value
Professional Services (continued)
CSG Systems International, Inc.		1,571	$	74,214
Dun & Bradstreet Holdings, Inc.		13,122		119,410
ExlService Holdings, Inc.(a)		8,466		245,514
Exponent, Inc.		2,606		239,517
First Advantage Corp.		2,546		41,500
Forrester Research, Inc.(a)		618		11,241
Franklin Covey Co.(a)		595		23,169
FTI Consulting, Inc.(a)		1,823		389,812
Genpact Ltd.		7,960		244,690
Heidrick & Struggles International, Inc.		1,066		31,426
HireRight Holdings Corp.(a)		625		8,938
Huron Consulting Group, Inc.(a)		902		84,102
ICF International, Inc.		973		140,394
Insperity, Inc.		1,755		180,642
Kelly Services, Inc., Class A, NVS		1,616		37,071
Kforce, Inc.		953		58,857
Korn Ferry		2,573		156,233
Legalzoom.com, Inc.(a)		6,182		73,875
ManpowerGroup, Inc.		2,520		190,134
Maximus, Inc.		3,142		252,240
NV5 Global, Inc.(a)		718		66,946
Parsons Corp.(a)		2,253		176,883
Paycor HCM, Inc.(a)(b)		3,291		57,165
Planet Labs PBC, Class A(a)(b)		10,491		17,730
Resources Connection, Inc.		1,824		20,155
Science Applications International Corp.		2,631		338,610
Sterling Check Corp.(a)		1,562		23,633
TriNet Group, Inc.		1,619		162,499
TTEC Holdings, Inc.		1,032		7,513
Upwork, Inc.(a)		6,376		74,599
Verra Mobility Corp., Class A(a)		8,560		201,845
				4,915,577
Real Estate Management & Development — 0.6%
Anywhere Real Estate, Inc.(a)(b)		5,802		28,198
Compass, Inc., Class A(a)		17,185		54,133
Cushman & Wakefield PLC(a)		8,127		78,426
DigitalBridge Group, Inc., Class A		7,587		124,730
eXp World Holdings, Inc.		4,196		41,792
Forestar Group, Inc.(a)		955		29,596
FRP Holdings, Inc.(a)		788		23,884
Howard Hughes Holdings, Inc.(a)		1,537		100,151
Jones Lang LaSalle, Inc.(a)		2,446		441,992
Kennedy-Wilson Holdings, Inc.		5,651		48,542
Marcus & Millichap, Inc.		1,267		40,126
Newmark Group, Inc., Class A		7,134		68,272
Opendoor Technologies, Inc.(a)		32,195		64,068
Redfin Corp.(a)		5,799		32,532
St. Joe Co. (The)		1,842		105,363
				1,281,805
Residential REITs — 0.4%
Apartment Income REIT Corp.		7,106		272,728
Apartment Investment & Management Co., Class A(a)		6,457		51,656
Centerspace		779		52,388
Elme Communities		4,567		69,236
Independence Realty Trust, Inc.		11,562		182,333
NexPoint Residential Trust, Inc.		1,180		40,403
UMH Properties, Inc.		3,339		53,157
Veris Residential, Inc.		4,054		58,418
				780,319
Retail REITs — 1.4%
Acadia Realty Trust		5,370		92,794

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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Agree Realty Corp.		4,868	$	278,547
Alexander’s, Inc.		110		23,272
Brixmor Property Group, Inc.		15,459		341,644
CBL & Associates Properties, Inc.		767		16,682
Federal Realty Investment Trust		4,164		433,764
Getty Realty Corp.		2,533		68,644
InvenTrust Properties Corp.		3,320		84,129
Kite Realty Group Trust		11,296		246,253
Macerich Co. (The)		11,141		153,300
NETSTREIT Corp.		3,584		60,390
NNN REIT, Inc.		9,413		381,509
Phillips Edison & Co., Inc.		6,164		201,563
Retail Opportunity Investments Corp.		6,400		78,528
Saul Centers, Inc.		626		22,793
SITE Centers Corp.		9,811		132,350
Tanger, Inc.		5,311		150,567
Urban Edge Properties		6,019		100,698
Whitestone REIT		2,573		29,589
				2,897,016
Semiconductors & Semiconductor Equipment — 2.5%
Aehr Test Systems(a)(b)		1,459		17,479
Allegro MicroSystems, Inc.(a)(b)		3,863		114,692
Alpha & Omega Semiconductor Ltd.(a)		1,181		25,828
Ambarella, Inc.(a)		2,017		92,722
Amkor Technology, Inc.		5,891		190,574
Axcelis Technologies, Inc.(a)		1,656		171,429
Cirrus Logic, Inc.(a)		2,774		245,693
Cohu, Inc.(a)		2,407		72,980
Credo Technology Group Holding Ltd.(a)		6,746		120,551
Diodes, Inc.(a)		2,368		172,888
FormFactor, Inc.(a)		4,021		179,296
Ichor Holdings Ltd.(a)		1,515		58,752
Impinj, Inc.(a)		1,196		190,618
indie Semiconductor, Inc., Class A(a)(b)		7,256		40,779
Kulicke & Soffa Industries, Inc.		2,799		129,538
MACOM Technology Solutions Holdings, Inc.(a)		2,816		287,091
MaxLinear, Inc.(a)		3,915		81,393
MKS Instruments, Inc.		2,994		356,226
Navitas Semiconductor Corp.(a)(b)		6,051		26,201
Onto Innovation, Inc.(a)		2,532		469,661
PDF Solutions, Inc.(a)		1,467		44,127
Photronics, Inc.(a)		3,095		84,834
Power Integrations, Inc.		2,894		193,088
Rambus, Inc.(a)		5,536		303,484
Semtech Corp.(a)		3,353		126,140
Silicon Laboratories, Inc.(a)		1,631		198,150
SiTime Corp.(a)		892		79,495
SMART Global Holdings, Inc.(a)		2,659		48,580
SolarEdge Technologies, Inc.(a)		2,936		172,196
Synaptics, Inc.(a)		2,022		181,899
Ultra Clean Holdings, Inc.(a)		2,272		95,038
Universal Display Corp.		2,441		385,629
Veeco Instruments, Inc.(a)		2,863		101,178
Wolfspeed, Inc.(a)(b)		6,495		175,560
				5,233,789
Software — 5.8%
A10 Networks, Inc.		3,649		47,656
ACI Worldwide, Inc.(a)		5,626		191,847
Adeia, Inc.		5,657		55,665
Agilysys, Inc.(a)		1,183		98,248
Alarm.com Holdings, Inc.(a)		2,557		170,041
Alkami Technology, Inc.(a)		2,212		53,243

Security	Shares		Value
Software (continued)
Altair Engineering, Inc., Class A(a)(b)		2,808	$	225,904
Amplitude, Inc., Class A(a)(b)		3,384		33,129
Appfolio, Inc., Class A(a)		1,079		244,696
Appian Corp., Class A(a)		1,574		58,931
Asana, Inc., Class A(a)(b)		4,225		62,826
Aurora Innovation, Inc., Class A(a)		36,897		102,389
AvePoint, Inc., Class A(a)		5,246		40,761
Blackbaud, Inc.(a)		2,273		177,112
BlackLine, Inc.(a)		2,522		146,402
Box, Inc., Class A(a)		7,425		193,198
Braze, Inc., Class A(a)		2,364		99,052
C3.ai, Inc., Class A(a)(b)		5,098		114,858
CCC Intelligent Solutions Holdings, Inc.(a)		9,537		107,005
Cerence, Inc.(a)		2,142		19,514
Cleanspark, Inc.(a)		9,098		149,025
Clear Secure, Inc., Class A		3,877		67,731
Clearwater Analytics Holdings, Inc., Class A(a)(b)		6,478		102,223
CommVault Systems, Inc.(a)		2,260		231,582
Confluent, Inc., Class A(a)		10,616		298,522
Consensus Cloud Solutions, Inc.(a)		921		10,720
Digital Turbine, Inc.(a)		4,774		9,118
Dolby Laboratories, Inc., Class A		3,021		234,611
DoubleVerify Holdings, Inc.(a)(b)		6,335		185,615
Dropbox, Inc., Class A(a)		12,827		297,073
E2open Parent Holdings, Inc., Class A(a)		9,637		46,739
Elastic NV(a)		4,190		428,302
Enfusion, Inc., Class A(a)		1,527		14,216
Envestnet, Inc.(a)		2,734		169,699
Everbridge, Inc.(a)		2,122		73,740
EverCommerce, Inc.(a)		1,114		10,026
Five9, Inc.(a)		3,729		214,679
Freshworks, Inc., Class A(a)		8,557		152,742
Gitlab, Inc., Class A(a)(b)		4,659		244,458
Guidewire Software, Inc.(a)		4,226		466,550
HashiCorp, Inc., Class A(a)(b)		5,823		189,015
Informatica, Inc., Class A(a)(b)		2,104		65,161
Instructure Holdings, Inc.(a)(b)		1,067		20,412
Intapp, Inc.(a)		1,277		39,485
InterDigital, Inc.		1,272		125,585
Jamf Holding Corp.(a)(b)		2,497		48,617
JFrog Ltd.(a)		3,920		156,330
Klaviyo, Inc., Class A(a)(b)		1,871		41,910
LiveRamp Holdings, Inc.(a)		3,348		107,504
Marathon Digital Holdings, Inc.(a)(b)		11,440		183,726
Matterport, Inc., Class A(a)		13,240		60,904
MeridianLink, Inc.(a)		978		16,313
MicroStrategy, Inc., Class A(a)(b)		739		787,057
Mitek Systems, Inc.(a)(b)		2,224		28,089
Model N, Inc.(a)(b)		1,937		57,432
N-able, Inc.(a)		3,510		43,033
nCino, Inc.(a)		3,179		92,700
NCR Voyix Corp.(a)		7,304		89,474
Olo, Inc., Class A(a)		5,136		24,653
PagerDuty, Inc.(a)		4,529		90,399
Pegasystems, Inc.		2,115		125,673
PowerSchool Holdings, Inc., Class A(a)(b)		3,637		62,993
Progress Software Corp.		2,179		108,558
PROS Holdings, Inc.(a)		2,200		72,050
Q2 Holdings, Inc.(a)(b)		3,012		154,787
Qualys, Inc.(a)		1,896		310,773
Rapid7, Inc.(a)		3,166		141,837
RingCentral, Inc., Class A(a)		3,874		114,748

32 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Riot Platforms, Inc.(a)(b)		10,981	$	111,018
Samsara, Inc., Class A(a)(b)		8,669		302,808
SEMrush Holdings, Inc., Class A(a)		1,583		19,376
SentinelOne, Inc., Class A(a)		12,482		263,745
Smartsheet, Inc., Class A(a)		6,960		263,297
SolarWinds Corp.		2,453		27,032
Sprinklr, Inc., Class A(a)		6,394		74,746
Sprout Social, Inc., Class A(a)(b)		2,374		119,768
SPS Commerce, Inc.(a)		1,878		326,528
Tenable Holdings, Inc.(a)		6,026		270,989
Teradata Corp.(a)		5,033		186,724
UiPath, Inc., Class A(a)(b)		21,999		417,321
Varonis Systems, Inc.(a)		5,560		243,250
Verint Systems, Inc.(a)		3,280		99,318
Vertex, Inc., Class A(a)(b)		2,370		69,038
Weave Communications, Inc.(a)(b)		1,691		18,077
Workiva, Inc., Class A(a)		2,588		203,934
Yext, Inc.(a)		5,845		32,089
Zeta Global Holdings Corp., Class A(a)		8,101		100,128
Zuora, Inc., Class A(a)		6,840		67,442
				12,225,694
Specialized REITs — 0.7%
EPR Properties		3,662		148,640
Farmland Partners, Inc.		2,285		24,587
Four Corners Property Trust, Inc.		4,636		108,714
Gladstone Land Corp.		1,720		21,810
Lamar Advertising Co., Class A		4,485		519,587
National Storage Affiliates Trust		4,111		144,049
Outfront Media, Inc.		7,154		113,462
PotlatchDeltic Corp.		4,090		163,641
Rayonier, Inc.		6,786		201,273
Safehold, Inc.		2,365		43,138
Uniti Group, Inc.		12,204		70,173
				1,559,074
Specialty Retail — 3.3%
Abercrombie & Fitch Co., Class A(a)		2,382		289,461
Academy Sports & Outdoors, Inc.		3,781		220,432
Advance Auto Parts, Inc.		2,967		216,532
American Eagle Outfitters, Inc.		9,361		227,098
America’s Car-Mart, Inc.(a)(b)		331		18,946
Arhaus, Inc., Class A(b)		1,751		22,168
Arko Corp., Class A		3,807		16,370
Asbury Automotive Group, Inc.(a)		1,061		223,065
AutoNation, Inc.(a)		1,453		234,151
Bath & Body Works, Inc.		11,293		512,928
Beyond, Inc.(a)		2,369		47,688
Boot Barn Holdings, Inc.(a)		1,564		166,519
Buckle, Inc. (The)		1,612		60,273
Caleres, Inc.		1,720		63,348
Camping World Holdings, Inc., Class A		2,076		42,081
Carvana Co., Class A(a)(b)		5,518		457,553
Chewy, Inc., Class A(a)(b)		6,204		92,998
Designer Brands, Inc., Class A		2,287		21,246
Dick’s Sporting Goods, Inc.		2,981		599,002
Foot Locker, Inc.		4,283		89,301
GameStop Corp., Class A(a)(b)		13,830		153,375
Gap, Inc. (The)		11,058		226,910
Group 1 Automotive, Inc.		687		201,992
Guess?, Inc.		1,526		40,866
Haverty Furniture Cos., Inc.		727		22,392
Hibbett, Inc.		625		53,900
Leslie’s, Inc.(a)(b)		9,055		35,586

Security	Shares		Value
Specialty Retail (continued)
Lithia Motors, Inc., Class A		1,420	$	361,220
MarineMax, Inc.(a)		1,043		25,731
Monro, Inc.		1,594		43,436
Murphy U.S.A., Inc.		1,061		439,063
National Vision Holdings, Inc.(a)		4,108		71,561
ODP Corp. (The)(a)		1,865		94,947
Petco Health & Wellness Co., Inc.(a)(b)		4,847		7,270
Revolve Group, Inc., Class A(a)(b)		2,020		40,218
RH(a)		770		190,228
Sally Beauty Holdings, Inc.(a)		5,427		58,883
Shoe Carnival, Inc.		848		28,357
Signet Jewelers Ltd.		2,269		222,430
Sonic Automotive, Inc., Class A		698		40,372
Upbound Group, Inc.		2,506		77,711
Urban Outfitters, Inc.(a)		3,008		117,192
Valvoline, Inc.(a)		6,735		286,372
Victoria’s Secret & Co.(a)		3,654		64,383
Warby Parker, Inc., Class A(a)(b)		3,766		44,213
Wayfair, Inc., Class A(a)		4,600		230,690
Winmark Corp.		132		47,430
				6,847,888
Technology Hardware, Storage & Peripherals — 0.1%
Corsair Gaming, Inc.(a)		2,497		27,717
Diebold Nixdorf, Inc.(a)		1,660		52,555
IonQ, Inc.(a)(b)		8,714		74,505
Xerox Holdings Corp.		4,670		62,064
				216,841
Textiles, Apparel & Luxury Goods — 1.7%
Capri Holdings Ltd.(a)		5,981		212,206
Carter’s, Inc.		1,854		126,832
Columbia Sportswear Co.		1,795		142,936
Crocs, Inc.(a)		3,096		385,050
Figs, Inc., Class A(a)		6,699		34,232
G-III Apparel Group Ltd.(a)		2,156		60,691
Hanesbrands, Inc.(a)		17,920		81,715
Kontoor Brands, Inc.		2,893		179,540
Levi Strauss & Co., Class A		4,747		100,731
Movado Group, Inc.		824		20,987
Oxford Industries, Inc.		802		86,440
PVH Corp.		3,122		339,674
Ralph Lauren Corp., Class A		1,933		316,316
Skechers U.S.A., Inc., Class A(a)		6,885		454,754
Steven Madden Ltd.		3,715		150,123
Tapestry, Inc.		11,801		471,096
Under Armour, Inc., Class A(a)		9,971		67,105
Under Armour, Inc., Class C, NVS(a)(b)		8,233		53,679
VF Corp.		17,026		212,144
Wolverine World Wide, Inc.		4,206		45,172
				3,541,423
Tobacco — 0.1%
Universal Corp.		1,255		64,545
Vector Group Ltd.		7,039		72,853
				137,398
Trading Companies & Distributors — 2.0%
Air Lease Corp., Class A		5,384		270,492
Applied Industrial Technologies, Inc.		1,985		363,751
Beacon Roofing Supply, Inc.(a)		2,714		267,410
BlueLinx Holdings, Inc.(a)		436		47,816
Boise Cascade Co.		2,037		269,434
Core & Main, Inc., Class A(a)		9,337		527,260
Custom Truck One Source, Inc.(a)(b)		3,002		14,980

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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Distribution Solutions Group, Inc.(a)		519	$	17,112
DNOW, Inc.(a)		5,256		74,162
DXP Enterprises, Inc.(a)		638		31,109
FTAI Aviation Ltd.		5,108		358,633
GATX Corp.		1,684		206,054
Global Industrial Co.		824		31,732
GMS, Inc.(a)		2,012		186,150
H&E Equipment Services, Inc.		1,665		80,403
Herc Holdings, Inc.		1,276		182,506
McGrath RentCorp.		1,260		134,392
MRC Global, Inc.(a)		4,403		49,446
MSC Industrial Direct Co., Inc., Class A		2,383		217,425
Rush Enterprises, Inc., Class A		3,108		136,503
Rush Enterprises, Inc., Class B		412		16,855
SiteOne Landscape Supply, Inc.(a)(b)		2,287		358,808
Titan Machinery, Inc.(a)		1,066		23,729
Transcat, Inc.(a)(b)		446		47,887
WESCO International, Inc.		2,286		349,187
				4,263,236
Water Utilities — 0.2%
American States Water Co.		1,911		135,375
California Water Service Group		2,814		138,224
Consolidated Water Co. Ltd.		760		19,342
Middlesex Water Co.		904		45,851
SJW Group		1,485		80,858
York Water Co. (The)		699		24,822
				444,472
Wireless Telecommunication Services — 0.1%
Gogo, Inc.(a)		3,531		31,991
Telephone & Data Systems, Inc.		5,222		81,724
United States Cellular Corp.(a)(b)		743		27,016
				140,731
Total Long-Term Investments — 99.9% (Cost: $209,054,359)				209,490,055

Security	Shares		Value
Short-Term Securities
Money Market Funds — 9.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.49%(e)(f)(g)		19,767,661	$	19,773,591
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(e)(f)		184,955		184,955
Total Short-Term Securities — 9.5% (Cost: $19,948,440)				19,958,546
Total Investments — 109.4% (Cost: $229,002,799)				229,448,601
Liabilities in Excess of Other Assets — (9.4)%				(19,681,925	)
Net Assets — 100.0%			$	209,766,676

^(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 $3,221, 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 year ended April 30, 2024 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 Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)					Value at 04/30/24		Shares Held at 04/30/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,584,128	$	—	$	(4,810,203	)(a)	$	23			$	(357	)	$	19,773,591		19,767,661	$	276,578	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		345,266		—		(160,311	)(a)		—				—			184,955		184,955		24,165			—
									$	23			$	(357	)	$	19,958,546			$	300,743		$	—

^(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.

34 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar Small-Cap 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
Russell 2000 E-Mini Index		2		06/21/24	$	199	$	1,358

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)	$	—	$	—	$	1,358	$	—	$	—	$	—	$	1,358

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

For the period ended April 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	38,290	$	—	$	—	$	—	$	38,290
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	2,566	$	—	$	—	$	—	$	2,566

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	455,760

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 35

Schedule of Investments (continued) April 30, 2024 iShares^® Morningstar Small-Cap 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	$	209,486,834		$	3,221		$	—		$	209,490,055
Short-Term Securities
Money Market Funds		19,958,546			—			—			19,958,546
	$	229,445,380		$	3,221		$	—		$	229,448,601
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,358		$	—		$	—		$	1,358

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

See notes to financial statements.

36 2 0 2 4 I S H A R E S 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 April 30, 2024 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
Axon Enterprise, Inc.(a)		1,378	$	432,223
Boeing Co. (The)(a)		11,801		1,980,680
General Dynamics Corp.		4,638		1,331,523
General Electric Co.		20,291		3,283,490
HEICO Corp.(b)		822		170,483
HEICO Corp., Class A		1,450		240,483
Howmet Aerospace, Inc.		7,484		499,557
Huntington Ingalls Industries, Inc.		764		211,575
L3Harris Technologies, Inc.		3,469		742,539
Lockheed Martin Corp.		4,150		1,929,459
Northrop Grumman Corp.		2,915		1,413,862
RTX Corp.		25,688		2,607,846
Textron, Inc.		3,787		320,342
TransDigm Group, Inc.		1,023		1,276,735
				16,440,797
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		2,232		158,472
Expeditors International of Washington, Inc.		2,832		315,230
FedEx Corp.		4,572		1,196,858
United Parcel Service, Inc., Class B		14,012		2,066,490
				3,737,050
Automobile Components — 0.1%
Aptiv PLC(a)		5,512		391,352
BorgWarner, Inc.		4,519		148,088
				539,440
Automobiles — 1.4%
Ford Motor Co.		76,210		925,952
General Motors Co.		22,329		994,310
Lucid Group, Inc.(a)(b)		16,936		43,187
Tesla, Inc.(a)(b)		53,639		9,830,956
				11,794,405
Banks — 3.3%
Bank of America Corp.		132,825		4,915,853
Citigroup, Inc.		36,805		2,257,251
Citizens Financial Group, Inc.		8,630		294,369
Fifth Third Bancorp		12,288		448,021
First Citizens BancShares, Inc., Class A		230		387,955
Huntington Bancshares, Inc.		26,781		360,740
JPMorgan Chase & Co.		55,634		10,667,263
KeyCorp.		18,292		265,051
M&T Bank Corp.		3,210		463,492
PNC Financial Services Group, Inc. (The)		7,698		1,179,796
Regions Financial Corp.		18,075		348,305
Truist Financial Corp.		25,808		969,090
U.S. Bancorp		30,112		1,223,451
Wells Fargo & Co.		69,670		4,132,824
				27,913,461
Beverages — 1.4%
Brown-Forman Corp., Class A		926		45,439
Brown-Forman Corp., Class B, NVS		5,890		281,837
Celsius Holdings, Inc.(a)		2,812		200,411
Coca-Cola Co. (The)		75,913		4,689,146
Constellation Brands, Inc., Class A		3,022		765,956
Keurig Dr Pepper, Inc.		18,185		612,834
Molson Coors Beverage Co., Class B		3,423		196,001
Monster Beverage Corp.(a)		15,070		805,491
PepsiCo, Inc.		26,616		4,682,021
				12,279,136

Security	Shares		Value
Biotechnology — 1.9%
AbbVie, Inc.		34,179	$	5,558,872
Alnylam Pharmaceuticals, Inc.(a)		2,351		338,426
Amgen, Inc.		10,357		2,837,197
Biogen, Inc.(a)		2,790		599,348
BioMarin Pharmaceutical, Inc.(a)		3,655		295,178
Exact Sciences Corp.(a)(b)		3,554		210,930
Gilead Sciences, Inc.		24,154		1,574,841
Incyte Corp.(a)		3,509		182,643
Moderna, Inc.(a)(b)		6,218		685,908
Neurocrine Biosciences, Inc.(a)		1,899		261,188
Regeneron Pharmaceuticals, Inc.(a)		2,073		1,846,338
United Therapeutics Corp.(a)		900		210,897
Vertex Pharmaceuticals, Inc.(a)		4,986		1,958,551
				16,560,317
Broadline Retail — 4.0%
Amazon.com, Inc.(a)		181,507		31,763,725
Coupang, Inc., Class A(a)		22,674		510,165
eBay, Inc.		10,089		519,987
Etsy, Inc.(a)		2,346		161,100
MercadoLibre, Inc.(a)		943		1,375,554
				34,330,531
Building Products — 0.6%
A. O. Smith Corp.		2,341		193,928
Allegion PLC		1,702		206,895
Builders FirstSource, Inc.(a)		2,376		434,380
Carlisle Cos., Inc.		952		369,614
Carrier Global Corp.		16,245		998,905
Johnson Controls International PLC		13,210		859,575
Lennox International, Inc.		635		294,272
Masco Corp.		4,361		298,511
Owens Corning		1,716		288,648
Trane Technologies PLC		4,371		1,387,093
				5,331,821
Capital Markets — 3.0%
Ameriprise Financial, Inc.		1,959		806,697
Ares Management Corp., Class A		3,228		429,614
Bank of New York Mellon Corp. (The)		14,673		828,878
BlackRock, Inc.(c)		2,767		2,088,089
Blackstone, Inc., Class A, NVS		13,914		1,622,512
Carlyle Group, Inc. (The)		4,068		182,246
Charles Schwab Corp. (The)		27,789		2,054,997
CME Group, Inc., Class A		6,964		1,459,933
Coinbase Global, Inc., Class A(a)		3,320		677,048
FactSet Research Systems, Inc.		726		302,662
Franklin Resources, Inc.		5,690		129,960
Goldman Sachs Group, Inc. (The)		6,261		2,671,631
Interactive Brokers Group, Inc., Class A		2,046		235,535
Intercontinental Exchange, Inc.		11,068		1,425,116
KKR & Co., Inc., Class A		12,835		1,194,553
LPL Financial Holdings, Inc.		1,457		392,122
MarketAxess Holdings, Inc.		743		148,667
Moody’s Corp.		3,068		1,136,172
Morgan Stanley		24,537		2,228,941
Morningstar, Inc.		501		141,608
MSCI, Inc., Class A		1,521		708,467
Nasdaq, Inc.		7,745		463,538
Northern Trust Corp.		4,025		331,620
Raymond James Financial, Inc.		3,664		447,008
S&P Global, Inc.		6,081		2,528,662
State Street Corp.		5,964		432,330

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 (continued) April 30, 2024 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
T Rowe Price Group, Inc.		4,335	$	474,986
Tradeweb Markets, Inc., Class A		2,107		214,303
				25,757,895
Chemicals — 1.5%
Air Products & Chemicals, Inc.		4,311		1,018,862
Albemarle Corp.		2,245		270,096
Celanese Corp., Class A		2,003		307,681
CF Industries Holdings, Inc.		3,440		271,657
Corteva, Inc.		13,560		734,003
Dow, Inc.		13,619		774,921
DuPont de Nemours, Inc.		8,317		602,982
Eastman Chemical Co.		2,320		219,101
Ecolab, Inc.		4,796		1,084,615
International Flavors & Fragrances, Inc.		4,939		418,086
Linde PLC		9,368		4,130,913
LyondellBasell Industries NV, Class A		5,008		500,650
Mosaic Co. (The)		6,289		197,412
PPG Industries, Inc.		4,569		589,401
RPM International, Inc.		2,400		256,584
Sherwin-Williams Co. (The)		4,576		1,371,015
Westlake Corp.		686		101,089
				12,849,068
Commercial Services & Supplies — 0.6%
Cintas Corp.		1,693		1,114,570
Clean Harbors, Inc.(a)		987		186,987
Copart, Inc.(a)		16,103		874,554
Republic Services, Inc.		3,985		763,925
Rollins, Inc.		5,699		253,947
Veralto Corp.		4,484		420,061
Waste Management, Inc.		7,110		1,479,022
				5,093,066
Communications Equipment — 0.8%
Arista Networks, Inc.(a)		4,927		1,264,071
Cisco Systems, Inc.		78,684		3,696,574
F5, Inc.(a)		1,111		183,660
Juniper Networks, Inc.		6,097		212,298
Motorola Solutions, Inc.		3,216		1,090,706
				6,447,309
Construction & Engineering — 0.2%
AECOM		2,654		245,124
EMCOR Group, Inc.		901		321,810
Quanta Services, Inc.		2,813		727,329
WillScot Mobile Mini Holdings Corp.(a)		3,519		130,062
				1,424,325
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		1,196		702,136
Vulcan Materials Co.		2,486		640,468
				1,342,604
Consumer Finance — 0.5%
American Express Co.		11,127		2,604,052
Capital One Financial Corp.		7,115		1,020,504
Discover Financial Services		4,821		610,965
Synchrony Financial		7,619		335,084
				4,570,605
Consumer Staples Distribution & Retail — 1.9%
Albertsons Cos., Inc., Class A		8,071		164,648
BJ’s Wholesale Club Holdings, Inc.(a)		2,376		177,440
Casey’s General Stores, Inc.		726		232,015
Costco Wholesale Corp.		8,590		6,209,711

Security	Shares		Value
Consumer Staples Distribution & Retail (continued)
Dollar General Corp.		4,247	$	591,140
Dollar Tree, Inc.(a)		3,972		469,689
Kroger Co. (The)		12,942		716,728
Performance Food Group Co.(a)		3,012		204,455
Sysco Corp.		9,608		714,067
Target Corp.		8,928		1,437,229
U.S. Foods Holding Corp.(a)		4,728		237,582
Walgreens Boots Alliance, Inc.		13,702		242,936
Walmart, Inc.		84,255		5,000,534
				16,398,174
Containers & Packaging — 0.2%
Amcor PLC		27,668		247,352
Avery Dennison Corp.		1,548		336,349
Ball Corp.		5,822		405,037
Crown Holdings, Inc.		2,355		193,275
International Paper Co.		6,370		222,568
Packaging Corp. of America		1,654		286,109
Westrock Co.		4,816		230,975
				1,921,665
Distributors — 0.1%
Genuine Parts Co.		2,709		425,882
LKQ Corp.		5,109		220,351
Pool Corp.		738		267,547
				913,780
Diversified Consumer Services — 0.0%
Service Corp. International		2,840		203,656
Diversified REITs — 0.0%
WP Carey, Inc.		4,224		231,644
Diversified Telecommunication Services — 0.6%
AT&T Inc.		138,480		2,338,927
Verizon Communications, Inc.		81,348		3,212,433
				5,551,360
Electric Utilities — 1.5%
Alliant Energy Corp.		4,960		247,008
American Electric Power Co., Inc.		10,184		876,130
Avangrid, Inc.		1,302		47,562
Constellation Energy Corp.		5,937		1,103,926
Duke Energy Corp.		14,922		1,466,236
Edison International		7,353		522,504
Entergy Corp.		4,100		437,347
Evergy, Inc.		4,228		221,759
Eversource Energy		6,749		409,124
Exelon Corp.		19,275		724,354
FirstEnergy Corp.		10,081		386,506
NextEra Energy, Inc.		39,691		2,658,106
NRG Energy, Inc.		4,424		321,492
PG&E Corp.		41,177		704,538
Pinnacle West Capital Corp.		2,189		161,220
PPL Corp.		14,440		396,522
Southern Co. (The)		20,296		1,491,756
Xcel Energy, Inc.		10,598		569,431
				12,745,521
Electrical Equipment — 0.7%
AMETEK, Inc.		4,436		774,792
Eaton Corp. PLC		7,734		2,461,423
Emerson Electric Co.		11,051		1,191,077
Hubbell, Inc.		952		352,735
Regal Rexnord Corp.		1,310		211,394

38 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Rockwell Automation, Inc.		2,222	$	602,073
Vertiv Holdings Co., Class A		6,281		584,133
				6,177,627
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		11,229		1,356,126
CDW Corp.		2,593		627,143
Corning, Inc.		14,965		499,532
Flex Ltd.(a)(b)		8,528		244,327
Jabil, Inc.		2,418		283,777
Keysight Technologies, Inc.(a)		3,402		503,292
TD SYNNEX Corp.		1,006		118,547
TE Connectivity Ltd.		5,810		821,999
Teledyne Technologies, Inc.(a)		909		346,765
Trimble, Inc.(a)		4,586		275,481
Zebra Technologies Corp., Class A(a)		1,007		316,762
				5,393,751
Energy Equipment & Services — 0.3%
Baker Hughes Co., Class A		19,567		638,276
Halliburton Co.		17,241		646,020
Schlumberger NV		27,631		1,311,920
				2,596,216
Entertainment — 1.2%
Electronic Arts, Inc.		4,710		597,322
Liberty Media Corp.—Liberty Formula One, Class A(a)		481		29,952
Liberty Media Corp.—Liberty Formula One, Class C, NVS(a)		4,008		280,440
Live Nation Entertainment, Inc.(a)		2,752		244,680
Netflix, Inc.(a)		8,378		4,613,262
ROBLOX Corp., Class A(a)		9,205		327,330
Take-Two Interactive Software, Inc.(a)(b)		3,087		440,855
Walt Disney Co. (The)		35,402		3,933,162
				10,467,003
Financial Services — 4.2%
Apollo Global Management, Inc.		7,694		833,876
Berkshire Hathaway, Inc., Class B(a)		35,094		13,922,843
Block, Inc., Class A(a)		10,711		781,903
Corpay, Inc.(a)		1,319		398,523
Equitable Holdings, Inc.		6,236		230,171
Fidelity National Information Services, Inc.		11,485		780,061
Fiserv, Inc.(a)		10,598		1,617,997
Global Payments, Inc.		4,632		568,671
Jack Henry & Associates, Inc.		1,450		235,900
Mastercard, Inc., Class A		16,043		7,238,601
PayPal Holdings, Inc.(a)		20,859		1,416,743
Visa, Inc., Class A		30,600		8,219,466
				36,244,755
Food Products — 0.8%
Archer-Daniels-Midland Co.		10,246		601,030
Bunge Global SA		2,807		285,640
Campbell Soup Co.		3,827		174,932
Conagra Brands, Inc.		8,809		271,141
General Mills, Inc.		10,984		773,933
Hershey Co. (The)		2,903		562,950
Hormel Foods Corp.		5,689		202,301
J M Smucker Co. (The)		2,028		232,916
Kellanova		5,189		300,235
Kraft Heinz Co. (The)		15,364		593,204
Lamb Weston Holdings, Inc.		2,789		232,435
McCormick & Co., Inc., NVS		4,894		372,238

Security	Shares		Value
Food Products (continued)
Mondelez International, Inc., Class A		26,354	$	1,895,907
Tyson Foods, Inc., Class A		5,215		316,290
				6,815,152
Gas Utilities — 0.0%
Atmos Energy Corp.		2,843		335,190
Ground Transportation — 1.1%
CSX Corp.		38,342		1,273,721
JB Hunt Transport Services, Inc.		1,529		248,570
Knight-Swift Transportation Holdings, Inc.		2,914		134,714
Norfolk Southern Corp.		4,377		1,008,111
Old Dominion Freight Line, Inc.		3,682		669,056
Saia, Inc.(a)		514		203,971
Uber Technologies, Inc.(a)		38,416		2,545,828
U-Haul Holding Co.(a)		182		11,508
U-Haul Holding Co., NVS		1,885		115,588
Union Pacific Corp.		11,784		2,794,693
XPO, Inc.(a)		2,244		241,140
				9,246,900
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		33,543		3,554,552
Align Technology, Inc.(a)		1,474		416,228
Baxter International, Inc.		9,904		399,824
Becton Dickinson & Co.		5,352		1,255,579
Boston Scientific Corp.(a)		28,325		2,035,718
Cooper Cos., Inc. (The)		3,867		344,395
Dexcom, Inc.(a)		7,375		939,501
Edwards Lifesciences Corp.(a)		11,640		985,559
GE HealthCare Technologies, Inc.		7,305		556,933
Hologic, Inc.(a)		4,674		354,149
IDEXX Laboratories, Inc.(a)		1,591		783,981
Insulet Corp.(a)		1,342		230,743
Intuitive Surgical, Inc.(a)		6,448		2,389,758
Medtronic PLC		25,764		2,067,303
ResMed, Inc.		2,842		608,160
STERIS PLC		1,914		391,528
Stryker Corp.		6,738		2,267,337
Teleflex, Inc.		868		181,195
Zimmer Biomet Holdings, Inc.		3,870		465,484
				20,227,927
Health Care Providers & Services — 2.5%
Cardinal Health, Inc.		4,770		491,501
Cencora, Inc.		3,041		726,951
Centene Corp.(a)		10,338		755,294
Chemed Corp.		294		166,992
Cigna Group (The)		5,402		1,928,730
CVS Health Corp.		24,910		1,686,656
Elevance Health, Inc.		4,308		2,277,123
HCA Healthcare, Inc.		3,844		1,190,948
Henry Schein, Inc.(a)(b)		2,346		162,531
Humana, Inc.		2,246		678,494
Laboratory Corp. of America Holdings		1,640		330,247
McKesson Corp.		2,538		1,363,439
Molina Healthcare, Inc.(a)		1,053		360,231
Quest Diagnostics, Inc.		2,152		297,363
UnitedHealth Group, Inc.		17,888		8,652,426
Universal Health Services, Inc., Class B		1,135		193,438
				21,262,364
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		13,661		254,231

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 (continued) April 30, 2024 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care REITs (continued)
Ventas, Inc.		7,410	$	328,115
Welltower, Inc.		10,720		1,021,402
				1,603,748
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A(a)		2,828		561,528
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		12,882		243,083
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A(a)		7,953		1,261,107
Booking Holdings, Inc.		665		2,295,600
Caesars Entertainment, Inc.(a)		3,936		140,988
Carnival Corp.(a)		18,384		272,451
Chipotle Mexican Grill, Inc.(a)		484		1,529,246
Churchill Downs, Inc.		1,391		179,439
Darden Restaurants, Inc.		2,346		359,900
Domino’s Pizza, Inc.		671		355,140
DoorDash, Inc., Class A(a)		5,346		691,024
DraftKings, Inc., Class A(a)		9,025		375,079
Expedia Group, Inc.(a)		2,577		346,942
Hilton Worldwide Holdings, Inc.		4,580		903,542
Las Vegas Sands Corp.		5,898		261,635
Marriott International, Inc., Class A		4,822		1,138,619
McDonald’s Corp.		13,980		3,817,099
MGM Resorts International(a)		5,360		211,398
Royal Caribbean Cruises Ltd.(a)(b)		4,568		637,830
Starbucks Corp.		22,002		1,946,957
Vail Resorts, Inc.		697		131,991
Wynn Resorts Ltd.		1,852		169,736
Yum! Brands, Inc.		5,428		766,705
				17,792,428
Household Durables — 0.3%
DR Horton, Inc.		5,956		848,671
Garmin Ltd.		2,960		427,631
Lennar Corp., Class A		4,825		731,567
Lennar Corp., Class B(b)		224		31,447
NVR, Inc.(a)		59		438,892
PulteGroup, Inc.		4,174		465,067
				2,943,275
Household Products — 1.2%
Church & Dwight Co., Inc.		4,800		517,872
Clorox Co. (The)		2,421		357,993
Colgate-Palmolive Co.		15,941		1,465,297
Kimberly-Clark Corp.		6,534		892,087
Procter & Gamble Co. (The)		45,552		7,434,086
				10,667,335
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		13,002		232,736
Vistra Corp.		6,425		487,272
				720,008
Industrial Conglomerates — 0.4%
3M Co.		10,703		1,032,946
Honeywell International, Inc.		12,764		2,460,006
				3,492,952
Industrial REITs — 0.2%
Prologis, Inc.		17,912		1,827,920
Rexford Industrial Realty, Inc.		3,808		163,020
				1,990,940

Security	Shares		Value
Insurance — 2.2%
Aflac, Inc.		10,337	$	864,690
Allstate Corp. (The)		5,063		861,014
American Financial Group, Inc.		1,371		175,145
American International Group, Inc.		13,077		984,829
Aon PLC, Class A		3,875		1,092,789
Arch Capital Group Ltd.(a)		7,173		670,962
Arthur J. Gallagher & Co.		4,154		974,902
Brown & Brown, Inc.		4,501		367,011
Chubb Ltd.		7,350		1,827,504
Cincinnati Financial Corp.		2,994		346,376
Erie Indemnity Co., Class A, NVS		490		187,503
Everest Group Ltd.		839		307,418
Fidelity National Financial, Inc., Class A		5,120		253,440
Globe Life, Inc.		1,823		138,858
Hartford Financial Services Group, Inc. (The)		5,392		522,431
Loews Corp.		3,518		264,378
Markel Group, Inc.(a)		232		338,349
Marsh & McLennan Cos., Inc.		9,550		1,904,556
MetLife, Inc.		11,945		849,051
Principal Financial Group, Inc.		4,591		363,332
Progressive Corp. (The)		11,309		2,355,099
Prudential Financial, Inc.		6,985		771,703
Reinsurance Group of America, Inc.		1,227		229,437
RenaissanceRe Holdings Ltd.		936		205,218
Travelers Cos., Inc. (The)		4,411		935,838
Unum Group		3,142		159,299
W. R. Berkley Corp.		4,046		311,421
Willis Towers Watson PLC		1,996		501,275
				18,763,828
Interactive Media & Services — 6.4%
Alphabet, Inc., Class A(a)		114,082		18,570,268
Alphabet, Inc., Class C, NVS(a)		102,319		16,845,800
Match Group, Inc.(a)		5,065		156,103
Meta Platforms, Inc., Class A		42,969		18,483,975
Pinterest, Inc., Class A(a)		10,686		357,447
Snap, Inc., Class A, NVS(a)		19,733		296,981
				54,710,574
IT Services — 1.3%
Accenture PLC, Class A		12,141		3,653,348
Akamai Technologies, Inc.(a)		2,894		292,091
Cloudflare, Inc., Class A(a)		5,733		501,064
Cognizant Technology Solutions Corp., Class A		9,723		638,607
EPAM Systems, Inc.(a)		1,102		259,257
Gartner, Inc.(a)		1,465		604,444
GoDaddy, Inc., Class A(a)		2,538		310,601
International Business Machines Corp.		17,668		2,936,422
MongoDB, Inc., Class A(a)		1,285		469,256
Okta, Inc., Class A(a)		3,034		282,101
Snowflake, Inc., Class A(a)		5,927		919,870
Twilio, Inc., Class A(a)		3,262		195,329
VeriSign, Inc.(a)		1,719		291,336
				11,353,726
Life Sciences Tools & Services — 1.4%
Agilent Technologies, Inc.		5,433		744,538
Avantor, Inc.(a)		12,613		305,613
Bio-Rad Laboratories, Inc., Class A(a)		405		109,249
Bio-Techne Corp.		3,017		190,705
Bruker Corp.		1,785		139,248
Charles River Laboratories International, Inc.(a)		942		215,718
Danaher Corp.		13,068		3,222,830
Illumina, Inc.(a)		3,077		378,625

40 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
IQVIA Holdings, Inc.(a)		3,542	$	820,929
Mettler-Toledo International, Inc.(a)		417		512,785
Revvity, Inc.		2,364		242,239
Thermo Fisher Scientific, Inc.		7,480		4,254,026
Waters Corp.(a)		1,155		356,941
West Pharmaceutical Services, Inc.		1,375		491,535
				11,984,981
Machinery — 1.8%
AGCO Corp.		1,178		134,516
Caterpillar, Inc.		9,855		3,297,187
CNH Industrial NV		18,387		209,612
Cummins, Inc.		2,630		742,949
Deere & Co.		4,982		1,950,005
Dover Corp.		2,700		484,110
Fortive Corp.		6,748		507,922
Graco, Inc.		3,256		261,131
IDEX Corp.		1,407		310,187
Illinois Tool Works, Inc.		5,805		1,417,059
Ingersoll Rand, Inc.		7,318		682,916
Lincoln Electric Holdings, Inc.		1,111		243,898
Nordson Corp.		990		255,608
Otis Worldwide Corp.		7,895		720,024
PACCAR, Inc.		9,967		1,057,598
Parker-Hannifin Corp.		2,386		1,300,155
Pentair PLC		3,245		256,647
Snap-on, Inc.		1,014		271,711
Stanley Black & Decker, Inc.		3,007		274,840
Toro Co. (The)		1,881		164,757
Westinghouse Air Brake Technologies Corp.		3,465		558,142
Xylem, Inc.		4,663		609,454
				15,710,428
Media — 0.6%
Charter Communications, Inc., Class A(a)		1,943		497,291
Comcast Corp., Class A		76,727		2,924,066
Fox Corp., Class A, NVS		4,843		150,181
Fox Corp., Class B		2,643		75,801
Interpublic Group of Cos., Inc. (The)		7,324		222,943
Liberty Broadband Corp., Class A(a)		329		16,493
Liberty Broadband Corp., Class C, NVS(a)		2,168		107,815
News Corp., Class A, NVS		7,334		174,549
News Corp., Class B		1,972		48,393
Omnicom Group, Inc.		3,678		341,465
Sirius XM Holdings, Inc.(b)		11,636		34,210
Trade Desk, Inc. (The), Class A(a)		8,583		711,102
				5,304,309
Metals & Mining — 0.5%
Cleveland-Cliffs, Inc.(a)		9,728		164,403
Freeport-McMoRan, Inc.		27,770		1,386,834
Newmont Corp.		21,605		878,027
Nucor Corp.		4,756		801,529
Reliance, Inc.		1,106		314,900
Southern Copper Corp.		1,697		197,989
Steel Dynamics, Inc.		3,047		396,476
				4,140,158
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		9,815		183,933
Multi-Utilities — 0.6%
Ameren Corp.		4,810		355,315
CenterPoint Energy, Inc.		12,374		360,578
CMS Energy Corp.		5,664		343,295

Security	Shares		Value
Multi-Utilities (continued)
Consolidated Edison, Inc.		6,685	$	631,064
Dominion Energy, Inc.		16,246		828,221
DTE Energy Co.		3,995		440,728
NiSource, Inc.		8,653		241,073
Public Service Enterprise Group, Inc.		9,592		662,615
Sempra		12,195		873,528
WEC Energy Group, Inc.		6,078		502,286
				5,238,703
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		3,331		385,963
Boston Properties, Inc.		3,035		187,836
				573,799
Oil, Gas & Consumable Fuels — 3.8%
Antero Resources Corp.(a)		5,495		186,885
APA Corp.		7,139		224,450
Cheniere Energy, Inc.		4,575		722,026
Chesapeake Energy Corp.		2,037		183,086
Chevron Corp.		35,833		5,778,788
ConocoPhillips		22,784		2,862,126
Coterra Energy, Inc.		14,421		394,558
Devon Energy Corp.		12,299		629,463
Diamondback Energy, Inc.		3,313		666,344
EOG Resources, Inc.		11,270		1,489,105
EQT Corp.		7,440		298,270
Exxon Mobil Corp.		76,798		9,082,899
Hess Corp.		5,387		848,399
HF Sinclair Corp.		2,903		157,488
Kinder Morgan, Inc.		38,048		695,517
Marathon Oil Corp.		11,240		301,794
Marathon Petroleum Corp.		7,118		1,293,483
Occidental Petroleum Corp.		12,854		850,163
ONEOK, Inc.		11,265		891,287
Ovintiv, Inc.		4,999		256,549
Phillips 66		8,309		1,189,932
Pioneer Natural Resources Co.		4,515		1,215,980
Range Resources Corp.		4,638		166,551
Targa Resources Corp.		4,324		493,195
Texas Pacific Land Corp.		369		212,655
Valero Energy Corp.		6,419		1,026,205
Williams Cos., Inc. (The)		23,520		902,227
				33,019,425
Passenger Airlines — 0.1%
Delta Air Lines, Inc.		12,433		622,520
Southwest Airlines Co.		11,612		301,215
United Airlines Holdings, Inc.(a)		6,273		322,809
				1,246,544
Personal Care Products — 0.2%
Coty, Inc., Class A(a)		6,337		72,495
Estee Lauder Cos., Inc. (The), Class A		4,498		659,902
Kenvue, Inc.		33,556		631,524
				1,363,921
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.		39,417		1,731,983
Eli Lilly & Co.		16,356		12,775,672
Jazz Pharmaceuticals PLC(a)		1,232		136,444
Johnson & Johnson		46,602		6,738,183
Merck & Co., Inc.		49,056		6,339,016
Pfizer, Inc.		109,276		2,799,651
Royalty Pharma PLC, Class A		7,375		204,287

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 (continued) April 30, 2024 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Viatris, Inc.		22,722	$	262,894
Zoetis, Inc., Class A		8,891		1,415,803
			32,403,933
Professional Services — 0.8%
Automatic Data Processing, Inc.		7,955		1,924,235
Booz Allen Hamilton Holding Corp., Class A		2,315		341,856
Broadridge Financial Solutions, Inc.		2,193		424,148
Dayforce, Inc.(a)		2,861		175,580
Equifax, Inc.		2,381		524,272
Jacobs Solutions, Inc.		2,447		351,218
KBR, Inc.		2,588		168,065
Leidos Holdings, Inc.		2,509		351,812
Paychex, Inc.		6,270		744,939
Paycom Software, Inc.		954		179,333
Paylocity Holding Corp.(a)		837		129,869
Robert Half, Inc.		2,037		140,838
SS&C Technologies Holdings, Inc.		4,237		262,228
TransUnion		3,593		262,289
Verisk Analytics, Inc.		2,792		608,544
			6,589,226
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A(a)		5,923		514,650
CoStar Group, Inc.(a)		7,515		687,848
Zillow Group, Inc., Class A(a)		944		39,648
Zillow Group, Inc., Class C, NVS(a)(b)		3,109		132,350
			1,374,496
Residential REITs — 0.4%
American Homes 4 Rent, Class A		6,362		227,760
AvalonBay Communities, Inc.		2,571		487,384
Camden Property Trust		2,108		210,125
Equity LifeStyle Properties, Inc.		3,316		199,922
Equity Residential		7,222		465,097
Essex Property Trust, Inc.		1,179		290,329
Invitation Homes, Inc.		11,449		391,556
Mid-America Apartment Communities, Inc.		2,227		289,510
Sun Communities, Inc.		2,308		256,926
UDR, Inc.		6,335		241,237
			3,059,846
Retail REITs — 0.3%
Kimco Realty Corp.		12,967		241,575
Realty Income Corp.		16,044		858,996
Regency Centers Corp.		3,255		192,761
Simon Property Group, Inc.		6,273		881,545
			2,174,877
Semiconductors & Semiconductor Equipment — 9.8%
Advanced Micro Devices, Inc.(a)		31,212		4,943,356
Analog Devices, Inc.		9,619		1,929,668
Applied Materials, Inc.		16,095		3,197,272
Broadcom, Inc.		9,063		11,784,347
Enphase Energy, Inc.(a)		2,619		284,842
Entegris, Inc.		2,743		364,600
First Solar, Inc.(a)		1,969		347,135
Intel Corp.		81,902		2,495,554
KLA Corp.		2,631		1,813,522
Lam Research Corp.		2,536		2,268,224
Lattice Semiconductor Corp.(a)		2,614		179,320
Marvell Technology, Inc.		16,072		1,059,305
Microchip Technology, Inc.		10,275		945,094
Micron Technology, Inc.		21,352		2,411,922
Monolithic Power Systems, Inc.		865		578,970

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.		46,095	$	39,827,002
NXP Semiconductors NV		4,993		1,279,157
ON Semiconductor Corp.(a)		8,280		580,925
Qorvo, Inc.(a)		1,858		217,089
QUALCOMM, Inc.		21,547		3,573,570
Skyworks Solutions, Inc.		3,087		329,043
Teradyne, Inc.		3,009		350,007
Texas Instruments, Inc.		17,564		3,098,641
			83,858,565
Software — 10.6%
Adobe, Inc.(a)		8,752		4,050,688
ANSYS, Inc.(a)		1,681		546,123
AppLovin Corp., Class A(a)		2,637		186,093
Aspen Technology, Inc.(a)		549		108,082
Atlassian Corp., Class A(a)		2,766		476,582
Autodesk, Inc.(a)		4,133		879,709
Bentley Systems, Inc., Class B		4,383		230,239
BILL Holdings, Inc.(a)		1,843		114,930
Cadence Design Systems, Inc.(a)		5,262		1,450,365
Crowdstrike Holdings, Inc., Class A(a)		4,379		1,281,033
Datadog, Inc., Class A(a)(b)		5,274		661,887
DocuSign, Inc.(a)		3,922		221,985
Dynatrace, Inc.(a)		4,301		194,878
Fair Isaac Corp.(a)		479		542,865
Fortinet, Inc.(a)		12,594		795,689
Gen Digital, Inc.		11,428		230,160
HubSpot, Inc.(a)		933		564,344
Intuit, Inc.		5,156		3,225,697
Manhattan Associates, Inc.(a)		1,205		248,302
Microsoft Corp.		143,845		56,003,174
Nutanix, Inc., Class A(a)		4,709		285,836
Oracle Corp.		30,875		3,512,031
Palantir Technologies, Inc., Class A(a)		35,865		787,954
Palo Alto Networks, Inc.(a)		6,088		1,770,938
Procore Technologies, Inc.(a)		1,685		115,288
PTC, Inc.(a)		2,321		411,838
Roper Technologies, Inc.		1,909		976,377
Salesforce, Inc.		18,140		4,878,572
ServiceNow, Inc.(a)		3,777		2,618,707
Synopsys, Inc.(a)		2,839		1,506,345
Tyler Technologies, Inc.(a)		782		360,932
Unity Software, Inc.(a)(b)		4,612		111,933
Workday, Inc., Class A(a)		4,035		987,486
Zoom Video Communications, Inc., Class A(a)		4,540		277,394
Zscaler, Inc.(a)		1,761		304,547
			90,919,003
Specialized REITs — 0.9%
American Tower Corp.		9,039		1,550,731
Crown Castle, Inc.		8,328		781,000
CubeSmart		4,099		165,764
Digital Realty Trust, Inc.		5,726		794,654
Equinix, Inc.		1,821		1,294,931
Extra Space Storage, Inc.		3,956		531,212
Gaming & Leisure Properties, Inc.		4,785		204,463
Iron Mountain, Inc.		5,660		438,763
Public Storage		3,077		798,328
SBA Communications Corp.		2,104		391,596
VICI Properties, Inc.		20,033		571,942
Weyerhaeuser Co.		13,257		399,964
			7,923,348

42 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail — 1.9%
AutoZone, Inc.(a)		334	$	987,438
Best Buy Co., Inc.		3,583		263,852
Burlington Stores, Inc.(a)		1,162		209,090
CarMax, Inc.(a)(b)		3,041		206,697
Five Below, Inc.(a)		999		146,194
Floor & Decor Holdings, Inc., Class A(a)(b)		2,038		224,852
Home Depot, Inc. (The)		19,248		6,433,066
Lowe’s Cos., Inc.		11,134		2,538,441
O’Reilly Automotive, Inc.(a)		1,140		1,155,116
Penske Automotive Group, Inc.		370		56,577
Ross Stores, Inc.		6,051		783,907
TJX Cos., Inc. (The)		22,029		2,072,709
Tractor Supply Co.		2,099		573,195
Ulta Beauty, Inc.(a)		919		372,048
Williams-Sonoma, Inc.		1,173		336,393
				16,359,575
Technology Hardware, Storage & Peripherals — 6.0%
Apple Inc.		281,666		47,976,170
Dell Technologies, Inc., Class C		3,105		387,007
Hewlett Packard Enterprise Co.		24,671		419,407
HP, Inc.		16,637		467,334
NetApp, Inc.		4,092		418,243
Pure Storage, Inc., Class A(a)		5,393		271,807
Seagate Technology Holdings PLC		4,032		346,389
Super Micro Computer, Inc.(a)		952		817,578
Western Digital Corp.(a)		5,811		411,593
				51,515,528
Textiles, Apparel & Luxury Goods — 0.4%
Deckers Outdoor Corp.(a)		494		404,324
Lululemon Athletica, Inc.(a)		2,142		772,405
NIKE, Inc., Class B		22,813		2,104,728
				3,281,457
Tobacco — 0.5%
Altria Group, Inc.		34,245		1,500,273
Philip Morris International, Inc.		30,023		2,850,384
				4,350,657

Security	Shares		Value
Trading Companies & Distributors — 0.4%
Fastenal Co.		11,055	$	751,077
Ferguson PLC		3,941		827,216
United Rentals, Inc.		1,306		872,395
Watsco, Inc.		654		292,809
WW Grainger, Inc.		870		801,574
				3,545,071
Water Utilities — 0.1%
American Water Works Co., Inc.		3,772		461,391
Essential Utilities, Inc.		4,754		173,901
				635,292
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		8,752		1,436,816
Total Long-Term Investments — 99.8% (Cost: $628,763,794)				856,181,831
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.49%(c)(d)(e)		3,717,087		3,718,202
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(c)(d)		1,089,252		1,089,252
Total Short-Term Securities — 0.6% (Cost: $4,806,374)				4,807,454
Total Investments — 100.4% (Cost: $633,570,168)				860,989,285
Liabilities in Excess of Other Assets — (0.4)%				(3,179,884	)
Net Assets — 100.0%			$	857,809,401

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 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 Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/24		Shares Held at 04/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,530,618	$	—		$ (1,814,081	)(a)	$	3,871	$	(2,206	)	$	3,718,202		3,717,087	$	37,652	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,674,057		—		(584,805	)(a)		—		—			1,089,252		1,089,252		86,931			—
BlackRock, Inc.		2,014,942		117,902		(275,877	)		72,749		158,373			2,088,089		2,767		57,568			—
								$	76,620	$	156,167		$	6,895,543			$	182,151		$	—

^(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.

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 (continued) April 30, 2024 iShares^® Morningstar U.S. Equity 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
S&P 500 E-Mini Index		6		06/21/24	$	1,520	$	(41,425	)

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)	$	—	$	—	$	41,425	$	—	$	—	$	—	$	41,425

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

For the period ended April 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	401,603		$	—	$	—	$	—	$	401,603
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(154,548	)	$	—	$	—	$	—	$	(154,548	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,598,191

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

44 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 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	$	856,181,831		$	—	$	—	$	856,181,831
Short-Term Securities
Money Market Funds		4,807,454			—		—		4,807,454
	$	860,989,285		$	—	$	—	$	860,989,285
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(41,425	)	$	—	$	—	$	(41,425	)

^(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 45

Schedule of Investments April 30, 2024 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.7%
Boeing Co. (The)(a)		25,340	$	4,253,066
General Dynamics Corp.		9,973		2,863,149
General Electric Co.		13,587		2,198,648
Huntington Ingalls Industries, Inc.		710		196,620
L3Harris Technologies, Inc.		7,462		1,597,241
Lockheed Martin Corp.		8,914		4,144,386
Northrop Grumman Corp.		6,244		3,028,527
RTX Corp.		55,164		5,600,249
Textron, Inc.		4,189		354,348
				24,236,234
Air Freight & Logistics — 0.9%
CH Robinson Worldwide, Inc.		4,841		343,711
Expeditors International of Washington, Inc.		3,531		393,036
FedEx Corp.		9,810		2,568,062
United Parcel Service, Inc., Class B		30,070		4,434,723
				7,739,532
Automobile Components — 0.0%
BorgWarner, Inc.		9,767		320,065
Automobiles — 0.5%
Ford Motor Co.		163,494		1,986,452
General Motors Co.		47,832		2,129,959
Rivian Automotive, Inc., Class A(a)(b)		28,544		254,042
				4,370,453
Banks — 6.6%
Bank of America Corp.		285,239		10,556,695
Citigroup, Inc.		79,039		4,847,462
Citizens Financial Group, Inc.		18,596		634,310
Fifth Third Bancorp		26,456		964,586
Huntington Bancshares, Inc.		57,632		776,303
JPMorgan Chase & Co.		119,474		22,907,945
KeyCorp.		38,981		564,835
M&T Bank Corp.		6,914		998,313
PNC Financial Services Group, Inc. (The)		16,536		2,534,307
Regions Financial Corp.		38,723		746,192
Truist Financial Corp.		55,435		2,081,584
U.S. Bancorp		64,472		2,619,497
Wells Fargo & Co.		149,616		8,875,221
				59,107,250
Beverages — 2.3%
Coca-Cola Co. (The)		163,022		10,069,869
Constellation Brands, Inc., Class A		2,599		658,743
Keurig Dr Pepper, Inc.		39,051		1,316,019
Molson Coors Beverage Co., Class B		7,417		424,697
PepsiCo, Inc.		44,953		7,907,682
				20,377,010
Biotechnology — 3.1%
AbbVie, Inc.		73,399		11,937,613
Amgen, Inc.		22,249		6,094,891
Biogen, Inc.(a)		5,997		1,288,276
Gilead Sciences, Inc.		51,828		3,379,186
Moderna, Inc.(a)		13,360		1,473,742
Regeneron Pharmaceuticals, Inc.(a)		3,461		3,082,574
United Therapeutics Corp.(a)		1,959		459,052
				27,715,334
Broadline Retail — 0.1%
Coupang, Inc., Class A(a)		18,568		417,780

Security	Shares		Value
Broadline Retail (continued)
eBay, Inc.		13,257	$	683,266
Etsy, Inc.(a)		1,897		130,267
				1,231,313
Building Products — 0.5%
A. O. Smith Corp.		1,984		164,354
Allegion PLC		1,795		218,200
Builders FirstSource, Inc.(a)		5,121		936,221
Carrier Global Corp.		18,069		1,111,063
Johnson Controls International PLC		14,266		928,289
Masco Corp.		9,352		640,144
Owens Corning		3,698		622,041
				4,620,312
Capital Markets — 4.7%
Ameriprise Financial, Inc.		1,798		740,398
Bank of New York Mellon Corp. (The)		31,410		1,774,351
BlackRock, Inc.(c)		5,950		4,490,108
Blackstone, Inc., Class A, NVS		29,890		3,485,473
Carlyle Group, Inc. (The)		8,541		382,637
Charles Schwab Corp. (The)		59,671		4,412,670
CME Group, Inc., Class A		14,964		3,137,053
Franklin Resources, Inc.		11,793		269,352
Goldman Sachs Group, Inc. (The)		13,444		5,736,689
Intercontinental Exchange, Inc.		17,799		2,291,799
KKR & Co., Inc., Class A		27,578		2,566,685
Moody’s Corp.		2,528		936,194
Morgan Stanley		52,677		4,785,179
Nasdaq, Inc.		11,441		684,744
Northern Trust Corp.		8,605		708,966
Raymond James Financial, Inc.		4,269		520,818
S&P Global, Inc.		7,307		3,038,470
State Street Corp.		12,841		930,844
T Rowe Price Group, Inc.		9,246		1,013,084
				41,905,514
Chemicals — 2.2%
Air Products & Chemicals, Inc.		7,147		1,689,122
Albemarle Corp.		4,881		587,233
Celanese Corp., Class A		4,309		661,905
CF Industries Holdings, Inc.		7,409		585,089
Corteva, Inc.		18,094		979,428
Dow, Inc.		29,189		1,660,854
DuPont de Nemours, Inc.		8,511		617,047
Eastman Chemical Co.		4,931		465,684
Ecolab, Inc.		4,698		1,062,453
International Flavors & Fragrances, Inc.		10,636		900,337
Linde PLC		13,993		6,170,353
LyondellBasell Industries NV, Class A		10,776		1,077,277
Mosaic Co. (The)		13,593		426,684
PPG Industries, Inc.		4,523		583,467
RPM International, Inc.		1,915		204,733
Sherwin-Williams Co. (The)		6,978		2,090,679
Westlake Corp.		742		109,341
				19,871,686
Commercial Services & Supplies — 0.5%
Cintas Corp.		1,171		770,916
Clean Harbors, Inc.(a)		749		141,898
Republic Services, Inc.		5,171		991,281
Veralto Corp.		3,488		326,756
Waste Management, Inc.		10,733		2,232,678
				4,463,529

46 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment — 1.1%
Cisco Systems, Inc.		168,931	$	7,936,378
F5, Inc.(a)		1,357		224,326
Juniper Networks, Inc.		13,259		461,678
Motorola Solutions, Inc.		3,160		1,071,714
				9,694,096
Construction & Engineering — 0.1%
AECOM		3,556		328,432
EMCOR Group, Inc.		793		283,236
Quanta Services, Inc.		1,619		418,609
				1,030,277
Consumer Finance — 1.0%
American Express Co.		23,896		5,592,381
Capital One Financial Corp.		15,293		2,193,475
Discover Financial Services		5,012		635,171
Synchrony Financial		16,414		721,887
				9,142,914
Consumer Staples Distribution & Retail — 2.8%
Albertsons Cos., Inc., Class A		17,272		352,349
BJ’s Wholesale Club Holdings, Inc.(a)(b)		3,036		226,728
Casey’s General Stores, Inc.		470		150,203
Costco Wholesale Corp.		8,981		6,492,365
Dollar General Corp.		9,130		1,270,805
Dollar Tree, Inc.(a)		5,326		629,799
Kroger Co. (The)		27,683		1,533,084
Target Corp.		19,188		3,088,884
U.S. Foods Holding Corp.(a)		4,071		204,568
Walgreens Boots Alliance, Inc.		29,808		528,496
Walmart, Inc.		180,937		10,738,611
				25,215,892
Containers & Packaging — 0.4%
Amcor PLC		60,317		539,234
Avery Dennison Corp.		1,922		417,612
Ball Corp.		8,324		579,101
Crown Holdings, Inc.		3,104		254,745
International Paper Co.		13,716		479,237
Packaging Corp. of America		3,561		615,982
Westrock Co.		10,240		491,110
				3,377,021
Distributors — 0.1%
Genuine Parts Co.		3,541		556,680
LKQ Corp.		7,916		341,417
Pool Corp.		771		279,511
				1,177,608
Diversified Consumer Services — 0.0%
Service Corp. International		4,186		300,178
Diversified REITs — 0.1%
WP Carey, Inc.		9,051		496,357
Diversified Telecommunication Services — 1.3%
AT&T Inc.		297,248		5,020,518
Verizon Communications, Inc.		174,777		6,901,944
				11,922,462
Electric Utilities — 2.8%
Alliant Energy Corp.		10,625		529,125
American Electric Power Co., Inc.		21,892		1,883,369
Avangrid, Inc.		2,989		109,188
Duke Energy Corp.		32,073		3,151,493
Edison International		15,864		1,127,296
Entergy Corp.		8,787		937,309

Security	Shares		Value
Electric Utilities (continued)
Evergy, Inc.		9,189	$	481,963
Eversource Energy		14,574		883,476
Exelon Corp.		41,234		1,549,574
FirstEnergy Corp.		21,452		822,470
NextEra Energy, Inc.		85,210		5,706,514
NRG Energy, Inc.		5,700		414,219
PG&E Corp.		87,991		1,505,526
Pinnacle West Capital Corp.		4,729		348,291
PPL Corp.		30,721		843,599
Southern Co. (The)		43,615		3,205,702
Xcel Energy, Inc.		22,865		1,228,536
				24,727,650
Electrical Equipment — 0.7%
Eaton Corp. PLC		10,308		3,280,624
Emerson Electric Co.		23,712		2,555,679
Regal Rexnord Corp.		1,651		266,422
				6,102,725
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		14,879		1,796,937
Corning, Inc.		32,212		1,075,237
Flex Ltd.(a)(b)		9,984		286,042
Jabil, Inc.		1,742		204,441
Keysight Technologies, Inc.(a)(b)		3,865		571,788
TD SYNNEX Corp.		2,176		256,420
TE Connectivity Ltd.		6,557		927,684
Teledyne Technologies, Inc.(a)		782		298,317
Trimble, Inc.(a)		4,662		280,046
Zebra Technologies Corp., Class A(a)		1,134		356,711
				6,053,623
Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		16,774		547,168
Schlumberger NV		31,354		1,488,688
				2,035,856
Entertainment — 0.6%
Electronic Arts, Inc.		4,059		514,762
Walt Disney Co. (The)		46,404		5,155,485
				5,670,247
Financial Services — 4.3%
Apollo Global Management, Inc.		7,072		766,463
Berkshire Hathaway, Inc., Class B(a)		75,365		29,899,557
Corpay, Inc.(a)(b)		1,093		330,239
Equitable Holdings, Inc.		13,170		486,105
Fidelity National Information Services, Inc.		24,659		1,674,839
Fiserv, Inc.(a)		15,226		2,324,554
Global Payments, Inc.		4,738		581,684
PayPal Holdings, Inc.(a)		35,448		2,407,628
				38,471,069
Food Products — 1.4%
Archer-Daniels-Midland Co.		22,016		1,291,459
Bunge Global SA		6,044		615,037
Campbell Soup Co.		8,286		378,753
Conagra Brands, Inc.		18,963		583,681
General Mills, Inc.		23,505		1,656,162
Hormel Foods Corp.		8,460		300,838
J M Smucker Co. (The)		4,419		507,522
Kellanova		10,975		635,014
Kraft Heinz Co. (The)		33,103		1,278,107
McCormick & Co., Inc., NVS		4,744		360,829

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 (continued) April 30, 2024 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Mondelez International, Inc., Class A		56,598	$	4,071,660
Tyson Foods, Inc., Class A		11,222		680,614
				12,359,676
Gas Utilities — 0.1%
Atmos Energy Corp.		4,348		512,629
Ground Transportation — 1.5%
CSX Corp.		82,243		2,732,112
Knight-Swift Transportation Holdings, Inc.		6,273		290,001
Norfolk Southern Corp.		9,382		2,160,862
Uber Technologies, Inc.(a)		22,141		1,467,284
U-Haul Holding Co.(a)		139		8,789
U-Haul Holding Co., NVS		2,399		147,107
Union Pacific Corp.		25,317		6,004,180
XPO, Inc.(a)		2,354		252,961
				13,063,296
Health Care Equipment & Supplies — 2.7%
Abbott Laboratories		72,101		7,640,543
Align Technology, Inc.(a)		1,367		386,013
Baxter International, Inc.		21,120		852,614
Becton Dickinson & Co.		11,471		2,691,097
Boston Scientific Corp.(a)		30,427		2,186,788
Cooper Cos., Inc. (The)		3,508		312,423
GE HealthCare Technologies, Inc.		8,559		652,538
Hologic, Inc.(a)		9,982		756,336
Medtronic PLC		55,299		4,437,192
Stryker Corp.		7,870		2,648,255
Teleflex, Inc.		1,140		237,975
Zimmer Biomet Holdings, Inc.		8,335		1,002,534
				23,804,308
Health Care Providers & Services — 4.1%
Cardinal Health, Inc.		5,991		617,313
Cencora, Inc.		6,535		1,562,192
Centene Corp.(a)		22,190		1,621,201
Chemed Corp.		195		110,760
Cigna Group (The)		11,608		4,144,520
CVS Health Corp.		53,466		3,620,183
Elevance Health, Inc.		9,262		4,895,708
HCA Healthcare, Inc.		8,251		2,556,325
Henry Schein, Inc.(a)		5,045		349,518
Humana, Inc.		3,504		1,058,523
Laboratory Corp. of America Holdings		3,531		711,037
McKesson Corp.		5,456		2,931,018
Molina Healthcare, Inc.(a)		802		274,364
Quest Diagnostics, Inc.		4,678		646,406
UnitedHealth Group, Inc.		22,753		11,005,626
Universal Health Services, Inc., Class B		2,449		417,383
				36,522,077
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		20,137		374,750
Ventas, Inc.		9,342		413,664
Welltower, Inc.		8,869		845,038
				1,633,452
Hotels, Restaurants & Leisure — 1.3%
Booking Holdings, Inc.		582		2,009,081
Caesars Entertainment, Inc.(a)		4,433		158,790
Carnival Corp.(a)(b)		39,559		586,264
Darden Restaurants, Inc.		2,675		410,372
Expedia Group, Inc.(a)		2,490		335,229
Marriott International, Inc., Class A		4,108		970,022
McDonald’s Corp.		18,696		5,104,756

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Royal Caribbean Cruises Ltd.(a)(b)		4,394	$	613,534
Starbucks Corp.		19,499		1,725,467
Vail Resorts, Inc.		657		124,416
				12,037,931
Household Durables — 0.7%
DR Horton, Inc.		12,804		1,824,442
Garmin Ltd.		3,540		511,424
Lennar Corp., Class A		10,410		1,578,364
Lennar Corp., Class B		486		68,229
NVR, Inc.(a)(b)		127		944,734
PulteGroup, Inc.		8,964		998,769
				5,925,962
Household Products — 2.3%
Church & Dwight Co., Inc.		3,096		334,027
Clorox Co. (The)		2,925		432,520
Colgate-Palmolive Co.		34,266		3,149,731
Kimberly-Clark Corp.		8,536		1,165,420
Procter & Gamble Co. (The)		97,822		15,964,550
				21,046,248
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		27,847		498,461
Vistra Corp.		6,624		502,364
				1,000,825
Industrial Conglomerates — 0.8%
3M Co.		22,979		2,217,703
Honeywell International, Inc.		27,407		5,282,151
				7,499,854
Industrial REITs — 0.3%
Prologis, Inc.		23,828		2,431,647
Insurance — 3.0%
Aflac, Inc.		22,170		1,854,520
Allstate Corp. (The)		10,901		1,853,824
American Financial Group, Inc.		1,873		239,276
American International Group, Inc.		28,194		2,123,290
Aon PLC, Class A		4,870		1,373,389
Arch Capital Group Ltd.(a)		5,575		521,485
Arthur J. Gallagher & Co.		3,848		903,087
Chubb Ltd.		15,797		3,927,766
Cincinnati Financial Corp.		3,066		354,706
Everest Group Ltd.		927		339,662
Fidelity National Financial, Inc., Class A		10,772		533,214
Globe Life, Inc.		3,919		298,510
Hartford Financial Services Group, Inc. (The)		11,603		1,124,215
Loews Corp.		7,632		573,545
Markel Group, Inc.(a)		171		249,386
Marsh & McLennan Cos., Inc.		10,783		2,150,454
MetLife, Inc.		25,548		1,815,952
Principal Financial Group, Inc.		9,884		782,220
Progressive Corp. (The)		6,925		1,442,131
Prudential Financial, Inc.		15,026		1,660,072
Reinsurance Group of America, Inc.		2,641		493,841
RenaissanceRe Holdings Ltd.		863		189,213
Travelers Cos., Inc. (The)		5,928		1,257,684
Unum Group		6,787		344,101
W. R. Berkley Corp.		3,030		233,219
Willis Towers Watson PLC		2,122		532,919
				27,171,681
Interactive Media & Services — 5.1%
Alphabet, Inc., Class A(a)		93,887		15,282,926

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Schedule of Investments (continued) April 30, 2024 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Alphabet, Inc., Class C, NVS(a)		84,206	$	13,863,676
Meta Platforms, Inc., Class A		37,761		16,243,649
Snap, Inc., Class A, NVS(a)		16,937		254,902
				45,645,153
IT Services — 1.5%
Accenture PLC, Class A		19,523		5,874,666
Akamai Technologies, Inc.(a)		3,159		318,838
Cognizant Technology Solutions Corp., Class A		20,774		1,364,436
International Business Machines Corp.		37,961		6,309,118
				13,867,058
Life Sciences Tools & Services — 1.8%
Avantor, Inc.(a)		27,134		657,457
Bio-Rad Laboratories, Inc., Class A(a)		506		136,494
Charles River Laboratories International, Inc.(a)		1,120		256,480
Danaher Corp.		28,078		6,924,596
Illumina, Inc.(a)		3,907		480,756
IQVIA Holdings, Inc.(a)		2,599		602,370
Revvity, Inc.		5,144		527,106
Thermo Fisher Scientific, Inc.		11,183		6,359,996
Waters Corp.(a)		903		279,063
				16,224,318
Machinery — 2.2%
AGCO Corp.		2,604		297,351
Caterpillar, Inc.		16,040		5,366,503
CNH Industrial NV		39,581		451,223
Cummins, Inc.		3,138		886,454
Deere & Co.		7,221		2,826,372
Dover Corp.		2,556		458,291
Fortive Corp.		5,884		442,889
Illinois Tool Works, Inc.		12,481		3,046,737
Otis Worldwide Corp.		6,045		551,304
PACCAR, Inc.		21,390		2,269,693
Parker-Hannifin Corp.		3,200		1,743,712
Pentair PLC		2,926		231,417
Snap-on, Inc.		1,273		341,113
Stanley Black & Decker, Inc.		6,374		582,583
Westinghouse Air Brake Technologies Corp.		2,366		381,115
				19,876,757
Media — 1.1%
Charter Communications, Inc., Class A(a)		4,194		1,073,412
Comcast Corp., Class A		164,730		6,277,860
Fox Corp., Class A, NVS		10,284		318,907
Fox Corp., Class B		5,724		164,164
Interpublic Group of Cos., Inc. (The)		15,950		485,518
Liberty Broadband Corp., Class A(a)(b)		420		21,055
Liberty Broadband Corp., Class C, NVS(a)		2,801		139,294
News Corp., Class A, NVS		15,770		375,326
News Corp., Class B		4,352		106,798
Omnicom Group, Inc.		7,958		738,821
Sirius XM Holdings, Inc.(b)		26,237		77,137
				9,778,292
Metals & Mining — 1.0%
Cleveland-Cliffs, Inc.(a)		20,957		354,174
Freeport-McMoRan, Inc.		59,496		2,971,230
Newmont Corp.		46,469		1,888,500
Nucor Corp.		10,200		1,719,006
Reliance, Inc.		2,392		681,050
Southern Copper Corp.		3,574		416,979
Steel Dynamics, Inc.		6,527		849,293
				8,880,232

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		20,796	$	389,717
Multi-Utilities — 1.1%
Ameren Corp.		6,881		508,299
CenterPoint Energy, Inc.		16,391		477,634
CMS Energy Corp.		8,596		521,003
Consolidated Edison, Inc.		14,292		1,349,165
Dominion Energy, Inc.		34,859		1,777,112
DTE Energy Co.		8,590		947,649
NiSource, Inc.		18,621		518,781
Public Service Enterprise Group, Inc.		12,685		876,280
Sempra		26,186		1,875,703
WEC Energy Group, Inc.		13,031		1,076,882
				9,928,508
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		4,285		496,503
Boston Properties, Inc.		6,526		403,894
				900,397
Oil, Gas & Consumable Fuels — 7.3%
Antero Resources Corp.(a)		11,821		402,032
APA Corp.		15,331		482,007
Cheniere Energy, Inc.		3,883		612,815
Chesapeake Energy Corp.		4,381		393,764
Chevron Corp.		76,952		12,410,049
ConocoPhillips		48,928		6,146,335
Coterra Energy, Inc.		14,065		384,818
Devon Energy Corp.		18,181		930,504
Diamondback Energy, Inc.		4,290		862,848
EOG Resources, Inc.		24,217		3,199,792
EQT Corp.		5,066		203,096
Exxon Mobil Corp.		164,921		19,505,207
Hess Corp.		8,368		1,317,876
HF Sinclair Corp.		6,272		340,256
Kinder Morgan, Inc.		81,406		1,488,102
Marathon Oil Corp.		24,372		654,388
Marathon Petroleum Corp.		10,154		1,845,185
Occidental Petroleum Corp.		27,645		1,828,440
ONEOK, Inc.		24,228		1,916,919
Ovintiv, Inc.		10,572		542,555
Phillips 66		17,860		2,557,731
Pioneer Natural Resources Co.		9,670		2,604,325
Targa Resources Corp.		4,119		469,813
Valero Energy Corp.		13,754		2,198,852
Williams Cos., Inc. (The)		50,561		1,939,520
				65,237,229
Passenger Airlines — 0.2%
Delta Air Lines, Inc.		11,934		597,536
Southwest Airlines Co.		14,594		378,568
United Airlines Holdings, Inc.(a)		8,463		435,506
				1,411,610
Personal Care Products — 0.0%
Coty, Inc., Class A(a)		8,599		98,373
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		84,599		3,717,280
Jazz Pharmaceuticals PLC(a)		2,617		289,833
Johnson & Johnson		100,078		14,470,278
Merck & Co., Inc.		46,171		5,966,217
Pfizer, Inc.		234,739		6,014,013
Royalty Pharma PLC, Class A		16,046		444,474

S C H E D U L E S O F I N V E S T M E N T S 49

Schedule of Investments (continued) April 30, 2024 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Viatris, Inc.		47,947	$	554,747
Zoetis, Inc., Class A		7,837		1,247,964
				32,704,806
Professional Services — 0.5%
Automatic Data Processing, Inc.		9,510		2,300,374
Booz Allen Hamilton Holding Corp., Class A		1,585		234,057
Jacobs Solutions, Inc.		1,975		283,472
KBR, Inc.		1,926		125,074
Leidos Holdings, Inc.		5,398		756,907
Robert Half, Inc.		3,097		214,127
SS&C Technologies Holdings, Inc.		8,973		555,339
TransUnion		2,920		213,160
				4,682,510
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		6,830		593,459
Zillow Group, Inc., Class A(a)		1,143		48,006
Zillow Group, Inc., Class C, NVS(a)		3,535		150,485
				791,950
Residential REITs — 0.4%
American Homes 4 Rent, Class A		5,702		204,132
AvalonBay Communities, Inc.		3,385		641,694
Camden Property Trust		2,429		242,123
Equity LifeStyle Properties, Inc.		2,612		157,477
Equity Residential		10,132		652,501
Essex Property Trust, Inc.		1,398		344,258
Invitation Homes, Inc.		9,991		341,692
Mid-America Apartment Communities, Inc.		2,995		389,350
Sun Communities, Inc.		2,338		260,266
UDR, Inc.		6,720		255,898
				3,489,391
Retail REITs — 0.4%
Kimco Realty Corp.		27,837		518,603
Realty Income Corp.		19,659		1,052,543
Regency Centers Corp.		4,077		241,440
Simon Property Group, Inc.		13,560		1,905,587
				3,718,173
Semiconductors & Semiconductor Equipment — 7.8%
Advanced Micro Devices, Inc.(a)		37,580		5,951,920
Analog Devices, Inc.		14,565		2,921,885
Applied Materials, Inc.		34,557		6,864,748
Broadcom, Inc.		12,738		16,562,839
Intel Corp.		175,771		5,355,742
KLA Corp.		3,457		2,382,876
Lam Research Corp.		5,445		4,870,062
Microchip Technology, Inc.		11,530		1,060,529
Micron Technology, Inc.		45,847		5,178,877
NXP Semiconductors NV		6,437		1,649,095
ON Semiconductor Corp.(a)		11,428		801,789
Qorvo, Inc.(a)		4,046		472,735
QUALCOMM, Inc.		46,271		7,674,045
Skyworks Solutions, Inc.		6,662		710,103
Teradyne, Inc.		3,153		366,757
Texas Instruments, Inc.		37,719		6,654,386
				69,478,388
Software — 0.7%
Gen Digital, Inc.		24,435		492,121
Oracle Corp.		43,536		4,952,220
Roper Technologies, Inc.		2,043		1,044,913
				6,489,254

Security	Shares		Value
Specialized REITs — 0.7%
American Tower Corp.		9,421	$	1,616,267
Crown Castle, Inc.		11,737		1,100,696
CubeSmart		5,258		212,633
Digital Realty Trust, Inc.		4,446		617,016
Extra Space Storage, Inc.		5,103		685,231
Gaming & Leisure Properties, Inc.		10,295		439,905
Iron Mountain, Inc.		6,718		520,779
VICI Properties, Inc.		20,325		580,279
Weyerhaeuser Co.		28,551		861,384
				6,634,190
Specialty Retail — 2.9%
AutoZone, Inc.(a)		509		1,504,807
Best Buy Co., Inc.		7,745		570,342
CarMax, Inc.(a)(b)		3,276		222,670
Home Depot, Inc. (The)		41,335		13,814,984
Lowe’s Cos., Inc.		17,833		4,065,746
O’Reilly Automotive, Inc.(a)		1,315		1,332,437
Penske Automotive Group, Inc.		860		131,503
TJX Cos., Inc. (The)		27,130		2,552,662
Tractor Supply Co.		2,045		558,448
Ulta Beauty, Inc.(a)		911		368,809
Williams-Sonoma, Inc.		1,527		437,913
				25,560,321
Technology Hardware, Storage & Peripherals — 0.6%
Dell Technologies, Inc., Class C		6,674		831,847
Hewlett Packard Enterprise Co.		53,470		908,990
HP, Inc.		35,792		1,005,397
NetApp, Inc.		5,710		583,619
Seagate Technology Holdings PLC		8,672		745,012
Western Digital Corp.(a)		12,514		886,367
				4,961,232
Textiles, Apparel & Luxury Goods — 0.2%
NIKE, Inc., Class B		16,705		1,541,203
Tobacco — 1.0%
Altria Group, Inc.		73,598		3,224,328
Philip Morris International, Inc.		64,474		6,121,162
				9,345,490
Trading Companies & Distributors — 0.3%
Ferguson PLC		8,430		1,769,457
United Rentals, Inc.		1,205		804,928
Watsco, Inc.		607		271,766
				2,846,151
Water Utilities — 0.1%
American Water Works Co., Inc.		3,582		438,150
Essential Utilities, Inc.		5,967		218,273
				656,423
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		11,377		1,867,762
Total Long-Term Investments — 99.7% (Cost: $737,962,670)				893,390,681

50 2 0 2 4 I S H A R E S 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 (continued) April 30, 2024 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.49%(c)(d)(e)		3,557,774	$	3,558,842
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(c)(d)		1,792,039		1,792,039
Total Short-Term Securities — 0.6% (Cost: $5,350,331)				5,350,881
Total Investments — 100.3% (Cost: $743,313,001)				898,741,562
Liabilities in Excess of Other Assets — (0.3)%				(2,513,704	)
Net Assets — 100.0%			$	896,227,858

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 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 Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/24		Shares Held at 04/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,355,543	$	1,202,975	(a)	$	—		$	1,254		$	(930	)	$	3,558,842		3,557,774	$	42,407	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,347,896		—			(555,857	)(a)		—			—			1,792,039		1,792,039		91,736			—
BlackRock, Inc.		4,309,775		440,495			(809,217	)		(13,880	)		562,935			4,490,108		5,950		126,721			—
									$	(12,626	)	$	562,005		$	9,840,989			$	260,864		$	—

^(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 Russell 1000 Value Index		28		06/21/24	$ 2,374	$	(56,927	)
E-Mini S&P Communication Services Select Sector Index		2		06/21/24	205		(11,803	)
						$	(68,730	)

S C H E D U L E S O F I N V E S T M E N T S 51

Schedule of Investments (continued) April 30, 2024 iShares^® Morningstar Value 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)	$	—	$	—	$	68,730	$	—	$	—	$	—	$	68,730

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

For the period ended April 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	381,793		$	—	$	—	$	—	$	381,793
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(101,116	)	$	—	$	—	$	—	$	(101,116	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,214,374

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	$	893,390,681		$	—	$	—	$	893,390,681
Short-Term Securities
Money Market Funds		5,350,881			—		—		5,350,881
	$	898,741,562		$	—	$	—	$	898,741,562
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(68,730	)	$	—	$	—	$	(68,730	)

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

See notes to financial statements.

52 2 0 2 4 I S H A R E S 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

Statements of Assets and Liabilities

April 30, 2024

	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)	$	596,761,458	$	209,490,055		$	854,093,742	$	888,900,573
Investments, at value — affiliated(c)		6,534,032		19,958,546			6,895,543		9,840,989
Cash		167		—			91		149
Cash pledged:
Futures contracts		65,000		15,000			72,000		136,000
Receivables:
Securities lending income — affiliated		3,863		10,493			1,589		1,373
Dividends — unaffiliated		494,185		82,718			502,258		968,051
Dividends — affiliated		4,682		1,539			8,989		5,986
Total assets		603,863,387		229,558,351			861,574,212		899,853,121
LIABILITIES
Bank overdraft		—		6,104			—		—
Collateral on securities loaned		5,589,394		19,774,335			3,719,378		3,558,164
Payables:
Investment advisory fees		29,734		7,086			21,433		29,769
Variation margin on futures contracts		14,552		4,150			24,000		37,330
Total liabilities		5,633,680		19,791,675			3,764,811		3,625,263
Commitments and contingent liabilities
NET ASSETS	$	598,229,707	$	209,766,676		$	857,809,401	$	896,227,858
NET ASSETS CONSIST OF:
Paid-in capital	$	551,451,650	$	247,479,373		$	703,968,324	$	778,547,099
Accumulated earnings (loss)		46,778,057		(37,712,697	)		153,841,077		117,680,759
NET ASSETS	$	598,229,707	$	209,766,676		$	857,809,401	$	896,227,858
NET ASSET VALUE
Shares outstanding		8,600,000		4,000,000			12,350,000		12,150,000
Net asset value	$	69.56	$	52.44		$	69.46	$	73.76
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Investments, at cost — unaffiliated	$	517,971,977	$	209,054,359		$	627,427,498	$	733,647,910
(b) Securities loaned, at value	$	5,296,062	$	18,699,728		$	3,564,868	$	3,400,970
(c)  Investments, at cost — affiliated	$	6,532,130	$	19,948,440		$	6,142,670	$	9,665,091

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S 53

Statements of Operations

Year Ended April 30, 2024

	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	$	13,859,932		$	2,994,740		$	11,969,777		$	19,771,414
Dividends — affiliated		62,045			24,165			144,499			218,457
Interest — unaffiliated		1,497			2,085			1,399			2,322
Securities lending income — affiliated — net		122,369			276,578			37,652			42,407
Foreign taxes withheld		(8,773	)		(1,848	)		(3,094	)		(4,642	)
Total investment income		14,037,070			3,295,720			12,150,233			20,029,958
EXPENSES
Investment advisory		329,305			83,616			241,175			336,069
Interest expense		16			397			121			5
Total expenses		329,321			84,013			241,296			336,074
Net investment income		13,707,749			3,211,707			11,908,937			19,693,884
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		2,580,326			(5,342,147	)		(5,683,010	)		8,188,904
Investments — affiliated		3,861			23			8,911			(50,255	)
Futures contracts		55,102			38,290			401,603			381,793
In-kind redemptions — unaffiliated(a)		7,902,825			3,365,426			13,138,352			14,906,744
In-kind redemptions — affiliated(a)		—			—			67,709			37,629
		10,542,114			(1,938,408	)		7,933,565			23,464,815
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		54,967,690			26,546,497			148,862,960			85,304,554
Investments — affiliated		(3,642	)		(357	)		156,167			562,005
Futures contracts		(22,377	)		2,566			(154,548	)		(101,116	)
		54,941,671			26,548,706			148,864,579			85,765,443
Net realized and unrealized gain		65,483,785			24,610,298			156,798,144			109,230,258
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	79,191,534		$	27,822,005		$	168,707,081		$	128,924,142

^(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
	Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/24			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,707,749		$	11,990,407		$	3,211,707		$	3,398,402
Net realized gain (loss)		10,542,114			6,599,179			(1,938,408	)		(12,328,087	)
Net change in unrealized appreciation (depreciation)		54,941,671			(33,166,530	)		26,548,706			3,219,922
Net increase (decrease) in net assets resulting from operations		79,191,534			(14,576,944	)		27,822,005			(5,709,763	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,832,610	)		(11,819,760	)		(3,167,971	)		(3,393,435	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		15,655,924			45,120,668			(15,146,663	)		9,391,283
NET ASSETS
Total increase in net assets		82,014,848			18,723,964			9,507,371			288,085
Beginning of year		516,214,859			497,490,895			200,259,305			199,971,220
End of year	$	598,229,707		$	516,214,859		$	209,766,676		$	200,259,305

^(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 55

Statements of Changes in Net Assets (continued)

	iShares Morningstar U.S. Equity ETF						iShares Morningstar Value ETF
	Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/24			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	11,908,937		$	12,196,647		$	19,693,884		$	18,588,586
Net realized gain (loss)		7,933,565			(9,759,247	)		23,464,815			10,547,440
Net change in unrealized appreciation (depreciation)		148,864,579			8,004,673			85,765,443			(10,470,270	)
Net increase in net assets resulting from operations		168,707,081			10,442,073			128,924,142			18,665,756
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(11,860,921	)		(12,049,075	)		(19,636,858	)		(18,183,374	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(47,182,146	)		(40,561,179	)		4,566,393			(6,551,556	)
NET ASSETS
Total increase (decrease) in net assets		109,664,014			(42,168,181	)		113,853,677			(6,069,174	)
Beginning of year		748,145,387			790,313,568			782,374,181			788,443,355
End of year	$	857,809,401		$	748,145,387		$	896,227,858		$	782,374,181

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

See notes to financial statements.

56 2 0 2 4 I S H A R E S 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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Morningstar Mid-Cap Value ETF
		Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)
Net asset value, beginning of year	$	62.19		$	65.46		$	64.01		$	40.13		$	53.28
Net investment income(b)		1.62			1.53			1.24			1.14			1.50
Net realized and unrealized gain (loss)(c)		7.26			(3.29	)		1.50			23.92			(13.08	)
Net increase (decrease) from investment operations		8.88			(1.76	)		2.74			25.06			(11.58	)
Distributions from net investment income(d)		(1.51	)		(1.51	)		(1.29	)		(1.18	)		(1.57	)
Net asset value, end of year	$	69.56		$	62.19		$	65.46		$	64.01		$	40.13
Total Return(e)
Based on net asset value		14.49	%		(2.60	)%		4.28	%		63.45	%		(22.07	)%
Ratios to Average Net Assets(f)
Total expenses		0.06	%		0.06	%		0.06	%		0.27	%		0.30	%
Net investment income		2.50	%		2.44	%		1.88	%		2.32	%		2.95	%
Supplemental Data
Net assets, end of year (000)	$	598,230		$	516,215		$	497,491		$	457,694		$	331,048
Portfolio turnover rate(g)		43	%		37	%		42	%		95	%		51	%

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

^(b)  Based on average shares outstanding.

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

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

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

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

^(g)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 57

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap ETF
		Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)
Net asset value, beginning of year	$	46.57		$	48.77		$	58.27		$	35.60		$	43.90
Net investment income(b)		0.77			0.79			0.72			0.56			0.57
Net realized and unrealized gain (loss)(c)		5.86			(2.20	)		(9.50	)		22.71			(8.23	)
Net increase (decrease) from investment operations		6.63			(1.41	)		(8.78	)		23.27			(7.66	)
Distributions from net investment income(d)		(0.76	)		(0.79	)		(0.72	)		(0.60	)		(0.64	)
Net asset value, end of year	$	52.44		$	46.57		$	48.77		$	58.27		$	35.60
Total Return(e)
Based on net asset value		14.32	%		(2.85	)%		(15.22	)%		65.95	%		(17.58	)%
Ratios to Average Net Assets(f)
Total expenses		0.04	%		0.04	%		0.04	%		0.22	%		0.25	%
Net investment income		1.54	%		1.67	%		1.28	%		1.24	%		1.34	%
Supplemental Data
Net assets, end of year (000)	$	209,767		$	200,259		$	199,971		$	241,801		$	185,115
Portfolio turnover rate(g)		28	%		28	%		41	%		175	%		62	%

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

^(b)  Based on average shares outstanding.

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

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

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

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

^(g)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar U.S. Equity ETF
		Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)
Net asset value, beginning of year	$	57.11		$	57.06		$	59.02		$	40.80		$	41.90
Net investment income(b)		0.94			0.90			0.79			0.66			0.81
Net realized and unrealized gain (loss)(c)		12.35			0.04			(1.95	)		18.21			(0.88	)
Net increase (decrease) from investment operations		13.29			0.94			(1.16	)		18.87			(0.07	)
Distributions from net investment income(d)		(0.94	)		(0.89	)		(0.80	)		(0.65	)		(1.03	)
Net asset value, end of year	$	69.46		$	57.11		$	57.06		$	59.02		$	40.80
Total Return(e)
Based on net asset value		23.44	%		1.77	%		(2.08	)%		46.58	%		(0.13	)%
Ratios to Average Net Assets(f)
Total expenses		0.03	%		0.03	%		0.03	%		0.18	%		0.20	%
Net investment income		1.48	%		1.65	%		1.27	%		1.32	%		1.90	%
Supplemental Data
Net assets, end of year (000)	$	857,809		$	748,145		$	790,314		$	891,187		$	718,065
Portfolio turnover rate(g)		5	%		4	%		6	%		131	%		49	%

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

^(b)  Based on average shares outstanding.

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

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

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

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

^(g)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 59

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Morningstar Value ETF
		Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)
Net asset value, beginning of year	$	64.93		$	64.89		$	63.68		$	48.12		$	54.18
Net investment income(b)		1.61			1.54			1.38			1.55			1.65
Net realized and unrealized gain (loss)(c)		8.81			0.00	(d)		1.20			15.58			(6.04	)
Net increase (decrease) from investment operations		10.42			1.54			2.58			17.13			(4.39	)
Distributions from net investment income(e)		(1.59	)		(1.50	)		(1.37	)		(1.57	)		(1.67	)
Net asset value, end of year	$	73.76		$	64.93		$	64.89		$	63.68		$	48.12
Total Return(f)
Based on net asset value		16.27	%		2.53	%		4.02	%		36.36	%		(8.23	)%
Ratios to Average Net Assets(g)
Total expenses		0.04	%		0.04	%		0.04	%		0.22	%		0.25	%
Net investment income		2.34	%		2.43	%		2.08	%		2.88	%		3.06	%
Supplemental Data
Net assets, end of year (000)	$	896,228		$	782,374		$	788,443		$	687,758		$	447,483
Portfolio turnover rate(h)		22	%		27	%		21	%		112	%		36	%

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

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

See notes to financial statements.

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Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

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 April 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 61

Notes to Financial Statements (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 (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
Morningstar Mid-Cap Value
BNP Paribas SA	$	845,175	$	(845,175	)	$	—	$	—
BofA Securities, Inc.		758,263		(758,263	)		—		—
Citigroup Global Markets, Inc.		1,810,722		(1,810,722	)		—		—
Goldman Sachs & Co. LLC		197,406		(197,406	)		—		—
J.P. Morgan Securities LLC		2,660		(2,660	)		—		—
Nomura Securities International, Inc.		38,246		(38,246	)		—		—
RBC Capital Market LLC		1,008,914		(1,008,914	)		—		—
State Street Bank & Trust Co.		346,388		(346,388	)		—		—
UBS AG		288,288		(288,288	)		—		—
	$	5,296,062	$	(5,296,062	)	$	—	$	—
Morningstar Small-Cap
Barclays Bank PLC	$	1,116,854	$	(1,116,854	)	$	—	$	—
Barclays Capital, Inc.		222,583		(222,583	)		—		—
BNP Paribas SA		2,077,593		(2,077,593	)		—		—
BofA Securities, Inc.		2,551,899		(2,551,899	)		—		—
Citadel Clearing LLC		91,218		(91,218	)		—		—
Citigroup Global Markets, Inc.		518,298		(518,298	)		—		—
Credit Suisse Securities (USA) LLC		55,402		(55,402	)		—		—
Goldman Sachs & Co. LLC		2,602,927		(2,602,927	)		—		—
HSBC Bank PLC		134,487		(134,487	)		—		—
J.P. Morgan Securities LLC		1,904,129		(1,904,129	)		—		—
Jefferies LLC		642,338		(642,338	)		—		—
Morgan Stanley		3,146,690		(3,146,690	)		—		—
National Financial Services LLC		331,979		(331,979	)		—		—
Natixis SA		76,524		(76,524	)		—		—
RBC Capital Market LLC		580,798		(580,798	)		—		—
Scotia Capital (USA), Inc.		288,478		(288,478	)		—		—
SG Americas Securities LLC		4,320		(4,320	)		—		—
State Street Bank & Trust Co.		659,195		(659,195	)		—		—
Toronto-Dominion Bank		771,852		(771,852	)		—		—
UBS AG		354,981		(354,981	)		—		—
Virtu Americas LLC		98,235		(98,235	)		—		—
Wells Fargo Bank N.A		439,038		(439,038	)		—		—
Wells Fargo Securities LLC		29,910		(29,910	)		—		—
	$	18,699,728	$	(18,699,728	)	$	—	$	—
Morningstar U.S. Equity
Barclays Bank PLC	$	31,026	$	(31,026	)	$	—	$	—
Barclays Capital, Inc.		18,328		(18,328	)		—		—
BNP Paribas SA		917,733		(917,733	)		—		—
BofA Securities, Inc.		588,252		(588,252	)		—		—
Citadel Clearing LLC		661,860		(661,860	)		—		—
Citigroup Global Markets, Inc.		266,239		(266,239	)		—		—
Goldman Sachs & Co. LLC		9,138		(9,138	)		—		—
HSBC Bank PLC		208,793		(208,793	)		—		—
J.P. Morgan Securities LLC		659,786		(659,786	)		—		—

N O T E S T O F I N A N C I A L S T A T E M E N T S 63

Notes to Financial Statements (continued)

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount
Morningstar U.S. Equity (continued)
Morgan Stanley	$	39,650	$	(39,650	)	$	—	$	—
RBC Capital Market LLC		3,195		(3,195	)		—		—
Scotia Capital (USA), Inc.		160,868		(160,868	)		—		—
	$	3,564,868	$	(3,564,868	)	$	—	$	—
Morningstar Value
Barclays Bank PLC	$	625,716	$	(625,716	)	$	—	$	—
BNP Paribas SA		860,232		(860,232	)		—		—
BofA Securities, Inc.		274,265		(274,265	)		—		—
Goldman Sachs & Co. LLC		53,595		(53,595	)		—		—
J.P. Morgan Securities LLC		967,925		(967,925	)		—		—
National Financial Services LLC		600,409		(600,409	)		—		—
RBC Capital Market LLC		17,740		(17,740	)		—		—
Toronto-Dominion Bank		1,088		(1,088	)		—		—
	$	3,400,970	$	(3,400,970	)	$	—	$	—

^(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 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).

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Notes to Financial Statements (continued)

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.

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended April 30, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Morningstar Mid-Cap Value	$	32,782
Morningstar Small-Cap		74,421
Morningstar U.S. Equity		11,823
Morningstar Value		11,280

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

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

For the year ended April 30, 2024, transactions executed by the 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	$	143,464,854	$	120,264,299	$	3,540,767
Morningstar Small-Cap		34,066,065		23,035,216		219,410
Morningstar U.S. Equity		14,265,581		12,512,426		(3,954,553	)
Morningstar Value		125,400,791		98,062,835		6,906,623

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 65

Notes to Financial Statements (continued)

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

7. PURCHASES AND SALES

For the year ended April 30, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Morningstar Mid-Cap Value	$	235,104,076	$	233,048,345
Morningstar Small-Cap		59,374,520		59,191,826
Morningstar U.S. Equity		40,683,688		39,508,326
Morningstar Value		185,137,714		185,468,594

For the year ended April 30, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Morningstar Mid-Cap Value	$	51,467,468	$	37,054,667
Morningstar Small-Cap		2,501,821		17,506,593
Morningstar U.S. Equity		6,245,197		53,496,320
Morningstar Value		62,138,042		58,116,878

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Morningstar Mid-Cap Value	$	7,893,678	$	(7,893,678	)
Morningstar Small-Cap		3,338,748		(3,338,748	)
Morningstar U.S. Equity		13,085,164		(13,085,164	)
Morningstar Value		14,929,626		(14,929,626	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended April 30, 2024		Year Ended April 30, 2023
Morningstar Mid-Cap Value
Ordinary income	$	12,832,610	$	11,819,760
Morningstar Small-Cap
Ordinary income	$	3,167,971	$	3,393,435
Morningstar U.S. Equity
Ordinary income	$	11,860,921	$	12,049,075
Morningstar Value
Ordinary income	$	19,636,858	$	18,183,374

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Notes to Financial Statements (continued)

As of April 30, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Total
Morningstar Mid-Cap Value	$	1,010,347	$	(31,958,804	)	$	77,726,514		$	46,778,057
Morningstar Small-Cap		308,915		(37,298,740	)		(722,872	)		(37,712,697	)
Morningstar U.S. Equity		1,040,969		(73,847,118	)		226,647,226			153,841,077
Morningstar Value		1,905,428		(38,144,056	)		153,919,387			117,680,759

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of realized gains/losses for tax purposes and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

For the year ended April 30, 2024, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Amount Utilized
Morningstar Mid-Cap Value	$	1,496,470
Morningstar Value		7,548,533

As of April 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Morningstar Mid-Cap Value	$	525,562,538	$	104,518,531	$	(26,785,579	)	$	77,732,952
Morningstar Small-Cap		230,171,473		41,595,968		(42,318,840	)		(722,872	)
Morningstar U.S. Equity		634,340,061		276,551,525		(49,902,301	)		226,649,224
Morningstar Value		744,817,826		194,992,724		(41,068,988	)		153,923,736

9. PRINCIPAL RISKS

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

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

N O T E S T O F I N A N C I A L S T A T E M E N T S 67

Notes to Financial Statements (continued)

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 04/30/24						Year Ended 04/30/23
iShares ETF	Shares			Amount			Shares			Amount
Morningstar Mid-Cap Value
Shares sold		850,000		$	52,070,944			1,750,000		$	108,029,844
Shares redeemed		(550,000	)		(36,415,020	)		(1,050,000	)		(62,909,176	)
		300,000		$	15,655,924			700,000		$	45,120,668
Morningstar Small-Cap
Shares sold		50,000		$	2,623,248			400,000		$	18,341,725
Shares redeemed		(350,000	)		(17,769,911	)		(200,000	)		(8,950,442	)
		(300,000	)	$	(15,146,663	)		200,000		$	9,391,283

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Notes to Financial Statements (continued)

	Year Ended 04/30/24						Year Ended 04/30/23
iShares ETF	Shares			Amount			Shares			Amount
Morningstar U.S. Equity
Shares sold		100,000		$	6,276,740			200,000		$	10,798,586
Shares redeemed		(850,000	)		(53,458,886	)		(950,000	)		(51,359,765	)
		(750,000	)	$	(47,182,146	)		(750,000	)	$	(40,561,179	)
Morningstar Value
Shares sold		950,000		$	62,582,240			750,000		$	47,324,307
Shares redeemed		(850,000	)		(58,015,847	)		(850,000	)		(53,875,863	)
		100,000		$	4,566,393			(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. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

11. SUBSEQUENT EVENTS

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 69

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of April 30, 2024, the related statements of operations for the year ended April 30, 2024, the statements of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of April 30, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended April 30, 2024 and each of the financial highlights for each of the five years in the period ended April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

iShares Morningstar Mid-Cap Value ETF

iShares Morningstar Small-Cap ETF

iShares Morningstar U.S. Equity ETF

iShares Morningstar Value ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2024:

iShares ETF	Qualified Dividend Income
Morningstar Mid-Cap Value	$	11,688,602
Morningstar Small-Cap		2,306,129
Morningstar U.S. Equity		11,576,799
Morningstar Value		19,323,112

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2024:

iShares ETF	Qualified Business Income
Morningstar Mid-Cap Value	$	1,722,809
Morningstar Small-Cap		570,026
Morningstar U.S. Equity		624,426
Morningstar Value		760,991

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2024 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received   Deduction
Morningstar Mid-Cap Value		81.48%
Morningstar Small-Cap		65.83
Morningstar U.S. Equity		91.62
Morningstar Value		92.99

I M P O R T A N T T A X I N F O R M A T I O N 71

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF and iShares Morningstar Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L I N F O R M A T I O N 73

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund Complex”). Each Fund is included in the iShares Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the iShares Complex, which consists of 404 funds as of April 30, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Laura F. Fergerson (1962)	Trustee (since 2024).	President, Franklin Templeton Services, LLC (2017-2024); Director of the Board of Crocker Art Museum Association (since 2019); President, Crocker Art Museum Foundation (2022-2023).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

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Trustee and Officer Information (unaudited) (continued)

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
James Lam (1961)	Trustee (since 2024).	President, James Lam & Associates, Inc. (since 2002); Director of the FAIR Institute (since 2020); adjunct professor at Carnegie Mellon University (since 2018); Member, Zicklin School of Business Dean’s Council of Baruch College (since 2017); Director and Audit Committee Chair of RiskLens, Inc. (2018-2023); Director, Risk Oversight Committee Chair and Audit Committee Member of E*TRADE Financial and E*TRADE Bank (2012-2020).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 75

Trustee and Officer Information (unaudited) (continued)

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

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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.

G E N E R A L I N F O R M A T I O N 77

Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-410-0424

APRIL 30, 2024

     2024 Annual Report  

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 April 30, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still impressive. Meanwhile, both international developed market equities and emerging market stocks also gained, albeit at a notably slower pace than that of U.S. stocks.

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

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period, and recent statements from the Fed seem to support this view. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, we believe there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		20.98%		22.66%
U.S. small cap equities (Russell 2000® Index)		19.66		13.32
International equities (MSCI Europe, Australasia, Far East Index)		18.63		9.28
Emerging market equities (MSCI Emerging Markets Index)		15.40		9.88
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.66		5.36
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		3.66		(6.40)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		4.97		(1.47)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.06		2.08
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		8.99		9.01
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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		7
Disclosure of Expenses		7
Schedule of Investments		8
Financial Statements:
Statement of Assets and Liabilities		12
Statement of Operations		13
Statements of Changes in Net Assets		14
Financial Highlights		15
Notes to Financial Statements		16
Report of Independent Registered Public Accounting Firm		22
Important Tax Information		23
Statement Regarding Liquidity Risk Management Program		24
Supplemental Information		25
Trustee and Officer Information		26
General Information		29
Glossary of Terms Used in this Report		30

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended April 30, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 22.30%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive environment for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. Consumers were emboldened by a strong labor market, as employers continued to add jobs, and average hourly wages increased notably. Higher asset values also supported consumer spending, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

While consumer sentiment rose amid healthy household balance sheets and an improving economy, it remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. Inflation declined early in the reporting period, decreasing from 4.1% in May 2023 to 3% in June 2023, but remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, to the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While investors closely watched the Fed for signs of a shift toward lower interest rates, tenacious inflation later in the reporting period led investors to limit their expectations.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

4 2 0 2 4 I S H A R E S  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

Fund Summary as of April 30, 2024  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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.82	%		2.62	%		5.41	%		1.82	%		13.80	%		69.29	%
Fund Market		1.83			2.61			5.41			1.83			13.74			69.35
Index		1.94			2.69			5.55			1.94			14.21			71.64

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/23)	Ending Account Value (04/30/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$  1,127.00	$   0.42			$  1,000.00	$  1,024.47	$   0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

FUND SUMMARY 5

Fund Summary as of April 30, 2024 (continued) iShares^® Core U.S. REIT ETF

Portfolio Management Commentary

U.S. real estate investment trusts (“REITs”) advanced during the reporting period, supported by resilient economic growth. The retail REITs industry contributed the most to the Index’s return amid strong consumer spending and low vacancy rates. The national shopping center vacancy rate fell to 5.4%, its lowest level in over 15 years, in part due to a slowdown in new construction given higher interest rates and risk-averse lenders. In this environment, one large holder of retail properties posted record high annual operating performance.

The data center REITs industry also contributed meaningfully to the Index’s performance, as the digital economy continued to expand. In particular, generative artificial intelligence (“AI”) sparked substantial investor enthusiasm for AI-related products and technologies, creating a surge in plans for and construction of new data centers.

The office REITs industry also aided the Index’s performance, as the outlook for commercial real estate improved amid investor optimism that interest rates may have peaked while businesses increasingly required employees to return to working in the office. REITs that focus on higher-end workplaces and supply-constrained markets particularly benefited.

On the downside, the industrial REITs industry detracted from the Index’s return. Uncertainty about the economic outlook constrained demand for warehouse space. As freight and logistics companies increasingly focused on reducing costs, landlords lowered their forecasts for occupancy, earnings, and planned development. Additionally, a 12-year low in home sales reduced demand for furniture, building materials, and appliances, prompting some of the largest home goods retailers to close distribution centers. Regional concentrations of investments also hampered the industry, particularly properties in southern California, where both demand and rent growth disappointed.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of   Total Investments(a)
Specialized REITs		27.3%
Residential REITs		17.9
Retail REITs		17.1
Industrial REITs		14.1
Health Care REITs		11.3
Office REITs		6.0
Hotel & Resort REITs		3.7
Diversified REITs		2.6

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Prologis, Inc.		9.5%
Equinix, Inc.		6.7
Welltower, Inc.		5.3
Simon Property Group, Inc.		4.6
Realty Income Corp.		4.5
Digital Realty Trust, Inc.		4.2
Public Storage		4.1
VICI Properties, Inc.		3.0
Extra Space Storage, Inc.		2.8
AvalonBay Communities, Inc.		2.7

^(a) Excludes money market funds.

6 2 0 2 4 I SHARES ANNUAL REPORT  TO SHAREHOLDERS

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 the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

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

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

Disclosure of Expenses

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

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

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

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

ABOUT FUND  PERFORMANCE  /  DISCLOSURE OF EXPENSES 7

Schedule of Investments  April 30, 2024 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 2.6%
Alexander & Baldwin, Inc.		161,344	$	2,657,336
Alpine Income Property Trust, Inc.		28,297		422,474
American Assets Trust, Inc.		108,645		2,319,571
Armada Hoffler Properties, Inc.		150,679		1,585,143
Broadstone Net Lease, Inc.		419,398		6,106,435
CTO Realty Growth, Inc.		49,947		866,580
Empire State Realty Trust, Inc., Class A		296,292		2,696,257
Essential Properties Realty Trust, Inc.		347,586		9,155,415
Gladstone Commercial Corp.		88,653		1,185,291
Global Net Lease, Inc.		434,103		3,017,016
NexPoint Diversified Real Estate Trust		73,160		437,497
One Liberty Properties, Inc.		36,960		846,754
WP Carey, Inc.		487,035		26,708,999
				58,004,768
Health Care REITs — 11.2%
CareTrust REIT, Inc.		267,401		6,610,153
Community Healthcare Trust, Inc.		59,543		1,579,676
Diversified Healthcare Trust		528,950		1,248,322
Global Medical REIT, Inc.		136,017		1,103,098
Healthcare Realty Trust, Inc.		853,362		12,143,341
Healthpeak Properties, Inc.		1,587,040		29,534,814
LTC Properties, Inc.		91,981		3,044,571
Medical Properties Trust, Inc.(a)		1,336,432		6,147,587
National Health Investors, Inc.		93,210		5,877,823
Omega Healthcare Investors, Inc.		549,814		16,719,844
Sabra Health Care REIT, Inc.		515,855		7,180,701
Universal Health Realty Income Trust		29,122		1,049,266
Ventas, Inc.		897,949		39,761,182
Welltower, Inc.		1,245,776		118,697,537
				250,697,915
Hotel & Resort REITs — 3.7%
Apple Hospitality REIT, Inc.		480,512		7,092,357
Braemar Hotels & Resorts, Inc.		151,031		412,315
Chatham Lodging Trust		107,500		985,775
DiamondRock Hospitality Co.		470,531		4,187,726
Host Hotels & Resorts, Inc.		1,570,807		29,641,128
Park Hotels & Resorts, Inc.		466,921		7,531,436
Pebblebrook Hotel Trust(a)		264,771		3,847,123
RLJ Lodging Trust		343,169		3,774,859
Ryman Hospitality Properties, Inc.		130,049		13,717,568
Service Properties Trust		367,869		2,255,037
Summit Hotel Properties, Inc.		232,982		1,400,222
Sunstone Hotel Investors, Inc.		459,387		4,685,747
Xenia Hotels & Resorts, Inc.		234,919		3,258,326
				82,789,619
Industrial REITs — 14.1%
Americold Realty Trust, Inc.		636,841		13,991,397
EastGroup Properties, Inc.		102,783		15,968,367
First Industrial Realty Trust, Inc.		296,534		13,468,574
Industrial Logistics Properties Trust		145,644		512,667
Innovative Industrial Properties, Inc.		62,302		6,442,027
LXP Industrial Trust		645,714		5,391,712
Plymouth Industrial REIT, Inc.		102,632		2,142,956
Prologis, Inc.		2,074,864		211,739,871
Rexford Industrial Realty, Inc.		472,912		20,245,363
STAG Industrial, Inc.		408,332		14,042,537
Terreno Realty Corp.		200,074		10,874,022
				314,819,493

Security	Shares		Value
Office REITs — 6.0%
Alexandria Real Estate Equities, Inc.		389,844	$	45,171,224
Boston Properties, Inc.		352,423		21,811,459
Brandywine Realty Trust		370,285		1,681,094
City Office REIT, Inc.		90,543		421,930
COPT Defense Properties		251,692		6,033,057
Cousins Properties, Inc.		339,922		7,797,811
Douglas Emmett, Inc.		321,437		4,406,901
Easterly Government Properties, Inc.		214,042		2,502,151
Highwoods Properties, Inc.		234,104		6,133,525
Hudson Pacific Properties, Inc.		310,595		1,801,451
JBG SMITH Properties		202,265		3,035,998
Kilroy Realty Corp.		262,318		8,866,348
NET Lease Office Properties		33,100		756,666
Office Properties Income Trust		107,356		216,859
Orion Office REIT, Inc.		131,171		409,254
Paramount Group, Inc.		416,687		1,933,428
Peakstone Realty Trust, Class E		81,493		1,138,457
Piedmont Office Realty Trust, Inc., Class A		275,471		1,897,995
Postal Realty Trust, Inc., Class A		45,521		630,466
SL Green Realty Corp.		138,842		6,918,497
Vornado Realty Trust		397,289		10,341,433
				133,906,004
Residential REITs — 17.8%
American Homes 4 Rent, Class A		748,210		26,785,918
Apartment Income REIT Corp.		329,528		12,647,285
Apartment Investment & Management Co., Class A(b)		323,619		2,588,952
AvalonBay Communities, Inc.		318,550		60,387,523
BRT Apartments Corp.		26,888		482,371
Camden Property Trust		233,149		23,240,292
Centerspace		33,756		2,270,091
Elme Communities		195,625		2,965,675
Equity LifeStyle Properties, Inc.		399,208		24,068,250
Equity Residential		838,404		53,993,218
Essex Property Trust, Inc.		143,458		35,326,533
Independence Realty Trust, Inc.		502,819		7,929,456
Invitation Homes, Inc.		1,373,696		46,980,403
Mid-America Apartment Communities, Inc.		260,938		33,921,940
NexPoint Residential Trust, Inc.		50,567		1,731,414
Sun Communities, Inc.		276,167		30,742,910
UDR, Inc.		737,312		28,076,841
UMH Properties, Inc.		135,426		2,155,982
Veris Residential, Inc.		176,463		2,542,832
				398,837,886
Retail REITs — 17.0%
Acadia Realty Trust		224,807		3,884,665
Agree Realty Corp.		222,664		12,740,834
Alexander’s, Inc.		4,835		1,022,893
Brixmor Property Group, Inc.		672,495		14,862,139
CBL & Associates Properties, Inc.		60,386		1,313,395
Federal Realty Investment Trust		181,638		18,921,230
Getty Realty Corp.		106,231		2,878,860
InvenTrust Properties Corp.		151,461		3,838,022
Kimco Realty Corp.		1,474,318		27,466,544
Kite Realty Group Trust		485,208		10,577,534
Macerich Co. (The)		481,625		6,627,160
NETSTREIT Corp.		155,228		2,615,592
NNN REIT, Inc.		407,589		16,519,582
Phillips Edison & Co., Inc.		268,140		8,768,178
Realty Income Corp.		1,869,730		100,105,344
Regency Centers Corp.		405,977		24,041,958
Retail Opportunity Investments Corp.		274,412		3,367,035
Saul Centers, Inc.		25,992		946,369

8 2 0 2 4 I SHARES ANNUAL REPORT TO  SHAREHOLDERS

Schedule of Investments (continued) April 30, 2024 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Simon Property Group, Inc.		729,435	$	102,507,501
SITE Centers Corp.		425,386		5,738,457
Tanger, Inc.		233,305		6,614,197
Urban Edge Properties		255,816		4,279,802
Whitestone REIT		108,475		1,247,463
				380,884,754
Specialized REITs — 27.2%
CubeSmart		502,541		20,322,758
Digital Realty Trust, Inc.		679,014		94,233,563
EPR Properties		166,803		6,770,534
Equinix, Inc.		209,929		149,282,611
Extra Space Storage, Inc.		470,076		63,121,805
Farmland Partners, Inc.		99,619		1,071,900
Four Corners Property Trust, Inc.		202,289		4,743,677
Gaming & Leisure Properties, Inc.		574,815		24,561,845
Gladstone Land Corp.		75,987		963,515
Iron Mountain, Inc.		650,831		50,452,419
Lamar Advertising Co., Class A		195,227		22,617,048
National Storage Affiliates Trust		168,884		5,917,695
Outfront Media, Inc.		329,631		5,227,948
Public Storage		352,257		91,393,079
Safehold, Inc.		108,512		1,979,259
VICI Properties, Inc.		2,324,667		66,369,243
				609,028,899
Total Long-Term Investments — 99.6% (Cost: $2,586,254,134)				2,228,969,338

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.49%(c)(d)(e)		2,557,869	$	2,558,636
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(c)(d)		6,904,914		6,904,914
Total Short-Term Securities — 0.4% (Cost: $ 9,463,214)				9,463,550
Total Investments — 100.0% (Cost: $ 2,595,717,348)				2,238,432,888
Liabilities in Excess of Other Assets — (0.0)%				(551,908	)
Net Assets — 100.0%			$	2,237,880,980

^(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 year ended April 30, 2024 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 Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation   (Depreciation)			Value at 04/30/24		Shares Held at 04/30/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,979,342	$	—		$	(8,420,764	)(a)	$	4,215	$	(4,157	)	$	2,558,636		2,557,869	$	69,607	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,910,036		2,994,878	(a)		—			—		—			6,904,914		6,904,914		289,043			—
									$	4,215	$	(4,157	)	$	9,463,550			$	358,650		$	—

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

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

SCHEDULE  OF INVESTMENTS 9

Schedule of Investments (continued) April 30, 2024 iShares^® Core U.S. REIT 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
Dow Jones U.S. Real Estate Index		272		06/21/24	$	8,650	$	(470,503	)

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)	$	—		$	—		$	470,503		$	—		$	—		$	—		$	470,503

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

For the period ended April 30, 2024, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Commodity Contracts			Credit Contracts			Equity Contracts				Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	—		$	—		$	(42,918)			$	—		$	—		$	—		$	(42,918)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—		$	—		$	(670,666	)		$	—		$	—		$	—		$	(670,666	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments 

Futures contracts
Average notional value of contracts — long	$	6,934,723

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

10 2 0 2 4 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (continued) April 30, 2024 iShares^® Core U.S. REIT 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	$	2,228,969,338		$	—	$	—	$	2,228,969,338
Short-Term Securities
Money Market Funds		9,463,550			—		—		9,463,550
	$	2,238,432,888		$	—	$	—	$	2,238,432,888
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(470,503	)	$	—	$	—	$	(470,503	)

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

See notes to financial statements.

SCHEDULE  OF INVESTMENTS 11

Statement of Assets and Liabilities

April 30, 2024

	iShares Core U.S. REIT ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	2,228,969,338
Investments, at value — affiliated(c)		9,463,550
Cash		1,897
Cash pledged:
Futures contracts		548,000
Receivables:
Securities lending income — affiliated		4,137
Dividends — unaffiliated		1,754,314
Dividends — affiliated		21,819
Total assets		2,240,763,055
LIABILITIES
Collateral on securities loaned		2,529,558
Payables:
Capital shares redeemed		55,932
Investment advisory fees		146,835
Variation margin on futures contracts		149,750
Total liabilities		2,882,075
Commitments and contingent liabilities
NET ASSETS	$	2,237,880,980
NET ASSETS CONSIST OF:
Paid-in capital	$	2,635,573,818
Accumulated loss		(397,692,838	)
NET ASSETS	$	2,237,880,980
NET ASSET VALUE
Shares outstanding	$	44,700,000
Net asset value	$	50.06
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	2,586,254,134
(b) Securities loaned, at value	$	2,380,699
(c) Investments, at cost — affiliated	$	9,463,214

See notes to financial statements.

12 2 0 2 4 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Statement of Operations

Year Ended April 30, 2024

	iShares Core U.S. REIT ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	73,826,000
Dividends — affiliated		289,043
Interest — unaffiliated		4,878
Securities lending income — affiliated — net		69,607
Total investment income		74,189,528
EXPENSES
Investment advisory		1,671,773
Interest expense		647
Total expenses		1,672,420
Net investment income		72,517,108
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(9,696,273	)
Investments — affiliated		4,215
Futures contracts		(42,918	)
In-kind redemptions — unaffiliated(a)		33,764,205
		24,029,229
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(58,850,080	)
Investments — affiliated		(4,157	)
Futures contracts		(670,666	)
		(59,524,903	)
Net realized and unrealized loss		(35,495,674	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	37,021,434

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

See notes to financial statements.

FINANCIAL STATEMENTS 13

Statements of Changes in Net Assets

	iShares Core U.S. REIT ETF
	Year Ended 04/30/24			Year Ended 04/30/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	72,517,108		$	64,307,573
Net realized gain		24,029,229			80,322,433
Net change in unrealized appreciation (depreciation)		(59,524,903	)		(490,807,237	)
Net increase (decrease) in net assets resulting from operations		37,021,434			(346,177,231	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(68,921,006	)		(65,460,022	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		378,443,147			(15,575,503	)
NET ASSETS
Total increase (decrease) in net assets		346,543,575			(427,212,756	)
Beginning of year		1,891,337,405			2,318,550,161
End of year	$	2,237,880,980		$	1,891,337,405

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

See notes to financial statements.

14 2 0 2 4 I SHARES  ANNUAL  REPORT  TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core U.S. REIT ETF
	Year Ended 04/30/24			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20
Net asset value, beginning of year	$	50.84		$	61.83		$	56.60		$	42.45		$	51.60
Net investment income(a)		1.77			1.71			1.24			1.17			1.62
Net realized and unrealized gain (loss)(b)		(0.85	)		(10.95	)		5.45			14.39			(8.95	)
Net increase (decrease) from investment operations		0.92			(9.24	)		6.69			15.56			(7.33	)
Distributions(c)
From net investment income		(1.70	)		(1.75	)		(1.43	)		(1.41	)		(1.80	)
From net realized gain		—			—			(0.03	)		—			(0.02	)
Total distributions		(1.70	)		(1.75	)		(1.46	)		(1.41	)		(1.82	)
Net asset value, end of year	$	50.06		$	50.84		$	61.83		$	56.60		$	42.45
Total Return(d)
Based on net asset value		1.82	%		(14.84	)%		11.82	%		37.43	%		(14.60	)%
Ratios to Average Net Assets(e)
Total expenses		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		3.47	%		3.24	%		2.00	%		2.48	%		3.12	%
Supplemental Data
Net assets, end of year (000)	$	2,237,881		$	1,891,337		$	2,318,550		$	1,986,692		$	1,339,443
Portfolio turnover rate(f)		5	%		8	%		9	%		5	%		8	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 15

Notes to Financial Statements

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the “Fund”):

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

16 2 0 2 4  I SHARES ANNUAL REPORT TO  SHAREHOLDERS

Notes to Financial Statements (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.

NOTES  TO  FINANCIAL STATEMENTS 17

Notes to Financial Statements (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
Citigroup Global Markets, Inc.	$	1,745,360	$	(1,745,360	)	$	—		$	—
Goldman Sachs & Co. LLC		536,273		(536,273	)		—			—
National Financial Services LLC		99,066		(99,066	)		—			—
	$	2,380,699	$	(2,380,699	)	$	—		$	—

^(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, 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 SLAgency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service

18 2 0 2 4  I SHARES ANNUAL REPORT TO  SHAREHOLDERS

Notes to Financial Statements (continued)

fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, 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 year ended April 30, 2024, the Fund paid BTC $17,751 for securities lending agent services.

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

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

For the year ended April 30, 2024, 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	$	10,751,699		$	24,384,624		$	(2,408,423	)

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 year ended April 30, 2024, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core U.S. REIT	$	127,736,073	$	105,214,704

For the year ended April 30, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core U.S. REIT	$	649,028,717	$	292,888,617

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 April 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of April 30, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Core U.S. REIT	$	33,570,994	$	(33,570,994	)

NOTES  TO  FINANCIAL STATEMENTS 19

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended April 30, 2024		Year Ended April 30, 2023
Core U.S. REIT
Ordinary income	$	68,921,006	$	65,460,022

As of April 30, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Total
Core U.S. REIT	$	3,962,048	$	(21,772,127	)	$	(379,882,759	)	$	(397,692,838	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the characterization of corporate actions, the timing and recognition of realized gains/losses for tax purposes and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

As of April 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core U.S. REIT	$	2,618,114,336	$	43,542,210	$	(423,223,658	)	$	(379,681,448	)

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 an indexing approach to try to achieve the Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 discretionary liquidity fees under certain circumstances.

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

Counterparty Credit Risk: The 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

20 2 0 2 4  I SHARES ANNUAL REPORT TO  SHAREHOLDERS

Notes to Financial Statements (continued)

may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of 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 Fund invests.

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

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

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: 

	Year Ended 04/30/24								Year Ended 04/30/23
Share Class	Shares				Amount				Shares				Amount
Shares sold		13,100,000			$	659,303,907				11,700,000			$	614,069,077
Shares redeemed		(5,600,000	)			(280,860,760	)			(12,000,000	)			(629,644,580	)
		7,500,000			$	378,443,147				(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. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

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.

NOTES  TO  FINANCIAL STATEMENTS 21

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares Core U.S. REIT ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Core U.S. REIT ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of April 30, 2024, the related statement of operations for the year ended April 30, 2024, the statement of changes in net assets for each of the two years in the period ended April 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2024 and the financial highlights for each of the five years in the period ended April 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

June 24, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

22 2 0 2 4 I SHARES ANNUAL  REPORT TO SHAREHOLDERS

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2024:

iShares ETF	Qualified Dividend Income
iShares Core U.S. REIT ETF	$	1,482,386

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2024:

iShares ETF	Qualified Business Income
iShares Core U.S. REIT ETF	$	68,250,261

IMPORTANT TAX INFORMATION 23

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core U.S. REIT ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

24 2 0 2 4 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Fund.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

SUPPLEMENTAL  INFORMATION 25

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund Complex”). Each Fund is included in the iShares Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the iShares Complex, which consists of 404 funds as of April 30, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years		Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).		Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).		Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years		Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).		Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).		Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).		Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Laura F. Fergerson (1962)	Trustee (since 2024).	President, Franklin Templeton Services, LLC (2017-2024); Director of the Board of Crocker Art Museum Association (since 2019); President, Crocker Art Museum Foundation (2022-2023).		Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

26 2 0 2 4 I SHARES ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information (unaudited) (continued)

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years		Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).		Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
James Lam (1961)	Trustee (since 2024).	President, James Lam & Associates, Inc. (since 2002); Director of the FAIR Institute (since 2020); adjunct professor at Carnegie Mellon University (since 2018); Member, Zicklin School of Business Dean’s Council of Baruch College (since 2017); Director and Audit Committee Chair of RiskLens, Inc. (2018-2023); Director, Risk Oversight Committee Chair and Audit Committee Member of E*TRADE Financial and E*TRADE Bank (2012-2020).		Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).		Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).		Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).		Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
		Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).

TRUSTEE  AND OFFICER  INFORMATION 27

Trustee and Officer Information (unaudited) (continued)

		Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

28 2 0 2 4 I SHARES ANNUAL REPORT TO SHAREHOLDERS

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.

GENERAL  INFORMATION 29

Glossary of Terms Used in this Report

Portfolio Abbreviation
REIT	Real Estate Investment Trust

30 2 0 2 4 I SHARES  ANNUAL REPORT TO SHAREHOLDERS

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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.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-412-0424

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the nine series of the registrant for which the fiscal year-end is April 30, 2024 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $119,700 for the fiscal year ended April 30, 2023 and $119,700 for the fiscal year ended April 30, 2024.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended April 30, 2023 and April 30, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $87,300 for the fiscal year ended April 30, 2023 and $87,300 for the fiscal year ended April 30, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended April 30, 2023 and April 30, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $87,300 for the fiscal year ended April 30, 2023 and $87,300 for the fiscal year ended April 30, 2024.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants.

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

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

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Recovery of Erroneously Awarded Compensation.

Not applicable

Item 14. Exhibits.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Jessica Tan
	Jessica Tan, President (Principal Executive Officer)

Date: June 24, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Jessica Tan
	Jessica Tan, President (Principal Executive Officer)

Date: June 24, 2024

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: June 24, 2024