iShares MSCI China ETF NCSRS Certified semi-annual shareholder report (management investment company)

iShares MSCI China ETF (MCHI) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:

811-09729

Name of Fund:

iShares Trust

Fund Address: c/o BlackRockFund Advisors
400 Howard Street, San Francisco, CA 94105

Name and address of agent for service: The Corporation Trust Company
1209 Orange Street, Wilmington, DE 19801

Registrant's telephone number, including area code:

(415) 670-2000

Date of fiscal year end:

04/30/2025

Date of reporting period:

10/31/2024

Item 1 — Reports to Stockholders

(a) The Reports to Shareholders are attached herewith

iShares Core U.S. REIT ETF

USRT | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about iShares Core U.S. REIT ETF (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core U.S. REIT ETF	$4	0.08%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	21.23	%	36.63	%	4.47	%	6.43	%
Russell 3000^® Index	13.85		37.86		14.60		12.44
FTSE Nareit Equity REITs Index	21.30		36.80		4.55		6.56

Key Fund statistics

Net Assets	$2,787,152,215
Number of Portfolio Holdings	135
Portfolio Turnover Rate	3%

The Fund has added the Russell 3000^® Index in response to new regulatory requirements.

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

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024)

Industry allocation

Industry	Percent of Total Investments^(a)
Specialized REITs	29.0	%
Retail REITs	16.9	%
Residential REITs	16.0	%
Health Care REITs	15.2	%
Industrial REITs	13.4	%
Office REITs	4.3	%
Hotel & Resort REITs	2.8	%
Diversified REITs	2.4	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Prologis, Inc.	8.7	%
Equinix, Inc.	7.2	%
Welltower, Inc.	6.8	%
Digital Realty Trust, Inc.	4.8	%
Simon Property Group, Inc.	4.6	%
Public Storage	4.3	%
Realty Income Corp.	4.3	%
Iron Mountain, Inc.	3.0	%
Extra Space Storage, Inc.	2.8	%
VICI Properties, Inc.	2.8	%

^(a)	Excludes money market funds.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE Russell or FTSE International Limited, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Core U.S. REIT ETF

Semi-Annual Shareholder Report — October 31, 2024

USRT-10/24-SAR

iShares Core Dividend ETF

DIVB | Cboe BZX Exchange

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about iShares Core Dividend ETF (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core Dividend ETF	$3	0.05%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		Since Fund Inception
Fund NAV	14.72	%	37.21	%	13.53	%	12.52	%
Morningstar US Market Index	13.83		38.09		14.70		13.38
Morningstar^® US Dividend and Buyback Index^℠	14.78		37.33		13.73		12.75

Key Fund statistics

Net Assets	$539,499,891
Number of Portfolio Holdings	435
Portfolio Turnover Rate	24%

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

The inception date of the Fund was November 7, 2017.

What did the Fund invest in?

(as of October 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	23.5	%
Financials	21.3	%
Industrials	10.3	%
Health Care	9.9	%
Energy	8.9	%
Consumer Staples	7.1	%
Consumer Discretionary	6.6	%
Real Estate	3.3	%
Communication Services	3.2	%
Utilities	3.0	%
Materials	2.9	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Cisco Systems, Inc.	5.3	%
International Business Machines Corp.	3.6	%
Accenture PLC, Class A	3.5	%
Texas Instruments, Inc.	3.1	%
Exxon Mobil Corp.	2.9	%
JPMorgan Chase & Co.	2.5	%
Wells Fargo & Co.	2.2	%
Chevron Corp.	2.1	%
Fidelity National Information Services, Inc.	2.0	%
Verizon Communications, Inc.	1.6	%

^(a)	Excludes money market funds.

Additional information

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

iShares Core Dividend ETF

Semi-Annual Shareholder Report — October 31, 2024

DIVB-10/24-SAR

iShares Core Dividend Growth ETF

DGRO | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about iShares Core Dividend Growth ETF (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core Dividend Growth ETF	$4	0.08%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	12.04	%	31.60	%	11.88	%	11.81	%
Morningstar US Market Index	13.83		38.09		14.70		12.56
Morningstar^® US Dividend Growth Index^℠	12.07		31.69		11.95		11.88

Key Fund statistics

Net Assets	$30,052,061,289
Number of Portfolio Holdings	415
Portfolio Turnover Rate	10%

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

What did the Fund invest in?

(as of October 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	18.9	%
Health Care	16.8	%
Information Technology	16.7	%
Industrials	12.1	%
Consumer Staples	10.2	%
Energy	7.8	%
Utilities	6.8	%
Consumer Discretionary	6.4	%
Materials	2.7	%
Communication Services	1.6	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Exxon Mobil Corp.	3.0	%
JPMorgan Chase & Co.	3.0	%
Apple Inc.	2.9	%
Microsoft Corp.	2.8	%
Chevron Corp.	2.8	%
Johnson & Johnson	2.7	%
AbbVie, Inc.	2.7	%
Broadcom, Inc.	2.4	%
Home Depot, Inc. (The)	2.2	%
Procter & Gamble Co. (The)	2.1	%

^(a)	Excludes money market funds.

Additional information

iShares Core Dividend Growth ETF

Semi-Annual Shareholder Report — October 31, 2024

DGRO-10/24-SAR

iShares Core High Dividend ETF

HDV | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about iShares Core High Dividend ETF (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Core High Dividend ETF	$4	0.08%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	11.20	%	27.79	%	8.51	%	8.30	%
Morningstar US Market Index	13.83		38.09		14.70		12.56
Morningstar^® Dividend Yield Focus Index^℠	11.20		27.94		8.60		8.39

Key Fund statistics

Net Assets	$11,113,231,169
Number of Portfolio Holdings	79
Portfolio Turnover Rate	40%

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

What did the Fund invest in?

(as of October 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Energy	26.5	%
Consumer Staples	18.7	%
Health Care	18.5	%
Utilities	11.2	%
Information Technology	10.1	%
Communication Services	4.9	%
Financials	4.6	%
Industrials	2.5	%
Materials	2.4	%
Consumer Discretionary	0.6	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Exxon Mobil Corp.	9.9	%
Chevron Corp.	6.6	%
Johnson & Johnson	6.4	%
AbbVie, Inc.	6.3	%
Philip Morris International, Inc.	4.7	%
AT&T Inc.	4.6	%
Cisco Systems, Inc.	4.0	%
PepsiCo, Inc.	3.9	%
Coca-Cola Co. (The)	3.8	%
Merck & Co., Inc.	3.8	%

^(a)	Excludes money market funds.

Additional information

iShares Core High Dividend ETF

Semi-Annual Shareholder Report — October 31, 2024

HDV-10/24-SAR

iShares Select Dividend ETF

DVY | NASDAQ

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about iShares Select Dividend ETF (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Select Dividend ETF	$21	0.38%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	15.10	%	33.73	%	9.75	%	9.39	%
S&P Total Market Index^™	13.84		37.99		14.51		12.37
Dow Jones U.S. Select Dividend Index^™	15.32		34.25		10.19		9.83

Key Fund statistics

Net Assets	$20,080,101,361
Number of Portfolio Holdings	102
Portfolio Turnover Rate	2%

The Fund has added the S&P Total Market Index™ in response to new regulatory requirements.

What did the Fund invest in?

(as of October 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Utilities	29.1	%
Financials	27.0	%
Consumer Staples	10.2	%
Materials	8.2	%
Consumer Discretionary	6.7	%
Communication Services	5.7	%
Energy	4.6	%
Health Care	3.4	%
Information Technology	3.0	%
Industrials	2.1	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Altria Group, Inc.	3.2	%
AT&T Inc.	2.2	%
Philip Morris International, Inc.	2.1	%
International Paper Co.	2.1	%
Citizens Financial Group, Inc.	1.8	%
Dominion Energy, Inc.	1.8	%
ONEOK, Inc.	1.8	%
Truist Financial Corp.	1.8	%
KeyCorp	1.7	%
Entergy Corp.	1.7	%

^(a)	Excludes money market funds.

Additional information

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC, and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

iShares Select Dividend ETF

Semi-Annual Shareholder Report — October 31, 2024

DVY-10/24-SAR

iShares Morningstar Mid-Cap Value ETF

IMCV | NASDAQ

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about iShares Morningstar Mid-Cap Value ETF (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Morningstar Mid-Cap Value ETF	$3	0.06%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	10.32	%	33.39	%	9.88	%	8.98	%
Morningstar US Market Index	13.83		38.09		14.70		12.56
Morningstar^® US Mid Cap Broad Value Index^℠	10.33		33.42		9.98		9.19

Key Fund statistics

Net Assets	$636,645,315
Number of Portfolio Holdings	309
Portfolio Turnover Rate	16%

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

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

What did the Fund invest in?

(as of October 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	18.7	%
Utilities	12.7	%
Industrials	11.0	%
Real Estate	8.6	%
Consumer Discretionary	8.4	%
Information Technology	8.0	%
Energy	8.0	%
Consumer Staples	7.9	%
Health Care	7.2	%
Materials	7.0	%
Communication Services	2.5	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Williams Cos., Inc. (The)	1.2	%
Capital One Financial Corp.	1.2	%
Truist Financial Corp.	1.1	%
General Motors Co.	1.1	%
Norfolk Southern Corp.	1.0	%
ONEOK, Inc.	1.0	%
Bank of New York Mellon Corp. (The)	1.0	%
PACCAR, Inc.	1.0	%
Aflac, Inc.	1.0	%
American Electric Power Co., Inc.	1.0	%

^(a)	Excludes money market funds.

Additional information

iShares Morningstar Mid-Cap Value ETF

Semi-Annual Shareholder Report — October 31, 2024

IMCV-10/24-SAR

iShares Morningstar Small-Cap ETF

ISCB | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about iShares Morningstar Small-Cap ETF (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Morningstar Small-Cap ETF	$2	0.04%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	11.75	%	34.20	%	6.84	%	7.09	%
Morningstar US Market Index	13.83		38.09		14.70		12.56
Morningstar^® US Small Cap Extended Index^℠	11.74		34.15		6.77		7.15

Key Fund statistics

Net Assets	$229,919,699
Number of Portfolio Holdings	1,585
Portfolio Turnover Rate	11%

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

The performance of the Morningstar^® US Small Cap Extended Index℠ in this report reflects the performance of the Morningstar^® US Small Core Index℠ through March 21, 2021 and, beginning on March 22, 2021, the performance of the Morningstar^® US Small Cap Extended Index℠.

What did the Fund invest in?

(as of October 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	18.8	%
Industrials	18.3	%
Consumer Discretionary	14.1	%
Health Care	12.1	%
Information Technology	11.8	%
Real Estate	7.1	%
Materials	5.6	%
Communication Services	3.6	%
Energy	3.6	%
Consumer Staples	2.8	%
Utilities	2.2	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Carvana Co., Class A	0.6	%
Guidewire Software, Inc.	0.3	%
Coherent Corp.	0.3	%
East West Bancorp, Inc.	0.3	%
FTAI Aviation Ltd.	0.3	%
Curtiss-Wright Corp.	0.3	%
Sprouts Farmers Market, Inc.	0.3	%
Jones Lang LaSalle, Inc.	0.3	%
Texas Roadhouse, Inc.	0.3	%
Toast, Inc., Class A	0.3	%

^(a)	Excludes money market funds.

Additional information

iShares Morningstar Small-Cap ETF

Semi-Annual Shareholder Report — October 31, 2024

ISCB-10/24-SAR

iShares Morningstar U.S. Equity ETF

ILCB | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about iShares Morningstar U.S. Equity ETF (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Morningstar U.S. Equity ETF	$2	0.03%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	13.99	%	38.45	%	14.55	%	12.21	%
Morningstar US Market Index	13.83		38.09		14.70		12.56
Morningstar^® US Large-Mid Cap Index^℠	14.01		38.46		14.62		12.36

Key Fund statistics

Net Assets	$1,129,093,165
Number of Portfolio Holdings	620
Portfolio Turnover Rate	2%

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

The performance of the Morningstar^® US Large-Mid Cap Index℠ in this report reflects the performance of the Morningstar^® US Large Core Index℠ through March 21, 2021 and, beginning on March 22, 2021, the performance of the Morningstar^® US Large-Mid Cap Index℠.

What did the Fund invest in?

(as of October 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Information Technology	30.9	%
Financials	13.5	%
Health Care	11.2	%
Consumer Discretionary	10.2	%
Communication Services	9.1	%
Industrials	8.9	%
Consumer Staples	5.7	%
Energy	3.5	%
Utilities	2.4	%
Materials	2.3	%
Real Estate	2.3	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Apple Inc.	6.5	%
NVIDIA Corp.	6.3	%
Microsoft Corp.	6.0	%
Amazon.com, Inc.	3.5	%
Meta Platforms, Inc., Class A	2.5	%
Alphabet, Inc., Class A	2.0	%
Alphabet, Inc., Class C, NVS	1.8	%
Berkshire Hathaway, Inc., Class B	1.6	%
Broadcom, Inc.	1.6	%
Eli Lilly & Co.	1.4	%

^(a)	Excludes money market funds.

Additional information

iShares Morningstar U.S. Equity ETF

Semi-Annual Shareholder Report — October 31, 2024

ILCB-10/24-SAR

iShares Morningstar Value ETF

ILCV | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

This semi-annual shareholder report contains important information about iShares Morningstar Value ETF (the “Fund”) for the period of May 1, 2024 to October 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1‑800‑iShares (1‑800‑474‑2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Morningstar Value ETF	$2	0.04%(a)

^(a)	Annualized.

Fund performance

Average annual total returns

	6-Month Total Returns		1 Year		5 Years		10 Years
Fund NAV	11.29	%	32.20	%	10.38	%	9.58	%
Morningstar US Market Index	13.83		38.09		14.70		12.56
Morningstar^® US Large-Mid Cap Broad Value Index^℠	11.30		32.20		10.47		9.75

Key Fund statistics

Net Assets	$978,824,765
Number of Portfolio Holdings	448
Portfolio Turnover Rate	12%

The Fund has added the Morningstar US Market Index in response to new regulatory requirements.

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

What did the Fund invest in?

(as of October 31, 2024)

Sector allocation

Sector	Percent of Total Investments^(a)
Financials	18.9	%
Information Technology	16.4	%
Health Care	14.4	%
Industrials	9.5	%
Consumer Staples	9.2	%
Communication Services	9.0	%
Consumer Discretionary	6.2	%
Energy	6.1	%
Utilities	4.3	%
Materials	3.3	%
Real Estate	2.7	%

Ten largest holdings

Security	Percent of Total Investments^(a)
Apple Inc.	6.3	%
Berkshire Hathaway, Inc., Class B	3.1	%
JPMorgan Chase & Co.	2.4	%
Meta Platforms, Inc., Class A	2.1	%
Exxon Mobil Corp.	2.0	%
Alphabet, Inc., Class A	1.9	%
UnitedHealth Group, Inc.	1.7	%
Alphabet, Inc., Class C, NVS	1.7	%
Home Depot, Inc. (The)	1.5	%
Procter & Gamble Co. (The)	1.5	%

^(a)	Excludes money market funds.

Additional information

iShares Morningstar Value ETF

Semi-Annual Shareholder Report — October 31, 2024

ILCV-10/24-SAR

(b) Not Applicable

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.


		OCTOBER 31, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

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

Table of Contents


		Page

Schedule of Investments		3
Statement of Assets and Liabilities		7
Statement of Operations		8
Statements of Changes in Net Assets		9
Financial Highlights		10
Notes to Financial Statements		11
Additional Information		17
Board Review and Approval of Investment Advisory Contract		18
Glossary of Terms Used in this Report		20

Schedule of Investments (unaudited)

October 31, 2024

iShares^® Core U.S. REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Diversified REITs — 2.4%
Alexander & Baldwin, Inc.		167,883	$	3,124,303
Alpine Income Property Trust, Inc.		29,513		517,363
American Assets Trust, Inc.		110,557		2,979,511
Armada Hoffler Properties, Inc.		154,000		1,667,820
Broadstone Net Lease, Inc.		434,107		7,635,942
CTO Realty Growth, Inc.		50,487		976,923
Empire State Realty Trust, Inc., Class A		308,901		3,274,350
Essential Properties Realty Trust, Inc.		404,101		12,805,961
Gladstone Commercial Corp.		91,592		1,442,116
Global Net Lease, Inc.		462,143		3,600,094
NexPoint Diversified Real Estate Trust		79,229		423,875
One Liberty Properties, Inc.		37,374		997,886
WP Carey, Inc.		501,744		27,957,176


				67,403,320

Health Care REITs — 15.2%
Alexandria Real Estate Equities, Inc.		401,127		44,745,717
American Healthcare REIT, Inc.		189,212		5,033,039
CareTrust REIT, Inc.		327,838		10,710,467
Community Healthcare Trust, Inc.		63,121		1,184,150
Diversified Healthcare Trust		506,694		1,808,898
Global Medical REIT, Inc.		141,706		1,288,108
Healthcare Realty Trust, Inc.		880,298		15,123,520
Healthpeak Properties, Inc.		1,617,757		36,318,645
LTC Properties, Inc.		98,927		3,779,011
Medical Properties Trust, Inc.^(a)		1,376,984		6,375,436
National Health Investors, Inc.		96,337		7,384,231
Omega Healthcare Investors, Inc.		571,286		24,262,516
Sabra Health Care REIT, Inc.		531,934		10,319,520
Sila Realty Trust, Inc.		132,290		3,331,062
Universal Health Realty Income Trust		30,046		1,188,620
Ventas, Inc.		933,913		61,161,962
Welltower, Inc.		1,396,626		188,376,915


				422,391,817

Hotel & Resort REITs — 2.9%
Apple Hospitality REIT, Inc.		524,667		7,749,332
Braemar Hotels & Resorts, Inc.		157,453		450,315
Chatham Lodging Trust		112,060		885,274
DiamondRock Hospitality Co.		483,944		4,147,400
Host Hotels & Resorts, Inc.		1,613,892		27,823,498
Park Hotels & Resorts, Inc.		481,966		6,694,508
Pebblebrook Hotel Trust		272,884		3,269,150
RLJ Lodging Trust		351,259		3,108,642
Ryman Hospitality Properties, Inc.		134,790		14,429,269
Service Properties Trust		382,223		1,223,114
Summit Hotel Properties, Inc.		243,889		1,492,601
Sunstone Hotel Investors, Inc.		467,507		4,717,146
Xenia Hotels & Resorts, Inc.		234,852		3,327,853


				79,318,102

Industrial REITs — 13.3%
Americold Realty Trust, Inc.		657,934		16,895,745
EastGroup Properties, Inc.		111,955		19,175,653
First Industrial Realty Trust, Inc.		305,772		16,049,972
Industrial Logistics Properties Trust		151,838		536,747
Innovative Industrial Properties, Inc.		64,822		8,374,354
Lineage, Inc.^(a)		142,673		10,563,509
LXP Industrial Trust		669,910		6,323,951
Plymouth Industrial REIT, Inc.		92,495		1,879,498
Prologis, Inc.		2,140,801		241,782,065
Rexford Industrial Realty, Inc.		499,299		21,414,934


Security	Shares		Value

Industrial REITs (continued)
STAG Industrial, Inc.		418,978	$	15,619,500
Terreno Realty Corp.		219,537		13,161,243


				371,777,171

Office REITs — 4.3%
Brandywine Realty Trust		384,948		1,951,686
BXP, Inc.		363,638		29,294,677
City Office REIT, Inc.		94,169		482,145
COPT Defense Properties		259,672		8,361,439
Cousins Properties, Inc.		350,730		10,742,860
Douglas Emmett, Inc.		321,437		5,718,364
Easterly Government Properties, Inc.		223,891		3,035,962
Highwoods Properties, Inc.		242,340		8,128,084
Hudson Pacific Properties, Inc.		307,447		1,328,171
JBG SMITH Properties		192,643		3,274,931
Kilroy Realty Corp.		270,599		10,883,492
NET Lease Office Properties^(a)		34,506		1,036,560
Orion Office REIT, Inc.		135,559		505,635
Paramount Group, Inc.		425,541		2,063,874
Peakstone Realty Trust, Class E		84,951		1,114,557
Piedmont Office Realty Trust, Inc., Class A		284,761		2,830,524
Postal Realty Trust, Inc., Class A		51,158		744,349
SL Green Realty Corp.		150,259		11,361,083
Vornado Realty Trust		405,779		16,803,309


				119,661,702

Residential REITs — 15.9%
American Homes 4 Rent, Class A		781,782		27,549,998
Apartment Investment & Management Co., Class A^(b)		328,056		2,768,793
AvalonBay Communities, Inc.		328,513		72,801,766
BRT Apartments Corp.		27,213		441,667
Camden Property Trust		239,593		27,742,473
Centerspace		35,246		2,455,236
Elme Communities		201,110		3,392,726
Equity LifeStyle Properties, Inc.		426,687		29,919,292
Equity Residential		874,737		61,555,243
Essex Property Trust, Inc.		147,832		41,963,592
Independence Realty Trust, Inc.		519,376		10,190,157
Invitation Homes, Inc.		1,417,159		44,512,964
Mid-America Apartment Communities, Inc.		268,903		40,695,780
NexPoint Residential Trust, Inc.		52,353		2,180,502
Sun Communities, Inc.		285,605		37,894,071
UDR, Inc.		760,157		32,071,024
UMH Properties, Inc.		149,603		2,790,096
Veris Residential, Inc.		181,002		2,981,103


				443,906,483

Retail REITs — 16.8%
Acadia Realty Trust		236,938		5,802,612
Agree Realty Corp.		229,312		17,026,416
Alexander’s, Inc.		5,014		1,138,328
Brixmor Property Group, Inc.		693,802		18,697,964
CBL & Associates Properties, Inc.		53,006		1,402,009
Curbline Properties Corp.^(b)		218,296		4,940,038
Federal Realty Investment Trust		190,830		21,151,597
Getty Realty Corp.		113,949		3,576,859
InvenTrust Properties Corp.		156,725		4,615,551
Kimco Realty Corp.		1,525,388		36,182,203
Kite Realty Group Trust		499,041		12,810,382
Macerich Co. (The)		497,929		9,311,272
NETSTREIT Corp.		179,355		2,780,003
NNN REIT, Inc.		419,665		18,230,248
Phillips Edison & Co., Inc.		282,183		10,669,339
Realty Income Corp.		2,018,635		119,846,360


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core U.S. REIT ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Retail REITs (continued)
Regency Centers Corp.		425,634	$	30,407,293
Retail Opportunity Investments Corp.		285,077		4,418,694
Saul Centers, Inc.		24,719		967,502
Simon Property Group, Inc.		749,300		126,721,616
SITE Centers Corp.		110,028		1,754,947
Tanger, Inc.		244,684		8,130,849
Urban Edge Properties		282,316		6,278,708
Whitestone REIT		112,730		1,553,419


				468,414,209

Specialized REITs — 28.9%
CubeSmart		518,070		24,784,469
Digital Realty Trust, Inc.		747,959		133,308,733
EPR Properties		173,178		7,857,086
Equinix, Inc.		219,628		199,439,794
Extra Space Storage, Inc.		484,357		79,095,498
Farmland Partners, Inc.		102,735		1,203,027
Four Corners Property Trust, Inc.		211,581		5,831,172
Gaming & Leisure Properties, Inc.		603,115		30,270,342
Gladstone Land Corp.		78,673		1,025,109
Iron Mountain, Inc.		674,256		83,425,695
Lamar Advertising Co., Class A		201,625		26,614,500
National Storage Affiliates Trust		159,458		6,721,155
Outfront Media, Inc.		341,298		6,061,452
Public Storage		366,277		120,527,110
Safehold, Inc.		119,447		2,541,832
VICI Properties, Inc.		2,414,369		76,680,359


				805,387,333


Total Long-Term Investments — 99.7% (Cost: $2,716,210,853)				2,778,260,137


Security	Shares		Value


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%^(c)(d)(e)		2,480,448	$	2,482,184
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%^(c)(d)		8,016,470		8,016,470


Total Short-Term Securities — 0.4% (Cost: $10,497,918)				10,498,654


Total Investments — 100.1% (Cost: $2,726,708,771)				2,788,758,791

Liabilities in Excess of Other Assets — (0.1)%				(1,606,576	)


Net Assets — 100.0%			$	2,787,152,215

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 04/30/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/24		Shares Held at 10/31/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,558,636	$	—		$	(74,960	)^(a)	$	(1,892	)	$	400	$	2,482,184		2,480,448	$	28,833	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,904,914		1,111,556	^(a)		—			—			—		8,016,470		8,016,470		192,955			—


									$	(1,892	)	$	400	$	10,498,654			$	221,788		$	—

^(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.


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 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		226		12/20/24	$	8,541	$	(283,404	)

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)	$	—	$	—	$	283,404	$	—	$	—	$	—	$	283,404

^(a)

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

For the period ended October 31, 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	$	—	$	—	$	1,196,752	$	—	$	—	$	—	$	1,196,752


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	187,099	$	—	$	—	$	—	$	187,099

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	8,372,170

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 O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

October 31, 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 at the measurement date. 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	$	2,778,260,137		$	—	$	—	$	2,778,260,137
Short-Term Securities
Money Market Funds		10,498,654			—		—		10,498,654


	$	2,788,758,791		$	—	$	—	$	2,788,758,791

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(283,404	)	$	—	$	—	$	(283,404	)

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

See notes to financial statements.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statement of Assets and Liabilities (unaudited)

October 31, 2024


	iShares Core U.S. REIT ETF

ASSETS

Investments, at value — unaffiliated^(a)(b)	$	2,778,260,137

Investments, at value — affiliated^(c)		10,498,654

Cash		6

Cash pledged:

Futures contracts		429,000

Receivables:

Securities lending income — affiliated		3,976

Capital shares sold		16,620

Dividends — unaffiliated		690,994

Dividends — affiliated		28,619


Total assets		2,789,928,006


LIABILITIES

Collateral on securities loaned		2,454,599

Payables:

Investment advisory fees		191,893

Variation margin on futures contracts		129,299


Total liabilities		2,775,791


Commitments and contingent liabilities

NET ASSETS	$	2,787,152,215


NET ASSETS CONSIST OF:
Paid-in capital	$	2,744,495,386

Accumulated earnings		42,656,829


NET ASSETS	$	2,787,152,215


NET ASSET VALUE

Shares outstanding	$	46,600,000


Net asset value	$	59.81


Shares authorized		Unlimited


Par value		None


^(a)Investments, at cost — unaffiliated	$	2,716,210,853
^(b)Securities loaned, at value	$	2,318,196
^(c)Investments, at cost — affiliated	$	10,497,918

See notes to financial statements.


S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S		7

Statement of Operations (unaudited)

Six Months Ended October 31, 2024


	iShares Core U.S. REIT ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	49,776,066
Dividends — affiliated		192,955
Interest — unaffiliated		1,952
Securities lending income — affiliated — net		28,833


Total investment income		49,999,806


EXPENSES
Investment advisory		1,043,791
Interest expense		7


Total expenses		1,043,798


Net investment income		48,956,008


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,932,215	)
Investments — affiliated		(1,892	)
Futures contracts		1,196,752
In-kind redemptions — unaffiliated^(a)		18,721,113


	$	10,983,758

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		419,334,080
Investments — affiliated		400
Futures contracts		187,099


		419,521,579


Net realized and unrealized gain		430,505,337


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	479,461,345

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

See notes to financial statements.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets


	iShares Core U.S. REIT ETF

	Six Months Ended 10/31/24 (unaudited)			Year Ended 04/30/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	48,956,008		$	72,517,108
Net realized gain		10,983,758			24,029,229
Net change in unrealized appreciation (depreciation)		419,521,579			(59,524,903	)


Net increase in net assets resulting from operations		479,461,345			37,021,434


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(39,111,678	)^(b)		(68,921,006	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		108,921,568			378,443,147


NET ASSETS
Total increase in net assets		549,271,235			346,543,575
Beginning of period		2,237,880,980			1,891,337,405


End of period	$	2,787,152,215		$	2,237,880,980

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

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

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		9

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core U.S. REIT ETF

	Six Months Ended 10/31/24 (unaudited)			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 period	$	50.06		$	50.84		$	61.83		$	56.60		$	42.45		$	51.60


Net investment income^(a)		1.07			1.77			1.71			1.24			1.17			1.62
Net realized and unrealized gain (loss)^(b)		9.53			(0.85	)		(10.95	)		5.45			14.39			(8.95	)


Net increase (decrease) from investment operations		10.60			0.92			(9.24	)		6.69			15.56			(7.33	)


Distributions^(c)
From net investment income		(0.85	)^(d)		(1.70	)		(1.75	)		(1.43	)		(1.41	)		(1.80	)
From net realized gain		—			—			—			(0.03	)		—			(0.02	)


Total distributions		(0.85	)		(1.70	)		(1.75	)		(1.46	)		(1.41	)		(1.82	)


Net asset value, end of period	$	59.81		$	50.06		$	50.84		$	61.83		$	56.60		$	42.45


Total Return^(e)
Based on net asset value		21.23	%^(f)		1.82	%		(14.84	)%		11.82	%		37.43	%		(14.60	)%


Ratios to Average Net Assets^(g)
Total expenses		0.08	%^(h)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%


Net investment income		3.75	%^(h)		3.47	%		3.24	%		2.00	%		2.48	%		3.12	%


Supplemental Data
Net assets, end of period (000)	$	2,787,152		$	2,237,881		$	1,891,337		$	2,318,550		$	1,986,692		$	1,339,443


Portfolio turnover rate⁽ⁱ⁾		3	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


10		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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



iShares ETF		Diversification Classification

Core U.S. REIT		Diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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

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

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

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. 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 NAV.

•

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


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		11

Notes to Financial Statements (unaudited) (continued)

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

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 at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 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 Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.


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Notes to Financial Statements (unaudited) (continued)

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



	Securities				Cash		Non-Cash Collateral Received,				Net
Counterparty	Loaned at Value				Collateral Received	^(a)			at Fair Value	^(a)	Amount

Barclays Bank PLC		$	25,564	$	(25,564	)		$	—			$	—
Citigroup Global Markets, Inc.			990,719		(990,719	)			—				—
Morgan Stanley			463,216		(463,216	)			—				—
National Financial Services LLC			838,697		(838,697	)			—				—


		$	2,318,196	$	(2,318,196	)		$	—			$	—

^(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 Finance, Inc. BlackRock Finance Inc.’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.


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		13

Notes to Financial Statements (unaudited) (continued)

fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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 six months ended October 31, 2024, the Fund paid BTC $7,633 for securities lending agent services.

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

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

For the six months ended October 31, 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	$	6,763,952	$	9,548,621		$ (949,068	)

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

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

7.	PURCHASES AND SALES

For the six months ended October 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

For the six months ended October 31, 2024, in-kind transactions were as follows:

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


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Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund’s NAV.

As of April 30, 2024, the Fund had non-expiring capital loss carryforwards of $21,772,127 available to offset future realized capital gains.

As of October 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Core U.S. REIT	$	2,749,105,759	$	255,468,261	$	(216,098,633	)	$ 39,369,628

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 mandatory and 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 Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

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

The Fund invests a significant portion of its assets in securities 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.


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		15

Notes to Financial Statements (unaudited) (continued)

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:



	Six Months Ended 10/31/24						Year Ended 04/30/24

Share Class	Shares			Amount			Shares			Amount

Shares sold		3,550,000		$	202,011,592			13,100,000		$	659,303,907
Shares redeemed		(1,650,000	)		(93,090,024	)		(5,600,000	)		(280,860,760	)


		1,900,000		$	108,921,568			7,500,000		$	378,443,147

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

To the extent applicable, to facilitate the timely settlement of orders for the Fund using a clearing facility outside of the continuous net settlement process, the Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, the Fund’s custodian, and the Fund. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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

11.	SUBSEQUENT EVENTS

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


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Additional 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.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA’s investment advisory fees.

Availability of Portfolio Holdings Information

A description of the Trust’s policies and procedures with respect to the disclosure of the 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, when available, at iShares.com.


A D D I T I O N A L I N F O R M A T I O N			17

Board Review and Approval of Investment Advisory Contract

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.

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


18		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

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

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


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

Glossary of Terms Used in this Report



Portfolio Abbreviation

REIT		Real Estate Investment Trust


20				2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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.


		OCTOBER 31, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

· iShares Core Dividend ETF | DIVB | Cboe BZX Exchange

· iShares Core Dividend Growth ETF | DGRO | NYSE Arca

· iShares Core High Dividend ETF | HDV | NYSE Arca

· iShares Select Dividend ETF | DVY | NASDAQ

Table of Contents


		Page

Schedules of Investments		3
Statements of Assets and Liabilities		24
Statements of Operations		25
Statements of Changes in Net Assets		26
Financial Highlights		28
Notes to Financial Statements		32
Additional Information		39
Board Review and Approval of Investment Advisory Contract		40
Glossary of Terms Used in this Report		45

Schedule of Investments (unaudited)

October 31, 2024

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.5%
Huntington Ingalls Industries, Inc.		700	$	129,472
L3Harris Technologies, Inc.		3,645		902,028
Lockheed Martin Corp.		8,502		4,642,517
Northrop Grumman Corp.		3,462		1,762,228
RTX Corp.		48,279		5,841,276


				13,277,521

Air Freight & Logistics — 1.3%
CH Robinson Worldwide, Inc.		4,516		465,329
Expeditors International of Washington, Inc.		7,144		850,136
FedEx Corp.		5,683		1,556,289
United Parcel Service, Inc., Class B		29,530		3,958,792


				6,830,546

Automobile Components — 0.1%
Autoliv, Inc.		3,068		284,956
LCI Industries		654		72,777
Lear Corp.		2,200		210,672


				568,405

Automobiles — 0.4%
Ford Motor Co.		156,495		1,610,334
Harley-Davidson, Inc.		6,204		198,218
Thor Industries, Inc.		926		96,378


				1,904,930

Banks — 9.4%
Associated Banc-Corp.		4,247		100,824
Bank of America Corp.		176,372		7,375,877
Bank OZK		4,166		182,263
BOK Financial Corp.		752		79,885
Cadence Bank		353		11,801
Cathay General Bancorp		1,460		67,131
Citigroup, Inc.		54,887		3,522,099
Citizens Financial Group, Inc.		22,927		965,685
Columbia Banking System, Inc.		7,647		218,016
Comerica, Inc.		3,745		238,594
Commerce Bancshares, Inc.		2,414		150,875
Cullen/Frost Bankers, Inc.		1,446		184,148
East West Bancorp, Inc.		3,145		306,606
Fifth Third Bancorp		16,714		730,068
First Financial Bankshares, Inc.		1,725		62,342
First Hawaiian, Inc.		3,452		85,402
First Horizon Corp.		20,226		350,517
FNB Corp.		8,163		118,364
Glacier Bancorp, Inc.		2,407		125,525
Hancock Whitney Corp.		1,452		75,620
Home BancShares, Inc.		5,169		141,062
Huntington Bancshares, Inc.		37,149		579,153
International Bancshares Corp.		959		58,748
JPMorgan Chase & Co.		60,899		13,514,706
KeyCorp		29,102		502,010
M&T Bank Corp.		6,316		1,229,599
Old National Bancorp		6,582		126,769
PNC Financial Services Group, Inc. (The)		12,386		2,331,912
Popular, Inc.		1,710		152,583
Prosperity Bancshares, Inc.		2,327		170,336
Regions Financial Corp.		29,570		705,836
SouthState Corp.		1,110		108,258
Synovus Financial Corp.		3,961		197,535
Truist Financial Corp.		39,130		1,684,546
U.S. Bancorp		34,466		1,665,052
United Bankshares, Inc.		3,067		115,565


Security	Shares		Value

Banks (continued)
United Community Banks, Inc.		1,284	$	36,543
Valley National Bancorp		14,430		136,652
Webster Financial Corp.		5,528		286,350
Wells Fargo & Co.		184,222		11,959,692
Western Alliance Bancorp		1,030		85,706
Zions Bancorp N.A.		4,387		228,387


				50,968,642

Beverages — 1.8%
Coca-Cola Co. (The)		66,398		4,336,453
Keurig Dr. Pepper, Inc.		27,105		893,110
Molson Coors Beverage Co., Class B		6,015		327,637
PepsiCo, Inc.		26,276		4,363,918


				9,921,118

Biotechnology — 2.4%
AbbVie, Inc.		36,040		7,347,475
Amgen, Inc.		8,104		2,594,576
Gilead Sciences, Inc.		32,873		2,919,780


				12,861,831

Broadline Retail — 0.2%
eBay, Inc.		20,366		1,171,249
Macy’s, Inc.		7,993		122,612
Nordstrom, Inc.		2,869		64,868


				1,358,729

Building Products — 0.3%
A. O. Smith Corp.		3,548		266,455
Johnson Controls International PLC		13,980		1,056,189
Masco Corp.		4,181		334,104


				1,656,748

Capital Markets — 5.4%
Ameriprise Financial, Inc.		3,678		1,876,883
Ares Management Corp., Class A		1,934		324,293
Artisan Partners Asset Management, Inc., Class A		2,550		112,455
Bank of New York Mellon Corp. (The)		28,861		2,174,965
BlackRock, Inc.^(a)		3,316		3,253,095
Blackstone, Inc., Class A, NVS		12,149		2,037,995
Blue Owl Capital, Inc., Class A		11,941		267,001
Carlyle Group, Inc. (The)		7,575		378,977
CME Group, Inc., Class A		8,357		1,883,333
Cohen & Steers, Inc.		497		49,089
Evercore, Inc., Class A		1,264		333,911
Federated Hermes, Inc., Class B		4,477		179,662
Franklin Resources, Inc.		14,105		292,961
Goldman Sachs Group, Inc. (The)		12,797		6,626,159
Invesco Ltd.		13,258		229,894
Janus Henderson Group PLC		4,578		189,117
Jefferies Financial Group, Inc.		3,362		215,101
Moelis & Co., Class A		1,345		89,308
Morgan Stanley		56,739		6,595,909
Northern Trust Corp.		6,625		665,945
Stifel Financial Corp.		3,198		331,377
T Rowe Price Group, Inc.		8,428		925,900
Victory Capital Holdings, Inc., Class A		1,620		97,086


				29,130,416

Chemicals — 1.1%
Air Products & Chemicals, Inc.		3,181		987,796
Ashland, Inc.		2,165		183,094
Avient Corp.		1,151		53,648
CF Industries Holdings, Inc.		9,833		808,568
Chemours Co. (The)		9,791		177,805
Dow, Inc.		30,832		1,522,484


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Eastman Chemical Co.		3,610	$	379,375
FMC Corp.		3,496		227,205
International Flavors & Fragrances, Inc.		3,390		337,068
LyondellBasell Industries NV, Class A		9,145		794,243
NewMarket Corp.		159		83,470
PPG Industries, Inc.		3,740		465,667
Scotts Miracle-Gro Co. (The)		1,032		89,763
Sensient Technologies Corp.		531		40,080


				6,150,266

Commercial Services & Supplies — 0.0%
ABM Industries, Inc.		1,866		99,010


Communications Equipment — 5.5%
Cisco Systems, Inc.		518,636		28,405,694
Juniper Networks, Inc.		37,124		1,444,123


				29,849,817

Construction & Engineering — 0.0%
MDU Resources Group, Inc.		2,164		62,431


Construction Materials — 0.5%
CRH PLC		25,617		2,444,630


Consumer Finance — 0.6%
Ally Financial, Inc.		10,104		354,145
Capital One Financial Corp.		6,119		996,112
Discover Financial Services		9,554		1,418,100
OneMain Holdings, Inc.		7,259		360,555


				3,128,912

Consumer Staples Distribution & Retail — 0.8%
Albertsons Cos., Inc., Class A		6,004		108,672
Dollar General Corp.		9,433		755,017
Kroger Co. (The)		8,935		498,305
Sysco Corp.		13,881		1,040,381
Target Corp.		8,492		1,274,140
Walgreens Boots Alliance, Inc.		62,912		595,148


				4,271,663

Containers & Packaging — 0.5%
Amcor PLC		52,910		588,888
Berry Global Group, Inc.		4,171		293,847
Greif, Inc., Class A, NVS		845		52,762
Greif, Inc., Class B		224		14,992
International Paper Co.		11,814		656,150
Packaging Corp. of America		2,069		473,677
Sealed Air Corp.		1,997		72,251
Smurfit WestRock PLC		13,237		681,705
Sonoco Products Co.		2,305		121,059


				2,955,331

Distributors — 0.1%
Genuine Parts Co.		3,198		366,810
LKQ Corp.		10,092		371,285


				738,095

Diversified Consumer Services — 0.1%
ADT, Inc.		7,657		55,131
H&R Block, Inc.		5,859		349,958
Service Corp. International		4,860		396,819


				801,908

Diversified REITs — 0.1%
WP Carey, Inc.		6,124		341,229


Diversified Telecommunication Services — 2.9%
AT&T Inc.		298,219		6,721,856
Cogent Communications Holdings, Inc.		1,924		154,440


Security	Shares		Value

Diversified Telecommunication Services (continued)
Iridium Communications, Inc.		8,269	$	242,530
Verizon Communications, Inc.		201,155		8,474,660


				15,593,486

Electric Utilities — 1.9%
ALLETE, Inc.		1,298		82,955
Alliant Energy Corp.		3,403		204,180
American Electric Power Co., Inc.		6,208		613,040
Avangrid, Inc.		2,083		74,384
Duke Energy Corp.		15,431		1,778,731
Edison International		7,817		644,121
Entergy Corp.		2,010		311,108
Evergy, Inc.		5,613		339,250
Eversource Energy		6,783		446,661
Exelon Corp.		21,529		846,090
FirstEnergy Corp.		10,881		455,152
IDACORP, Inc.		939		97,168
MGE Energy, Inc.		458		41,444
NextEra Energy, Inc.		7,866		623,380
NRG Energy, Inc.		7,783		703,583
OGE Energy Corp.		5,022		200,830
Otter Tail Corp.		765		60,068
Pinnacle West Capital Corp.		2,565		225,233
PPL Corp.		13,009		423,573
Southern Co. (The)		13,830		1,258,945
TXNM Energy, Inc.		747		32,524
Xcel Energy, Inc.		8,057		538,288


				10,000,708

Electrical Equipment — 0.4%
Emerson Electric Co.		14,304		1,548,694
Rockwell Automation, Inc.		2,227		593,963


				2,142,657

Electronic Equipment, Instruments & Components — 1.9%
Avnet, Inc.		18,303		992,206
Corning, Inc.		62,084		2,954,578
TE Connectivity PLC		42,382		6,247,954
Vishay Intertechnology, Inc.		19,078		323,563


				10,518,301

Energy Equipment & Services — 0.4%
Archrock, Inc.		2,547		50,991
Baker Hughes Co., Class A		19,102		727,404
Helmerich & Payne, Inc.		4,357		146,395
Patterson-UTI Energy, Inc.		18,895		144,925
Schlumberger NV		24,005		961,880


				2,031,595

Entertainment — 0.0%
Warner Music Group Corp., Class A		2,674		85,461


Financial Services — 2.4%
Enact Holdings, Inc.		703		23,965
Equitable Holdings, Inc.		2,812		127,496
Essent Group Ltd.		1,615		96,916
Fidelity National Information Services, Inc.		117,779		10,568,310
Global Payments, Inc.		9,167		950,709
MGIC Investment Corp.		12,167		304,662
Radian Group, Inc.		6,358		221,958
TFS Financial Corp.		3,121		40,105
Voya Financial, Inc.		4,089		328,347
Walker & Dunlop, Inc.		702		76,778


				12,739,246


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products — 1.5%
Bunge Global SA		5,182	$	435,392
Campbell Soup Co.		4,038		188,373
Conagra Brands, Inc.		12,931		374,223
Flowers Foods, Inc.		5,823		129,445
General Mills, Inc.		23,428		1,593,573
Hershey Co. (The)		3,362		597,024
Hormel Foods Corp.		5,946		181,650
Ingredion, Inc.		1,246		165,419
J M Smucker Co. (The)		3,951		448,478
Kellanova		4,160		335,504
Kraft Heinz Co. (The)		28,350		948,591
McCormick & Co., Inc., NVS		3,057		239,180
Mondelez International, Inc., Class A		29,151		1,996,260
Tyson Foods, Inc., Class A		6,877		402,923


				8,036,035

Gas Utilities — 0.1%
National Fuel Gas Co.		1,580		95,637
New Jersey Resources Corp.		1,378		63,237
ONE Gas, Inc.		449		32,000
UGI Corp.		7,694		183,964


				374,838

Ground Transportation — 1.2%
CSX Corp.		70,522		2,372,360
Norfolk Southern Corp.		5,234		1,310,751
Ryder System, Inc.		2,089		305,579
Union Pacific Corp.		11,378		2,640,492


				6,629,182

Health Care Equipment & Supplies — 1.2%
Abbott Laboratories		25,186		2,855,337
Baxter International, Inc.		8,489		303,057
DENTSPLY SIRONA, Inc.		9,169		212,446
Medtronic PLC		35,534		3,171,409


				6,542,249

Health Care Providers & Services — 1.8%
Cardinal Health, Inc.		9,312		1,010,538
Cigna Group (The)		11,661		3,670,999
CVS Health Corp.		65,387		3,691,750
Labcorp Holdings, Inc.		2,961		675,908
Quest Diagnostics, Inc.		2,728		422,376


				9,471,571

Health Care REITs — 0.3%
Healthcare Realty Trust, Inc.		18,909		324,857
Healthpeak Properties, Inc.		21,050		472,573
National Health Investors, Inc.		1,344		103,018
Omega Healthcare Investors, Inc.		4,907		208,400
Sabra Health Care REIT, Inc.		7,488		145,267
Ventas, Inc.		3,766		246,635


				1,500,750

Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		5,347		78,975
Host Hotels & Resorts, Inc.		22,662		390,693
Ryman Hospitality Properties, Inc.		1,421		152,118


				621,786

Hotels, Restaurants & Leisure — 1.6%
Boyd Gaming Corp.		3,731		258,521
Choice Hotels International, Inc.		1,607		224,192
Darden Restaurants, Inc.		3,679		588,714
McDonald’s Corp.		15,198		4,439,488
Red Rock Resorts, Inc., Class A		890		45,799


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Starbucks Corp.		20,512	$	2,004,022
Wendy’s Co. (The)		8,521		162,836
Wyndham Hotels & Resorts, Inc.		3,980		351,514
Yum! Brands, Inc.		4,673		612,911


				8,687,997

Household Durables — 0.1%
KB Home		2,447		192,090
Newell Brands, Inc.		10,554		92,875


				284,965

Household Products — 2.0%
Clorox Co. (The)		2,057		326,137
Colgate-Palmolive Co.		15,583		1,460,283
Kimberly-Clark Corp.		7,443		998,702
Procter & Gamble Co. (The)		49,699		8,209,281
Reynolds Consumer Products, Inc.		928		25,010


				11,019,413

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		15,380		253,616
Clearway Energy, Inc., Class A		1,312		34,952
Clearway Energy, Inc., Class C		2,714		77,023


				365,591

Industrial Conglomerates — 0.9%
3M Co.		13,001		1,670,238
Honeywell International, Inc.		15,936		3,277,717


				4,947,955

Industrial REITs — 0.4%
Americold Realty Trust, Inc.		4,469		114,764
First Industrial Realty Trust, Inc.		1,823		95,689
Innovative Industrial Properties, Inc.		879		113,558
LXP Industrial Trust		6,626		62,550
Prologis, Inc.		14,560		1,644,406
STAG Industrial, Inc.		3,447		128,504


				2,159,471

Insurance — 3.3%
Aflac, Inc.		18,996		1,990,591
Allstate Corp. (The)		5,280		984,826
American Financial Group, Inc.		1,332		171,735
American International Group, Inc.		41,821		3,173,378
Assurant, Inc.		1,073		205,694
Assured Guaranty Ltd.		3,047		254,303
Axis Capital Holdings Ltd.		1,489		116,529
Cincinnati Financial Corp.		3,002		422,772
CNO Financial Group, Inc.		3,720		127,968
Fidelity National Financial, Inc., Class A		5,724		344,413
First American Financial Corp.		2,999		192,386
Hanover Insurance Group, Inc. (The)		607		90,036
Hartford Financial Services Group, Inc. (The)		10,055		1,110,474
Kemper Corp.		816		50,812
Mercury General Corp.		470		31,786
MetLife, Inc.		31,079		2,437,215
Old Republic International Corp.		15,447		539,564
Principal Financial Group, Inc.		11,070		912,168
Prudential Financial, Inc.		15,230		1,865,370
Travelers Cos., Inc. (The)		5,692		1,399,890
Unum Group		5,356		343,748
Willis Towers Watson PLC		2,885		871,818


				17,637,476

IT Services — 7.9%
Accenture PLC, Class A		54,564		18,814,759


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Cognizant Technology Solutions Corp., Class A		60,765	$	4,532,461
International Business Machines Corp.		93,118		19,249,353


				42,596,573

Leisure Products — 0.1%
Acushnet Holdings Corp.		1,290		79,077
Brunswick Corp.		3,349		267,049
Hasbro, Inc.		3,094		203,059
Polaris, Inc.		3,060		213,925


				763,110

Machinery — 2.5%
Caterpillar, Inc.		15,678		5,898,063
CNH Industrial NV		51,986		583,803
Cummins, Inc.		1,844		606,639
Deere & Co.		9,758		3,948,965
Hillenbrand, Inc.		1,802		49,645
Illinois Tool Works, Inc.		7,372		1,925,050
Snap-on, Inc.		1,220		402,759
Stanley Black & Decker, Inc.		2,954		274,545


				13,689,469

Media — 0.3%
Interpublic Group of Cos., Inc. (The)		20,755		610,197
Omnicom Group, Inc.		8,542		862,742
Sirius XM Holdings, Inc.		4,171		111,199


				1,584,138

Metals & Mining — 0.7%
Arch Resources, Inc., Class A		1,044		153,217
Newmont Corp.		17,336		787,748
Nucor Corp.		10,515		1,491,448
Southern Copper Corp.		1,724		188,864
Steel Dynamics, Inc.		8,589		1,120,865


				3,742,142

Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		1,834		17,074
Rithm Capital Corp.		22,257		235,702
Starwood Property Trust, Inc.		16,165		319,097


				571,873

Multi-Utilities — 0.9%
Ameren Corp.		2,380		207,322
Avista Corp.		567		21,251
Black Hills Corp.		615		36,402
CenterPoint Energy, Inc.		10,356		305,813
CMS Energy Corp.		2,867		199,572
Consolidated Edison, Inc.		8,946		909,629
Dominion Energy, Inc.		12,535		746,208
DTE Energy Co.		840		104,345
NiSource, Inc.		6,475		227,661
Public Service Enterprise Group, Inc.		8,035		718,409
Sempra		10,340		862,046
WEC Energy Group, Inc.		6,172		589,611


				4,928,269

Office REITs — 0.2%
BXP, Inc.		4,552		366,709
COPT Defense Properties		2,890		93,058
Cousins Properties, Inc.		3,596		110,146
Kilroy Realty Corp.		4,470		179,783
SL Green Realty Corp.		1,661		125,588


				875,284

Oil, Gas & Consumable Fuels — 8.4%
Antero Midstream Corp.		9,475		136,156


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
APA Corp.		18,842	$	444,671
California Resources Corp.		1,930		100,302
Chevron Corp.		74,469		11,082,477
Chord Energy Corp.		2,986		373,549
Civitas Resources, Inc.		4,224		206,089
Comstock Resources, Inc.		1,413		16,334
ConocoPhillips		41,899		4,589,616
Coterra Energy, Inc.		25,171		602,090
CVR Energy, Inc.		1,432		22,769
Devon Energy Corp.		22,604		874,323
Diamondback Energy, Inc.		7,000		1,237,390
DT Midstream, Inc.		1,625		146,494
EOG Resources, Inc.		12,065		1,471,447
Expand Energy Corp.		3,510		297,367
Exxon Mobil Corp.		133,807		15,625,982
Kinder Morgan, Inc.		52,781		1,293,662
Magnolia Oil & Gas Corp., Class A		5,818		147,079
Marathon Oil Corp.		27,169		752,581
Murphy Oil Corp.		3,856		121,387
ONEOK, Inc.		10,852		1,051,342
Ovintiv, Inc.		11,107		435,394
PBF Energy, Inc., Class A		6,910		197,073
Peabody Energy Corp.		5,026		132,033
Permian Resources Corp., Class A		17,619		240,147
Phillips 66		18,605		2,266,461
Targa Resources Corp.		3,221		537,778
Williams Cos., Inc. (The)		22,110		1,157,901


				45,559,894

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		1,568		155,075


Passenger Airlines — 0.0%
Southwest Airlines Co.		8,414		257,300


Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		5,127		353,455
Interparfums, Inc.		250		30,268


				383,723

Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		102,959		5,742,024
Johnson & Johnson		49,995		7,992,201
Merck & Co., Inc.		42,035		4,301,021
Organon & Co.		8,036		150,916
Perrigo Co. PLC		3,353		85,937
Pfizer, Inc.		179,550		5,081,265
Royalty Pharma PLC, Class A		10,312		278,424
Viatris, Inc.		41,168		477,549


				24,109,337

Professional Services — 0.8%
Automatic Data Processing, Inc.		6,910		1,998,648
Concentrix Corp.		5,188		220,542
Dun & Bradstreet Holdings, Inc.		3,138		37,311
Genpact Ltd.		19,667		750,689
Insperity, Inc.		1,127		88,774
ManpowerGroup, Inc.		2,714		170,575
Paychex, Inc.		5,470		762,135
Robert Half, Inc.		4,490		305,814


				4,334,488

Residential REITs — 0.5%
American Homes 4 Rent, Class A		846		29,813
AvalonBay Communities, Inc.		1,709		378,732
Camden Property Trust		2,104		243,622


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Residential REITs (continued)
Equity LifeStyle Properties, Inc.		2,518	$	176,562
Equity Residential		7,181		505,327
Essex Property Trust, Inc.		1,328		376,966
Independence Realty Trust, Inc.		3,817		74,890
Invitation Homes, Inc.		9,912		311,336
Mid-America Apartment Communities, Inc.		2,319		350,957
UDR, Inc.		2,979		125,684


				2,573,889

Retail REITs — 0.6%
Brixmor Property Group, Inc.		6,649		179,191
Federal Realty Investment Trust		1,211		134,227
Kimco Realty Corp.		15,320		363,390
Kite Realty Group Trust		4,737		121,599
Macerich Co. (The)		5,818		108,797
NNN REIT, Inc.		3,303		143,482
Phillips Edison & Co., Inc.		2,304		87,114
Regency Centers Corp.		4,236		302,620
Simon Property Group, Inc.		9,223		1,559,794
SITE Centers Corp.		1,326		21,150
Tanger, Inc.		2,100		69,783


				3,091,147

Semiconductors & Semiconductor Equipment — 4.4%
Kulicke & Soffa Industries, Inc.		11,740		526,656
Microchip Technology, Inc.		67,891		4,981,163
Skyworks Solutions, Inc.		18,870		1,652,635
Texas Instruments, Inc.		81,437		16,544,741


				23,705,195

Software — 0.6%
Dolby Laboratories, Inc., Class A		2,560		186,624
Gen Digital, Inc.		102,891		2,995,157


				3,181,781

Specialized REITs — 1.2%
American Tower Corp.		7,268		1,552,009
Crown Castle, Inc.		12,859		1,382,214
CubeSmart		4,787		229,010
EPR Properties		3,087		140,057
Extra Space Storage, Inc.		3,721		607,639
Gaming & Leisure Properties, Inc.		3,000		150,570
Iron Mountain, Inc.		3,770		466,462
Lamar Advertising Co., Class A		2,041		269,412
PotlatchDeltic Corp.		2,543		105,712
Public Storage		2,963		975,005
Rayonier, Inc.		2,665		83,228
VICI Properties, Inc.		8,464		268,817
Weyerhaeuser Co.		15,237		474,785


				6,704,920

Specialty Retail — 2.9%
Advance Auto Parts, Inc.		2,144		76,519
American Eagle Outfitters, Inc.		5,623		110,154
Best Buy Co., Inc.		6,795		614,472
Dick’s Sporting Goods, Inc.		2,045		400,309
Gap, Inc. (The)		4,558		94,670


Security	Shares		Value

Specialty Retail (continued)
Home Depot, Inc. (The)		21,405	$	8,428,219
Lowe’s Cos., Inc.		21,747		5,694,017
Penske Automotive Group, Inc.		909		136,868


				15,555,228

Technology Hardware, Storage & Peripherals — 3.1%
Hewlett Packard Enterprise Co.		192,512		3,752,059
HP, Inc.		188,182		6,684,224
NetApp, Inc.		34,080		3,929,765
Seagate Technology Holdings PLC		22,170		2,225,203


				16,591,251

Textiles, Apparel & Luxury Goods — 0.9%
Kontoor Brands, Inc.		1,269		108,665
NIKE, Inc., Class B		47,266		3,645,627
Ralph Lauren Corp., Class A		1,811		358,451
Steven Madden Ltd.		2,593		116,607
Tapestry, Inc.		9,125		432,981
VF Corp.		6,124		126,828


				4,789,159

Tobacco — 0.9%
Philip Morris International, Inc.		36,230		4,807,721


Trading Companies & Distributors — 0.2%
Fastenal Co.		7,961		622,391
Herc Holdings, Inc.		799		167,103
MSC Industrial Direct Co., Inc., Class A		2,710		214,280
Rush Enterprises, Inc., Class A		1,759		99,524
Rush Enterprises, Inc., Class B		249		12,091
Watsco, Inc.		305		144,268


				1,259,657

Water Utilities — 0.1%
American States Water Co.		469		38,674
American Water Works Co., Inc.		2,214		305,775
Essential Utilities, Inc.		1,916		73,958


				418,407


Total Long-Term Investments — 99.5% (Cost: $481,090,871)				536,941,941


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%^(a)(b)		1,747,481		1,747,481


Total Short-Term Securities — 0.3% (Cost: $1,747,481)				1,747,481


Total Investments — 99.8% (Cost: $482,838,352)				538,689,422

Other Assets Less Liabilities — 0.2%				810,469


Net Assets — 100.0%			$	539,499,891

^(a)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend ETF

Affiliates



Affiliated Issuer	Value at 04/30/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/24		Shares Held at 10/31/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—		$	(61	)^(b)	$	61	$	—	$	—		—	$	18,926	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		806,429		941,052	^(b)		—			—		—		1,747,481		1,747,481		34,555			—
BlackRock, Inc.		1,646,624		1,243,783			(306,552	)		8,394		660,846		3,253,095		3,316		28,535			—


									$	8,455	$	660,846	$	5,000,576			$	82,016		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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		86		12/20/24	$	2,468	$	(23,488	)

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)	$	—	$	—	$	23,488	$	—	$	—	$	—	$	23,488

^(a)

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

For the period ended October 31, 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	$	—	$	—	$	156,913	$	—	$	—	$	—	$	156,913


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	13,089	$	—	$	—	$	—	$	13,089


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,886,843

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

	$			$		$		$


	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	536,941,941		$	—	$	—	$	536,941,941
Short-Term Securities
Money Market Funds		1,747,481			—		—		1,747,481


	$	538,689,422		$	—	$	—	$	538,689,422

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(23,488	)	$	—	$	—	$	(23,488	)

^(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 O F I N V E S T M E N T S		9

Schedule of Investments (unaudited)

October 31, 2024

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.3%
BWX Technologies, Inc.		65,021	$	7,916,307
Curtiss-Wright Corp.		8,281		2,856,614
General Dynamics Corp.		326,251		95,138,054
HEICO Corp.		3,786		927,381
HEICO Corp., Class A		5,943		1,141,115
Huntington Ingalls Industries, Inc.		56,176		10,390,313
L3Harris Technologies, Inc.		268,680		66,490,240
Lockheed Martin Corp.		327,370		178,760,388
Northrop Grumman Corp.		162,152		82,538,611
RTX Corp.		1,953,610		236,367,274


				682,526,297

Air Freight & Logistics — 1.3%
CH Robinson Worldwide, Inc.		198,318		20,434,687
Expeditors International of Washington, Inc.		116,569		13,871,711
United Parcel Service, Inc., Class B		2,578,655		345,694,489


				380,000,887

Automobile Components — 0.1%
Gentex Corp.		267,884		8,119,564
LCI Industries		67,285		7,487,475


				15,607,039

Automobiles — 0.0%
Thor Industries, Inc.		69,348		7,217,740


Banks — 7.4%
BancFirst Corp.		25,849		2,810,045
Bank of America Corp.		11,565,140		483,654,155
Bank OZK		303,548		13,280,225
BOK Financial Corp.		34,780		3,694,679
Cadence Bank		145,900		4,877,437
Cathay General Bancorp		153,149		7,041,791
Citigroup, Inc.		5,178,519		332,305,564
Comerica, Inc.		463,066		29,501,935
Commerce Bancshares, Inc.		161,271		10,079,438
Cullen/Frost Bankers, Inc.		151,312		19,269,583
East West Bancorp, Inc.		273,214		26,635,633
First Bancorp		335,696		6,472,219
First Financial Bankshares, Inc.		201,544		7,283,800
Glacier Bancorp, Inc.		247,179		12,890,385
Home BancShares, Inc.		407,640		11,124,496
JPMorgan Chase & Co.		4,040,361		896,636,913
M&T Bank Corp.		377,821		73,554,192
PNC Financial Services Group, Inc. (The)		1,000,896		188,438,690
Popular, Inc.		127,431		11,370,668
Prosperity Bancshares, Inc.		206,763		15,135,052
ServisFirst Bancshares, Inc.		60,159		5,001,619
SouthState Corp.		124,719		12,163,844
UMB Financial Corp.		49,751		5,459,177
United Community Banks, Inc.		238,669		6,792,520
Western Alliance Bancorp		143,714		11,958,442
Wintrust Financial Corp.		81,346		9,427,188
Zions Bancorp N.A.		374,408		19,491,680


				2,226,351,370

Beverages — 3.5%
Brown-Forman Corp., Class A		65,272		2,844,554
Brown-Forman Corp., Class B, NVS		400,140		17,618,164
Coca-Cola Co. (The)		7,430,513		485,286,804
Constellation Brands, Inc., Class A		182,979		42,513,341
PepsiCo, Inc.		2,953,729		490,555,312


				1,038,818,175


Security	Shares		Value

Biotechnology — 4.7%
AbbVie, Inc.		3,919,531	$	799,074,785
Amgen, Inc.		1,017,035		325,613,926
Gilead Sciences, Inc.		3,303,714		293,435,877


				1,418,124,588

Broadline Retail — 0.1%
Dillard’s, Inc., Class A		880		326,938
eBay, Inc.		626,490		36,029,440


				36,356,378

Building Products — 0.5%
A. O. Smith Corp.		137,944		10,359,594
AAON, Inc.		20,269		2,315,125
Advanced Drainage Systems, Inc.		22,102		3,312,648
Allegion PLC		85,990		12,006,784
Armstrong World Industries, Inc.		28,555		3,984,850
Carlisle Cos., Inc.		32,381		13,672,230
CSW Industrials, Inc.		3,152		1,112,971
Fortune Brands Innovations, Inc.		106,545		8,878,395
Lennox International, Inc.		17,966		10,825,773
Masco Corp.		229,050		18,303,385
Owens Corning		90,869		16,064,730
Simpson Manufacturing Co., Inc.		18,478		3,322,160
Trane Technologies PLC		148,706		55,045,013
UFP Industries, Inc.		50,200		6,141,468


				165,345,126

Capital Markets — 5.7%
Ameriprise Financial, Inc.		93,774		47,852,872
Ares Management Corp., Class A		338,608		56,777,789
Bank of New York Mellon Corp. (The)		1,414,260		106,578,634
BlackRock, Inc.^(a)		240,579		236,015,216
CME Group, Inc., Class A		527,527		118,883,485
Evercore, Inc., Class A		35,099		9,272,103
FactSet Research Systems, Inc.		25,291		11,483,631
Goldman Sachs Group, Inc. (The)		573,859		297,138,452
Hamilton Lane, Inc., Class A		36,400		6,538,896
Houlihan Lokey, Inc., Class A		54,934		9,490,947
Intercontinental Exchange, Inc.		447,476		69,748,084
Jefferies Financial Group, Inc.		280,810		17,966,224
MarketAxess Holdings, Inc.		30,659		8,873,328
Moody’s Corp.		78,207		35,509,106
Morgan Stanley		3,321,002		386,066,482
Morningstar, Inc.		9,845		3,229,652
MSCI, Inc., Class A		63,016		35,994,739
Nasdaq, Inc.		360,967		26,682,681
Northern Trust Corp.		488,817		49,135,885
Raymond James Financial, Inc.		205,172		30,410,594
S&P Global, Inc.		153,597		73,781,855
SEI Investments Co.		108,824		8,135,682
State Street Corp.		698,887		64,856,714
Stifel Financial Corp.		144,432		14,966,044


				1,725,389,095

Chemicals — 2.1%
Air Products & Chemicals, Inc.		394,851		122,613,081
Albemarle Corp.		146,901		13,915,932
Ashland, Inc.		62,897		5,319,199
Avient Corp.		143,676		6,696,738
Balchem Corp.		11,652		1,949,729
Cabot Corp.		66,985		7,222,993
Celanese Corp., Class A		176,896		22,283,589
Corteva, Inc.		568,301		34,620,897
Eastman Chemical Co.		271,180		28,498,306
Ecolab, Inc.		161,554		39,698,664


10		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
FMC Corp.		326,512	$	21,220,015
HB Fuller Co.		41,083		3,006,454
Innospec, Inc.		24,782		2,671,004
Linde PLC		398,924		181,969,183
Mosaic Co. (The)		757,815		20,279,129
PPG Industries, Inc.		355,496		44,262,807
Quaker Chemical Corp.		11,037		1,672,989
RPM International, Inc.		139,645		17,750,276
Sherwin-Williams Co. (The)		125,290		44,950,293
Westlake Corp.		36,757		4,849,719


				625,450,997

Commercial Services & Supplies — 0.5%
ABM Industries, Inc.		80,969		4,296,215
Brady Corp., Class A, NVS		39,561		2,814,369
Cintas Corp.		183,870		37,842,285
MSA Safety, Inc.		30,927		5,132,336
Republic Services, Inc.		149,830		29,666,340
Tetra Tech, Inc.		92,252		4,509,278
Waste Management, Inc.		369,165		79,684,265


				163,945,088

Communications Equipment — 1.8%
Cisco Systems, Inc.		9,150,606		501,178,691
Motorola Solutions, Inc.		103,829		46,655,561


				547,834,252

Construction & Engineering — 0.1%
Comfort Systems U.S.A., Inc.		8,910		3,484,166
MDU Resources Group, Inc.		259,182		7,477,401
Quanta Services, Inc.		15,271		4,606,192


				15,567,759

Construction Materials — 0.1%
Martin Marietta Materials, Inc.		25,203		14,928,745
Vulcan Materials Co.		73,407		20,108,380


				35,037,125

Consumer Finance — 0.7%
American Express Co.		434,011		117,217,691
Discover Financial Services		379,781		56,370,894
FirstCash Holdings, Inc.		36,800		3,807,696
Nelnet, Inc., Class A		9,719		1,095,331
Synchrony Financial		608,714		33,564,490


				212,056,102

Consumer Staples Distribution & Retail — 2.4%
Casey’s General Stores, Inc.		13,954		5,498,155
Costco Wholesale Corp.		159,351		139,301,457
Dollar General Corp.		446,697		35,753,628
Kroger Co. (The)		1,172,874		65,411,183
Sysco Corp.		930,340		69,728,983
Target Corp.		977,438		146,654,798
Walmart, Inc.		3,180,181		260,615,833


				722,964,037

Containers & Packaging — 0.2%
AptarGroup, Inc.		54,794		9,200,461
Avery Dennison Corp.		90,447		18,725,242
Silgan Holdings, Inc.		88,450		4,576,403
Sonoco Products Co.		264,064		13,868,641


				46,370,747

Distributors — 0.2%
Genuine Parts Co.		288,559		33,097,717
Pool Corp.		36,639		13,250,128


				46,347,845


Security	Shares		Value

Diversified Consumer Services — 0.1%
H&R Block, Inc.		198,248	$	11,841,353
Service Corp. International		153,035		12,495,308


				24,336,661

Electric Utilities — 4.3%
Alliant Energy Corp.		576,603		34,596,180
American Electric Power Co., Inc.		1,266,800		125,096,500
Duke Energy Corp.		1,931,749		222,672,707
Edison International		988,180		81,426,032
Entergy Corp.		542,335		83,942,611
Eversource Energy		1,028,953		67,756,555
IDACORP, Inc.		113,795		11,775,507
MGE Energy, Inc.		53,602		4,850,445
NextEra Energy, Inc.		3,526,209		279,452,063
Otter Tail Corp.		71,640		5,625,173
Pinnacle West Capital Corp.		314,079		27,579,277
Portland General Electric Co.		299,380		14,190,612
Southern Co. (The)		2,465,400		224,425,362
TXNM Energy, Inc.		246,463		10,730,999
Xcel Energy, Inc.		1,316,542		87,958,171


				1,282,078,194

Electrical Equipment — 1.0%
AMETEK, Inc.		109,280		20,035,395
Eaton Corp. PLC		352,185		116,777,502
Emerson Electric Co.		835,004		90,405,883
Hubbell, Inc.		46,492		19,853,479
nVent Electric PLC		137,473		10,251,362
Regal Rexnord Corp.		43,595		7,260,311
Rockwell Automation, Inc.		155,277		41,413,929


				305,997,861

Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		589,533		39,510,502
Avnet, Inc.		156,438		8,480,504
Badger Meter, Inc.		14,320		2,864,716
CDW Corp.		107,666		20,265,971
Cognex Corp.		90,017		3,621,384
Corning, Inc.		1,444,276		68,733,095
Littelfuse, Inc.		19,780		4,838,782
TD SYNNEX Corp.		49,921		5,758,387
TE Connectivity PLC		383,429		56,525,103


				210,598,444

Energy Equipment & Services — 0.0%
Cactus, Inc., Class A		46,439		2,753,368


Financial Services — 1.8%
Equitable Holdings, Inc.		415,897		18,856,770
Essent Group Ltd.		139,956		8,398,760
Fidelity National Information Services, Inc.		677,002		60,747,389
Jack Henry & Associates, Inc.		66,279		12,058,139
Mastercard, Inc., Class A		308,792		154,269,395
MGIC Investment Corp.		403,922		10,114,207
Visa, Inc., Class A		852,553		247,112,487
Voya Financial, Inc.		168,817		13,556,005
Walker & Dunlop, Inc.		59,362		6,492,422


				531,605,574

Food Products — 1.4%
Archer-Daniels-Midland Co.		1,122,927		61,996,800
Flowers Foods, Inc.		588,561		13,083,711
Hershey Co. (The)		283,012		50,257,271
Hormel Foods Corp.		731,089		22,334,769
Ingredion, Inc.		105,698		14,032,467
J & J Snack Foods Corp.		20,175		3,311,121


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
J M Smucker Co. (The)		272,493	$	30,930,680
Kellanova		513,525		41,415,791
Lamb Weston Holdings, Inc.		233,034		18,104,411
Lancaster Colony Corp.		29,319		5,089,778
McCormick & Co., Inc., NVS		357,852		27,998,341
Mondelez International, Inc., Class A		2,136,993		146,341,281


				434,896,421

Gas Utilities — 0.3%
Atmos Energy Corp.		251,839		34,950,216
National Fuel Gas Co.		217,016		13,135,979
New Jersey Resources Corp.		258,248		11,851,001
ONE Gas, Inc.		136,196		9,706,689
Spire, Inc.		185,793		11,864,741


				81,508,626

Ground Transportation — 1.3%
CSX Corp.		1,960,118		65,938,370
JB Hunt Transport Services, Inc.		58,809		10,622,082
Landstar System, Inc.		20,163		3,544,051
Norfolk Southern Corp.		334,729		83,826,183
Old Dominion Freight Line, Inc.		74,894		15,077,660
Ryder System, Inc.		74,586		10,910,440
Union Pacific Corp.		918,918		213,253,300


				403,172,086

Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		2,280,033		258,487,341
Baxter International, Inc.		1,041,357		37,176,445
Becton Dickinson & Co.		329,529		76,974,679
DENTSPLY SIRONA, Inc.		375,052		8,689,955
Medtronic PLC		2,769,341		247,163,684
ResMed, Inc.		85,681		20,775,072
STERIS PLC		60,143		13,342,725
Stryker Corp.		218,597		77,881,739


				740,491,640

Health Care Providers & Services — 2.5%
Cardinal Health, Inc.		303,924		32,981,833
Cencora, Inc.		103,173		23,531,698
Chemed Corp.		3,697		1,997,267
Elevance Health, Inc.		193,595		78,553,107
Ensign Group, Inc. (The)		6,262		970,548
HCA Healthcare, Inc.		88,111		31,608,940
Humana, Inc.		90,806		23,412,511
McKesson Corp.		50,626		25,342,869
Quest Diagnostics, Inc.		151,640		23,478,421
UnitedHealth Group, Inc.		912,504		515,108,508


				756,985,702

Hotels, Restaurants & Leisure — 2.0%
Churchill Downs, Inc.		16,466		2,306,887
Domino’s Pizza, Inc.		35,976		14,884,350
McDonald’s Corp.		1,157,968		338,254,033
Starbucks Corp.		1,837,073		179,482,032
Texas Roadhouse, Inc.		69,930		13,365,022
Wingstop, Inc.		5,692		1,637,531
Yum! Brands, Inc.		389,869		51,135,218


				601,065,073

Household Durables — 0.2%
DR Horton, Inc.		135,059		22,824,971
Garmin Ltd.		175,444		34,799,317
PulteGroup, Inc.		89,443		11,585,552
Worthington Enterprises, Inc.		33,065		1,266,390


				70,476,230


Security	Shares		Value

Household Products — 2.9%
Church & Dwight Co., Inc.		189,597	$	18,942,636
Colgate-Palmolive Co.		1,073,603		100,607,337
Kimberly-Clark Corp.		801,241		107,510,517
Procter & Gamble Co. (The)		3,806,715		628,793,184
WD-40 Co.		14,155		3,709,601


				859,563,275

Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)		1,905,275		31,417,985
Vistra Corp.		246,195		30,764,527


				62,182,512

Industrial Conglomerates — 0.7%
Honeywell International, Inc.		960,640		197,584,435


Insurance — 3.2%
Aflac, Inc.		656,161		68,759,111
Allstate Corp. (The)		364,175		67,925,921
American Financial Group, Inc.		110,331		14,224,976
Aon PLC, Class A		118,740		43,562,144
Arthur J. Gallagher & Co.		123,860		34,829,432
Assurant, Inc.		55,002		10,543,883
Assured Guaranty Ltd.		60,395		5,040,567
Axis Capital Holdings Ltd.		130,799		10,236,330
Brown & Brown, Inc.		87,811		9,188,543
Chubb Ltd.		335,304		94,703,262
Cincinnati Financial Corp.		262,206		36,926,471
CNO Financial Group, Inc.		160,418		5,518,379
Erie Indemnity Co., Class A, NVS		17,921		8,043,662
Everest Group Ltd.		64,410		22,904,840
Fidelity National Financial, Inc., Class A		587,764		35,365,760
First American Financial Corp.		235,974		15,137,732
Globe Life, Inc.		61,126		6,454,906
Hanover Insurance Group, Inc. (The)		58,357		8,656,094
Hartford Financial Services Group, Inc. (The)		339,624		37,508,074
Kinsale Capital Group, Inc.		2,205		943,982
Marsh & McLennan Cos., Inc.		489,208		106,764,754
MetLife, Inc.		1,213,541		95,165,885
Old Republic International Corp.		546,775		19,098,851
Primerica, Inc.		34,674		9,598,110
Principal Financial Group, Inc.		586,304		48,311,450
Reinsurance Group of America, Inc.		77,826		16,427,512
RenaissanceRe Holdings Ltd.		21,914		5,750,234
RLI Corp.		22,237		3,468,305
Selective Insurance Group, Inc.		67,759		6,153,872
Travelers Cos., Inc. (The)		288,915		71,055,755
Unum Group		340,275		21,838,849
W. R. Berkley Corp.		120,231		6,873,606
Willis Towers Watson PLC		88,152		26,638,653


				973,619,905

IT Services — 2.1%
Accenture PLC, Class A		643,508		221,894,428
International Business Machines Corp.		2,037,037		421,096,289


				642,990,717

Leisure Products — 0.1%
Acushnet Holdings Corp.		28,931		1,773,470
Brunswick Corp.		104,384		8,323,580
Polaris, Inc.		126,451		8,840,190


				18,937,240

Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		139,107		18,127,033
Danaher Corp.		177,732		43,661,643


12		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Thermo Fisher Scientific, Inc.		66,977	$	36,590,875
West Pharmaceutical Services, Inc.		13,487		4,153,052


				102,532,603

Machinery — 2.7%
AGCO Corp.		57,085		5,699,366
Albany International Corp., Class A		25,027		1,699,834
Caterpillar, Inc.		573,698		215,825,188
Cummins, Inc.		234,581		77,172,457
Donaldson Co., Inc.		129,871		9,501,362
Dover Corp.		108,098		20,466,194
Franklin Electric Co., Inc.		29,367		2,810,716
Graco, Inc.		146,474		11,930,307
Hillenbrand, Inc.		164,962		4,544,703
IDEX Corp.		73,983		15,879,711
Illinois Tool Works, Inc.		470,118		122,761,913
Ingersoll Rand, Inc.		25,093		2,408,928
ITT, Inc.		55,550		7,783,666
Kadant, Inc.		3,510		1,169,041
Lincoln Electric Holdings, Inc.		64,565		12,432,636
Nordson Corp.		45,060		11,169,923
Oshkosh Corp.		85,672		8,759,105
Otis Worldwide Corp.		474,368		46,582,938
PACCAR, Inc.		455,381		47,487,131
Parker-Hannifin Corp.		99,598		63,152,104
Pentair PLC		120,241		11,918,288
Snap-on, Inc.		99,205		32,750,547
Stanley Black & Decker, Inc.		352,666		32,776,778
Terex Corp.		63,432		3,280,069
Timken Co. (The)		81,056		6,727,648
Toro Co. (The)		127,195		10,236,654
Watts Water Technologies, Inc., Class A		17,564		3,347,523
Xylem, Inc.		186,943		22,765,918


				813,040,648

Marine Transportation — 0.0%
Matson, Inc.		27,023		4,185,592


Media — 1.6%
Comcast Corp., Class A		8,628,806		376,819,958
Interpublic Group of Cos., Inc. (The)		1,126,812		33,128,273
New York Times Co. (The), Class A		109,005		6,086,839
Nexstar Media Group, Inc., Class A		90,635		15,944,509
Omnicom Group, Inc.		387,279		39,115,179
Sirius XM Holdings, Inc.		168,554		4,493,650


				475,588,408

Metals & Mining — 0.3%
Nucor Corp.		260,670		36,973,433
Reliance, Inc.		62,875		18,003,627
Royal Gold, Inc.		53,894		7,871,758
Steel Dynamics, Inc.		175,712		22,930,416


				85,779,234

Multi-Utilities — 1.8%
Ameren Corp.		592,462		51,609,365
CMS Energy Corp.		616,888		42,941,574
Consolidated Edison, Inc.		770,293		78,323,392
DTE Energy Co.		472,056		58,638,796
NiSource, Inc.		988,261		34,747,257
Public Service Enterprise Group, Inc.		1,013,746		90,639,030
Sempra		1,337,170		111,479,863
WEC Energy Group, Inc.		768,937		73,456,551


				541,835,828


Security	Shares		Value

Oil, Gas & Consumable Fuels — 7.7%
Chevron Corp.		5,579,449	$	830,333,600
ConocoPhillips		2,465,215		270,039,651
EOG Resources, Inc.		1,233,838		150,478,883
Exxon Mobil Corp.		7,794,029		910,186,707
Ovintiv, Inc.		576,352		22,592,998
Phillips 66		1,071,248		130,499,431
Texas Pacific Land Corp.		7,981		9,305,846


				2,323,437,116

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		49,690		4,914,341


Personal Care Products — 0.0%
Interparfums, Inc.		33,419		4,046,038


Pharmaceuticals — 6.7%
Bristol-Myers Squibb Co.		7,002,655		390,538,069
Eli Lilly & Co.		332,816		276,150,748
Johnson & Johnson		5,047,617		806,912,054
Merck & Co., Inc.		4,740,720		485,070,470
Perrigo Co. PLC		391,409		10,031,813
Zoetis, Inc., Class A		288,684		51,610,925


				2,020,314,079

Professional Services — 1.0%
Amentum Holdings, Inc.^(b)		72,024		2,141,994
Automatic Data Processing, Inc.		573,297		165,820,424
Booz Allen Hamilton Holding Corp., Class A		120,707		21,927,634
Broadridge Financial Solutions, Inc.		123,473		26,035,517
Exponent, Inc.		39,808		3,757,079
Genpact Ltd.		170,939		6,524,742
Insperity, Inc.		70,089		5,520,910
Jacobs Solutions, Inc.		72,024		10,125,134
ManpowerGroup, Inc.		148,923		9,359,810
Robert Half, Inc.		249,676		17,005,432
SS&C Technologies Holdings, Inc.		198,706		13,895,511
Verisk Analytics, Inc.		57,086		15,682,666


				297,796,853

Semiconductors & Semiconductor Equipment — 5.0%
Analog Devices, Inc.		565,495		126,167,589
Applied Materials, Inc.		496,431		90,141,941
Broadcom, Inc.		4,221,682		716,714,953
KLA Corp.		72,835		48,524,862
Lam Research Corp.		945,405		70,290,862
Microchip Technology, Inc.		868,874		63,749,285
Monolithic Power Systems, Inc.		18,063		13,715,236
NXP Semiconductors NV		312,451		73,269,759
Power Integrations, Inc.		53,730		3,246,904
QUALCOMM, Inc.		1,587,271		258,360,101
Skyworks Solutions, Inc.		307,515		26,932,164
Universal Display Corp.		25,971		4,683,091


				1,495,796,747

Software — 3.8%
Dolby Laboratories, Inc., Class A		71,204		5,190,771
Intuit, Inc.		109,270		66,687,481
Microsoft Corp.		2,081,954		846,002,008
Oracle Corp.		1,133,682		190,277,187
Roper Technologies, Inc.		40,637		21,851,734


				1,130,009,181

Specialty Retail — 3.2%
Dick’s Sporting Goods, Inc.		85,608		16,757,766
Group 1 Automotive, Inc.		6,149		2,240,203
Home Depot, Inc. (The)		1,677,368		660,463,650


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
Lithia Motors, Inc., Class A		15,476	$	5,143,758
Lowe’s Cos., Inc.		738,300		193,309,089
Penske Automotive Group, Inc.		40,019		6,025,661
Ross Stores, Inc.		223,729		31,259,416
Tractor Supply Co.		120,425		31,974,042
Williams-Sonoma, Inc.		144,306		19,355,764


				966,529,349

Technology Hardware, Storage & Peripherals — 3.2%
Apple Inc.		3,786,882		855,494,513
HP, Inc.		2,272,610		80,723,107
NetApp, Inc.		259,853		29,963,649


				966,181,269

Textiles, Apparel & Luxury Goods — 0.5%
Carter’s, Inc.		119,559		6,539,877
Columbia Sportswear Co.		35,258		2,837,211
Kontoor Brands, Inc.		109,005		9,334,098
NIKE, Inc., Class B		1,558,660		120,219,446
Steven Madden Ltd.		93,844		4,220,165


				143,150,797

Trading Companies & Distributors — 0.7%
Air Lease Corp., Class A		145,091		6,434,786
Applied Industrial Technologies, Inc.		21,621		5,007,207
Boise Cascade Co.		17,990		2,393,210
Fastenal Co.		895,293		69,994,007
Ferguson Enterprises, Inc.		237,026		46,632,495
GATX Corp.		42,676		5,879,046
McGrath RentCorp		31,342		3,563,585
MSC Industrial Direct Co., Inc., Class A		131,636		10,408,459
Rush Enterprises, Inc., Class A		63,899		3,615,405


Security	Shares		Value

Trading Companies & Distributors (continued)
Rush Enterprises, Inc., Class B		10,183	$	494,486
Watsco, Inc.		56,919		26,923,256
WW Grainger, Inc.		25,742		28,553,799


				209,899,741

Water Utilities — 0.2%
American States Water Co.		58,371		4,813,273
American Water Works Co., Inc.		281,849		38,926,165
California Water Service Group		88,823		4,615,243
Essential Utilities, Inc.		584,502		22,561,777


				70,916,458


Total Long-Term Investments — 99.7% (Cost: $23,037,243,569)			29,968,108,893


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%^(a)(c)		51,216,593		51,216,593


Total Short-Term Securities — 0.2% (Cost: $51,216,593)				51,216,593


Total Investments — 99.9% (Cost: $23,088,460,162)				30,019,325,486
Other Assets Less Liabilities — 0.1%				32,735,803


Net Assets — 100.0%			$	30,052,061,289

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

Affiliates



Affiliated Issuer	Value at 04/30/24		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/24		Shares Held at 10/31/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—		$ (2,301	)^(b)	$	2,301	$	—	$	—		—	$	919,727	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		72,964,605		—		(21,748,012	)^(b)		—		—		51,216,593		51,216,593		1,803,827			—
BlackRock, Inc.		165,862,326		43,715,966		(29,676,967	)		6,644,392		49,469,499		236,015,216		240,579		2,443,104			—


								$	6,646,693	$	49,469,499	$	287,231,809			$	5,166,658		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)


14		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend Growth 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

281

12/20/24

80,626

572,457

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)	$	—	$	—	$	572,457	$	—	$	—	$	—	$	572,457

^(a)

For the period ended October 31, 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	$	—	$	—	$	5,594,618	$	—	$	—	$	—	$	5,594,618


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	2,776,371	$	—	$	—	$	—	$	2,776,371

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	92,975,013

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 O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core Dividend Growth ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	29,968,108,893	$	—	$	—	$	29,968,108,893
Short-Term Securities
Money Market Funds		51,216,593		—		—		51,216,593


	$	30,019,325,486	$	—	$	—	$	30,019,325,486


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	572,457	$	—	$	—	$	572,457

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

See notes to financial statements.


16		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

October 31, 2024

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
Lockheed Martin Corp.		286,755	$	156,582,568


Banks — 1.5%
PNC Financial Services Group, Inc. (The)		876,675		165,051,602


Beverages — 7.7%
Coca-Cola Co. (The)		6,508,386		425,062,690
PepsiCo, Inc.		2,587,201		429,682,342


				854,745,032

Biotechnology — 6.3%
AbbVie, Inc.		3,433,117		699,909,563


Capital Markets — 2.6%
Artisan Partners Asset Management, Inc., Class A		299,278		13,198,160
Blackstone, Inc., Class A, NVS		1,007,172		168,953,103
Cohen & Steers, Inc.		48,289		4,769,505
Janus Henderson Group PLC		351,208		14,508,403
Moelis & Co., Class A		161,036		10,692,790
T Rowe Price Group, Inc.		648,861		71,283,869
Victory Capital Holdings, Inc., Class A		81,157		4,863,739


				288,269,569

Chemicals — 2.0%
Dow, Inc.		2,357,102		116,393,697
Eastman Chemical Co.		238,044		25,016,044
LyondellBasell Industries NV, Class A		898,805		78,061,214


				219,470,955

Communications Equipment — 3.9%
Cisco Systems, Inc.		8,014,998		438,981,440


Consumer Staples Distribution & Retail — 0.5%
Sysco Corp.		811,535		60,824,548


Containers & Packaging — 0.4%
Amcor PLC		4,039,826		44,963,263


Distributors — 0.3%
Genuine Parts Co.		256,194		29,385,452


Diversified Telecommunication Services — 4.6%
AT&T Inc.		22,581,017		508,976,123


Electric Utilities — 7.0%
ALLETE, Inc.		154,644		9,883,298
Alliant Energy Corp.		512,136		30,728,160
American Electric Power Co., Inc.		1,107,802		109,395,448
Duke Energy Corp.		1,692,009		195,037,877
Edison International		867,004		71,441,130
Evergy, Inc.		598,584		36,178,417
FirstEnergy Corp.		1,191,242		49,829,653
IDACORP, Inc.		101,548		10,508,187
OGE Energy Corp.		512,857		20,509,151
PPL Corp.		1,452,304		47,287,018
Southern Co. (The)		2,156,527		196,308,653


				777,106,992

Financial Services — 0.2%
Radian Group, Inc.		267,530		9,339,472
Western Union Co. (The)		1,305,538		14,047,589


				23,387,061

Food Products — 0.8%
General Mills, Inc.		1,115,626		75,884,881
Ingredion, Inc.		92,321		12,256,536


				88,141,417


Security	Shares		Value

Gas Utilities — 0.5%
Atmos Energy Corp.		219,397	$	30,447,916
National Fuel Gas Co.		194,410		11,767,637
New Jersey Resources Corp.		228,783		10,498,852


				52,714,405

Health Care Equipment & Supplies — 1.9%
Medtronic PLC		2,425,639		216,488,281


Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc.		263,462		42,159,189


Household Products — 1.2%
Clorox Co. (The)		226,624		35,931,235
Kimberly-Clark Corp.		701,174		94,083,527
Reynolds Consumer Products, Inc.		100,730		2,714,674


				132,729,436

Insurance — 0.3%
Cincinnati Financial Corp.		232,558		32,751,143


IT Services — 3.3%
International Business Machines Corp.		1,784,240		368,838,093


Machinery — 0.3%
Snap-on, Inc.		88,014		29,056,062


Media — 0.3%
Omnicom Group, Inc.		339,532		34,292,732


Multi-Utilities — 3.6%
Ameren Corp.		522,074		45,477,866
CMS Energy Corp.		539,709		37,569,143
DTE Energy Co.		411,783		51,151,684
NiSource, Inc.		867,393		30,497,538
Public Service Enterprise Group, Inc.		887,052		79,311,319
Sempra		1,169,015		97,460,781
WEC Energy Group, Inc.		673,250		64,315,573


				405,783,904

Oil, Gas & Consumable Fuels — 26.4%
Antero Midstream Corp.		1,327,535		19,076,678
Chevron Corp.		4,887,031		727,287,953
ConocoPhillips		2,159,272		236,526,655
Coterra Energy, Inc.		1,670,632		39,961,518
Devon Energy Corp.		1,347,300		52,113,564
DT Midstream, Inc.		234,756		21,163,253
EOG Resources, Inc.		1,079,257		131,626,184
Expand Energy Corp.		209,275		17,729,778
Exxon Mobil Corp.		9,381,670		1,095,591,423
Kinder Morgan, Inc.		6,611,689		162,052,497
ONEOK, Inc.		1,558,397		150,977,501
Phillips 66		936,918		114,135,351
Williams Cos., Inc. (The)		3,154,940		165,224,208


				2,933,466,563

Pharmaceuticals — 10.2%
Johnson & Johnson		4,421,186		706,770,794
Merck & Co., Inc.		4,152,413		424,874,898


				1,131,645,692

Professional Services — 0.7%
Paychex, Inc.		581,671		81,044,220


Semiconductors & Semiconductor Equipment — 2.8%
Skyworks Solutions, Inc.		270,528		23,692,842
Texas Instruments, Inc.		1,430,112		290,541,554


				314,234,396


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Tobacco — 8.5%
Altria Group, Inc.		7,677,079	$	418,093,722
Philip Morris International, Inc.		3,929,184		521,402,717


				939,496,439

Trading Companies & Distributors — 0.1%
MSC Industrial Direct Co., Inc., Class A		115,596		9,140,176


Total Long-Term Investments — 99.7% (Cost: $10,069,291,263)				11,079,636,316


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%^(a)(b)		16,537,725		16,537,725


Total Short-Term Securities — 0.1% (Cost: $16,537,725)				16,537,725


Total Investments — 99.8% (Cost: $10,085,828,988)				11,096,174,041
Other Assets Less Liabilities — 0.2%				17,057,128


Net Assets — 100.0%			$	11,113,231,169

^(a)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 04/30/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/24		Shares Held at 10/31/24		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	12,064,701	$	4,473,024	^(a)	$	—	$	—	$	—	$	16,537,725		16,537,725	$	531,755	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
E-Mini Consumer Staples Select Sector Index		208		12/20/24	$	16,917	$	(372,372	)
E-Mini Dow Jones Industrial Average Index		31		12/20/24		6,502		(32,976	)
E-Mini Energy Select Sector Index		98		12/20/24		9,141		182,927


							$	(222,421	)


18		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	182,927	$	—	$	—	$	—	$	182,927


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	405,348	$	—	$	—	$	—	$	405,348

^(a)

For the period ended October 31, 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	$	—	$	—	$	641,244		$	—	$	—	$	—	$	641,244


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(656,471	)	$	—	$	—	$	—	$	(656,471	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	29,732,908

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




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	11,079,636,316		$	—	$	—	$	11,079,636,316
Short-Term Securities
Money Market Funds		16,537,725			—		—		16,537,725


	$	11,096,174,041		$	—	$	—	$	11,096,174,041


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	182,927		$	—	$	—	$	182,927
Liabilities
Equity Contracts		(405,348	)		—		—		(405,348	)


	$	(222,421	)	$	—	$	—	$	(222,421	)

^(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 O F I N V E S T M E N T S		19

Schedule of Investments (unaudited)

October 31, 2024

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
Lockheed Martin Corp.		342,969	$	187,278,222


Automobiles — 1.0%
Ford Motor Co.		19,798,286		203,724,363


Banks — 14.7%
Citizens Financial Group, Inc.		8,644,800		364,118,976
Comerica, Inc.		2,944,346		187,584,284
Fifth Third Bancorp		6,134,090		267,937,051
First Horizon Corp.		11,835,485		205,108,955
FNB Corp.		7,797,601		113,065,214
Huntington Bancshares, Inc.		18,642,757		290,640,582
KeyCorp		20,290,429		350,009,900
Regions Financial Corp.		13,965,095		333,346,818
Truist Financial Corp.		8,263,020		355,723,011
U.S. Bancorp		5,721,253		276,393,732
United Bankshares, Inc.		3,006,021		113,266,871
Valley National Bancorp		9,726,402		92,109,027


				2,949,304,421

Beverages — 0.9%
Coca-Cola Co. (The)		2,699,845		176,326,877


Biotechnology — 1.3%
Gilead Sciences, Inc.		2,954,684		262,435,033


Broadline Retail — 0.2%
Kohl’s Corp.		2,338,762		43,220,322


Capital Markets — 4.1%
Federated Hermes, Inc., Class B		1,826,827		73,310,568
Franklin Resources, Inc.		6,102,601		126,751,023
Invesco Ltd.		9,733,335		168,776,029
Janus Henderson Group PLC		2,807,379		115,972,826
Lazard, Inc.		2,353,753		124,725,371
T Rowe Price Group, Inc.		2,024,538		222,415,745


				831,951,562

Chemicals — 2.7%
Chemours Co. (The)		3,119,688		56,653,534
FMC Corp.		2,729,690		177,402,553
Huntsman Corp.		3,425,723		75,365,906
LyondellBasell Industries NV, Class A		2,586,126		224,605,043


				534,027,036

Consumer Finance — 0.6%
OneMain Holdings, Inc.		2,551,633		126,739,611


Consumer Staples Distribution & Retail — 0.5%
Walgreens Boots Alliance, Inc.		10,733,555		101,539,430


Containers & Packaging — 4.4%
International Paper Co.		7,451,583		413,860,920
Packaging Corp. of America		842,554		192,894,313
Smurfit WestRock PLC		3,068,948		158,050,822
Sonoco Products Co.		2,066,822		108,549,491


				873,355,546

Distributors — 0.5%
Genuine Parts Co.		920,651		105,598,670


Diversified Consumer Services — 0.8%
H&R Block, Inc.		2,739,850		163,651,240


Diversified Telecommunication Services — 3.9%
AT&T Inc.		19,253,158		433,966,181
Verizon Communications, Inc.		8,178,548		344,562,227


				778,528,408


Security	Shares		Value

Electric Utilities — 16.7%
Alliant Energy Corp.		4,168,212	$	250,092,720
American Electric Power Co., Inc.		2,592,526		256,011,942
Edison International		3,461,885		285,259,324
Entergy Corp.		2,240,299		346,753,479
Eversource Energy		4,137,967		272,485,127
Exelon Corp.		5,751,965		226,052,225
FirstEnergy Corp.		5,943,685		248,624,344
IDACORP, Inc.		1,087,801		112,565,647
NextEra Energy, Inc.		3,276,211		259,639,722
NRG Energy, Inc.		2,866,289		259,112,526
OGE Energy Corp.		4,280,033		171,158,520
Pinnacle West Capital Corp.		2,468,403		216,750,467
PPL Corp.		7,355,735		239,502,732
Xcel Energy, Inc.		3,048,129		203,645,498


				3,347,654,273

Financial Services — 0.4%
Western Union Co. (The)		7,607,494		81,856,635


Food Products — 2.3%
Conagra Brands, Inc.		9,130,959		264,249,953
General Mills, Inc.		2,858,440		194,431,089


				458,681,042

Gas Utilities — 1.4%
New Jersey Resources Corp.		2,129,243		97,710,961
Southwest Gas Holdings, Inc.		1,148,074		84,096,421
UGI Corp.		4,469,354		106,862,254


				288,669,636

Hotels, Restaurants & Leisure — 0.9%
McDonald’s Corp.		386,854		113,003,922
Wendy’s Co. (The)		3,581,762		68,447,472


				181,451,394

Household Durables — 1.9%
Garmin Ltd.		868,812		172,328,860
Newell Brands, Inc.		8,592,961		75,618,057
Whirlpool Corp.		1,181,878		122,336,192


				370,283,109

Household Products — 1.1%
Kimberly-Clark Corp.		1,698,828		227,948,741


Insurance — 7.0%
Cincinnati Financial Corp.		1,271,733		179,098,158
Fidelity National Financial, Inc., Class A		3,677,677		221,285,825
MetLife, Inc.		2,177,545		170,763,079
Old Republic International Corp.		5,467,457		190,978,273
Principal Financial Group, Inc.		2,136,830		176,074,792
Prudential Financial, Inc.		2,240,307		274,392,801
Unum Group		3,027,259		194,289,483


				1,406,882,411

IT Services — 1.0%
International Business Machines Corp.		953,354		197,077,339


Media — 1.9%
Interpublic Group of Cos., Inc. (The)		6,397,920		188,098,848
Omnicom Group, Inc.		1,813,051		183,118,151


				371,216,999

Metals & Mining — 1.1%
Newmont Corp.		4,999,368		227,171,282


Multi-Utilities — 10.9%
Avista Corp.		1,662,791		62,321,407
Black Hills Corp.		1,462,856		86,586,447
CenterPoint Energy, Inc.		5,212,756		153,932,685


20		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Multi-Utilities (continued)
CMS Energy Corp.		3,149,198	$	219,215,673
Dominion Energy, Inc.		6,011,287		357,851,915
DTE Energy Co.		1,747,840		217,116,685
NiSource, Inc.		7,903,733		277,895,252
Northwestern Energy Group, Inc.		1,339,444		71,606,676
Public Service Enterprise Group, Inc.		3,199,537		286,070,603
Sempra		2,385,067		198,843,036
WEC Energy Group, Inc.		2,766,503		264,284,031


				2,195,724,410

Oil, Gas & Consumable Fuels — 4.5%
Chevron Corp.		1,381,739		205,630,398
Exxon Mobil Corp.		1,753,072		204,723,748
ONEOK, Inc.		3,692,433		357,722,909
Valero Energy Corp.		1,099,923		142,726,009


				910,803,064

Pharmaceuticals — 2.1%
Merck & Co., Inc.		938,614		96,038,985
Pfizer, Inc.		11,229,631		317,798,557


				413,837,542

Specialty Retail — 1.4%
Best Buy Co., Inc.		3,126,251		282,706,878


Technology Hardware, Storage & Peripherals — 2.1%
HP, Inc.		6,704,695		238,150,766
Seagate Technology Holdings PLC		1,743,393		174,984,356


				413,135,122


Security	Shares		Value


Tobacco — 5.3%
Altria Group, Inc.		11,881,870	$	647,086,640

Philip Morris International, Inc.		3,202,398		424,958,215


				1,072,044,855

Trading Companies & Distributors — 1.2%
MSC Industrial Direct Co., Inc., Class A		980,112		77,497,456
Watsco, Inc.		323,890		153,203,209


				230,700,665


Total Long-Term Investments — 99.7% (Cost: $17,779,403,799)				20,015,526,138


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%^(a)(b)		43,664,650		43,664,650


Total Short-Term Securities — 0.2% (Cost: $43,664,650)				43,664,650


Total Investments — 99.9% (Cost: $17,823,068,449)				20,059,190,788

Other Assets Less Liabilities — 0.1%				20,910,573


Net Assets — 100.0%			$	20,080,101,361

^(a)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 04/30/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/24		Shares Held at 10/31/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	557	^(b)	$	—		$	(557	)	$	—	$	—		—	$	8,466	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		64,708,693		—			(21,044,043	)^(b)		—			—		43,664,650		43,664,650		1,249,298			—


									$	(557	)	$	—	$	43,664,650			$	1,257,764		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)


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

Schedule of Investments (unaudited) (continued)

October 31, 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		103		12/20/24	$	9,608	$	156,282
E-Mini Financials Select Sector Index		219		12/20/24		31,582		756,136
E-Mini Utilities Select Sector Index		267		12/20/24		21,640		305,853


							$	1,218,271

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)	$	—	$	—	$	1,218,271	$	—	$	—	$	—	$	1,218,271

^(a)

For the period ended October 31, 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	$	—	$	—	$	6,959,594	$	—	$	—	$	—	$	6,959,594


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	738,575	$	—	$	—	$	—	$	738,575

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	65,083,028

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


22		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Select Dividend ETF

Fair Value Hierarchy as of Period End

	$		$		$		$


	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	20,015,526,138	$	—	$	—	$	20,015,526,138
Short-Term Securities
Money Market Funds		43,664,650		—		—		43,664,650


	$	20,059,190,788	$	—	$	—	$	20,059,190,788

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,218,271	$	—	$	—	$	1,218,271

^(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 O F I N V E S T M E N T S		23

Statements of Assets and Liabilities (unaudited)

October 31, 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)	$	533,688,846	$	29,732,093,677	$	11,079,636,316		$	20,015,526,138

Investments, at value — affiliated^(b)		5,000,576		287,231,809		16,537,725			43,664,650

Cash		5,307		4,163,083		8,219,671			280

Cash pledged:

Futures contracts		117,000		3,820,000		1,887,000			2,694,000

Receivables:

Securities lending income — affiliated		—		—		—			531

Capital shares sold		18,802		—		44,118			—

Dividends — unaffiliated		875,397		27,951,771		19,839,651			24,842,093

Dividends — affiliated		7,006		333,616		59,975			187,746


Total assets		539,712,934		30,055,593,956		11,126,224,456			20,086,915,438


LIABILITIES

Payables:

Investments purchased		145,672		—		12,110,597			—

Capital shares redeemed		—		—		88,237			289,489

Investment advisory fees		22,584		2,063,155		763,893			6,429,637

Variation margin on futures contracts		44,787		1,469,512		30,560			94,951


Total liabilities		213,043		3,532,667		12,993,287			6,814,077


Commitments and contingent liabilities

NET ASSETS	$	539,499,891	$	30,052,061,289	$	11,113,231,169		$	20,080,101,361


NET ASSETS CONSIST OF:

Paid-in capital	$	492,120,151	$	23,450,121,459	$	11,247,471,085		$	18,815,368,105

Accumulated earnings (loss)		47,379,740		6,601,939,830		(134,239,916	)		1,264,733,256


NET ASSETS	$	539,499,891	$	30,052,061,289	$	11,113,231,169		$	20,080,101,361


NET ASSET VALUE

Shares outstanding		11,200,000		485,000,000		94,450,000		$	148,950,000


Net asset value	$	48.17	$	61.96	$	117.66		$	134.81


Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited


Par value		None		None		None			None


^(a)Investments, at cost — unaffiliated	$	478,505,801	$	22,883,155,396	$	10,069,291,263		$	17,779,403,799
^(b)Investments, at cost — affiliated	$	4,332,551	$	205,304,766	$	16,537,725		$	43,664,650

See notes to financial statements.


24		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Operations (unaudited)

Six Months Ended October 31, 2024


	iShares Core Dividend ETF			iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares Select Dividend ETF

INVESTMENT INCOME

Dividends — unaffiliated	$	6,469,447		$	340,095,754		$	202,781,140		$	394,805,135

Dividends — affiliated		63,090			4,246,931			531,755			1,249,298

Interest — unaffiliated		89			9,086			3,356			13,561

Securities lending income — affiliated — net		18,926			919,727			—			8,466

Foreign taxes withheld		(2,663	)		(117,814	)		—			—


Total investment income		6,548,889			345,153,684			203,316,251			396,076,460


EXPENSES

Investment advisory		108,703			11,533,592			4,342,034			36,472,127

Interest expense		211			1			—			—


Total expenses		108,914			11,533,593			4,342,034			36,472,127


Net investment income		6,439,975			333,620,091			198,974,217			359,604,333


REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

Investments — unaffiliated		(6,586,688	)		161,137,865			308,973,698			(37,307,430	)

Investments — affiliated		8,455			2,214,204			—			(557	)

Futures contracts		156,913			5,594,618			641,244			6,959,594

In-kind redemptions — unaffiliated^(a)		23,392,754			492,687,548			117,135,829			159,869,627

In-kind redemptions — affiliated^(a)		—			4,432,489			—			—


	$	16,971,434		$	666,066,724		$	426,750,771		$	129,521,234


Net change in unrealized appreciation (depreciation) on:

Investments — unaffiliated		32,080,140			2,150,393,045			508,410,896			2,190,534,969

Investments — affiliated		660,846			49,469,499			—			—

Futures contracts		13,089			2,776,371			(656,471	)		738,575


		32,754,075			2,202,638,915			507,754,425			2,191,273,544


Net realized and unrealized gain		49,725,509			2,868,705,639			934,505,196			2,320,794,778


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,165,484		$	3,202,325,730		$	1,133,479,413		$	2,680,399,111

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

See notes to financial statements.


S T A T E M E N T S O F O P E R A T I O N S		25

Statements of Changes in Net Assets


	iShares Core Dividend ETF						iShares Core Dividend Growth ETF

	Six Months Ended 10/31/24 (unaudited)			Year Ended 04/30/24			Six Months Ended 10/31/24 (unaudited)			Year Ended 04/30/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,439,975		$	8,771,932		$	333,620,091		$	619,421,720
Net realized gain		16,971,434			4,636,627			666,066,724			750,284,109
Net change in unrealized appreciation (depreciation)		32,754,075			30,200,237			2,202,638,915			1,642,953,258


Net increase in net assets resulting from operations		56,165,484			43,608,796			3,202,325,730			3,012,659,087


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,074,712	)^(b)		(8,487,745	)		(333,208,002	)^(b)		(616,886,891	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		157,322,993			36,265,594			698,904,737			577,063,593


NET ASSETS
Total increase in net assets		207,413,765			71,386,645			3,568,022,465			2,972,835,789
Beginning of period		332,086,126			260,699,481			26,484,038,824			23,511,203,035


End of period	$	539,499,891		$	332,086,126		$	30,052,061,289		$	26,484,038,824

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

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

See notes to financial statements.


26		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Changes in Net Assets (continued)


	iShares Core High Dividend ETF						iShares Select Dividend ETF

	Six Months Ended 10/31/24 (unaudited)			Year Ended 04/30/24			Six Months Ended 10/31/24 (unaudited)			Year Ended 04/30/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	198,974,217		$	398,212,935		$	359,604,333		$	759,697,635
Net realized gain		426,750,771			173,800,298			129,521,234			973,422,120
Net change in unrealized appreciation (depreciation)		507,754,425			269,955,781			2,191,273,544			(847,997,840	)


Net increase in net assets resulting from operations		1,133,479,413			841,969,014			2,680,399,111			885,121,915


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(209,093,173	)^(b)		(372,509,745	)		(370,462,490	)^(b)		(737,378,830	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(2,966,193	)		(1,415,312,932	)		(355,953,322	)		(3,444,012,541	)


NET ASSETS
Total increase (decrease) in net assets		921,420,047			(945,853,663	)		1,953,983,299			(3,296,269,456	)
Beginning of period		10,191,811,122			11,137,664,785			18,126,118,062			21,422,387,518


End of period	$	11,113,231,169		$	10,191,811,122		$	20,080,101,361		$	18,126,118,062

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

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

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		27

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core Dividend ETF

	Six Months Ended 10/31/24 (unaudited)			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 period	$	42.58		$	37.51		$	39.14		$	38.39		$	25.94		$	27.96


Net investment income^(a)		0.69			1.27			0.96			0.77			0.70			0.64
Net realized and unrealized gain (loss)^(b)		5.54			5.04			(1.68	)		0.68			12.43			(2.02	)


Net increase (decrease) from investment operations		6.23			6.31			(0.72	)		1.45			13.13			(1.38	)


Distributions from net investment income^(c)		(0.64	)^(d)		(1.24	)		(0.91	)		(0.70	)		(0.68	)		(0.64	)


Net asset value, end of period	$	48.17		$	42.58		$	37.51		$	39.14		$	38.39		$	25.94


Total Return^(e)
Based on net asset value		14.72	%^(f)		17.14	%		(1.75	)%		3.71	%		51.33	%		(4.95	)%


Ratios to Average Net Assets^(g)
Total expenses		0.05	%^(h)		0.05	%		0.15	%		0.25	%		0.25	%		0.25	%


Net investment income		2.96	%^(h)		3.21	%		2.54	%		1.87	%		2.20	%		2.31	%


Supplemental Data
Net assets, end of period (000)	$	539,500		$	332,086		$	260,699		$	260,263		$	67,180		$	24,645


Portfolio turnover rate⁽ⁱ⁾		24	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


28		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core Dividend Growth ETF

	Six Months Ended 10/31/24 (unaudited)			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 period	$	55.95		$	50.88		$	50.58		$	49.87		$	36.39		$	38.13


Net investment income^(a)		0.70			1.33			1.22			1.10			1.08			0.99
Net realized and unrealized gain (loss)^(b)		6.01			5.07			0.28			0.68			13.44			(1.77	)


Net increase (decrease) from investment operations		6.71			6.40			1.50			1.78			14.52			(0.78	)


Distributions from net investment income^(c)		(0.70	)^(d)		(1.33	)		(1.20	)		(1.07	)		(1.04	)		(0.96	)


Net asset value, end of period	$	61.96		$	55.95		$	50.88		$	50.58		$	49.87		$	36.39


Total Return^(e)
Based on net asset value		12.04	%^(f)		12.77	%		3.13	%		3.51	%		40.52	%		(2.05	)%


Ratios to Average Net Assets^(g)
Total expenses		0.08	%^(h)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%


Net investment income		2.31	%^(h)		2.53	%		2.47	%		2.10	%		2.53	%		2.55	%


Supplemental Data
Net assets, end of period (000)	$	30,052,061		$	26,484,039		$	23,511,203		$	22,742,798		$	18,403,156		$	9,355,727


Portfolio turnover rate⁽ⁱ⁾		10	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		29

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core High Dividend ETF

	Six Months Ended 10/31/24 (unaudited)			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 period	$	107.85		$	102.75		$	103.67		$	95.59		$	81.85		$	95.42


Net investment income^(a)		2.09			3.95			3.95			3.68			3.56			3.24
Net realized and unrealized gain (loss)^(b)		9.88			4.84			(0.88	)		7.80			13.72			(13.51	)


Net increase (decrease) from investment operations		11.97			8.79			3.07			11.48			17.28			(10.27	)


Distributions from net investment income^(c)		(2.16	)^(d)		(3.69	)		(3.99	)		(3.40	)		(3.54	)		(3.30	)


Net asset value, end of period	$	117.66		$	107.85		$	102.75		$	103.67		$	95.59		$	81.85


Total Return^(e)
Based on net asset value		11.20	%^(f)		8.82	%		3.16	%		12.21	%		21.70	%		(10.86	)%


Ratios to Average Net Assets^(g)
Total expenses		0.08	%^(h)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%


Net investment income		3.67	%^(h)		3.87	%		3.86	%		3.68	%		4.13	%		3.53	%


Supplemental Data
Net assets, end of period (000)	$	11,113,231		$	10,191,811		$	11,137,665		$	9,630,902		$	6,839,327		$	6,036,798


Portfolio turnover rate⁽ⁱ⁾		40	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Select Dividend ETF

	Six Months Ended 10/31/24 (unaudited)			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 period	$	119.41		$	117.61		$	123.50		$	118.37		$	80.66		$	101.13


Net investment income^(a)		2.40			4.60			4.24			3.91			3.51			3.51
Net realized and unrealized gain (loss)^(b)		15.48			1.67			(5.87	)		4.97			37.74			(20.30	)


Net increase (decrease) from investment operations		17.88			6.27			(1.63	)		8.88			41.25			(16.79	)


Distributions from net investment income^(c)		(2.48	)^(d)		(4.47	)		(4.26	)		(3.75	)		(3.54	)		(3.68	)


Net asset value, end of period	$	134.81		$	119.41		$	117.61		$	123.50		$	118.37		$	80.66


Total Return^(e)
Based on net asset value		15.10	%^(f)		5.58	%		(1.23	)%		7.63	%		52.54	%		(16.96	)%


Ratios to Average Net Assets^(g)
Total expenses		0.38	%^(h)		0.38	%		0.38	%		0.38	%		0.38	%		0.39	%


Net investment income		3.73	%^(h)		4.04	%		3.52	%		3.23	%		3.78	%		3.60	%


Supplemental Data
Net assets, end of period (000)	$	20,080,101		$	18,126,118		$	21,422,388		$	21,666,936		$	18,495,567		$	13,257,023


Portfolio turnover rate⁽ⁱ⁾		2	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		31

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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:

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise


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Notes to Financial Statements (unaudited) (continued)

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

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s 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 as of the measurement date.

•

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

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

4.	SECURITIES AND OTHER INVESTMENTS

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

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

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


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		33

Notes to Financial Statements (unaudited) (continued)

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

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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



iShares ETF	Investment Advisory Fees

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. The Funds do not pay BRIL for ETF Services.


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Notes to Financial Statements (unaudited) (continued)

managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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 six months ended October 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF		Amounts

Core Dividend		$ 4,447
Core Dividend Growth		216,139
Select Dividend		3,625

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

For the six months ended October 31, 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	$	55,472,931	$	45,258,425	$ (4,631,984)
Core Dividend Growth		1,380,408,110		505,699,136	51,324,725
Core High Dividend		963,225,510		293,300,853	24,687,004
Select Dividend		40,344,868		243,004	(732,150)

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.

7.	PURCHASES AND SALES

For the six months ended October 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Core Dividend	$	103,297,812	$ 105,226,645
Core Dividend Growth		2,810,713,429	2,774,854,479
Core High Dividend		4,291,676,410	4,303,697,889
Select Dividend		470,862,773	515,531,718


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		35

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Core Dividend	$	217,659,130	$ 59,088,771
Core Dividend Growth		2,013,889,167	1,324,825,783
Core High Dividend		790,568,749	802,981,259
Select Dividend		396,860,706	741,380,771

8.	INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 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. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.

As of April 30, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:




iShares ETF	Non-Expiring Capital Loss Carryforwards


Core Dividend	$	(26,530,156	)
Core Dividend Growth		(1,009,048,248	)
Core High Dividend		(1,580,879,478	)
Select Dividend		(1,029,155,503	)



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Core Dividend	$	483,205,230	$	63,514,181	$	(8,053,477	)	$ 55,460,704
Core Dividend Growth		23,126,873,692		7,223,809,651		(330,785,400	)	6,893,024,251
Core High Dividend		10,109,382,641		1,222,623,676		(236,054,697	)	986,568,979
Select Dividend		17,934,200,633		3,269,740,883		(1,143,532,457	)	2,126,208,426

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 mandatory and 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. 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.


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Notes to Financial Statements (unaudited) (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 Fund’s 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.

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.

10.	CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:



	Six Months Ended 10/31/24						Year Ended 04/30/24


iShares ETF	Shares			Amount			Shares			Amount

Core Dividend

Shares sold		4,800,000		$	219,268,911			1,650,000		$	67,441,257

Shares redeemed		(1,400,000	)		(61,945,918	)		(800,000	)		(31,175,663	)


		3,400,000		$	157,322,993			850,000		$	36,265,594


Core Dividend Growth

Shares sold		33,650,000		$	2,029,743,235			44,300,000		$	2,310,691,239

Shares redeemed		(22,000,000	)		(1,330,838,498	)		(33,000,000	)		(1,733,627,646	)


		11,650,000		$	698,904,737			11,300,000		$	577,063,593


Core High Dividend

Shares sold		6,850,000		$	797,598,863			6,500,000		$	660,365,834

Shares redeemed		(6,900,000	)		(800,565,056	)		(20,400,000	)		(2,075,678,766	)


		(50,000	)	$	(2,966,193	)		(13,900,000	)	$	(1,415,312,932	)


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		37

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 10/31/24						Year Ended 04/30/24


iShares ETF	Shares			Amount			Shares			Amount

Select Dividend

Shares sold		3,250,000		$	414,840,592			8,350,000		$	959,530,770

Shares redeemed		(6,100,000	)		(770,793,914	)		(38,700,000	)		(4,403,543,311	)


		(2,850,000	)	$	(355,953,322	)		(30,350,000	)	$	(3,444,012,541	)

To the extent applicable, to facilitate the timely settlement of orders for the Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund’s custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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.


38		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Additional Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Availability of Portfolio Holdings Information


A D D I T I O N A L I N F O R M A T I O N			39

Board Review and Approval of Investment Advisory Contract

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


40		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T			41

Board Review and Approval of Investment Advisory Contract (continued)

iShares Select Dividend ETF (the “Fund”)

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


42		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract (continued)

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T			43

Board Review and Approval of Investment Advisory Contract (continued)


44		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Glossary of Terms Used in this Report



Portfolio Abbreviation

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


		G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T			45

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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


		OCTOBER 31, 2024

2024 Semi-Annual Financial

Statements and Additional

Information (Unaudited)

iShares Trust

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

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

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

· iShares Morningstar Value ETF | ILCV | NYSE Arca

Table of Contents


		Page

Schedules of Investments		3

Statements of Assets and Liabilities		42

Statements of Operations		43

Statements of Changes in Net Assets		44

Financial Highlights		46

Notes to Financial Statements		50

Additional Information		58

Board Review and Approval of Investment Advisory Contract		59

Glossary of Terms Used in this Report		61


2

Schedule of Investments (unaudited)

October 31, 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.		1,823	$	337,182
L3Harris Technologies, Inc.		22,335		5,527,243
Textron, Inc.		11,781		947,428


				6,811,853

Air Freight & Logistics — 0.3%
Expeditors International of Washington, Inc.		16,469		1,959,811


Automobile Components — 0.1%
Aptiv PLC^(a)		14,253		809,998


Automobiles — 1.8%
Ford Motor Co.		463,610		4,770,547
General Motors Co.		132,556		6,728,542


				11,499,089

Banks — 3.7%
Citizens Financial Group, Inc.		53,838		2,267,656
Fifth Third BanCorp.		80,376		3,510,824
Huntington Bancshares, Inc.		171,026		2,666,295
KeyCorp.		111,140		1,917,165
M&T Bank Corp.		19,626		3,820,790
Regions Financial Corp.		108,749		2,595,839
Truist Financial Corp.		157,382		6,775,295


				23,553,864

Beverages — 1.0%
Brown-Forman Corp., Class A		2,206		96,137
Brown-Forman Corp., Class B, NVS		14,154		623,201
Constellation Brands, Inc., Class A		8,838		2,053,421
Keurig Dr. Pepper, Inc.		82,481		2,717,749
Molson Coors Beverage Co., Class B		20,561		1,119,958


				6,610,466

Biotechnology — 1.0%
Biogen, Inc.^(a)		17,038		2,964,612
Incyte Corp.^(a)		8,814		653,294
Moderna, Inc.^(a)(b)		22,476		1,221,795
United Therapeutics Corp.^(a)		4,515		1,688,475


				6,528,176

Broadline Retail — 0.5%
Coupang, Inc., Class A^(a)		49,202		1,268,919
eBay, Inc.		37,621		2,163,584


				3,432,503

Building Products — 1.7%
A. O. Smith Corp.		4,033		302,878
Allegion PLC		4,207		587,424
Builders FirstSource, Inc.^(a)		7,492		1,284,129
Carrier Global Corp.		40,967		2,979,120
Johnson Controls International PLC		32,595		2,462,552
Masco Corp.		14,641		1,169,962
Owens Corning		10,227		1,808,032


				10,594,097

Capital Markets — 3.5%
Ameriprise Financial, Inc.		3,840		1,959,552
Bank of New York Mellon Corp. (The)		87,009		6,556,998
Carlyle Group, Inc. (The)		25,634		1,282,469
Franklin Resources, Inc.		34,377		714,010
Nasdaq, Inc.		27,558		2,037,087
Northern Trust Corp.		24,207		2,433,288
Raymond James Financial, Inc.		8,909		1,320,492


Security	Shares		Value

Capital Markets (continued)
State Street Corp.		35,601	$	3,303,773
T Rowe Price Group, Inc.		26,239		2,882,617


				22,490,286

Chemicals — 3.4%
Albemarle Corp.		6,561		621,523
Celanese Corp., Class A		5,724		721,052
CF Industries Holdings, Inc.		21,416		1,761,038
Corteva, Inc.		45,093		2,747,065
Dow, Inc.		47,970		2,368,758
DuPont de Nemours, Inc.		26,032		2,160,396
Eastman Chemical Co.		13,886		1,459,280
International Flavors & Fragrances, Inc.		30,093		2,992,147
LyondellBasell Industries NV, Class A		30,628		2,660,042
Mosaic Co. (The)		38,234		1,023,142
PPG Industries, Inc.		16,728		2,082,803
RPM International, Inc.		5,026		638,855
Westlake Corp.		2,390		315,337


				21,551,438

Commercial Services & Supplies — 0.2%
Veralto Corp.		11,386		1,163,535


Communications Equipment — 0.4%
F5, Inc.^(a)		4,011		938,093
Juniper Networks, Inc.		38,277		1,488,975


				2,427,068

Construction & Engineering — 0.1%
AECOM		6,213		663,548


Consumer Finance — 2.0%
Ally Financial, Inc.		31,949		1,119,812
Capital One Financial Corp.		44,895		7,308,457
Discover Financial Services		12,781		1,897,084
Synchrony Financial		47,584		2,623,782


				12,949,135

Consumer Staples Distribution & Retail — 1.7%
Albertsons Cos., Inc., Class A		46,903		848,944
BJ’s Wholesale Club Holdings, Inc.^(a)		8,174		692,583
Casey’s General Stores, Inc.		1,343		529,169
Dollar General Corp.		25,880		2,071,435
Dollar Tree, Inc.^(a)		13,629		880,979
Kroger Co. (The)		79,559		4,437,005
U.S. Foods Holding Corp.^(a)		13,365		823,952
Walgreens Boots Alliance, Inc.		85,373		807,629


				11,091,696

Containers & Packaging — 1.9%
Amcor PLC		171,061		1,903,909
Avery Dennison Corp.		4,661		964,967
Ball Corp.		15,678		928,921
Crown Holdings, Inc.		8,953		837,553
International Paper Co.		40,563		2,252,869
Packaging Corp. of America		10,472		2,397,460
Smurfit WestRock PLC		58,822		3,029,333


				12,315,012

Distributors — 0.5%
Genuine Parts Co.		9,498		1,089,420
LKQ Corp.		31,482		1,158,223
Pool Corp.		2,262		818,030


				3,065,673

Diversified Consumer Services — 0.1%
Service Corp. International		7,825		638,911


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified REITs — 0.2%
WP Carey, Inc.		25,500	$	1,420,860


Electric Utilities — 6.1%
Alliant Energy Corp.		29,948		1,796,880
American Electric Power Co., Inc.		62,656		6,187,280
Avangrid, Inc.		8,542		305,035
Edison International		45,369		3,738,406
Entergy Corp.		24,804		3,839,163
Evergy, Inc.		26,953		1,629,039
Eversource Energy		41,083		2,705,315
Exelon Corp.		117,172		4,604,860
FirstEnergy Corp.		59,913		2,506,161
NRG Energy, Inc.		16,174		1,462,130
PG&E Corp.		146,470		2,961,623
PPL Corp.		87,336		2,843,660
Xcel Energy, Inc.		64,943		4,338,842


				38,918,394

Electrical Equipment — 0.8%
GE Vernova, Inc.^(a)		15,538		4,687,193
Regal Rexnord Corp.		3,415		568,734


				5,255,927

Electronic Equipment, Instruments & Components — 2.1%
Corning, Inc.		91,059		4,333,498
Flex Ltd.^(a)		32,528		1,127,746
Jabil, Inc.		5,683		699,520
Keysight Technologies, Inc.^(a)		11,206		1,669,806
TD SYNNEX Corp.		5,809		670,068
TE Connectivity PLC		16,925		2,495,084
Teledyne Technologies, Inc.^(a)		2,540		1,156,513
Trimble, Inc.^(a)		9,434		570,757
Zebra Technologies Corp., Class A^(a)		1,457		556,530


				13,279,522

Energy Equipment & Services — 0.6%
Baker Hughes Co., Class A		59,627		2,270,596
Halliburton Co.		48,268		1,338,955


				3,609,551

Entertainment — 0.5%
Electronic Arts, Inc.		8,446		1,274,079
Warner Bros Discovery, Inc., Class A^(a)		262,550		2,134,532


				3,408,611

Financial Services — 1.6%
Corpay, Inc.^(a)		2,018		665,375
Equitable Holdings, Inc.		35,580		1,613,197
Fidelity National Information Services, Inc.		66,111		5,932,140
Global Payments, Inc.		17,900		1,856,409


				10,067,121

Food Products — 3.6%
Archer-Daniels-Midland Co.		56,036		3,093,748
Bunge Global SA		16,609		1,395,488
Campbell Soup Co.		23,391		1,091,190
Conagra Brands, Inc.		56,040		1,621,798
General Mills, Inc.		65,636		4,464,561
Hershey Co. (The)		7,750		1,376,245
Hormel Foods Corp.		22,868		698,617
J M Smucker Co. (The)		12,446		1,412,745
Kellanova		31,082		2,506,763
Kraft Heinz Co. (The)		103,712		3,470,204
McCormick & Co., Inc., NVS		13,690		1,071,106
Tyson Foods, Inc., Class A		16,900		990,171


				23,192,636


Security	Shares		Value

Gas Utilities — 0.4%
Atmos Energy Corp.		17,703	$	2,456,822


Ground Transportation — 1.3%
JB Hunt Transport Services, Inc.		3,765		680,034
Norfolk Southern Corp.		26,627		6,668,200
U-Haul Holding Co.^(a)(b)		444		32,558
U-Haul Holding Co., NVS		6,988		477,001
XPO, Inc.^(a)		4,649		606,834


				8,464,627

Health Care Equipment & Supplies — 1.7%
Align Technology, Inc.^(a)		3,048		624,931
Baxter International, Inc.		59,584		2,127,149
Cooper Cos., Inc. (The)^(a)		6,571		687,852
GE HealthCare Technologies, Inc.		25,287		2,208,820
Hologic, Inc.^(a)		27,378		2,214,059
Solventum Corp.^(a)		16,222		1,177,393
Teleflex, Inc.		3,412		686,017
Zimmer Biomet Holdings, Inc.		12,046		1,287,958


				11,014,179

Health Care Providers & Services — 3.3%
Cardinal Health, Inc.		28,634		3,107,362
CenCora, Inc.		9,295		2,120,003
Centene Corp.^(a)		61,988		3,859,373
DaVita, Inc.^(a)		3,048		426,141
Humana, Inc.		14,202		3,661,702
LabCorp Holdings, Inc.		9,970		2,275,852
Molina Healthcare, Inc.^(a)		2,965		952,417
Quest Diagnostics, Inc.		13,029		2,017,280
Tenet Healthcare Corp.^(a)		11,481		1,779,784
Universal Health Services, Inc., Class B		3,851		786,798


				20,986,712

Health Care REITs — 0.8%
Alexandria Real Estate Equities, Inc.		12,887		1,437,545
Healthpeak Properties, Inc.		83,718		1,879,469
Ventas, Inc.		31,068		2,034,643


				5,351,657

Hotel & Resort REITs — 0.2%
Host Hotels & Resorts, Inc.		82,330		1,419,369


Hotels, Restaurants & Leisure — 1.3%
Carnival Corp.^(a)		117,509		2,585,198
Darden Restaurants, Inc.		7,093		1,135,022
DraftKings, Inc., Class A^(a)		25,222		890,841
Expedia Group, Inc.^(a)		7,302		1,141,376
MGM Resorts International^(a)		16,088		593,165
Royal Caribbean Cruises Ltd.		8,550		1,764,292


				8,109,894

Household Durables — 3.0%
DR Horton, Inc.		35,052		5,923,788
Garmin Ltd.		6,438		1,276,977
Lennar Corp., Class A		27,770		4,729,231
Lennar Corp., Class B		1,235		197,995
NVR, Inc.^(a)		355		3,249,248
PulteGroup, Inc.		14,192		1,838,290
Toll Brothers, Inc.		7,730		1,131,981
TopBuild Corp.^(a)		1,560		551,273


				18,898,783

Household Products — 0.7%
Clorox Co. (The)		5,312		842,218
Kimberly-Clark Corp.		25,644		3,440,912


				4,283,130


4		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 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)		83,423	$	1,375,645
Vistra Corp.		14,285		1,785,054


				3,160,699

Insurance — 7.8%
Aflac, Inc.		59,616		6,247,161
Allstate Corp. (The)		17,970		3,351,764
American Financial Group, Inc.		5,429		699,961
American International Group, Inc.		76,633		5,814,912
Arch Capital Group Ltd.^(a)		29,846		2,941,622
Cincinnati Financial Corp.		11,339		1,596,871
Everest Group Ltd.		5,144		1,829,258
Fidelity National Financial, Inc., Class A		30,140		1,813,524
Hartford Financial Services Group, Inc. (The)		34,812		3,844,637
Loews Corp.		22,058		1,741,700
Markel Group, Inc.^(a)		565		871,236
Principal Financial Group, Inc.		27,417		2,259,161
Prudential Financial, Inc.		42,630		5,221,322
Reinsurance Group of America, Inc.		7,822		1,651,068
RenaissanceRe Holdings Ltd.		6,127		1,607,725
Travelers Cos., Inc. (The)		15,346		3,774,195
Unum Group		20,662		1,326,087
W. R. Berkley Corp.		15,200		868,984
Willis Towers Watson PLC		6,212		1,877,204


				49,338,392

Interactive Media & Services — 0.2%
Pinterest, Inc., Class A^(a)		30,913		982,724


IT Services — 0.9%
Akamai Technologies, Inc.^(a)		9,904		1,001,096
Cognizant Technology Solutions Corp., Class A		59,017		4,402,078
EPAM Systems, Inc.^(a)		3,176		599,153


				6,002,327

Life Sciences Tools & Services — 0.7%
Avantor, Inc.^(a)(b)		32,834		734,497
Charles River Laboratories International, Inc.^(a)(b)		2,149		383,768
IQVIA Holdings, Inc.^(a)		7,770		1,599,221
Revvity, Inc.		8,235		976,589
Waters Corp.^(a)(b)		2,524		815,530


				4,509,605

Machinery — 2.5%
CNH Industrial NV		106,760		1,198,915
Cummins, Inc.		5,179		1,703,787
Dover Corp.		4,852		918,629
Fortive Corp.		12,228		873,446
Otis Worldwide Corp.		18,842		1,850,284
PACCAR, Inc.		60,688		6,328,545
Pentair PLC		5,253		520,677
Snap-on, Inc.		4,058		1,339,668
Stanley Black & Decker, Inc.		9,587		891,016


				15,624,967

Media — 1.8%
Charter Communications, Inc., Class A^(a)(b)		11,616		3,805,518
Fox Corp., Class A, NVS		27,627		1,160,334
Fox Corp., Class B		15,563		606,334
Interpublic Group of Cos., Inc. (The)		44,580		1,310,652
News Corp., Class A, NVS		45,070		1,228,158
News Corp., Class B		12,595		365,759
Omnicom Group, Inc.		23,042		2,327,242
Sirius XM Holdings, Inc.		28,490		759,543


				11,563,540


Security	Shares		Value

Metals & Mining — 1.7%
Newmont Corp.		58,943	$	2,678,370
Nucor Corp.		28,133		3,990,385
Reliance, Inc.		6,529		1,869,514
Steel Dynamics, Inc.		17,385		2,268,742


				10,807,011

Multi-Utilities — 5.3%
Ameren Corp.		31,298		2,726,369
CenterPoint Energy, Inc.		75,120		2,218,293
CMS Energy Corp.		22,744		1,583,210
Consolidated Edison, Inc.		40,631		4,131,360
Dominion Energy, Inc.		55,705		3,316,119
DTE Energy Co.		24,405		3,031,589
NiSource, Inc.		52,506		1,846,111
Public Service Enterprise Group, Inc.		58,843		5,261,153
Sempra		74,099		6,177,633
WEC Energy Group, Inc.		37,077		3,541,966


				33,833,803

Office REITs — 0.2%
BXP, Inc.		18,388		1,481,337


Oil, Gas & Consumable Fuels — 7.4%
Antero Resources Corp.^(a)		34,663		897,078
APA Corp.		43,258		1,020,889
Cheniere Energy, Inc.		18,698		3,578,423
Coterra Energy, Inc.		52,262		1,250,107
Devon Energy Corp.		74,195		2,869,863
Diamondback Energy, Inc.		20,460		3,616,714
EQT Corp.		23,564		861,028
Expand Energy Corp.		23,532		1,993,631
HF Sinclair Corp.		19,462		751,428
Kinder Morgan, Inc.		231,739		5,679,923
Marathon Oil Corp.		66,224		1,834,405
ONEOK, Inc.		68,536		6,639,768
Ovintiv, Inc.		31,609		1,239,073
Targa Resources Corp.		15,306		2,555,490
Valero Energy Corp.		37,682		4,889,616
Williams Cos., Inc. (The)		143,082		7,493,204


				47,170,640

Passenger Airlines — 1.0%
Delta Air Lines, Inc.		41,442		2,371,311
Southwest Airlines Co.		39,621		1,211,610
United Airlines Holdings, Inc.^(a)		38,425		3,007,141


				6,590,062

Personal Care Products — 0.8%
Coty, Inc., Class A^(a)(b)		12,412		92,345
Kenvue, Inc.		203,987		4,677,422


				4,769,767

Pharmaceuticals — 0.5%
Royalty Pharma PLC, Class A		47,066		1,270,782
Viatris, Inc.		142,579		1,653,916


				2,924,698

Professional Services — 0.8%
Booz Allen Hamilton Holding Corp., Class A		3,628		659,063
Jacobs Solutions, Inc.		5,034		707,680
Leidos Holdings, Inc.		9,484		1,737,089
SS&C Technologies Holdings, Inc.		25,581		1,788,879


				4,892,711

Real Estate Management & Development — 0.3%
CBRE Group, Inc., Class A^(a)		13,787		1,805,683


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Mid-Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Residential REITs — 1.3%
AvalonBay Communities, Inc.		8,443	$	1,871,053
Camden Property Trust		6,931		802,540
Equity LifeStyle Properties, Inc.		8,064		565,448
Equity Residential		24,051		1,692,469
Essex Property Trust, Inc.		3,964		1,125,221
Mid-America Apartment Communities, Inc.		8,565		1,296,227
UDR, Inc.		13,347		563,110


				7,916,068

Retail REITs — 1.8%
Kimco Realty Corp.		22,683		538,041
Realty Income Corp.		68,320		4,056,158
Regency Centers Corp.		11,906		850,565
Simon Property Group, Inc.		36,233		6,127,725


				11,572,489

Semiconductors & Semiconductor Equipment — 1.4%
Entegris, Inc.		6,764		708,258
Microchip Technology, Inc.		35,761		2,623,785
ON Semiconductor Corp.^(a)		32,255		2,273,655
Qorvo, Inc.^(a)		4,688		334,067
Skyworks Solutions, Inc.		18,774		1,644,227
Teradyne, Inc.		9,397		998,055


				8,582,047

Software — 0.8%
Gen Digital, Inc.		32,351		941,738
MicroStrategy, Inc., Class A^(a)(b)		8,120		1,985,340
Zoom Video Communications, Inc., Class A^(a)		28,160		2,104,678


				5,031,756

Specialized REITs — 3.7%
Crown Castle, Inc.		50,959		5,477,583
Digital Realty Trust, Inc.		10,370		1,848,245
Extra Space Storage, Inc.		16,069		2,624,067
Gaming & Leisure Properties, Inc.		31,021		1,556,944
Iron Mountain, Inc.		17,064		2,111,329
Public Storage		9,681		3,185,630
VICI Properties, Inc.		122,383		3,886,884
Weyerhaeuser Co.		85,518		2,664,741


				23,355,423

Specialty Retail — 1.0%
Best Buy Co., Inc.		23,026		2,082,241
CarMax, Inc.^(a)(b)		8,727		631,660
Dick’s Sporting Goods, Inc.		3,758		735,629
Penske Automotive Group, Inc.		2,401		361,519
Tractor Supply Co.		3,648		968,580


Security	Shares		Value


Specialty Retail (continued)
Ulta Beauty, Inc.^(a)		2,896	$	1,068,566
Williams-Sonoma, Inc.		4,984		668,504


				6,516,699

Technology Hardware, Storage & Peripherals — 2.4%
Dell Technologies, Inc., Class C		17,588		2,174,405
Hewlett Packard Enterprise Co.		153,411		2,989,981
HP, Inc.		116,043		4,121,847
NetApp, Inc.		11,703		1,349,473
Seagate Technology Holdings PLC		23,836		2,392,419
Western Digital Corp.^(a)		38,120		2,489,617


				15,517,742

Trading Companies & Distributors — 1.3%
Ferguson Enterprises, Inc.		23,955		4,712,907
United Rentals, Inc.		4,100		3,332,480


				8,045,387

Water Utilities — 0.4%
American Water Works Co., Inc.		11,473		1,584,536
Essential Utilities, Inc.		20,007		772,270


				2,356,806


Total Long-Term Investments — 99.7% (Cost: $518,611,276)				634,646,337


Short-Term Securities

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%^(c)(d)(e)		6,859,112		6,863,913
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%^(c)(d)		1,582,179		1,582,179


Total Short-Term Securities — 1.3% (Cost: $8,443,432)				8,446,092


Total Investments — 101.0% (Cost: $527,054,708)				643,092,429

Liabilities in Excess of Other Assets — (1.0)%				(6,447,114	)


Net Assets — 100.0%			$	636,645,315

^(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.


6		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Mid-Cap Value ETF

Affiliates



Affiliated Issuer	Value at 04/30/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/24		Shares Held at 10/31/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,589,216	$	1,273,431	^(a)	$	—	$	508	$	758	$	6,863,913		6,859,112	$	67,397	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		944,816		637,363	^(a)		—		—		—		1,582,179		1,582,179		34,172			—


								$	508	$	758	$	8,446,092			$	101,569		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		12		12/20/24	$	973	$	3,626
S&P Mid 400 E-Mini Index		3		12/20/24		934		24,445


							$	28,071

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)	$	—	$	—	$	28,071	$	—	$	—	$	—	$	28,071

^(a)

For the period ended October 31, 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	$	—	$	—	$	109,355	$	—	$	—	$	—	$	109,355

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	43,314	$	—	$	—	$	—	$	43,314


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Mid-Cap Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,679,830

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

	$		$		$		$


	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	634,646,337	$	—	$	—	$	634,646,337
Short-Term Securities
Money Market Funds		8,446,092		—		—		8,446,092


	$	643,092,429	$	—	$	—	$	643,092,429

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	28,071	$	—	$	—	$	28,071

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

See notes to financial statements.


8		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.6%
AAR Corp.^(a)		1,767	$	103,723
AeroVironment, Inc.^(a)(b)		1,390		298,794
Archer Aviation, Inc., Class A^(a)(b)		10,413		32,801
Astronics Corp.^(a)		1,321		22,972
BWX Technologies, Inc.		4,569		556,276
Cadre Holdings, Inc.		1,137		39,533
Curtiss-Wright Corp.		1,906		657,494
Ducommun, Inc.^(a)		644		37,861
Hexcel Corp.		4,152		243,681
Kratos Defense & Security Solutions, Inc.^(a)		7,387		167,833
Leonardo DRS, Inc.^(a)		3,620		108,853
Loar Holdings, Inc.^(a)(b)		628		54,121
Mercury Systems, Inc.^(a)		2,699		87,313
Moog, Inc., Class A		1,432		270,075
National Presto Industries, Inc.		272		19,565
Rocket Lab U.S.A., Inc., Class A^(a)(b)		13,485		144,289
Spirit AeroSystems Holdings, Inc., Class A^(a)		5,769		186,742
Triumph Group, Inc.^(a)		3,815		52,800
V2X, Inc.^(a)		605		37,268
Woodward, Inc.		2,830		464,375


				3,586,369

Air Freight & Logistics — 0.5%
Air Transport Services Group, Inc.^(a)		2,585		44,565
CH Robinson Worldwide, Inc.		5,793		596,911
Forward Air Corp.		1,259		44,480
GXO Logistics, Inc.^(a)(b)		5,902		352,999
Hub Group, Inc., Class A		3,040		131,906


				1,170,861

Automobile Components — 1.3%
Adient PLC^(a)		4,434		86,596
American Axle & Manufacturing Holdings, Inc.^(a)		5,834		32,962
Autoliv, Inc.		3,464		321,736
BorgWarner, Inc.		11,350		381,700
Dana, Inc.		6,449		49,464
Dorman Products, Inc.^(a)		1,311		149,493
Fox Factory Holding Corp.^(a)		2,053		73,887
Garrett Motion, Inc.^(a)(b)		5,965		44,320
Gentex Corp.		11,594		351,414
Gentherm, Inc.^(a)		1,557		65,316
Goodyear Tire & Rubber Co. (The)^(a)		14,168		113,486
LCI Industries		1,270		141,326
Lear Corp.		2,826		270,618
Luminar Technologies, Inc., Class A^(a)(b)		15,168		11,761
Mobileye Global, Inc., Class A^(a)(b)		4,264		58,033
Modine Manufacturing Co.^(a)(b)		2,475		291,481
Patrick Industries, Inc.		1,105		139,208
Phinia, Inc.		2,272		105,830
QuantumScape Corp., Class A^(a)(b)		17,719		91,253
Standard Motor Products, Inc.		1,042		33,542
Visteon Corp.^(a)		1,404		126,711
XPEL, Inc.^(a)(b)		1,100		42,427


				2,982,564

Automobiles — 0.4%
Harley-Davidson, Inc.		6,718		214,640
Lucid Group, Inc.^(a)(b)		48,190		106,500
Rivian Automotive, Inc., Class A^(a)(b)		35,775		361,327
Thor Industries, Inc.		2,552		265,612
Winnebago Industries, Inc.		1,417		79,409


				1,027,488


Security	Shares		Value

Banks — 7.9%
1st Source Corp.		938	$	55,558
Amalgamated Financial Corp.		832		27,593
Amerant Bancorp, Inc., Class A		1,521		32,428
Ameris Bancorp		3,320		205,807
Associated Banc-Corp.		7,631		181,160
Atlantic Union Bankshares Corp.		4,234		160,045
Axos Financial, Inc.^(a)		2,652		179,593
Banc of California, Inc.		7,086		108,841
BancFirst Corp.		1,033		112,297
Bancorp, Inc. (The)^(a)(b)		2,447		122,986
Bank First Corp.		460		42,325
Bank of Hawaii Corp.		1,989		143,665
Bank OZK		5,332		233,275
BankUnited, Inc.		3,710		131,111
Banner Corp.		1,687		108,035
Berkshire Hills Bancorp, Inc.		2,208		60,124
BOK Financial Corp.		1,166		123,864
Brookline Bancorp, Inc.		4,491		50,524
Business First Bancshares, Inc.		1,167		30,564
Byline Bancorp, Inc.		1,392		37,459
Cadence Bank		8,970		299,867
Capitol Federal Financial, Inc.		6,127		39,488
Cathay General Bancorp.		3,496		160,746
Central Pacific Financial Corp.		630		16,972
City Holding Co.		746		86,984
Coastal Financial Corp.^(a)		569		35,841
Columbia Banking System, Inc.		10,363		295,449
Columbia Financial, Inc.^(a)		1,374		23,468
Comerica, Inc.		6,575		418,893
Commerce Bancshares, Inc.		6,375		398,437
Community Financial System, Inc.		2,641		161,471
Community Trust Bancorp, Inc.		804		41,647
ConnectOne Bancorp, Inc.		1,803		43,705
CrossFirst Bankshares, Inc.^(a)		2,404		37,743
Cullen/Frost Bankers, Inc.		3,020		384,597
Customers Bancorp, Inc.^(a)		1,452		66,981
CVB Financial Corp.		6,559		127,441
Dime Community Bancshares, Inc.		1,919		57,704
Eagle Bancorp, Inc.		1,490		39,053
East West Bancorp, Inc.		6,944		676,971
Eastern Bankshares, Inc.		10,008		163,431
Enterprise Financial Services Corp.		1,901		100,221
Equity Bancshares, Inc., Class A		704		29,913
FB Financial Corp.		1,797		88,412
First Bancorp.		2,024		84,401
First Bancorp.		8,162		157,363
First Bancshares, Inc. (The)		1,406		47,059
First Busey Corp.		2,960		71,958
First Commonwealth Financial Corp.		5,181		85,176
First Community Bankshares, Inc.		802		33,251
First Financial Bancorp.		4,828		123,500
First Financial Bankshares, Inc.		7,132		257,750
First Hawaiian, Inc.		6,453		159,647
First Horizon Corp.		27,058		468,915
First Interstate BancSystem, Inc., Class A		4,770		146,916
First Merchants Corp.		2,981		110,446
First Mid Bancshares, Inc.		1,113		42,461
Flagstar Financial, Inc.^(b)		14,430		146,032
FNB Corp.		18,054		261,783
Fulton Financial Corp.		8,329		150,838
German American Bancorp, Inc.		1,478		59,844
Glacier Bancorp, Inc.		5,668		295,586


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
Great Southern Bancorp, Inc.		453	$	25,681
Hancock Whitney Corp.		4,270		222,382
HBT Financial, Inc.		680		14,525
Heartland Financial U.S.A., Inc.		2,093		124,533
Heritage Commerce Corp.		3,323		32,266
Heritage Financial Corp.		1,735		39,888
Hilltop Holdings, Inc.		2,341		71,705
Home BancShares, Inc.		9,832		268,315
Hope Bancorp, Inc.		5,856		72,556
Horizon Bancorp, Inc.		2,314		37,070
Independent Bank Corp.		2,105		132,404
Independent Bank Corp.		1,100		36,058
Independent Bank Group, Inc.		1,802		105,165
International Bancshares Corp.		2,698		165,279
Lakeland Financial Corp.		1,241		80,752
Live Oak Bancshares, Inc.		1,698		67,428
Mercantile Bank Corp.		810		34,717
Metrocity Bankshares, Inc.		1,059		31,325
National Bank Holdings Corp., Class A		1,895		85,199
NB Bancorp, Inc.^(a)(b)		1,904		35,967
NBT Bancorp, Inc.		2,185		97,189
Nicolet Bankshares, Inc.		695		70,675
Northwest Bancshares, Inc.		6,206		82,478
OceanFirst Financial Corp.		2,899		52,762
OFG Bancorp.		2,292		92,299
Old National Bancorp.		15,915		306,523
Old Second Bancorp, Inc.		2,279		37,421
Origin Bancorp, Inc.		1,480		46,457
Pacific Premier Bancorp, Inc.		4,560		116,326
Park National Corp.		726		125,438
Pathward Financial, Inc.		1,270		89,865
Peoples Bancorp, Inc.		1,800		55,404
Pinnacle Financial Partners, Inc.		3,838		404,717
Popular, Inc.		3,549		316,677
Premier Financial Corp.		1,863		45,942
Prosperity Bancshares, Inc.		4,753		347,920
Provident Financial Services, Inc.		6,285		117,404
QCR Holdings, Inc.		826		65,337
Republic Bancorp, Inc., Class A		500		33,750
S&T Bancorp, Inc.		1,941		73,719
Sandy Spring Bancorp, Inc.		2,270		76,363
Seacoast Banking Corp. of Florida		4,270		114,009
ServisFirst Bancshares, Inc.		2,678		222,649
Simmons First National Corp., Class A		6,251		145,023
Southside Bancshares, Inc.		1,493		48,373
SouthState Corp.		3,815		372,077
Stellar Bancorp, Inc.		2,589		70,473
Stock Yards Bancorp, Inc.		1,335		86,081
Synovus Financial Corp.		7,377		367,891
Texas Capital Bancshares, Inc.^(a)		2,348		180,679
Tompkins Financial Corp.		685		44,210
Towne Bank		3,554		115,576
TriCo Bancshares		1,630		69,650
Triumph Financial, Inc.^(a)(b)		1,165		102,951
TrustCo Bank Corp.		940		31,001
Trustmark Corp.		2,876		99,855
UMB Financial Corp.		2,302		252,598
United Bankshares, Inc.		6,628		249,743
United Community Banks, Inc.		5,888		167,572
Univest Financial Corp.		1,554		43,248
Valley National Bancorp.		21,825		206,683
Veritex Holdings, Inc.		2,644		71,388


Security	Shares		Value

Banks (continued)
WaFd, Inc.		4,073	$	138,401
Webster Financial Corp.		8,633		447,189
WesBanco, Inc.		3,000		94,350
Westamerica BanCorp.		1,274		65,636
Western Alliance Bancorp.		5,458		454,160
Wintrust Financial Corp.		3,261		377,917
WSFS Financial Corp.		2,929		144,019
Zions Bancorp N.A.		7,388		384,619


				18,151,517

Beverages — 0.3%
Boston Beer Co., Inc. (The), Class A, NVS^(a)		474		137,967
Coca-Cola Consolidated, Inc.		261		293,432
Duckhorn Portfolio, Inc. (The)^(a)(b)		3,291		36,069
MGP Ingredients, Inc.		749		35,982
National Beverage Corp.		1,231		55,629
Vita Coco Co., Inc. (The)^(a)(b)		1,906		56,437


				615,516

Biotechnology — 4.8%
89bio, Inc.^(a)		4,336		33,734
Absci Corp.^(a)(b)		4,132		15,867
ACADIA Pharmaceuticals, Inc.^(a)		6,060		88,415
ADMA Biologics, Inc.^(a)		11,533		188,103
Agios Pharmaceuticals, Inc.^(a)		2,816		125,115
Akero Therapeutics, Inc.^(a)		2,801		86,355
Alector, Inc.^(a)		3,771		18,553
Alkermes PLC^(a)(b)		8,396		215,777
ALX Oncology Holdings, Inc.^(a)(b)		1,082		1,547
Amicus Therapeutics, Inc.^(a)		13,205		150,801
AnaptysBio, Inc.^(a)		694		15,011
Apellis Pharmaceuticals, Inc.^(a)(b)		4,080		111,221
Apogee Therapeutics, Inc.^(a)		1,070		55,683
Applied Therapeutics, Inc.^(a)		3,110		27,492
Arcellx, Inc.^(a)(b)		1,973		166,265
Arcturus Therapeutics Holdings, Inc.^(a)(b)		1,165		20,655
Arcus Biosciences, Inc.^(a)		2,587		39,581
Ardelyx, Inc.^(a)(b)		10,909		64,036
ArriVent Biopharma, Inc.^(a)(b)		468		13,731
Arrowhead Pharmaceuticals, Inc.^(a)		5,907		113,592
Astria Therapeutics, Inc.^(a)		1,611		18,011
Aurinia Pharmaceuticals, Inc.^(a)		6,837		49,295
Beam Therapeutics, Inc.^(a)		3,520		77,123
Biohaven Ltd.^(a)		4,050		201,528
Blueprint Medicines Corp.^(a)(b)		3,080		269,531
Bridgebio Pharma, Inc.^(a)(b)		6,019		140,905
Cabaletta Bio, Inc.^(a)		1,881		6,678
Cargo Therapeutics, Inc.^(a)(b)		763		14,878
Catalyst Pharmaceuticals, Inc.^(a)		5,067		110,461
Celcuity, Inc.^(a)(b)		677		10,493
Celldex Therapeutics, Inc.^(a)		2,948		76,825
CG oncology, Inc.^(a)		1,138		40,433
Cogent Biosciences, Inc.^(a)(b)		3,787		43,513
Crinetics Pharmaceuticals, Inc.^(a)		3,660		204,814
CRISPR Therapeutics AG^(a)(b)		4,241		196,740
Cullinan Therapeutics, Inc.^(a)		1,928		29,980
Cytokinetics, Inc.^(a)(b)		5,801		295,851
Day One Biopharmaceuticals, Inc.^(a)		2,950		43,424
Denali Therapeutics, Inc.^(a)		6,078		157,785
Dianthus Therapeutics, Inc.^(a)(b)		646		17,998
Disc Medicine, Inc.^(a)		546		24,472
Dynavax Technologies Corp.^(a)		6,580		77,973
Dyne Therapeutics, Inc.^(a)		3,507		101,212
Exelixis, Inc.^(a)		14,396		477,947


10		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Geron Corp.^(a)(b)		25,237	$	103,724
Gyre Therapeutics, Inc.^(a)(b)		686		9,810
Halozyme Therapeutics, Inc.^(a)		6,328		320,007
HilleVax, Inc.^(a)(b)		1,043		1,888
Ideaya Biosciences, Inc.^(a)		4,064		114,402
Immunome, Inc.^(a)(b)		2,181		25,016
Immunovant, Inc.^(a)		3,131		91,613
Insmed, Inc.^(a)		8,055		541,940
Intellia Therapeutics, Inc.^(a)(b)		4,677		66,507
Ionis Pharmaceuticals, Inc.^(a)(b)		7,306		280,477
Iovance Biotherapeutics, Inc.^(a)(b)		10,992		114,756
Ironwood Pharmaceuticals, Inc., Class A^(a)		6,943		27,425
Keros Therapeutics, Inc.^(a)(b)		1,341		77,832
Kiniksa Pharmaceuticals International PLC^(a)		1,621		36,618
Korro Bio, Inc.^(a)		228		13,110
Krystal Biotech, Inc.^(a)(b)		1,257		216,870
Kura Oncology, Inc.^(a)		2,616		43,739
Kymera Therapeutics, Inc.^(a)(b)		2,168		100,097
Kyverna Therapeutics, Inc.^(a)		812		3,881
Lyell Immunopharma, Inc.^(a)		7,851		7,539
Madrigal Pharmaceuticals, Inc.^(a)(b)		793		205,657
MannKind Corp.^(a)		13,518		95,572
Mirum Pharmaceuticals, Inc.^(a)		1,687		64,882
Myriad Genetics, Inc.^(a)		4,469		98,139
Novavax, Inc.^(a)(b)		6,211		59,688
Nuvalent, Inc., Class A^(a)		1,647		145,743
Olema Pharmaceuticals, Inc.^(a)(b)		1,323		15,254
ORIC Pharmaceuticals, Inc.^(a)(b)		1,787		16,762
Perspective Therapeutics, Inc.^(a)(b)		2,362		27,895
Praxis Precision Medicines, Inc.^(a)(b)		772		54,032
Prime Medicine, Inc.^(a)(b)		2,487		9,650
Protagonist Therapeutics, Inc.^(a)		2,765		126,748
PTC Therapeutics, Inc.^(a)		3,834		153,053
Recursion Pharmaceuticals, Inc., Class A^(a)(b)		10,389		65,658
REGENXBIO, Inc.^(a)		1,963		16,862
Relay Therapeutics, Inc.^(a)		5,469		30,818
REVOLUTION Medicines, Inc.^(a)		6,943		371,450
Rhythm Pharmaceuticals, Inc.^(a)(b)		2,526		120,566
Rocket Pharmaceuticals, Inc.^(a)		3,488		58,075
Roivant Sciences Ltd.^(a)		21,463		247,898
Sage Therapeutics, Inc.^(a)		2,159		13,127
Sana Biotechnology, Inc.^(a)(b)		5,964		20,874
Savara, Inc.^(a)		5,552		20,182
Scholar Rock Holding Corp.^(a)		2,650		75,366
Shattuck Labs, Inc.^(a)		1,869		2,355
Soleno Therapeutics, Inc.^(a)		921		50,710
SpringWorks Therapeutics, Inc.^(a)(b)		2,728		82,195
Spyre Therapeutics, Inc.^(a)(b)		1,685		54,813
Stoke Therapeutics, Inc.^(a)		1,911		23,620
Summit Therapeutics, Inc.^(a)(b)		4,098		76,182
Syndax Pharmaceuticals, Inc.^(a)		4,210		79,401
Tango Therapeutics, Inc.^(a)		2,315		12,582
TG Therapeutics, Inc.^(a)		7,143		179,004
Twist Bioscience Corp.^(a)		2,716		109,618
Tyra Biosciences, Inc.^(a)(b)		745		12,427
Ultragenyx Pharmaceutical, Inc.^(a)		4,145		211,354
Vaxcyte, Inc.^(a)		5,475		582,266
Vera Therapeutics, Inc., Class A^(a)		1,832		73,976
Veracyte, Inc.^(a)		3,808		128,482
Vericel Corp.^(a)		2,420		106,577
Verve Therapeutics, Inc.^(a)		3,203		18,353
Viking Therapeutics, Inc.^(a)		5,182		375,902


Security	Shares		Value

Biotechnology (continued)
Vir Biotechnology, Inc.^(a)		4,685	$	35,091
Viridian Therapeutics, Inc.^(a)		3,011		64,947
Xencor, Inc.^(a)		3,511		73,766
Y-mAbs Therapeutics, Inc.^(a)		1,364		19,792
Zentalis Pharmaceuticals, Inc.^(a)		2,775		7,576
Zymeworks, Inc.^(a)(b)		2,059		28,208


				10,959,803

Broadline Retail — 0.5%
Dillard’s, Inc., Class A		205		76,162
Etsy, Inc.^(a)		5,842		300,513
Kohl’s Corp.		5,511		101,843
Macy’s, Inc.		13,683		209,897
Nordstrom, Inc.		5,371		121,438
Ollie’s Bargain Outlet Holdings, Inc.^(a)		3,072		282,102
Savers Value Village, Inc.^(a)(b)		1,328		13,585


				1,105,540

Building Products — 1.9%
AAON, Inc.^(b)		3,402		388,576
American Woodmark Corp.^(a)		783		71,026
Apogee Enterprises, Inc.		1,092		81,725
Armstrong World Industries, Inc.		2,200		307,010
AZEK Co., Inc. (The), Class A^(a)		7,256		319,264
AZZ, Inc.		1,431		109,014
CSW Industrials, Inc.		817		288,483
Fortune Brands Innovations, Inc.		6,282		523,479
Gibraltar Industries, Inc.^(a)		1,505		101,572
Griffon Corp.		1,876		117,963
Hayward Holdings, Inc.^(a)		7,118		115,739
Insteel Industries, Inc.		906		24,435
Janus International Group, Inc.^(a)		5,620		41,363
JELD-WEN Holding, Inc.^(a)		4,267		60,421
Masterbrand, Inc.^(a)		6,289		112,950
Quanex Building Products Corp.		2,194		63,758
Resideo Technologies, Inc.^(a)		7,298		143,552
Simpson Manufacturing Co., Inc.		2,122		381,514
Tecnoglass, Inc.^(b)		1,154		79,084
Trex Co., Inc.^(a)		5,422		384,149
UFP Industries, Inc.		3,068		375,339
Zurn Elkay Water Solutions Corp.		7,274		262,591


				4,353,007

Capital Markets — 3.1%
Affiliated Managers Group, Inc.		1,609		311,985
Artisan Partners Asset Management, Inc., Class A		3,441		151,748
B Riley Financial, Inc.^(b)		783		4,616
BGC Group, Inc., Class A		18,373		172,155
Blue Owl Capital, Inc., Class A		24,826		555,109
Brightsphere Investment Group, Inc.		1,415		37,342
Cohen & Steers, Inc.		1,322		130,574
Donnelley Financial Solutions, Inc.^(a)		1,280		74,675
Evercore, Inc., Class A		1,812		478,676
Federated Hermes, Inc., Class B		4,208		168,867
Freedom Holding Corp.^(a)(b)		867		93,983
Hamilton Lane, Inc., Class A		1,952		350,657
Houlihan Lokey, Inc., Class A		2,604		449,893
Invesco Ltd.		16,267		282,070
Janus Henderson Group PLC		6,462		266,945
Jefferies Financial Group, Inc.		8,130		520,158
MarketAxess Holdings, Inc.		1,887		546,136
Moelis & Co., Class A		3,456		229,478
Open Lending Corp.^(a)		4,908		27,485
Perella Weinberg Partners, Class A		2,561		51,809


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Piper Sandler Cos.		766	$	217,268
PJT Partners, Inc., Class A		1,148		159,526
SEI Investments Co.		5,596		418,357
StepStone Group, Inc., Class A		2,953		177,564
Stifel Financial Corp.		5,006		518,722
StoneX Group, Inc.^(a)		1,375		123,805
TPG, Inc., Class A		4,205		284,595
Victory Capital Holdings, Inc., Class A		2,080		124,654
Virtu Financial, Inc., Class A		4,203		130,125
Virtus Investment Partners, Inc.		349		75,513
WisdomTree, Inc.		5,749		59,502


				7,193,992

Chemicals — 2.1%
AdvanSix, Inc.		1,365		38,725
Arcadium Lithium PLC^(a)(b)		53,414		287,901
Ashland, Inc.		2,342		198,063
Aspen Aerogels, Inc.^(a)(b)		3,012		53,734
Avient Corp.		4,552		212,169
Axalta Coating Systems Ltd.^(a)		10,288		390,121
Balchem Corp.		1,601		267,895
Cabot Corp.		2,747		296,209
Chemours Co. (The)		7,457		135,419
Ecovyst, Inc.^(a)		5,221		34,772
Element Solutions, Inc.		11,250		304,875
FMC Corp.		6,227		404,693
Ginkgo Bioworks Holdings, Inc.^(a)(b)		1,888		14,387
Hawkins, Inc.		994		106,259
HB Fuller Co.		2,684		196,415
Huntsman Corp.		8,283		182,226
Ingevity Corp.^(a)		1,658		69,288
Innospec, Inc.		1,241		133,755
Koppers Holdings, Inc.		1,012		34,418
Kronos Worldwide, Inc.		1,076		12,417
LSB Industries, Inc.^(a)		2,356		19,319
Mativ Holdings, Inc.		2,697		41,669
Minerals Technologies, Inc.		1,609		121,142
NewMarket Corp.		355		186,364
Olin Corp.		5,935		243,513
Orion SA		2,804		42,032
Perimeter Solutions SA^(a)		6,546		86,931
PureCycle Technologies, Inc.^(a)(b)		4,879		63,525
Quaker Chemical Corp.		683		103,529
Scotts Miracle-Gro Co. (The)		2,138		185,963
Sensient Technologies Corp.		2,109		159,187
Stepan Co.		1,070		77,404
Tronox Holdings PLC		5,894		71,435


				4,775,754

Commercial Services & Supplies — 1.3%
ABM Industries, Inc.		3,164		167,882
ACV Auctions, Inc., Class A^(a)		7,360		127,254
Brady Corp., Class A, NVS		2,193		156,010
BrightView Holdings, Inc.^(a)		2,102		34,431
Brink’s Co. (The)		2,214		227,577
Casella Waste Systems, Inc., Class A^(a)		3,056		299,121
CECO Environmental Corp.^(a)		1,522		36,224
Cimpress PLC^(a)(b)		805		55,553
CoreCivic, Inc.^(a)		5,481		75,693
Deluxe Corp.		2,049		38,439
Driven Brands Holdings, Inc.^(a)(b)		3,020		44,847
Ennis, Inc.		1,230		25,043
Enviri Corp.^(a)		3,874		29,675
GEO Group, Inc. (The)^(a)		6,568		99,702


Security	Shares		Value

Commercial Services & Supplies (continued)
Healthcare Services Group, Inc.^(a)		3,715	$	40,753
HNI Corp.		2,352		115,907
Interface, Inc., Class A		2,853		49,842
Liquidity Services, Inc.^(a)		1,221		26,349
Matthews International Corp., Class A		1,531		35,657
MillerKnoll, Inc.		3,546		79,289
Montrose Environmental Group, Inc.^(a)(b)		1,622		42,772
MSA Safety, Inc.		1,848		306,676
OPENLANE, Inc.^(a)		5,441		85,968
Pitney Bowes, Inc.		419		3,021
Steelcase, Inc., Class A		4,432		53,317
Stericycle, Inc.^(a)		4,603		282,946
UniFirst Corp.		731		131,441
Vestis Corp.		6,449		87,190
Viad Corp.^(a)		984		36,841
VSE Corp.^(b)		877		89,998


				2,885,418

Communications Equipment — 0.5%
Calix, Inc.^(a)		2,946		104,229
Ciena Corp.^(a)		7,201		457,335
Digi International, Inc.^(a)(b)		1,845		53,450
Extreme Networks, Inc.^(a)		6,386		95,343
Harmonic, Inc.^(a)		5,468		60,640
Infinera Corp.^(a)(b)		10,523		70,715
Lumentum Holdings, Inc.^(a)		3,340		213,326
NetScout Systems, Inc.^(a)		3,353		70,514
Viasat, Inc.^(a)		4,012		38,515
Viavi Solutions, Inc.^(a)		10,963		101,079


				1,265,146

Construction & Engineering — 1.6%
Ameresco, Inc., Class A^(a)(b)		1,610		49,540
API Group Corp.^(a)		9,292		317,229
Arcosa, Inc.		2,422		226,796
Argan, Inc.		631		83,317
Centuri Holdings, Inc.^(a)		687		12,895
Construction Partners, Inc., Class A^(a)		2,184		171,946
Dycom Industries, Inc.^(a)		1,466		255,568
Fluor Corp.^(a)		8,479		443,282
Granite Construction, Inc.		2,205		185,330
IES Holdings, Inc.^(a)		446		97,525
Limbach Holdings, Inc.^(a)(b)		503		38,213
MasTec, Inc.^(a)		3,050		374,814
MDU Resources Group, Inc.		9,335		269,315
MYR Group, Inc.^(a)		844		110,564
Primoris Services Corp.		2,685		168,135
Sterling Infrastructure, Inc.^(a)		1,562		241,251
Tutor Perini Corp.^(a)		2,158		55,935
Valmont Industries, Inc.		984		306,693
WillScot Holdings Corp., Class A^(a)(b)		9,577		317,382


				3,725,730

Construction Materials — 0.5%
Eagle Materials, Inc.		1,699		484,996
Knife River Corp.^(a)		2,549		248,069
Summit Materials, Inc., Class A^(a)		5,943		281,758
United States Lime & Minerals, Inc.		540		60,901


				1,075,724

Consumer Finance — 1.0%
Bread Financial Holdings, Inc.		2,427		120,986
Credit Acceptance Corp.^(a)(b)		292		124,100
Encore Capital Group, Inc.^(a)(b)		1,145		52,304
Enova International, Inc.^(a)		1,287		111,853


12		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Finance (continued)
EZCORP, Inc., Class A, NVS^(a)(b)		2,621	$	30,115
FirstCash Holdings, Inc.		1,978		204,664
LendingClub Corp.^(a)		5,620		79,692
LendingTree, Inc.^(a)		557		31,766
Moneylion, Inc., Class A^(a)		314		13,493
Navient Corp.		4,173		59,382
Nelnet, Inc., Class A		678		76,411
NerdWallet, Inc., Class A^(a)(b)		1,877		27,573
OneMain Holdings, Inc.		5,657		280,983
PRA Group, Inc.^(a)		1,847		37,235
PROG Holdings, Inc.		2,181		95,244
SLM Corp.		10,944		241,096
SoFi Technologies, Inc.^(a)		51,871		579,399
Upstart Holdings, Inc.^(a)(b)		3,794		184,692
World Acceptance Corp.^(a)		192		21,907


				2,372,895

Consumer Staples Distribution & Retail — 0.6%
Andersons, Inc. (The)		1,634		74,184
Chefs’ Warehouse, Inc. (The)^(a)		1,747		69,740
Grocery Outlet Holding Corp.^(a)		4,782		68,383
Ingles Markets, Inc., Class A		735		46,937
Maplebear, Inc.^(a)		7,286		321,313
PriceSmart, Inc.		1,265		105,096
SpartanNash Co.		1,774		37,325
Sprouts Farmers Market, Inc.^(a)		5,010		643,434
United Natural Foods, Inc.^(a)		2,983		60,674
Weis Markets, Inc.		798		50,186


				1,477,272

Containers & Packaging — 1.0%
AptarGroup, Inc.		3,276		550,073
Berry Global Group, Inc.		5,766		406,215
Graphic Packaging Holding Co.		15,232		430,456
Greif, Inc., Class A, NVS		1,251		78,113
Greif, Inc., Class B		154		10,307
Myers Industries, Inc.		1,746		20,568
O-I Glass, Inc.^(a)		7,775		86,380
Pactiv Evergreen, Inc.		1,973		22,374
Ranpak Holdings Corp., Class A^(a)		2,165		13,163
Sealed Air Corp.		7,145		258,506
Silgan Holdings, Inc.		4,104		212,341
Sonoco Products Co.		4,854		254,932
TriMas Corp.		2,072		55,633


				2,399,061

Distributors — 0.0%
A-Mark Precious Metals, Inc.		878		34,110
GigaCloud Technology, Inc., Class A^(a)(b)		1,110		25,275


				59,385

Diversified Consumer Services — 1.2%
ADT, Inc.		14,891		107,215
Adtalem Global Education, Inc.^(a)		1,876		151,806
Bright Horizons Family Solutions, Inc.^(a)		2,849		380,256
Chegg, Inc.^(a)		5,075		8,120
Coursera, Inc.^(a)		5,615		39,024
Duolingo, Inc., Class A^(a)		1,829		535,842
European Wax Center, Inc., Class A^(a)		1,665		11,971
Frontdoor, Inc.^(a)		3,881		192,847
Graham Holdings Co., Class B		169		142,518
Grand Canyon Education, Inc.^(a)		1,398		191,680
H&R Block, Inc.		6,973		416,497
Laureate Education, Inc., Class A		6,662		114,453
Mister Car Wash, Inc.^(a)		4,657		34,974


Security	Shares		Value

Diversified Consumer Services (continued)
OneSpaWorld Holdings Ltd.		4,677	$	81,894
Perdoceo Education Corp.		3,237		72,347
Strategic Education, Inc.		1,107		96,265
Stride, Inc.^(a)		2,115		197,287
Udemy, Inc.^(a)		4,565		35,790
Universal Technical Institute, Inc.^(a)		2,059		34,262


				2,845,048

Diversified REITs — 0.3%
Alexander & Baldwin, Inc.		3,675		68,392
American Assets Trust, Inc.		2,441		65,785
Armada Hoffler Properties, Inc.		3,380		36,605
Broadstone Net Lease, Inc.		8,679		152,664
Empire State Realty Trust, Inc., Class A		6,766		71,719
Essential Properties Realty Trust, Inc.		8,759		277,573
Gladstone Commercial Corp.		2,015		31,726
Global Net Lease, Inc.		10,067		78,422


				782,886

Diversified Telecommunication Services — 0.7%
Anterix, Inc.^(a)		592		19,228
Cogent Communications Holdings, Inc.		2,190		175,791
Consolidated Communications Holdings, Inc.^(a)		3,910		18,123
Frontier Communications Parent, Inc.^(a)		9,092		324,857
Globalstar, Inc.^(a)		38,512		40,438
IDT Corp., Class B		1,006		47,212
Iridium Communications, Inc.		5,557		162,987
Liberty Global Ltd., Class A^(a)		8,278		163,987
Liberty Global Ltd., Class C, NVS^(a)(b)		8,384		172,878
Liberty Latin America Ltd., Class A^(a)		1,555		15,223
Liberty Latin America Ltd., Class C, NVS^(a)		5,671		54,895
Lumen Technologies, Inc.^(a)(b)		49,566		316,727


				1,512,346

Electric Utilities — 1.0%
ALLETE, Inc.		2,878		183,933
Hawaiian Electric Industries, Inc.^(a)		8,581		88,127
IDACORP, Inc.		2,506		259,321
MGE Energy, Inc.		1,809		163,696
OGE Energy Corp.		10,079		403,059
Otter Tail Corp.		2,071		162,615
Pinnacle West Capital Corp.		5,683		499,024
Portland General Electric Co.		5,134		243,352
TXNM Energy, Inc.		4,489		195,451


				2,198,578

Electrical Equipment — 1.1%
Acuity Brands, Inc.		1,544		464,265
Allient, Inc.		752		13,002
Atkore, Inc.		1,831		157,027
Bloom Energy Corp., Class A^(a)(b)		10,118		97,133
ChargePoint Holdings, Inc., Class A^(a)(b)		19,481		23,377
EnerSys		2,011		194,786
Fluence Energy, Inc., Class A^(a)(b)		3,001		65,272
Generac Holdings, Inc.^(a)		3,015		499,133
NEXTracker, Inc., Class A^(a)		6,339		252,419
Plug Power, Inc.^(a)(b)		37,895		74,274
Powell Industries, Inc.^(b)		480		122,390
Preformed Line Products Co.		122		15,006
Sensata Technologies Holding PLC		7,516		258,100
SES AI Corp., Class A^(a)		6,871		3,252
Sunrun, Inc.^(a)(b)		11,080		160,106


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment (continued)
Thermon Group Holdings, Inc.^(a)		1,664	$	43,613
Vicor Corp.^(a)		1,128		51,561


				2,494,716

Electronic Equipment, Instruments & Components — 2.7%
Advanced Energy Industries, Inc.		1,861		201,974
Arlo Technologies, Inc.^(a)		4,730		48,057
Arrow Electronics, Inc.^(a)(b)		2,663		316,018
Avnet, Inc.		4,529		245,517
Badger Meter, Inc.		1,462		292,473
Bel Fuse, Inc., Class B, NVS		515		38,841
Belden, Inc.		2,031		231,270
Benchmark Electronics, Inc.		1,778		76,987
Cognex Corp.		8,187		329,363
Coherent Corp.^(a)(b)		7,477		691,174
Crane NXT Co.		2,820		153,041
CTS Corp.		1,508		74,631
ePlus, Inc.^(a)(b)		1,326		117,948
Evolv Technologies Holdings, Inc., Class A^(a)(b)		5,307		11,410
Fabrinet^(a)		1,813		436,879
Insight Enterprises, Inc.^(a)(b)		1,391		243,314
IPG Photonics Corp.^(a)		1,537		124,436
Itron, Inc.^(a)		2,274		254,142
Kimball Electronics, Inc.^(a)		1,222		21,739
Knowles Corp.^(a)		4,792		82,997
Littelfuse, Inc.		1,238		302,852
Mirion Technologies, Inc., Class A^(a)		10,609		157,013
Napco Security Technologies, Inc.		1,768		68,033
Novanta, Inc.^(a)		1,777		302,517
OSI Systems, Inc.^(a)(b)		826		109,206
PAR Technology Corp.^(a)		1,697		100,106
PC Connection, Inc.		633		40,290
Plexus Corp.^(a)		1,370		197,417
Powerfleet, Inc.^(a)(b)		5,054		25,422
Rogers Corp.^(a)		866		86,843
Sanmina Corp.^(a)		2,772		194,317
ScanSource, Inc.^(a)		1,295		54,921
TTM Technologies, Inc.^(a)		5,075		113,883
Vishay Intertechnology, Inc.		5,665		96,078
Vontier Corp.		7,688		285,071


				6,126,180

Energy Equipment & Services — 1.2%
Archrock, Inc.		7,939		158,939
Atlas Energy Solutions, Inc.		3,313		64,835
Bristow Group, Inc.^(a)		964		31,976
Cactus, Inc., Class A		3,245		192,396
ChampionX Corp.		9,442		266,453
Core Laboratories, Inc.		2,344		44,302
Helix Energy Solutions Group, Inc.^(a)		7,246		67,025
Helmerich & Payne, Inc.		4,918		165,245
Innovex International, Inc.^(a)(b)		1,619		22,974
Kodiak Gas Services, Inc.		1,172		37,363
Liberty Energy, Inc., Class A		8,069		137,738
Nabors Industries Ltd.^(a)		445		33,112
Newpark Resources, Inc.^(a)		3,852		25,654
NOV, Inc.		19,609		304,136
Oceaneering International, Inc.^(a)		5,031		122,756
Patterson-UTI Energy, Inc.		18,710		143,506
ProFrac Holding Corp., Class A^(a)(b)		1,322		7,872
ProPetro Holding Corp.^(a)		3,712		25,650
RPC, Inc.		4,817		27,361
Select Water Solutions, Inc., Class A		4,578		48,527
TETRA Technologies, Inc.^(a)		6,099		20,432


Security	Shares		Value

Energy Equipment & Services (continued)
Tidewater, Inc.^(a)		2,433	$	146,150
Transocean Ltd.^(a)(b)		38,969		169,125
Valaris Ltd.^(a)		3,111		157,417
Weatherford International PLC		3,652		288,508


				2,709,452

Entertainment — 1.0%
AMC Entertainment Holdings, Inc., Class A^(a)(b)		18,041		79,200
Atlanta Braves Holdings, Inc., Class A^(a)		531		22,334
Atlanta Braves Holdings, Inc., Class C, NVS^(a)		2,320		91,663
Cinemark Holdings, Inc.^(a)		5,532		164,577
Endeavor Group Holdings, Inc., Class A^(b)		9,241		272,517
IMAX Corp.^(a)		2,237		54,359
Liberty Media Corp. - Liberty Live, Class A^(a)		1,003		56,910
Liberty Media Corp. - Liberty Live, Class C, NVS^(a)		2,312		134,928
Lions Gate Entertainment Corp., Class A^(a)		2,355		18,605
Lions Gate Entertainment Corp., Class B, NVS^(a)		6,327		44,605
Madison Square Garden Entertainment Corp.^(a)		2,028		84,588
Madison Square Garden Sports Corp., Class A^(a)		839		186,845
Playtika Holding Corp.		3,472		27,186
Roku, Inc., Class A^(a)		5,998		384,352
Sphere Entertainment Co., Class A^(a)(b)		1,323		55,315
TKO Group Holdings, Inc., Class A^(a)		3,522		411,264
Vivid Seats, Inc., Class A^(a)(b)		3,827		15,576
Warner Music Group Corp., Class A		6,714		214,579


				2,319,403

Financial Services — 2.5%
Acacia Research Corp.^(a)(b)		1,983		8,963
Affirm Holdings, Inc., Class A^(a)(b)		11,366		498,399
AvidXchange Holdings, Inc.^(a)		8,759		72,174
Cannae Holdings, Inc.		2,834		56,255
Cass Information Systems, Inc.		629		26,015
Compass Diversified Holdings		3,044		66,055
Enact Holdings, Inc.		1,476		50,317
Essent Group Ltd.		5,353		321,234
Euronet Worldwide, Inc.^(a)		2,171		213,778
EVERTEC, Inc.		2,977		97,527
Federal Agricultural Mortgage Corp., Class C, NVS		467		85,587
Flywire Corp.^(a)		4,804		83,686
HA Sustainable Infrastructure Capital, Inc.		5,529		193,460
I3 Verticals, Inc., Class A^(a)(b)		1,111		25,542
International Money Express, Inc.^(a)		1,562		27,476
Jackson Financial, Inc., Class A		3,081		307,946
Marqeta, Inc., Class A^(a)		19,940		112,860
Merchants Bancorp.		1,007		37,199
MGIC Investment Corp.		13,304		333,132
Mr. Cooper Group, Inc.^(a)		3,033		268,572
NCR Atleos Corp.^(a)		3,562		93,253
NMI Holdings, Inc., Class A^(a)		3,818		147,680
PennyMac Financial Services, Inc., Class A		1,411		140,648
Radian Group, Inc.		7,516		262,384
Remitly Global, Inc.^(a)(b)		7,135		128,287
Repay Holdings Corp., Class A^(a)		4,137		32,910
Rocket Cos., Inc., Class A^(a)(b)		6,498		104,618
Shift4 Payments, Inc., Class A^(a)		2,974		268,969
TFS Financial Corp.		2,757		35,427
Toast, Inc., Class A^(a)		20,464		614,534
Voya Financial, Inc.		5,016		402,785
Walker & Dunlop, Inc.		1,676		183,304
Western Union Co. (The)		16,315		175,549
WEX, Inc.^(a)(b)		2,085		359,871


				5,836,396


14		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products — 1.2%
B&G Foods, Inc.		3,942	$	33,586
Cal-Maine Foods, Inc.		2,109		185,128
Darling Ingredients, Inc.^(a)		7,917		309,634
Flowers Foods, Inc.		9,947		221,122
Fresh Del Monte Produce, Inc.		1,907		61,234
Freshpet, Inc.^(a)		2,256		299,010
Hain Celestial Group, Inc. (The)^(a)		4,355		38,019
Ingredion, Inc.		3,240		430,142
J & J Snack Foods Corp.		744		122,105
John B. Sanfilippo & Son, Inc.		437		36,057
Lancaster Colony Corp.		1,014		176,030
Mission Produce, Inc.^(a)		2,172		25,630
Pilgrim’s Pride Corp.^(a)		2,117		102,548
Post Holdings, Inc.^(a)		2,707		295,632
Seaboard Corp.		13		35,958
Simply Good Foods Co. (The)^(a)		4,505		151,638
Tootsie Roll Industries, Inc.		725		21,148
TreeHouse Foods, Inc.^(a)		2,317		84,292
Utz Brands, Inc., Class A		3,358		57,825
Vital Farms, Inc.^(a)		1,353		46,922
Westrock Coffee Co.^(a)		1,461		9,701
WK Kellogg Co.		3,213		53,432


				2,796,793

Gas Utilities — 0.7%
Chesapeake Utilities Corp.		1,073		128,535
National Fuel Gas Co.		4,588		277,712
New Jersey Resources Corp.		4,915		225,549
Northwest Natural Holding Co.		1,895		73,696
ONE Gas, Inc.		2,604		185,587
Southwest Gas Holdings, Inc.		2,763		202,390
Spire, Inc.		2,862		182,767
UGI Corp.		10,456		250,003


				1,526,239

Ground Transportation — 0.9%
ArcBest Corp.		1,190		123,974
Avis Budget Group, Inc.		900		74,700
Covenant Logistics Group, Inc., Class A		414		20,949
FTAI Infrastructure, Inc.		5,111		41,246
Heartland Express, Inc.		2,579		27,866
Hertz Global Holdings, Inc.^(a)(b)		6,478		18,009
Knight-Swift Transportation Holdings, Inc.		7,520		391,642
Landstar System, Inc.		1,783		313,398
Lyft, Inc., Class A^(a)		17,355		225,094
Marten Transport Ltd.		2,869		44,412
RXO, Inc.^(a)(b)		7,858		221,517
Ryder System, Inc.		2,182		319,183
Schneider National, Inc., Class B		2,593		73,330
Universal Logistics Holdings, Inc.		359		15,092
Werner Enterprises, Inc.		3,152		116,277


				2,026,689

Health Care Equipment & Supplies — 2.5%
Alphatec Holdings, Inc.^(a)(b)		5,156		40,475
Artivion, Inc.^(a)		1,855		48,842
AtriCure, Inc.^(a)		2,380		78,968
Avanos Medical, Inc.^(a)		2,328		43,487
Axonics, Inc.^(a)		2,525		177,508
CONMED Corp.		1,517		103,520
DENTSPLY SIRONA, Inc.		10,292		238,466
Embecta Corp.		2,819		39,692
Enovis Corp.^(a)		2,583		106,600
Envista Holdings Corp.^(a)		8,546		179,210


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Establishment Labs Holdings, Inc.^(a)(b)		1,236	$	53,259
Glaukos Corp.^(a)		2,632		348,082
Globus Medical, Inc., Class A^(a)		5,625		413,663
Haemonetics Corp.^(a)(b)		2,528		179,893
ICU Medical, Inc.^(a)		1,062		181,315
Inari Medical, Inc.^(a)		2,501		121,048
Inspire Medical Systems, Inc.^(a)(b)		1,473		287,294
Integer Holdings Corp.^(a)		1,664		206,752
Integra LifeSciences Holdings Corp.^(a)		3,344		62,733
iRhythm Technologies, Inc.^(a)		1,548		112,137
Lantheus Holdings, Inc.^(a)		3,423		375,982
LeMaitre Vascular, Inc.		1,007		89,009
LivaNova PLC^(a)		2,708		139,787
Masimo Corp.^(a)		2,237		322,150
Merit Medical Systems, Inc.^(a)		2,876		283,746
Neogen Corp.^(a)(b)		10,842		154,824
Novocure Ltd.^(a)		4,918		74,655
Omnicell, Inc.^(a)		2,299		111,823
OrthoPediatrics Corp.^(a)		793		21,038
Paragon 28, Inc.^(a)(b)		1,927		10,213
Penumbra, Inc.^(a)		1,857		425,012
PROCEPT BioRobotics Corp.^(a)		2,305		207,450
QuidelOrtho Corp.^(a)		2,489		94,706
RxSight, Inc.^(a)		1,583		80,195
SI-BONE, Inc.^(a)		1,901		26,234
STAAR Surgical Co.^(a)		1,867		54,124
Tandem Diabetes Care, Inc.^(a)		3,215		100,855
TransMedics Group, Inc.^(a)(b)		1,625		133,201
Treace Medical Concepts, Inc.^(a)		2,228		10,383
UFP Technologies, Inc.^(a)		368		98,256
Varex Imaging Corp.^(a)(b)		1,975		25,932


				5,862,519

Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc.^(a)		4,550		194,239
Accolade, Inc.^(a)		3,561		11,288
Addus HomeCare Corp.^(a)		873		108,619
agilon health, Inc.^(a)(b)		15,224		38,821
Amedisys, Inc.^(a)		1,606		151,928
AMN Healthcare Services, Inc.^(a)(b)		1,887		71,593
Astrana Health, Inc.^(a)(b)		1,967		105,785
BrightSpring Health Services, Inc.^(a)		2,638		39,491
Brookdale Senior Living, Inc.^(a)		8,823		55,320
Castle Biosciences, Inc.^(a)		1,328		46,042
Chemed Corp.		747		403,559
CorVel Corp.^(a)		467		139,082
Cross Country Healthcare, Inc.^(a)		1,675		19,112
Encompass Health Corp.		4,982		495,510
Ensign Group, Inc. (The)		2,817		436,607
Fulgent Genetics, Inc.^(a)		946		20,292
Guardant Health, Inc.^(a)		5,850		127,998
HealthEquity, Inc.^(a)		4,274		364,358
Henry Schein, Inc.^(a)		6,358		446,522
Hims & Hers Health, Inc., Class A^(a)(b)		7,860		148,004
LifeStance Health Group, Inc.^(a)		4,363		29,276
National HealthCare Corp.		728		84,470
National Research Corp., Class A		715		12,963
NeoGenomics, Inc.^(a)		6,273		85,250
OPKO Health, Inc.^(a)(b)		15,408		23,266
Option Care Health, Inc.^(a)		8,698		200,402
Owens & Minor, Inc.^(a)		3,396		43,163
PACS Group, Inc.^(a)		1,186		50,618
Patterson Cos., Inc.		3,989		83,809


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Pediatrix Medical Group, Inc.^(a)		4,318	$	53,198
Premier, Inc., Class A		5,222		105,223
Privia Health Group, Inc.^(a)		5,380		98,777
Progyny, Inc.^(a)(b)		4,171		62,774
R1 RCM, Inc.^(a)		7,690		109,659
RadNet, Inc.^(a)		3,278		213,201
Select Medical Holdings Corp.		5,056		162,196
Surgery Partners, Inc.^(a)		3,805		109,584
Talkspace, Inc.^(a)		5,704		17,854
U.S. Physical Therapy, Inc.		756		60,616


				5,030,469

Health Care REITs — 0.7%
American Healthcare REIT, Inc.		4,248		112,997
CareTrust REIT, Inc.		6,996		228,559
Community Healthcare Trust, Inc.		1,312		24,613
Diversified Healthcare Trust		8,063		28,785
Global Medical REIT, Inc.		3,192		29,015
LTC Properties, Inc.		2,170		82,894
Medical Properties Trust, Inc.^(b)		30,199		139,822
National Health Investors, Inc.		2,180		167,097
Omega Healthcare Investors, Inc.		12,219		518,941
Sabra Health Care REIT, Inc.		10,458		202,885
Universal Health Realty Income Trust		681		26,940


				1,562,548

Health Care Technology — 0.3%
Certara, Inc.^(a)		5,394		55,019
Definitive Healthcare Corp., Class A^(a)		2,626		10,898
Doximity, Inc., Class A^(a)(b)		6,183		258,078
Evolent Health, Inc., Class A^(a)(b)		5,720		133,562
GoodRx Holdings, Inc., Class A^(a)(b)		3,908		23,917
HealthStream, Inc.		1,282		37,479
Phreesia, Inc.^(a)		2,806		51,322
Schrodinger, Inc.^(a)(b)		2,712		47,717
Simulations Plus, Inc.		794		21,613
Teladoc Health, Inc.^(a)(b)		8,352		75,168


				714,773

Hotel & Resort REITs — 0.5%
Apple Hospitality REIT, Inc.		11,390		168,230
DiamondRock Hospitality Co.		10,122		86,746
Park Hotels & Resorts, Inc.		10,577		146,914
Pebblebrook Hotel Trust		5,815		69,664
RLJ Lodging Trust		7,534		66,676
Ryman Hospitality Properties, Inc.		2,912		311,730
Service Properties Trust		8,335		26,672
Summit Hotel Properties, Inc.		5,260		32,191
Sunstone Hotel Investors, Inc.		10,275		103,675
Xenia Hotels & Resorts, Inc.		5,079		71,969


				1,084,467

Hotels, Restaurants & Leisure — 3.2%
Accel Entertainment, Inc., Class A^(a)		2,676		29,543
Aramark		12,879		487,213
Bally’s Corp.^(a)(b)		1,148		20,033
BJ’s Restaurants, Inc.^(a)(b)		941		34,902
Bloomin’ Brands, Inc.		3,939		65,348
Bowlero Corp., Class A^(b)		1,083		11,231
Boyd Gaming Corp.		3,406		236,002
Brinker International, Inc.^(a)		2,216		227,605
Caesars Entertainment, Inc.^(a)		10,340		414,117
Cava Group, Inc.^(a)(b)		3,534		472,001
Cheesecake Factory, Inc. (The)		2,409		111,344
Choice Hotels International, Inc.^(b)		1,394		194,477


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store, Inc.		1,120	$	53,278
Dave & Buster’s Entertainment, Inc.^(a)		1,592		58,793
Dine Brands Global, Inc.		744		22,647
Dutch Bros, Inc., Class A^(a)		3,895		129,002
Everi Holdings, Inc.^(a)		4,144		55,240
First Watch Restaurant Group, Inc.^(a)(b)		1,540		26,172
Golden Entertainment, Inc.		1,164		34,193
Hilton Grand Vacations, Inc.^(a)		3,776		139,259
Hyatt Hotels Corp., Class A		2,201		320,135
Jack in the Box, Inc.		937		46,147
Krispy Kreme, Inc.		3,976		45,207
Kura Sushi U.S.A., Inc., Class A^(a)(b)		285		28,449
Life Time Group Holdings, Inc.^(a)		2,940		65,503
Light & Wonder, Inc., Class A^(a)(b)		4,501		422,104
Marriott Vacations Worldwide Corp.		1,545		119,011
Monarch Casino & Resort, Inc.		665		52,209
Norwegian Cruise Line Holdings Ltd.^(a)		21,256		538,627
Papa John’s International, Inc.		1,610		84,348
Penn Entertainment, Inc.^(a)		6,815		134,596
Planet Fitness, Inc., Class A^(a)(b)		4,324		339,520
Portillo’s, Inc., Class A^(a)(b)		2,696		34,859
Red Rock Resorts, Inc., Class A		2,533		130,348
Rush Street Interactive, Inc., Class A^(a)		3,483		37,686
Sabre Corp.^(a)		18,853		60,330
Shake Shack, Inc., Class A^(a)		1,880		228,740
Sweetgreen, Inc., Class A^(a)		4,242		153,136
Target Hospitality Corp.^(a)		1,853		13,823
Texas Roadhouse, Inc.		3,332		636,812
Travel + Leisure Co.		3,526		168,578
United Parks & Resorts, Inc.^(a)		1,782		93,787
Vail Resorts, Inc.		1,890		313,154
Wendy’s Co. (The)		8,080		154,409
Wyndham Hotels & Resorts, Inc.		3,984		351,867


				7,395,785

Household Durables — 1.7%
Cavco Industries, Inc.^(a)		397		162,689
Century Communities, Inc.		1,447		128,291
Champion Homes, Inc.^(a)		2,842		250,750
Ethan Allen Interiors, Inc.		1,126		31,156
Green Brick Partners, Inc.^(a)		1,587		109,519
Helen of Troy Ltd.^(a)		1,208		76,889
Installed Building Products, Inc.		1,190		258,111
KB Home		3,345		262,582
La-Z-Boy, Inc.		2,111		80,324
Legacy Housing Corp.^(a)		594		14,731
Leggett & Platt, Inc.		6,535		78,420
LGI Homes, Inc.^(a)(b)		1,042		105,826
M/I Homes, Inc.^(a)(b)		1,383		209,649
Meritage Homes Corp.		1,814		328,697
Mohawk Industries, Inc.^(a)		2,660		357,158
Newell Brands, Inc.		19,650		172,920
Sonos, Inc.^(a)		5,824		72,975
Taylor Morrison Home Corp., Class A^(a)		4,967		340,239
Tempur Sealy International, Inc.		8,493		406,900
Tri Pointe Homes, Inc.^(a)		4,612		186,463
Vizio Holding Corp., Class A^(a)(b)		3,478		38,710
Whirlpool Corp.		2,724		281,961
Worthington Enterprises, Inc.		1,647		63,080


				4,018,040

Household Products — 0.2%
Central Garden & Pet Co.^(a)(b)		490		16,807
Central Garden & Pet Co., Class A, NVS^(a)(b)		2,528		73,666


16		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Household Products (continued)
Energizer Holdings, Inc.		3,298	$	105,767
Reynolds Consumer Products, Inc.		2,656		71,579
Spectrum Brands Holdings, Inc.		1,345		120,539
WD-40 Co.		676		177,159


				565,517

Independent Power and Renewable Electricity Producers — 0.2%
Altus Power, Inc., Class A^(a)		4,006		13,781
Clearway Energy, Inc., Class A		1,666		44,382
Clearway Energy, Inc., Class C		4,103		116,443
Montauk Renewables, Inc.^(a)(b)		3,404		18,824
Ormat Technologies, Inc.		2,666		210,667
Sunnova Energy International, Inc.^(a)(b)		5,428		32,948


				437,045

Industrial REITs — 1.1%
Americold Realty Trust, Inc.		13,057		335,304
EastGroup Properties, Inc.		2,388		409,017
First Industrial Realty Trust, Inc.		6,212		326,068
Innovative Industrial Properties, Inc.		1,405		181,512
LXP Industrial Trust		14,709		138,853
Plymouth Industrial REIT, Inc.		1,936		39,339
Rexford Industrial Realty, Inc.		10,090		432,760
STAG Industrial, Inc.		9,090		338,875
Terreno Realty Corp.		4,712		282,484


				2,484,212

Insurance — 3.1%
Ambac Financial Group, Inc.^(a)		2,251		25,459
American Coastal Insurance Corp.^(a)		1,246		15,139
AMERISAFE, Inc.		987		53,347
Assurant, Inc.		2,610		500,337
Assured Guaranty Ltd.		2,648		221,002
Axis Capital Holdings Ltd.		3,968		310,536
Baldwin Insurance Group, Inc. (The), Class A^(a)(b)		3,306		152,936
Brighthouse Financial, Inc.^(a)		3,163		149,610
CNO Financial Group, Inc.		5,399		185,726
Employers Holdings, Inc.		1,020		49,694
Enstar Group Ltd.^(a)		577		186,083
F&G Annuities & Life, Inc.		883		35,408
First American Financial Corp.		5,110		327,806
Globe Life, Inc.		4,616		487,450
Goosehead Insurance, Inc., Class A^(a)		1,156		125,888
Hamilton Insurance Group Ltd., Class B^(a)		892		15,539
Hanover Insurance Group, Inc. (The)		1,783		264,472
Horace Mann Educators Corp.		1,984		73,884
Kemper Corp.		3,077		191,605
Kinsale Capital Group, Inc.		1,104		472,633
Lemonade, Inc.^(a)(b)		2,586		61,469
Lincoln National Corp.		8,412		292,317
Mercury General Corp.		1,349		91,233
Old Republic International Corp.		12,662		442,284
Oscar Health, Inc., Class A^(a)(b)		8,346		140,213
Palomar Holdings, Inc.^(a)		1,198		107,544
Primerica, Inc.		1,726		477,774
ProAssurance Corp.^(a)		2,607		38,818
RLI Corp.		2,035		317,399
Root, Inc., Class A^(a)(b)		413		28,245
Ryan Specialty Holdings, Inc., Class A		4,950		326,057
Safety Insurance Group, Inc.		740		57,916
Selective Insurance Group, Inc.		3,025		274,731
SiriusPoint Ltd.^(a)		4,939		64,898
Skyward Specialty Insurance Group, Inc.^(a)		1,514		66,934
Stewart Information Services Corp.		1,375		94,600


Security	Shares		Value

Insurance (continued)
Tiptree, Inc.		1,137	$	23,206
Trupanion, Inc.^(a)(b)		1,670		91,483
United Fire Group, Inc.		1,130		22,193
White Mountains Insurance Group Ltd.^(b)		127		228,237


				7,092,105

Interactive Media & Services — 0.8%
Bumble, Inc., Class A^(a)(b)		4,371		30,947
Cargurus, Inc., Class A^(a)		4,299		133,355
Cars.com, Inc.^(a)		3,141		50,225
EverQuote, Inc., Class A^(a)		1,208		21,720
IAC, Inc.^(a)		3,785		181,491
Match Group, Inc.^(a)		13,250		477,397
MediaAlpha, Inc., Class A^(a)		1,231		21,087
QuinStreet, Inc.^(a)		2,597		54,537
Reddit, Inc., Class A^(a)(b)		1,280		152,704
Rumble, Inc., Class A^(a)(b)		4,215		24,616
Shutterstock, Inc.		1,231		39,503
Taboola.com Ltd.^(a)		8,062		26,766
TripAdvisor, Inc.^(a)		5,366		86,071
Trump Media & Technology Group Corp., Class A^(a)(b)		2,128		75,203
Vimeo, Inc.^(a)		7,579		36,152
Yelp, Inc.^(a)		3,336		113,891
Ziff Davis, Inc.^(a)		2,276		105,310
ZipRecruiter, Inc., Class A^(a)		3,300		30,591
ZoomInfo Technologies, Inc., Class A^(a)		14,171		156,589


				1,818,155

IT Services — 0.4%
ASGN, Inc.^(a)		2,290		210,909
Core Scientific, Inc.^(a)(b)		7,898		104,964
Couchbase, Inc.^(a)		1,753		28,171
DigitalOcean Holdings, Inc.^(a)		2,739		108,410
DXC Technology Co.^(a)		8,921		177,171
Fastly, Inc., Class A^(a)		6,242		45,130
Grid Dynamics Holdings, Inc., Class A^(a)		2,895		46,088
Hackett Group, Inc. (The)		1,271		30,911
Kyndryl Holdings, Inc.^(a)		11,360		260,030
Thoughtworks Holding, Inc.^(a)(b)		3,964		17,600


				1,029,384

Leisure Products — 0.8%
Acushnet Holdings Corp.		1,456		89,253
Brunswick Corp.		3,361		268,006
Hasbro, Inc.		6,551		429,942
Malibu Boats, Inc., Class A^(a)(b)		993		44,566
Mattel, Inc.^(a)(b)		17,086		348,213
Peloton Interactive, Inc., Class A^(a)(b)		17,497		148,724
Polaris, Inc.		2,659		185,891
Smith & Wesson Brands, Inc.		2,251		29,162
Sturm Ruger & Co., Inc.		842		33,107
Topgolf Callaway Brands Corp.^(a)		7,130		69,232
Vista Outdoor, Inc.^(a)		2,683		117,972
YETI Holdings, Inc.^(a)(b)		4,261		150,030


				1,914,098

Life Sciences Tools & Services — 0.6%
10X Genomics, Inc., Class A^(a)		5,191		83,212
Azenta, Inc.^(a)		2,235		91,836
BioLife Solutions, Inc.^(a)(b)		1,830		42,822
Bio-Rad Laboratories, Inc., Class A^(a)(b)		1,031		369,294
CryoPort, Inc.^(a)(b)		2,322		15,464
Fortrea Holdings, Inc.^(a)		4,096		68,895
Maravai LifeSciences Holdings, Inc., Class A^(a)		5,619		41,637
Mesa Laboratories, Inc.		265		30,221


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
OmniAb, Inc.^(a)		4,950	$	20,245
OmniAb, Inc., 12.50 Earnout Shares^(a)(c)		359		—
OmniAb, Inc., 15.00 Earnout Shares^(a)(c)		359		—
Quanterix Corp.^(a)		1,802		23,813
Repligen Corp.^(a)(b)		2,612		350,713
Sotera Health Co.^(a)(b)		6,407		100,398
Standard BioTools, Inc.^(a)		15,354		30,094


				1,268,644

Machinery — 4.0%
AGCO Corp.		3,113		310,802
Alamo Group, Inc.		494		83,753
Albany International Corp., Class A		1,553		105,480
Allison Transmission Holdings, Inc.		4,369		466,871
Astec Industries, Inc.		1,145		36,388
Atmus Filtration Technologies, Inc.		794		30,918
Barnes Group, Inc.		2,404		112,411
Chart Industries, Inc.^(a)		2,127		256,771
Columbus McKinnon Corp.		1,457		46,347
Crane Co.		2,424		381,247
Donaldson Co., Inc.		5,991		438,302
Douglas Dynamics, Inc.		1,161		26,297
Energy Recovery, Inc.^(a)		2,834		50,615
Enerpac Tool Group Corp., Class A		2,738		120,801
Enpro, Inc.		1,046		152,308
Esab Corp.^(b)		2,826		347,711
Federal Signal Corp.		3,037		247,728
Flowserve Corp.		6,532		343,844
Franklin Electric Co., Inc.		1,991		190,559
Gates Industrial Corp. PLC^(a)(b)		9,347		180,864
Gorman-Rupp Co. (The)		1,019		37,652
Greenbrier Cos., Inc. (The)		1,532		90,802
Helios Technologies, Inc.		1,615		74,500
Hillenbrand, Inc.		3,444		94,882
Hillman Solutions Corp.^(a)		9,005		95,453
Hyster-Yale, Inc., Class A		580		36,813
ITT, Inc.		4,085		572,390
John Bean Technologies Corp.^(b)		1,589		177,046
Kadant, Inc.^(b)		584		194,507
Kennametal, Inc.		3,775		95,583
Lindsay Corp.		537		64,279
Middleby Corp. (The)^(a)(b)		2,671		346,429
Miller Industries, Inc.		586		38,465
Mueller Industries, Inc.		5,493		450,261
Mueller Water Products, Inc., Class A		7,844		169,352
Nikola Corp.^(a)(b)		1,860		7,310
Omega Flex, Inc.		169		8,639
Oshkosh Corp.		3,235		330,746
Proto Labs, Inc.^(a)		1,158		31,729
RBC Bearings, Inc.^(a)		1,428		400,340
REV Group, Inc.		2,137		56,631
SPX Technologies, Inc.^(a)(b)		2,296		329,453
Standex International Corp.		581		106,834
Symbotic, Inc., Class A^(a)(b)		1,225		34,043
Tennant Co.		944		82,657
Terex Corp.		3,349		173,177
Timken Co. (The)		3,350		278,050
Titan International, Inc.^(a)		3,082		19,848
Toro Co. (The)		5,178		416,725
Trinity Industries, Inc.		4,031		138,183
Wabash National Corp.		2,207		38,490
Watts Water Technologies, Inc., Class A		1,359		259,012


				9,180,298


Security	Shares		Value

Marine Transportation — 0.3%
Genco Shipping & Trading Ltd.		2,007	$	31,590
Kirby Corp.^(a)		2,913		334,296
Matson, Inc.		1,699		263,158


				629,044

Media — 1.1%
Altice U.S.A., Inc., Class A^(a)		10,862		26,395
Boston Omaha Corp., Class A^(a)(b)		1,055		15,572
Cable One, Inc.		230		78,559
Cardlytics, Inc.^(a)(b)		1,942		8,370
Clear Channel Outdoor Holdings, Inc.^(a)		12,710		18,684
EchoStar Corp., Class A^(a)		6,084		152,465
Gray Television, Inc.		4,585		26,180
Ibotta, Inc., Class A^(a)		326		23,893
Integral Ad Science Holding Corp.^(a)		3,583		42,423
John Wiley & Sons, Inc., Class A		2,212		109,052
Liberty Broadband Corp., Class A^(a)		852		68,356
Liberty Broadband Corp., Class C, NVS^(a)		5,405		436,832
Magnite, Inc.^(a)		6,178		77,101
New York Times Co. (The), Class A		7,778		434,323
Nexstar Media Group, Inc., Class A		1,550		272,676
Paramount Global, Class A^(b)		277		6,064
Paramount Global, Class B, NVS		27,954		305,817
PubMatic, Inc., Class A^(a)		2,111		31,042
Scholastic Corp.		1,144		28,405
Sinclair, Inc., Class A		1,663		28,720
Stagwell, Inc., Class A^(a)		4,444		27,597
TechTarget, Inc.^(a)		1,341		38,815
TEGNA, Inc.		8,302		136,402
Thryv Holdings, Inc.^(a)		1,605		23,080


				2,416,823

Metals & Mining — 1.8%
Alcoa Corp.		12,252		491,183
Alpha Metallurgical Resources, Inc.		549		114,357
Arch Resources, Inc., Class A		876		128,562
ATI, Inc.^(a)		6,224		328,067
Carpenter Technology Corp.		2,453		366,723
Century Aluminum Co.^(a)		2,531		44,672
Cleveland-Cliffs, Inc.^(a)		23,620		306,588
Coeur Mining, Inc.^(a)(b)		19,944		128,439
Commercial Metals Co.		5,707		307,037
Compass Minerals International, Inc.		1,737		21,382
Haynes International, Inc.		605		36,518
Hecla Mining Co.		29,342		190,430
Ivanhoe Electric, Inc.^(a)(b)		3,974		40,336
Kaiser Aluminum Corp.		783		58,146
Materion Corp.		1,021		103,764
McEwen Mining, Inc.^(a)(b)		2,029		19,296
Metallus, Inc.^(a)		1,935		27,264
MP Materials Corp., Class A^(a)(b)		4,700		84,553
Radius Recycling, Inc., Class A		1,326		21,468
Ramaco Resources, Inc., Class A		1,331		13,510
Royal Gold, Inc.		3,287		480,099
Ryerson Holding Corp.		1,513		32,968
SunCoke Energy, Inc.		4,229		43,601
United States Steel Corp.		11,123		432,128
Warrior Met Coal, Inc.		2,589		163,443
Worthington Steel, Inc.		1,590		60,802


				4,045,336

Mortgage Real Estate Investment Trusts (REITs) — 1.1%
AGNC Investment Corp.		37,884		352,700
Annaly Capital Management, Inc.		24,894		473,235


18		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mortgage Real Estate Investment Trusts (REITs) (continued)
Apollo Commercial Real Estate Finance, Inc.		6,554	$	58,265
Arbor Realty Trust, Inc.		8,647		127,457
ARMOUR Residential REIT, Inc.		2,461		46,144
Blackstone Mortgage Trust, Inc., Class A		8,275		150,688
BrightSpire Capital, Inc., Class A		6,434		39,119
Chimera Investment Corp.		3,990		60,249
Claros Mortgage Trust, Inc.		5,121		32,211
Dynex Capital, Inc.		3,504		42,784
Ellington Financial, Inc.		3,883		46,945
Franklin BSP Realty Trust, Inc.		4,100		53,341
KKR Real Estate Finance Trust, Inc.		2,918		33,820
Ladder Capital Corp., Class A		5,945		67,832
MFA Financial, Inc.		5,124		62,974
New York Mortgage Trust, Inc.		4,539		26,190
PennyMac Mortgage Investment Trust		4,306		58,045
Ready Capital Corp.		8,031		55,012
Redwood Trust, Inc.		6,575		48,129
Rithm Capital Corp.		25,561		270,691
Starwood Property Trust, Inc.		15,732		310,550
TPG RE Finance Trust, Inc.		2,816		24,809
Two Harbors Investment Corp.		5,201		59,811


				2,501,001

Multi-Utilities — 0.2%
Avista Corp.		3,866		144,898
Black Hills Corp.		3,428		202,903
Northwestern Energy Group, Inc.		2,883		154,125
Unitil Corp.		809		46,833


				548,759

Office REITs — 0.9%
Brandywine Realty Trust		8,388		42,527
COPT Defense Properties		5,579		179,644
Cousins Properties, Inc.		7,062		216,309
Douglas Emmett, Inc.		8,038		142,996
Easterly Government Properties, Inc.		4,884		66,227
Equity Commonwealth^(a)		5,289		104,669
Highwoods Properties, Inc.		5,244		175,884
Hudson Pacific Properties, Inc.		6,306		27,242
JBG SMITH Properties		4,269		72,573
Kilroy Realty Corp.		5,769		232,029
Paramount Group, Inc.		9,205		44,644
Peakstone Realty Trust, Class E		1,789		23,472
Piedmont Office Realty Trust, Inc., Class A		6,278		62,403
SL Green Realty Corp.		3,235		244,598
Vornado Realty Trust		8,579		355,257


				1,990,474

Oil, Gas & Consumable Fuels — 2.4%
Antero Midstream Corp.		16,901		242,867
Berry Corp.		3,594		18,042
California Resources Corp.		2,939		152,740
Centrus Energy Corp., Class A^(a)(b)		691		71,733
Chord Energy Corp.		3,061		382,931
Civitas Resources, Inc.		3,648		177,986
Clean Energy Fuels Corp.^(a)(b)		8,653		24,488
CNX Resources Corp.^(a)(b)		7,643		260,091
Comstock Resources, Inc.		4,327		50,020
CONSOL Energy, Inc.		1,371		152,071
Crescent Energy Co., Class A		7,250		90,118
CVR Energy, Inc.		1,747		27,777
Delek U.S. Holdings, Inc.		3,144		49,266
Dorian LPG Ltd.		1,861		53,690
DT Midstream, Inc.		4,814		433,982


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Granite Ridge Resources, Inc.		2,818	$	16,711
Green Plains, Inc.^(a)		2,915		35,650
Gulfport Energy Corp.^(a)		631		87,356
HighPeak Energy, Inc.^(b)		777		9,946
International Seaways, Inc.		1,737		75,629
Kinetik Holdings, Inc., Class A		898		43,706
Kosmos Energy Ltd.^(a)		23,597		88,725
Magnolia Oil & Gas Corp., Class A		8,576		216,801
Matador Resources Co.		5,882		306,511
Murphy Oil Corp.		7,649		240,791
New Fortress Energy, Inc., Class A^(b)		5,496		46,221
NextDecade Corp.^(a)(b)		4,118		24,049
Northern Oil & Gas, Inc.		4,659		168,889
Par Pacific Holdings, Inc.^(a)		2,902		44,836
PBF Energy, Inc., Class A		5,173		147,534
Peabody Energy Corp.		5,985		157,226
Permian Resources Corp., Class A		31,356		427,382
Range Resources Corp.^(b)		11,912		357,717
REX American Resources Corp.^(a)		796		35,605
Riley Exploration Permian, Inc.		418		11,165
SandRidge Energy, Inc.		1,684		18,676
Sitio Royalties Corp., Class A		4,005		89,271
SM Energy Co.		5,733		240,614
Talos Energy, Inc.^(a)		6,164		62,996
Uranium Energy Corp.^(a)		18,737		139,029
VAALCO Energy, Inc.		5,204		27,789
Vital Energy, Inc.^(a)		1,227		33,460
Vitesse Energy, Inc.		1,277		31,759
World Kinect Corp.		3,017		78,895


				5,452,741

Paper & Forest Products — 0.2%
Clearwater Paper Corp.^(a)		831		20,933
Louisiana-Pacific Corp.		3,200		316,480
Mercer International, Inc.		1,978		12,897
Sylvamo Corp.		1,758		149,465


				499,775

Passenger Airlines — 0.5%
Alaska Air Group, Inc.^(a)		6,385		305,905
Allegiant Travel Co.		775		50,383
American Airlines Group, Inc.^(a)(b)		30,271		405,631
Frontier Group Holdings, Inc.^(a)(b)		4,264		25,925
JetBlue Airways Corp.^(a)		16,135		91,970
Joby Aviation, Inc., Class A^(a)(b)		21,410		102,768
SkyWest, Inc.^(a)		1,989		189,353
Sun Country Airlines Holdings, Inc.^(a)		2,010		28,241
Wheels Up Experience, Inc., Class A^(a)(b)		4,307		8,786


				1,208,962

Personal Care Products — 0.4%
BellRing Brands, Inc.^(a)(b)		6,496		427,632
Edgewell Personal Care Co.		2,441		85,313
elf Beauty, Inc.^(a)		2,646		278,491
Herbalife Ltd.^(a)		4,898		36,980
Interparfums, Inc.		912		110,416
Nu Skin Enterprises, Inc., Class A		2,515		15,568
Olaplex Holdings, Inc.^(a)(b)		6,538		11,637
USANA Health Sciences, Inc.^(a)(b)		565		20,871


				986,908

Pharmaceuticals — 1.7%
Amneal Pharmaceuticals, Inc., Class A^(a)		6,306		53,412
Amphastar Pharmaceuticals, Inc.^(a)		1,896		95,805
ANI Pharmaceuticals, Inc.^(a)		904		51,750


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Arvinas, Inc.^(a)		2,516	$	66,498
Avadel Pharmaceuticals PLC^(a)		4,677		72,353
Axsome Therapeutics, Inc.^(a)(b)		1,969		175,300
Cassava Sciences, Inc.^(a)(b)		2,251		58,087
Catalent, Inc.^(a)		8,992		526,931
Collegium Pharmaceutical, Inc.^(a)		1,602		54,692
Corcept Therapeutics, Inc.^(a)		4,900		239,953
Elanco Animal Health, Inc.^(a)		24,577		310,653
Enliven Therapeutics, Inc.^(a)(b)		1,252		34,868
Evolus, Inc.^(a)		2,465		40,229
EyePoint Pharmaceuticals, Inc.^(a)		1,819		21,391
Harmony Biosciences Holdings, Inc.^(a)		1,596		51,280
Innoviva, Inc.^(a)		2,733		53,458
Intra-Cellular Therapies, Inc.^(a)		4,883		413,834
Jazz Pharmaceuticals PLC^(a)		3,130		344,394
Ligand Pharmaceuticals, Inc.^(a)		909		96,081
Liquidia Corp.^(a)(b)		2,326		25,237
Longboard Pharmaceuticals, Inc.^(a)		1,263		75,426
Neumora Therapeutics, Inc.^(a)		3,538		40,510
Nuvation Bio, Inc., Class A^(a)		6,827		15,088
Organon & Co.		12,746		239,370
Pacira BioSciences, Inc.^(a)		2,266		37,616
Perrigo Co. PLC		6,792		174,079
Phathom Pharmaceuticals, Inc.^(a)(b)		1,677		28,761
Pliant Therapeutics, Inc.^(a)		2,175		30,602
Prestige Consumer Healthcare, Inc.^(a)		2,445		180,319
Scilex Holding Co. (Acquired 01/09/23, cost $19,912)^(a)(d)		3,943		3,690
Supernus Pharmaceuticals, Inc.^(a)(b)		2,663		90,728
Tarsus Pharmaceuticals, Inc.^(a)		1,202		53,477
Tilray Brands, Inc.^(a)(b)		42,153		69,131
WaVe Life Sciences Ltd.^(a)		4,637		63,573


				3,888,576

Professional Services — 2.8%
Alight, Inc., Class A^(a)(b)		20,790		144,075
Barrett Business Services, Inc.		1,268		45,889
CACI International, Inc., Class A^(a)		1,111		613,894
CBIZ, Inc.^(a)		2,335		160,952
Clarivate PLC^(a)(b)		19,085		125,961
Concentrix Corp.		2,208		93,862
Conduent, Inc.^(a)		7,919		28,508
CRA International, Inc.		326		59,378
CSG Systems International, Inc.		1,417		66,046
Dun & Bradstreet Holdings, Inc.		13,382		159,112
ExlService Holdings, Inc.^(a)		8,057		335,735
Exponent, Inc.		2,518		237,649
First Advantage Corp.^(a)		2,516		45,590
Franklin Covey Co.^(a)		588		23,408
FTI Consulting, Inc.^(a)		1,769		345,096
Genpact Ltd.		7,763		296,314
Heidrick & Struggles International, Inc.		1,015		39,646
Huron Consulting Group, Inc.^(a)		891		103,115
ICF International, Inc.		942		158,812
Insperity, Inc.		1,800		141,786
KBR, Inc.		6,722		450,441
Kelly Services, Inc., Class A, NVS		1,596		31,904
Kforce, Inc.		941		54,380
Korn Ferry		2,495		176,272
Legalzoom.com, Inc.^(a)		5,813		41,737
ManpowerGroup, Inc.		2,404		151,091
Maximus, Inc.		3,036		262,432
NV5 Global, Inc.^(a)(b)		2,840		64,894


Security	Shares		Value

Professional Services (continued)
Parsons Corp.^(a)		2,341	$	253,203
Paycor HCM, Inc.^(a)		3,987		60,164
Paylocity Holding Corp.^(a)		2,174		401,255
Robert Half, Inc.		5,228		356,079
Science Applications International Corp.		2,544		367,074
Sterling Check Corp.^(a)		1,463		24,491
TriNet Group, Inc.		1,599		135,739
UL Solutions, Inc., Class A		1,955		101,582
Upwork, Inc.^(a)		6,014		81,550
Verra Mobility Corp., Class A^(a)		8,276		214,928


			6,454,044

Real Estate Management & Development — 1.0%
Anywhere Real Estate, Inc.^(a)		4,735		18,277
Compass, Inc., Class A^(a)		18,695		118,713
Cushman & Wakefield PLC^(a)		7,919		107,302
DigitalBridge Group, Inc., Class A^(b)		7,856		123,261
eXp World Holdings, Inc.		3,962		52,774
Forestar Group, Inc.^(a)		943		29,771
FRP Holdings, Inc.^(a)		663		19,227
Howard Hughes Holdings, Inc.^(a)		1,551		117,938
Jones Lang LaSalle, Inc.^(a)		2,368		641,633
Kennedy-Wilson Holdings, Inc.		5,362		57,320
Marcus & Millichap, Inc.		1,241		46,959
Newmark Group, Inc., Class A		7,045		105,605
Opendoor Technologies, Inc., Class A^(a)(b)		28,614		50,074
Redfin Corp.^(a)(b)		5,912		61,307
St. Joe Co. (The)		1,898		98,127
Zillow Group, Inc., Class A^(a)		2,675		155,284
Zillow Group, Inc., Class C, NVS^(a)(b)		8,085		485,828


			2,289,400

Residential REITs — 0.2%
Apartment Investment & Management Co., Class A^(a)		6,089		51,391
Centerspace		738		51,409
Elme Communities		4,338		73,182
Independence Realty Trust, Inc.		11,214		220,019
NexPoint Residential Trust, Inc.		1,097		45,690
UMH Properties, Inc.		3,297		61,489
Veris Residential, Inc.		3,945		64,974


			568,154

Retail REITs — 1.4%
Acadia Realty Trust		5,160		126,368
Agree Realty Corp.		4,683		347,713
Alexander’s, Inc.		109		24,746
Brixmor Property Group, Inc.		14,979		403,684
CBL & Associates Properties, Inc.		757		20,023
Federal Realty Investment Trust		4,159		460,984
Getty Realty Corp.		2,501		78,506
InvenTrust Properties Corp.		3,868		113,913
Kite Realty Group Trust		10,948		281,035
Macerich Co. (The)		10,689		199,884
NETSTREIT Corp.		3,672		56,916
NNN REIT, Inc.		9,128		396,520
Phillips Edison & Co., Inc.		6,086		230,112
Retail Opportunity Investments Corp.		6,133		95,061
Saul Centers, Inc.		618		24,189
SITE Centers Corp.		2,479		39,540
Tanger, Inc.		5,395		179,276
Urban Edge Properties		5,792		128,814
Whitestone REIT		2,334		32,163


			3,239,447


20		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment — 2.3%
Allegro MicroSystems, Inc.^(a)		6,144	$	128,041
Alpha & Omega Semiconductor Ltd.^(a)		1,169		38,624
Ambarella, Inc.^(a)		2,030		114,066
Amkor Technology, Inc.		5,889		149,875
Axcelis Technologies, Inc.^(a)		1,621		138,287
Cirrus Logic, Inc.^(a)		2,695		295,965
Cohu, Inc.^(a)		2,312		57,615
Credo Technology Group Holding Ltd.^(a)		6,668		251,384
Diodes, Inc.^(a)		2,294		134,153
FormFactor, Inc.^(a)		3,895		147,932
Ichor Holdings Ltd.^(a)		1,637		44,625
Impinj, Inc.^(a)(b)		1,122		213,169
indie Semiconductor, Inc., Class A^(a)(b)		7,565		25,040
Kulicke & Soffa Industries, Inc.		2,665		119,552
Lattice Semiconductor Corp.^(a)		6,876		348,338
MACOM Technology Solutions Holdings, Inc.^(a)		2,845		319,778
MaxLinear, Inc.^(a)		3,866		50,142
MKS Instruments, Inc.		2,908		288,852
Navitas Semiconductor Corp.^(a)(b)		5,975		14,758
Onto Innovation, Inc.^(a)		2,453		486,503
PDF Solutions, Inc.^(a)		1,513		42,848
Penguin Solutions, Inc.^(a)		2,620		39,431
Photronics, Inc.^(a)		2,967		67,648
Power Integrations, Inc.		2,839		171,561
Rambus, Inc.^(a)(b)		5,409		258,658
Semtech Corp.^(a)(b)		3,741		165,315
Silicon Laboratories, Inc.^(a)		1,587		164,826
SiTime Corp.^(a)		910		153,799
SolarEdge Technologies, Inc.^(a)		2,892		49,337
Synaptics, Inc.^(a)		1,964		134,868
Ultra Clean Holdings, Inc.^(a)		2,203		73,690
Universal Display Corp.		2,355		424,653
Veeco Instruments, Inc.^(a)		2,833		81,534
Wolfspeed, Inc.^(a)		5,806		77,278


				5,272,145

Software — 5.7%
A10 Networks, Inc.		3,446		50,484
ACI Worldwide, Inc.^(a)		5,272		259,382
Adeia, Inc.		5,439		67,607
Agilysys, Inc.^(a)		1,156		115,646
Alarm.com Holdings, Inc.^(a)(b)		2,446		130,445
Alkami Technology, Inc.^(a)		2,268		83,031
Altair Engineering, Inc., Class A^(a)(b)		2,819		293,148
Amplitude, Inc., Class A^(a)(b)		3,661		32,912
Appfolio, Inc., Class A^(a)		1,075		223,460
Appian Corp., Class A^(a)		1,686		60,275
Asana, Inc., Class A^(a)(b)		4,349		51,927
Aurora Innovation, Inc., Class A^(a)(b)		48,772		253,371
AvePoint, Inc., Class A^(a)		4,517		54,836
BILL Holdings, Inc.^(a)		4,893		285,555
Blackbaud, Inc.^(a)		2,109		159,251
BlackLine, Inc.^(a)		2,534		140,308
Blend Labs, Inc., Class A^(a)(b)		8,555		31,055
Box, Inc., Class A^(a)(b)		7,245		230,101
Braze, Inc., Class A^(a)		2,984		93,877
C3.ai, Inc., Class A^(a)(b)		5,540		136,450
CCC Intelligent Solutions Holdings, Inc.^(a)(b)		16,251		169,173
Cleanspark, Inc.^(a)(b)		10,931		115,978
Clear Secure, Inc., Class A		3,942		144,987
Clearwater Analytics Holdings, Inc., Class A^(a)		6,589		172,039
CommVault Systems, Inc.^(a)		2,181		340,650
Confluent, Inc., Class A^(a)		11,375		297,684


Security	Shares		Value

Software (continued)
Dolby Laboratories, Inc., Class A		2,938	$	214,180
DoubleVerify Holdings, Inc.^(a)		7,281		124,141
Dropbox, Inc., Class A^(a)		11,896		307,512
E2open Parent Holdings, Inc., Class A^(a)(b)		9,227		27,035
Elastic NV^(a)		4,260		341,780
Enfusion, Inc., Class A^(a)		2,384		21,241
Envestnet, Inc.^(a)(b)		2,639		165,676
EverCommerce, Inc.^(a)		1,100		11,572
Five9, Inc.^(a)		3,627		107,105
Freshworks, Inc., Class A^(a)		9,105		106,529
Gitlab, Inc., Class A^(a)		5,777		310,514
Guidewire Software, Inc.^(a)		4,159		774,655
HashiCorp, Inc., Class A^(a)		7,449		252,223
Hut 8 Corp.^(a)(b)		4,020		63,476
Informatica, Inc., Class A^(a)		6,644		181,381
Instructure Holdings, Inc.^(a)(b)		1,054		24,811
Intapp, Inc.^(a)		2,154		108,066
InterDigital, Inc.		1,256		188,953
Jamf Holding Corp.^(a)(b)		2,716		45,194
JFrog Ltd.^(a)(b)		3,949		115,232
Klaviyo, Inc., Class A^(a)(b)		1,848		70,279
LiveRamp Holdings, Inc.^(a)		3,219		80,572
MARA Holdings, Inc.^(a)(b)		13,369		224,198
Matterport, Inc., Class A^(a)		13,572		61,888
Meridianlink, Inc.^(a)		1,190		26,132
Mitek Systems, Inc.^(a)		2,196		18,864
N-able, Inc.^(a)		3,605		44,089
nCino, Inc.^(a)		3,744		139,651
NCR Voyix Corp.^(a)		7,354		94,205
NextNav, Inc.^(a)(b)		1,846		21,451
Olo, Inc., Class A^(a)		5,072		25,411
Pagaya Technologies Ltd., Class A^(a)(b)		1,464		16,865
PagerDuty, Inc.^(a)(b)		4,572		82,570
Pegasystems, Inc.		2,083		165,474
Progress Software Corp.		2,152		137,922
PROS Holdings, Inc.^(a)		2,164		42,847
Q2 Holdings, Inc.^(a)		2,907		246,107
Qualys, Inc.^(a)		1,834		218,686
Rapid7, Inc.^(a)		3,068		124,009
RingCentral, Inc., Class A^(a)		3,901		140,475
Riot Platforms, Inc.^(a)(b)		14,278		131,929
Rubrik, Inc., Class A^(a)(b)		1,158		47,779
Samsara, Inc., Class A^(a)(b)		9,767		466,765
SEMrush Holdings, Inc., Class A^(a)(b)		1,563		20,491
SentinelOne, Inc., Class A^(a)(b)		13,499		348,139
Smartsheet, Inc., Class A^(a)		6,841		385,969
SolarWinds Corp.		2,422		31,680
Sprinklr, Inc., Class A^(a)		5,795		43,057
Sprout Social, Inc., Class A^(a)		2,483		65,775
SPS Commerce, Inc.^(a)		1,818		299,970
Tenable Holdings, Inc.^(a)		5,929		234,848
Teradata Corp.^(a)		4,833		155,768
Terawulf, Inc.^(a)		14,782		96,379
UiPath, Inc., Class A^(a)		21,978		271,648
Varonis Systems, Inc.^(a)		5,530		278,546
Verint Systems, Inc.^(a)		3,039		64,731
Vertex, Inc., Class A^(a)		2,448		101,616
Weave Communications, Inc.^(a)		1,868		26,189
Workiva, Inc., Class A^(a)		2,548		203,228
Yext, Inc.^(a)(b)		5,772		41,789


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Zeta Global Holdings Corp., Class A^(a)		9,061	$	250,808
Zuora, Inc., Class A^(a)		6,980		69,102


				13,102,809

Specialized REITs — 1.0%
CubeSmart		11,177		534,708
EPR Properties		3,776		171,317
Farmland Partners, Inc.		2,256		26,418
Four Corners Property Trust, Inc.		4,578		126,170
Lamar Advertising Co., Class A		4,347		573,804
National Storage Affiliates Trust		3,476		146,513
Outfront Media, Inc.		7,053		125,261
PotlatchDeltic Corp.		3,985		165,656
Rayonier, Inc.		6,694		209,054
Safehold, Inc.		2,335		49,689
Uniti Group, Inc.		12,055		61,119


				2,189,709

Specialty Retail — 3.3%
Abercrombie & Fitch Co., Class A^(a)		2,487		327,762
Academy Sports & Outdoors, Inc.		3,665		186,402
Advance Auto Parts, Inc.		2,963		105,750
American Eagle Outfitters, Inc.		9,084		177,956
Arhaus, Inc., Class A		2,576		21,845
Arko Corp., Class A		3,759		24,997
Asbury Automotive Group, Inc.^(a)(b)		1,005		228,979
AutoNation, Inc.^(a)		1,330		206,775
Bath & Body Works, Inc.		11,118		315,529
Beyond, Inc.^(a)		1,991		12,762
Boot Barn Holdings, Inc.^(a)		1,514		188,569
Buckle, Inc. (The)		1,593		67,798
Caleres, Inc.		1,757		52,446
Camping World Holdings, Inc., Class A		2,169		43,510
Carvana Co., Class A^(a)		5,720		1,414,613
Chewy, Inc., Class A^(a)		7,620		205,511
Five Below, Inc.^(a)		2,725		258,303
Foot Locker, Inc.		4,169		96,679
GameStop Corp., Class A^(a)(b)		19,255		427,076
Gap, Inc. (The)		11,169		231,980
Group 1 Automotive, Inc.		674		245,552
Guess?, Inc.		1,507		25,604
Haverty Furniture Cos., Inc.		642		14,220
Leslie’s, Inc.^(a)		8,942		24,054
Lithia Motors, Inc., Class A		1,371		455,679
MarineMax, Inc.^(a)		1,030		30,004
Monro, Inc.		1,459		39,991
Murphy U.S.A., Inc.		999		487,962
National Vision Holdings, Inc.^(a)(b)		3,910		40,664
ODP Corp. (The)^(a)		1,800		55,854
Revolve Group, Inc., Class A^(a)(b)		1,953		48,473
RH^(a)(b)		747		237,583
Sally Beauty Holdings, Inc.^(a)		5,115		66,495
Shoe Carnival, Inc.		837		28,684
Signet Jewelers Ltd.		2,200		201,696
Sonic Automotive, Inc., Class A		726		41,186
Upbound Group, Inc.		2,406		70,351
Urban Outfitters, Inc.^(a)		2,718		97,712
Valvoline, Inc.^(a)		6,416		258,437
Victoria’s Secret & Co.^(a)		3,504		106,031
Warby Parker, Inc., Class A^(a)		3,024		51,196
Wayfair, Inc., Class A^(a)		4,789		205,113
Winmark Corp.		141		52,578


			7,480,361


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 0.1%
Corsair Gaming, Inc.^(a)		2,466	$	15,820
Diebold Nixdorf, Inc.^(a)		1,644		76,084
IonQ, Inc.^(a)(b)		9,457		142,139
Xerox Holdings Corp.		5,949		48,603


				282,646

Textiles, Apparel & Luxury Goods — 1.6%
Capri Holdings Ltd.^(a)		5,805		114,591
Carter’s, Inc.		1,831		100,156
Columbia Sportswear Co.		1,692		136,155
Crocs, Inc.^(a)		2,995		322,921
Figs, Inc., Class A^(a)(b)		6,183		38,644
G-III Apparel Group Ltd.^(a)		1,995		60,408
Hanesbrands, Inc.^(a)		17,262		119,971
Kontoor Brands, Inc.		2,800		239,764
Levi Strauss & Co., Class A		4,777		81,639
Oxford Industries, Inc.		765		55,554
PVH Corp.		2,839		279,528
Ralph Lauren Corp., Class A		2,000		395,860
Skechers U.S.A., Inc., Class A^(a)		6,670		409,938
Steven Madden Ltd.		3,539		159,149
Tapestry, Inc.		11,429		542,306
Under Armour, Inc., Class A^(a)		9,437		80,686
Under Armour, Inc., Class C, NVS^(a)		7,613		60,143
VF Corp.		16,403		339,706
Wolverine World Wide, Inc.		3,992		61,437


				3,598,556

Tobacco — 0.0%
Universal Corp.		1,208		61,511


Trading Companies & Distributors — 1.8%
Air Lease Corp., Class A		5,218		231,418
Applied Industrial Technologies, Inc.		1,924		445,579
Beacon Roofing Supply, Inc.^(a)(b)		3,126		287,811
BlueLinx Holdings, Inc.^(a)		431		47,177
Boise Cascade Co.		1,979		263,266
Custom Truck One Source, Inc.^(a)(b)		2,964		12,123
Distribution Solutions Group, Inc.^(a)		513		19,751
DNOW, Inc.^(a)		5,343		63,208
DXP Enterprises, Inc.^(a)		630		30,920
FTAI Aviation Ltd.		4,946		664,940
GATX Corp.		1,746		240,529
Global Industrial Co.		659		17,483
GMS, Inc.^(a)(b)		1,895		170,342
H&E Equipment Services, Inc.		1,692		88,407
Herc Holdings, Inc.		1,328		277,738
Karat Packaging, Inc.		334		8,918
McGrath RentCorp.		1,205		137,008
MRC Global, Inc.^(a)		4,064		49,825
MSC Industrial Direct Co., Inc., Class A		2,197		173,717
Rush Enterprises, Inc., Class A		3,067		173,531
Rush Enterprises, Inc., Class B		407		19,764
SiteOne Landscape Supply, Inc.^(a)(b)		2,216		309,664
Titan Machinery, Inc.^(a)		1,053		14,452
Transcat, Inc.^(a)		456		43,580
WESCO International, Inc.		2,225		427,133


				4,218,284

Water Utilities — 0.2%
American States Water Co.		1,842		151,891
California Water Service Group		2,868		149,021
Middlesex Water Co.		893		54,643


22		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Water Utilities (continued)
SJW Group		1,432	$	79,705
York Water Co. (The)		686		24,127


				459,387

Wireless Telecommunication Services — 0.1%
Gogo, Inc.^(a)		3,487		22,840
Shenandoah Telecommunications Co.		2,576		35,652
Telephone & Data Systems, Inc.		5,016		149,226
United States Cellular Corp.^(a)(b)		734		45,287


				253,005


Total Common Stocks — 99.8% (Cost: $207,902,507)				229,453,684


Rights

Biotechnology — 0.0%
Inhibrx, Inc., CVR^(a)(c)		1,489		1,668


Total Rights — 0.0% (Cost: $ —)				1,668


Total Long-Term Investments — 99.8% (Cost: $207,902,507)				229,455,352


Short-Term Securities

Money Market Funds — 10.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%^(e)(f)(g)		24,506,455		24,523,609
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%^(e)(f)		366,175		366,175


Total Short-Term Securities — 10.8% (Cost: $24,871,234)				24,889,784


Total Investments — 110.6% (Cost: $232,773,741)				254,345,136

Liabilities in Excess of Other Assets — (10.6)%				(24,425,437	)


Net Assets — 100.0%			$	229,919,699

^(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 $3,690, 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.


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

Affiliates



Affiliated Issuer	Value at 04/30/24		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/24		Shares Held at 10/31/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	19,773,591	$	4,739,970	^(a)	$	—	$	1,604	$	8,444	$	24,523,609		24,506,455	$	66,218	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		184,955		181,220	^(a)		—		—		—		366,175		366,175		11,150			—


								$	1,604	$	8,444	$	24,889,784			$	77,368		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		4		12/20/24	$	442	$	(747	)

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)	$	—	$	—	$	747	$	—	$	—	$	—	$	747

^(a)

For the period ended October 31, 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	$	—	$	—	$	62,712		$	—	$	—	$	—	$	62,712


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(2,105	)	$	—	$	—	$	—	$	(2,105	)


24		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Small-Cap ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	391,335

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




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	229,449,994		$	3,690	$	—	$	229,453,684
Rights		—			—		1,668		1,668
Short-Term Securities
Money Market Funds		24,889,784			—		—		24,889,784


	$	254,339,778		$	3,690	$	1,668	$	254,345,136

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(747	)	$	—	$	—	$	(747	)

^(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 O F I N V E S T M E N T S		25

Schedule of Investments (unaudited)

October 31, 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)		1,618	$	685,223
Boeing Co. (The)^(a)		13,782		2,057,790
General Dynamics Corp.		5,548		1,617,852
General Electric Co.		24,276		4,170,131
HEICO Corp.		942		230,743
HEICO Corp., Class A		1,744		334,866
Howmet Aerospace, Inc.		9,127		910,145
Huntington Ingalls Industries, Inc.		884		163,505
L3Harris Technologies, Inc.		4,245		1,050,510
Lockheed Martin Corp.		4,744		2,590,461
Northrop Grumman Corp.		3,259		1,658,896
RTX Corp.		29,765		3,601,267
Textron, Inc.		4,275		343,796
TransDigm Group, Inc.		1,251		1,629,177


				21,044,362

Air Freight & Logistics — 0.4%
Expeditors International of Washington, Inc.		3,143		374,017
FedEx Corp.		5,040		1,380,204
United Parcel Service, Inc., Class B		16,346		2,191,345


				3,945,566

Automobile Components — 0.0%
Aptiv PLC^(a)		5,400		306,882


Automobiles — 1.6%
Ford Motor Co.		87,595		901,353
General Motors Co.		25,270		1,282,705
Tesla, Inc.^(a)		62,335		15,574,400


				17,758,458

Banks — 3.2%
Bank of America Corp.		151,241		6,324,899
Citigroup, Inc.		42,602		2,733,770
Citizens Financial Group, Inc.		10,291		433,457
Fifth Third Bancorp.		15,216		664,635
First Citizens BancShares, Inc., Class A		280		542,458
Huntington Bancshares, Inc.		32,339		504,165
JPMorgan Chase & Co.		63,748		14,146,956
KeyCorp.		21,252		366,597
M&T Bank Corp.		3,730		726,156
PNC Financial Services Group, Inc. (The)		8,938		1,682,757
Regions Financial Corp.		20,499		489,311
Truist Financial Corp.		29,968		1,290,123
U.S. Bancorp.		34,955		1,688,676
Wells Fargo & Co.		76,320		4,954,695


				36,548,655

Beverages — 1.2%
Brown-Forman Corp., Class A		1,086		47,328
Brown-Forman Corp., Class B, NVS		6,608		290,950
Celsius Holdings, Inc.^(a)		3,550		106,784
Coca-Cola Co. (The)		87,633		5,723,311
Constellation Brands, Inc., Class A		3,645		846,879
Keurig Dr. Pepper, Inc.		24,358		802,596
Molson Coors Beverage Co., Class B		3,983		216,954
Monster Beverage Corp.^(a)		15,836		834,241
PepsiCo, Inc.		30,832		5,120,579


				13,989,622

Biotechnology — 2.0%
AbbVie, Inc.		39,599		8,073,048
Alnylam Pharmaceuticals, Inc.^(a)		2,818		751,251
Amgen, Inc.		12,005		3,843,521


Security	Shares		Value

Biotechnology (continued)
Biogen, Inc.^(a)		3,228	$	561,672
BioMarin Pharmaceutical, Inc.^(a)		4,255		280,362
Exact Sciences Corp.^(a)		4,114		283,578
Gilead Sciences, Inc.		27,899		2,477,989
Incyte Corp.^(a)		3,681		272,836
Moderna, Inc.^(a)		7,504		407,917
Natera, Inc.^(a)		2,756		333,366
Neurocrine Biosciences, Inc.^(a)		2,308		277,583
Regeneron Pharmaceuticals, Inc.^(a)		2,369		1,985,696
Sarepta Therapeutics, Inc.^(a)		2,037		256,662
United Therapeutics Corp.^(a)		857		320,492
Vertex Pharmaceuticals, Inc.^(a)		5,787		2,754,496


				22,880,469

Broadline Retail — 3.8%
Amazon.com, Inc.^(a)		212,455		39,601,612
Coupang, Inc., Class A^(a)		26,917		694,190
eBay, Inc.		11,369		653,831
MercadoLibre, Inc.^(a)		1,096		2,232,749


				43,182,382

Building Products — 0.6%
A. O. Smith Corp.		2,701		202,845
Advanced Drainage Systems, Inc.		1,602		240,108
Allegion PLC		1,982		276,747
Builders FirstSource, Inc.^(a)		2,709		464,322
Carlisle Cos., Inc.		1,045		441,230
Carrier Global Corp.		18,885		1,373,317
Johnson Controls International PLC		15,031		1,135,592
Lennox International, Inc.		726		437,466
Masco Corp.		4,933		394,196
Owens Corning		1,933		341,735
Trane Technologies PLC		5,061		1,873,380


				7,180,938

Capital Markets — 3.2%
Ameriprise Financial, Inc.		2,234		1,140,010
Ares Management Corp., Class A		4,187		702,076
Bank of New York Mellon Corp. (The)		16,524		1,245,249
BlackRock, Inc.^(b)		3,332		3,268,792
Blackstone, Inc., Class A, NVS		16,169		2,712,350
Carlyle Group, Inc. (The)		4,971		248,699
Charles Schwab Corp. (The)		32,141		2,276,547
CME Group, Inc., Class A		8,084		1,821,810
Coinbase Global, Inc., Class A^(a)		4,402		789,059
FactSet Research Systems, Inc.		846		384,135
Franklin Resources, Inc.		6,610		137,290
Goldman Sachs Group, Inc. (The)		7,262		3,760,191
Interactive Brokers Group, Inc., Class A		2,366		361,004
Intercontinental Exchange, Inc.		12,800		1,995,136
KKR & Co., Inc., Class A		14,835		2,050,790
LPL Financial Holdings, Inc.		1,697		478,859
Moody’s Corp.		3,550		1,611,842
Morgan Stanley		28,013		3,256,511
Morningstar, Inc.		615		201,751
MSCI, Inc., Class A		1,760		1,005,312
Nasdaq, Inc.		8,667		640,665
Northern Trust Corp.		4,546		456,964
Raymond James Financial, Inc.		4,264		632,010
Robinhood Markets, Inc., Class A^(a)		11,484		269,759
S&P Global, Inc.		7,013		3,368,765
State Street Corp.		6,719		623,523


26		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 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.		4,935	$	542,159
Tradeweb Markets, Inc., Class A		2,596		329,692


				36,310,950

Chemicals — 1.4%
Air Products & Chemicals, Inc.		4,996		1,551,408
Albemarle Corp.		2,605		246,772
Celanese Corp., Class A		2,417		304,469
CF Industries Holdings, Inc.		4,127		339,363
Corteva, Inc.		15,539		946,636
Dow, Inc.		15,614		771,019
DuPont de Nemours, Inc.		9,377		778,197
Eastman Chemical Co.		2,680		281,641
Ecolab, Inc.		5,700		1,400,661
International Flavors & Fragrances, Inc.		5,739		570,629
Linde PLC		10,755		4,905,893
LyondellBasell Industries NV, Class A		5,808		504,425
Mosaic Co. (The)		7,289		195,054
PPG Industries, Inc.		5,233		651,561
RPM International, Inc.		2,892		367,602
Sherwin-Williams Co. (The)		5,235		1,878,161
Westlake Corp.		806		106,344


				15,799,835

Commercial Services & Supplies — 0.6%
Cintas Corp.		7,791		1,603,466
Clean Harbors, Inc.^(a)		1,147		265,255
Copart, Inc.^(a)		19,555		1,006,496
Republic Services, Inc.		4,576		906,048
Rollins, Inc.		6,619		312,020
Tetra Tech, Inc.		5,927		289,712
Veralto Corp.		5,317		543,344
Waste Management, Inc.		8,217		1,773,639


				6,699,980

Communications Equipment — 0.8%
Arista Networks, Inc.^(a)		5,760		2,225,894
Cisco Systems, Inc.		90,411		4,951,810
F5, Inc.^(a)		1,312		306,851
Juniper Networks, Inc.		7,382		287,160
Motorola Solutions, Inc.		3,711		1,667,538


				9,439,253

Construction & Engineering — 0.2%
AECOM		3,094		330,439
Comfort Systems U.S.A., Inc.		808		315,960
EMCOR Group, Inc.		1,061		473,280
Quanta Services, Inc.		3,253		981,203


				2,100,882

Construction Materials — 0.3%
CRH PLC		15,402		1,469,813
Martin Marietta Materials, Inc.		1,396		826,906
Vulcan Materials Co.		2,961		811,107


				3,107,826

Consumer Finance — 0.6%
Ally Financial, Inc.		6,058		212,333
American Express Co.		12,674		3,422,994
Capital One Financial Corp.		8,531		1,388,761
Discover Financial Services		5,621		834,325
Synchrony Financial		9,084		500,892


				6,359,305

Consumer Staples Distribution & Retail — 2.0%
Albertsons Cos., Inc., Class A		8,794		159,171


Security	Shares		Value

Consumer Staples Distribution & Retail (continued)
BJ’s Wholesale Club Holdings, Inc.^(a)		2,776	$	235,210
Casey’s General Stores, Inc.		846		333,341
Costco Wholesale Corp.		9,956		8,703,336
Dollar General Corp.		4,927		394,357
Dollar Tree, Inc.^(a)		4,612		298,120
Kroger Co. (The)		15,237		849,767
Performance Food Group Co.^(a)		3,492		283,725
Sysco Corp.		11,168		837,042
Target Corp.		10,368		1,555,615
U.S. Foods Holding Corp.^(a)		5,144		317,128
Walgreens Boots Alliance, Inc.		15,902		150,433
Walmart, Inc.		97,242		7,968,982


				22,086,227

Containers & Packaging — 0.3%
Amcor PLC		32,148		357,807
Avery Dennison Corp.		1,788		370,170
Ball Corp.		7,076		419,253
Crown Holdings, Inc.		2,755		257,730
International Paper Co.		7,701		427,714
Packaging Corp. of America		1,998		457,422
Smurfit WestRock PLC		11,185		576,027


				2,866,123

Distributors — 0.1%
Genuine Parts Co.		3,149		361,190
LKQ Corp.		5,949		218,864
Pool Corp.		858		310,287


				890,341

Diversified Consumer Services — 0.0%
Service Corp. International		3,321		271,160


Diversified REITs — 0.0%
WP Carey, Inc.		4,904		273,251


Diversified Telecommunication Services — 0.7%
AT&T Inc.		160,370		3,614,740
Verizon Communications, Inc.		94,222		3,969,573


				7,584,313

Electric Utilities — 1.6%
Alliant Energy Corp.		5,760		345,600
American Electric Power Co., Inc.		11,978		1,182,828
Avangrid, Inc.		1,502		53,636
Constellation Energy Corp.		7,069		1,858,864
Duke Energy Corp.		17,322		1,996,707
Edison International		8,552		704,685
Entergy Corp.		4,780		739,848
Evergy, Inc.		5,147		311,085
Eversource Energy		7,829		515,540
Exelon Corp.		22,395		880,124
FirstEnergy Corp.		11,395		476,653
NextEra Energy, Inc.		45,970		3,643,122
NRG Energy, Inc.		4,653		420,631
PG&E Corp.		47,857		967,669
PPL Corp.		16,399		533,951
Southern Co. (The)		24,436		2,224,409
Xcel Energy, Inc.		12,314		822,698


				17,678,050

Electrical Equipment — 0.9%
AMETEK, Inc.		5,156		945,301
Eaton Corp. PLC		8,950		2,967,641
Emerson Electric Co.		12,726		1,377,844
GE Vernova, Inc.^(a)		6,128		1,848,573


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electrical Equipment (continued)
Hubbell, Inc.		1,191	$	508,593
nVent Electric PLC		3,704		276,207
Regal Rexnord Corp.		1,510		251,475
Rockwell Automation, Inc.		2,582		688,645
Vertiv Holdings Co., Class A		8,087		883,828


				9,748,107

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		26,780		1,794,795
CDW Corp.		2,974		559,796
Corning, Inc.		17,405		828,304
Flex Ltd.^(a)		9,136		316,745
Jabil, Inc.		2,476		304,771
Keysight Technologies, Inc.^(a)		3,890		579,649
TD SYNNEX Corp.		1,074		123,886
TE Connectivity PLC		6,861		1,011,449
Teledyne Technologies, Inc.^(a)		1,069		486,737
Trimble, Inc.^(a)		5,533		334,746
Zebra Technologies Corp., Class A^(a)		1,137		434,300


				6,775,178

Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		22,400		852,992
Halliburton Co.		19,722		547,088
Schlumberger NV		32,111		1,286,688


				2,686,768

Entertainment — 1.3%
Electronic Arts, Inc.		5,470		825,149
Liberty Media Corp. - Liberty Formula One, Class A^(a)		561		41,649
Liberty Media Corp. - Liberty Formula One, Class C, NVS^(a)		4,718		376,685
Live Nation Entertainment, Inc.^(a)		3,337		390,896
Netflix, Inc.^(a)		9,631		7,281,325
ROBLOX Corp., Class A^(a)		11,722		606,262
Take-Two Interactive Software, Inc.^(a)		3,678		594,806
Walt Disney Co. (The)		40,732		3,918,418
Warner Bros Discovery, Inc., Class A^(a)		50,044		406,858


				14,442,048

Financial Services — 4.2%
Apollo Global Management, Inc.		8,934		1,279,885
Berkshire Hathaway, Inc., Class B^(a)		40,391		18,213,110
Block, Inc., Class A^(a)		12,431		899,010
Corpay, Inc.^(a)		1,553		512,055
Equitable Holdings, Inc.		6,011		272,539
Fidelity National Information Services, Inc.		12,581		1,128,893
Fiserv, Inc.^(a)		12,809		2,534,901
Global Payments, Inc.		5,682		589,280
Jack Henry & Associates, Inc.		1,635		297,456
Mastercard, Inc., Class A		18,381		9,182,964
PayPal Holdings, Inc.^(a)		22,987		1,822,869
Visa, Inc., Class A		37,471		10,860,969


				47,593,931

Food Products — 0.7%
Archer-Daniels-Midland Co.		10,715		591,575
Bunge Global SA		3,135		263,403
Campbell Soup Co.		4,427		206,520
Conagra Brands, Inc.		10,680		309,079
General Mills, Inc.		12,552		853,787
Hershey Co. (The)		3,325		590,453
Hormel Foods Corp.		6,609		201,905
J M Smucker Co. (The)		2,348		266,521
Kellanova		5,981		482,368


Security	Shares		Value

Food Products (continued)
Kraft Heinz Co. (The)		19,723	$	659,932
Lamb Weston Holdings, Inc.		3,229		250,861
McCormick & Co., Inc., NVS		5,694		445,499
Mondelez International, Inc., Class A		30,069		2,059,125
Tyson Foods, Inc., Class A		6,299		369,058


				7,550,086

Gas Utilities — 0.0%
Atmos Energy Corp.		3,405		472,546


Ground Transportation — 1.0%
CSX Corp.		43,821		1,474,139
JB Hunt Transport Services, Inc.		1,843		332,883
Norfolk Southern Corp.		5,097		1,276,442
Old Dominion Freight Line, Inc.		4,282		862,052
Saia, Inc.^(a)		594		290,234
Uber Technologies, Inc.^(a)		45,074		3,247,582
U-Haul Holding Co.^(a)		222		16,279
U-Haul Holding Co., NVS		2,205		150,513
Union Pacific Corp.		13,663		3,170,772
XPO, Inc.^(a)		2,604		339,900


				11,160,796

Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		38,904		4,410,547
Align Technology, Inc.^(a)		1,671		342,605
Baxter International, Inc.		11,504		410,693
Becton Dickinson & Co.		6,522		1,523,474
Boston Scientific Corp.^(a)		32,907		2,764,846
Cooper Cos., Inc. (The)^(a)		4,397		460,278
Dexcom, Inc.^(a)		8,895		626,920
Edwards Lifesciences Corp.^(a)		13,520		905,975
GE HealthCare Technologies, Inc.		8,809		769,466
Hologic, Inc.^(a)		5,212		421,494
IDEXX Laboratories, Inc.^(a)		1,852		753,616
Insulet Corp.^(a)		1,542		357,019
Intuitive Surgical, Inc.^(a)		7,915		3,987,894
Medtronic PLC		28,738		2,564,867
ResMed, Inc.		3,266		791,907
Solventum Corp.^(a)		3,109		225,651
STERIS PLC		2,234		495,613
Stryker Corp.		8,064		2,873,042
Teleflex, Inc.		1,072		215,536
Zimmer Biomet Holdings, Inc.		4,608		492,687


				25,394,130

Health Care Providers & Services — 2.2%
Cardinal Health, Inc.		5,433		589,589
Cencora, Inc.		3,803		867,388
Centene Corp.^(a)		11,803		734,855
Cigna Group (The)		6,243		1,965,359
CVS Health Corp.		28,110		1,587,091
DaVita, Inc.^(a)		1,124		157,146
Elevance Health, Inc.		5,197		2,108,735
HCA Healthcare, Inc.		4,204		1,508,143
Humana, Inc.		2,678		690,469
Labcorp Holdings, Inc.		1,920		438,278
McKesson Corp.		2,906		1,454,714
Molina Healthcare, Inc.^(a)		1,313		421,762
Quest Diagnostics, Inc.		2,512		388,933
Tenet Healthcare Corp.^(a)		2,186		338,874
UnitedHealth Group, Inc.		20,624		11,642,248
Universal Health Services, Inc., Class B		1,335		272,754


				25,166,338


28		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.		3,476	$	387,748
Healthpeak Properties, Inc.		15,861		356,079
Ventas, Inc.		9,001		589,476
Welltower, Inc.		13,615		1,836,391


				3,169,694

Health Care Technology — 0.1%
Veeva Systems, Inc., Class A^(a)		3,331		695,613


Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		15,685		270,409


Hotels, Restaurants & Leisure — 2.0%
Airbnb, Inc., Class A^(a)		9,529		1,284,414
Booking Holdings, Inc.		757		3,539,921
Carnival Corp.^(a)		22,380		492,360
Chipotle Mexican Grill, Inc.^(a)		30,587		1,705,837
Churchill Downs, Inc.		1,631		228,503
Darden Restaurants, Inc.		2,673		427,734
Domino’s Pizza, Inc.		791		327,260
DoorDash, Inc., Class A^(a)		6,879		1,077,939
DraftKings, Inc., Class A^(a)		10,796		381,315
Expedia Group, Inc.^(a)		2,841		444,077
Hilton Worldwide Holdings, Inc.		5,486		1,288,387
Las Vegas Sands Corp.		9,112		472,457
Marriott International, Inc., Class A		5,214		1,355,744
McDonald’s Corp.		16,186		4,728,093
MGM Resorts International^(a)		5,413		199,577
Royal Caribbean Cruises Ltd.		5,231		1,079,417
Starbucks Corp.		25,443		2,485,781
Wingstop, Inc.		647		186,135
Wynn Resorts Ltd.		2,173		208,652
Yum! Brands, Inc.		6,308		827,357


				22,740,960

Household Durables — 0.4%
DR Horton, Inc.		6,696		1,131,624
Garmin Ltd.		3,440		682,324
Lennar Corp., Class A		5,286		900,206
Lennar Corp., Class B^(c)		196		31,423
NVR, Inc.^(a)		65		594,933
PulteGroup, Inc.		4,689		607,366
Toll Brothers, Inc.		2,306		337,691
TopBuild Corp.^(a)		733		259,027


				4,544,594

Household Products — 1.1%
Church & Dwight Co., Inc.		5,560		555,500
Clorox Co. (The)		2,821		447,269
Colgate-Palmolive Co.		18,284		1,713,394
Kimberly-Clark Corp.		7,574		1,016,279
Procter & Gamble Co. (The)		52,931		8,743,143


				12,475,585

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		15,880		261,861
Vistra Corp.		7,242		904,961


				1,166,822

Industrial Conglomerates — 0.4%
3M Co.		12,423		1,595,983
Honeywell International, Inc.		14,601		3,003,133


				4,599,116

Industrial REITs — 0.2%
Prologis, Inc.		20,707		2,338,649


Security	Shares		Value

Insurance — 2.2%
Aflac, Inc.		11,364	$	1,190,834
Allstate Corp. (The)		5,904		1,101,214
American Financial Group, Inc.		1,691		218,021
American International Group, Inc.		14,598		1,107,696
Aon PLC, Class A		4,860		1,782,988
Arch Capital Group Ltd.^(a)		8,428		830,664
Arthur J. Gallagher & Co.		4,868		1,368,882
Brown & Brown, Inc.		5,472		572,590
Chubb Ltd.		8,414		2,376,450
Cincinnati Financial Corp.		3,474		489,243
Erie Indemnity Co., Class A, NVS		570		255,839
Everest Group Ltd.		958		340,674
Fidelity National Financial, Inc., Class A		4,936		296,999
Hartford Financial Services Group, Inc. (The)		6,596		728,462
Loews Corp.		4,221		333,290
Markel Group, Inc.^(a)		286		441,015
Marsh & McLennan Cos., Inc.		11,086		2,419,409
MetLife, Inc.		13,386		1,049,730
Principal Financial Group, Inc.		5,213		429,551
Progressive Corp. (The)		13,106		3,182,530
Prudential Financial, Inc.		8,105		992,700
Reinsurance Group of America, Inc.		1,476		311,554
RenaissanceRe Holdings Ltd.		1,153		302,547
Travelers Cos., Inc. (The)		5,131		1,261,918
Unum Group		3,142		201,654
W. R. Berkley Corp.		6,851		391,672
Willis Towers Watson PLC		2,316		699,872


				24,677,998

Interactive Media & Services — 6.3%
Alphabet, Inc., Class A		131,413		22,486,078
Alphabet, Inc., Class C, NVS		116,750		20,161,558
Meta Platforms, Inc., Class A		49,149		27,895,989
Pinterest, Inc., Class A^(a)		13,319		423,411
Snap, Inc., Class A, NVS^(a)		24,198		294,248


				71,261,284

IT Services — 1.3%
Accenture PLC, Class A		14,063		4,849,204
Akamai Technologies, Inc.^(a)		3,376		341,246
Cloudflare, Inc., Class A^(a)		6,797		596,165
Cognizant Technology Solutions Corp., Class A		11,283		841,599
EPAM Systems, Inc.^(a)		1,262		238,076
Gartner, Inc.^(a)		1,706		857,265
GoDaddy, Inc., Class A^(a)		3,002		500,733
International Business Machines Corp.		20,606		4,259,672
MongoDB, Inc., Class A^(a)		1,609		435,074
Okta, Inc., Class A^(a)		3,661		263,189
Snowflake, Inc., Class A^(a)		7,296		837,727
Twilio, Inc., Class A^(a)		3,782		305,018
VeriSign, Inc.^(a)		1,946		344,131


				14,669,099

Life Sciences Tools & Services — 1.2%
Agilent Technologies, Inc.		6,558		854,573
Avantor, Inc.^(a)		15,176		339,487
Bio-Techne Corp.		3,497		257,904
Bruker Corp.		2,065		116,900
Charles River Laboratories International, Inc.^(a)		1,147		204,831
Danaher Corp.		14,430		3,544,874
Illumina, Inc.^(a)		3,557		512,706
IQVIA Holdings, Inc.^(a)		4,102		844,274
Medpace Holdings, Inc.^(a)		565		177,534
Mettler-Toledo International, Inc.^(a)		482		622,623


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Revvity, Inc.		2,764	$	327,783
Thermo Fisher Scientific, Inc.		8,563		4,678,138
Waters Corp.^(a)		1,323		427,474
West Pharmaceutical Services, Inc.		1,645		506,545


				13,415,646

Machinery — 1.7%
Caterpillar, Inc.		10,967		4,125,785
CNH Industrial NV		20,327		228,272
Cummins, Inc.		3,062		1,007,337
Deere & Co.		5,685		2,300,663
Dover Corp.		3,088		584,651
Fortive Corp.		7,826		559,011
Graco, Inc.		3,776		307,555
IDEX Corp.		1,696		364,029
Illinois Tool Works, Inc.		6,658		1,738,604
Ingersoll Rand, Inc.		9,073		871,008
Lincoln Electric Holdings, Inc.		1,312		252,639
Nordson Corp.		1,150		285,073
Otis Worldwide Corp.		9,079		891,558
PACCAR, Inc.		11,484		1,197,552
Parker-Hannifin Corp.		2,876		1,823,585
Pentair PLC		3,652		361,986
Snap-on, Inc.		1,174		387,573
Stanley Black & Decker, Inc.		3,487		324,082
Westinghouse Air Brake Technologies Corp.		3,942		741,017
Xylem, Inc.		5,423		660,413


				19,012,393

Media — 0.6%
Charter Communications, Inc., Class A^(a)(c)		2,221		727,622
Comcast Corp., Class A		86,646		3,783,831
Fox Corp., Class A, NVS		5,197		218,274
Fox Corp., Class B		3,083		120,114
Interpublic Group of Cos., Inc. (The)		8,524		250,605
News Corp., Class A, NVS		8,534		232,551
News Corp., Class B		2,292		66,560
Omnicom Group, Inc.		4,385		442,885
Sirius XM Holdings, Inc.^(c)		5,406		144,124
Trade Desk, Inc. (The), Class A^(a)		9,983		1,200,056


				7,186,622

Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		32,057		1,443,206
Newmont Corp.		25,807		1,172,670
Nucor Corp.		5,371		761,823
Reliance, Inc.		1,266		362,506
Southern Copper Corp.		2,004		219,538
Steel Dynamics, Inc.		3,325		433,913


				4,393,656

Multi-Utilities — 0.6%
Ameren Corp.		5,973		520,308
CenterPoint Energy, Inc.		14,436		426,295
CMS Energy Corp.		6,754		470,146
Consolidated Edison, Inc.		7,765		789,545
Dominion Energy, Inc.		18,662		1,110,949
DTE Energy Co.		4,635		575,760
NiSource, Inc.		10,053		353,464
Public Service Enterprise Group, Inc.		11,152		997,100
Sempra		14,155		1,180,102
WEC Energy Group, Inc.		7,078		676,161


				7,099,830


Security	Shares		Value

Office REITs — 0.0%
BXP, Inc.		3,515	$	283,168


Oil, Gas & Consumable Fuels — 3.2%
Antero Resources Corp.^(a)		6,794		175,829
APA Corp.		8,299		195,856
Cheniere Energy, Inc.		5,127		981,205
Chevron Corp.		37,977		5,651,737
ConocoPhillips		26,089		2,857,789
Coterra Energy, Inc.		16,741		400,445
Devon Energy Corp.		14,055		543,647
Diamondback Energy, Inc.		3,901		689,580
EOG Resources, Inc.		12,863		1,568,771
EQT Corp.		12,639		461,829
Expand Energy Corp.		4,498		381,071
Exxon Mobil Corp.		99,554		11,625,916
Hess Corp.		6,267		842,786
HF Sinclair Corp.		3,726		143,861
Kinder Morgan, Inc.		44,208		1,083,538
Marathon Oil Corp.		12,628		349,796
Marathon Petroleum Corp.		7,670		1,115,755
Occidental Petroleum Corp.		14,118		707,453
ONEOK, Inc.		12,980		1,257,502
Ovintiv, Inc.		6,053		237,278
Phillips 66		9,373		1,141,819
Targa Resources Corp.		4,926		822,445
Texas Pacific Land Corp.		441		514,206
Valero Energy Corp.		7,188		932,715
Williams Cos., Inc. (The)		27,320		1,430,748


				36,113,577

Passenger Airlines — 0.2%
Delta Air Lines, Inc.		14,433		825,856
Southwest Airlines Co.		13,492		412,586
United Airlines Holdings, Inc.^(a)		7,273		569,185


				1,807,627

Personal Care Products — 0.1%
Coty, Inc., Class A^(a)		8,565		63,724
Estee Lauder Cos., Inc. (The), Class A		5,218		359,729
Kenvue, Inc.		38,996		894,178


				1,317,631

Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.		45,761		2,552,091
Eli Lilly & Co.		18,971		15,740,998
Johnson & Johnson		53,991		8,631,001
Merck & Co., Inc.		56,835		5,815,357
Pfizer, Inc.		126,958		3,592,911
Royalty Pharma PLC, Class A		8,977		242,379
Viatris, Inc.		27,330		317,028
Zoetis, Inc., Class A		10,216		1,826,417


				38,718,182

Professional Services — 0.8%
Automatic Data Processing, Inc.		9,136		2,642,497
Booz Allen Hamilton Holding Corp., Class A		2,872		521,728
Broadridge Financial Solutions, Inc.		2,620		552,453
Dayforce, Inc.^(a)(c)		3,522		249,886
Equifax, Inc.		2,781		737,021
Jacobs Solutions, Inc.		2,847		400,231
Leidos Holdings, Inc.		2,989		547,465
Paychex, Inc.		7,270		1,012,929
Paycom Software, Inc.		1,114		232,859
SS&C Technologies Holdings, Inc.		4,917		343,846


30		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
TransUnion		4,332	$	438,832
Verisk Analytics, Inc.		3,192		876,906


				8,556,653

Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A^(a)		6,794		889,810
CoStar Group, Inc.^(a)		9,133		664,791


				1,554,601

Residential REITs — 0.3%
American Homes 4 Rent, Class A		7,119		250,874
AvalonBay Communities, Inc.		3,168		702,060
Camden Property Trust		2,371		274,538
Equity LifeStyle Properties, Inc.		4,040		283,285
Equity Residential		7,701		541,919
Essex Property Trust, Inc.		1,437		407,907
Invitation Homes, Inc.		12,837		403,210
Mid-America Apartment Communities, Inc.		2,652		401,354
Sun Communities, Inc.		2,791		370,310
UDR, Inc.		6,693		282,378


				3,917,835

Retail REITs — 0.3%
Kimco Realty Corp.		15,088		357,887
Realty Income Corp.		19,513		1,158,487
Regency Centers Corp.		3,775		269,686
Simon Property Group, Inc.		6,875		1,162,700


				2,948,760

Semiconductors & Semiconductor Equipment — 10.9%
Advanced Micro Devices, Inc.^(a)		36,162		5,209,859
Analog Devices, Inc.		11,133		2,483,884
Applied Materials, Inc.		18,556		3,369,399
Astera Labs, Inc.^(a)		563		39,500
Broadcom, Inc.		102,422		17,388,183
Enphase Energy, Inc.^(a)		3,059		254,019
Entegris, Inc.		3,371		352,977
First Solar, Inc.^(a)		2,289		445,165
Intel Corp.		95,419		2,053,417
KLA Corp.		3,022		2,013,347
Lam Research Corp.		29,212		2,171,912
Marvell Technology, Inc.		19,272		1,543,880
Microchip Technology, Inc.		11,955		877,138
Micron Technology, Inc.		24,804		2,471,719
Monolithic Power Systems, Inc.		1,044		792,709
NVIDIA Corp.		531,853		70,608,804
NXP Semiconductors NV		5,732		1,344,154
ON Semiconductor Corp.^(a)		9,640		679,524
Qorvo, Inc.^(a)		2,178		155,204
QUALCOMM, Inc.		25,028		4,073,808
Skyworks Solutions, Inc.		3,608		315,989
Teradyne, Inc.		3,488		370,460
Texas Instruments, Inc.		20,455		4,155,638


				123,170,689

Software — 10.3%
Adobe, Inc.^(a)		9,949		4,756,418
ANSYS, Inc.^(a)		1,961		628,324
AppLovin Corp., Class A^(a)		4,666		790,374
Aspen Technology, Inc.^(a)		629		147,645
Atlassian Corp., Class A^(a)		3,524		664,415
Autodesk, Inc.^(a)		4,772		1,354,294
Bentley Systems, Inc., Class B		2,981		143,863
Cadence Design Systems, Inc.^(a)		6,071		1,676,324
Crowdstrike Holdings, Inc., Class A^(a)		5,147		1,527,990


Security	Shares		Value

Software (continued)
Datadog, Inc., Class A^(a)		6,607	$	828,782
DocuSign, Inc.^(a)		4,562		316,512
Dynatrace, Inc.^(a)		6,207		333,937
Fair Isaac Corp.^(a)		552		1,100,197
Fortinet, Inc.^(a)		14,634		1,151,110
Gen Digital, Inc.		12,852		374,122
HubSpot, Inc.^(a)		1,142		633,570
Intuit, Inc.		6,280		3,832,684
Manhattan Associates, Inc.^(a)		1,366		359,750
Microsoft Corp.		166,701		67,738,951
MicroStrategy, Inc., Class A^(a)(c)		3,933		961,618
Nutanix, Inc., Class A^(a)		5,469		339,625
Oracle Corp.		35,851		6,017,232
Palantir Technologies, Inc., Class A^(a)		44,660		1,856,070
Palo Alto Networks, Inc.^(a)		7,255		2,614,194
Procore Technologies, Inc.^(a)(c)		1,965		129,002
PTC, Inc.^(a)		2,681		496,870
Roper Technologies, Inc.		2,371		1,274,958
Salesforce, Inc.		20,794		6,058,748
ServiceNow, Inc.^(a)		4,616		4,306,682
Synopsys, Inc.^(a)		3,435		1,764,250
Tyler Technologies, Inc.^(a)		948		574,099
Unity Software, Inc.^(a)(c)		6,648		133,492
Workday, Inc., Class A^(a)		4,765		1,114,295
Zoom Video Communications, Inc., Class A^(a)		5,425		405,464
Zscaler, Inc.^(a)		2,041		368,992


				116,774,853

Specialized REITs — 1.0%
American Tower Corp.		10,492		2,240,462
Crown Castle, Inc.		9,686		1,041,148
Digital Realty Trust, Inc.		7,259		1,293,772
Equinix, Inc.		2,125		1,929,670
Extra Space Storage, Inc.		4,711		769,306
Gaming & Leisure Properties, Inc.		5,827		292,457
Iron Mountain, Inc.		6,580		814,143
Public Storage		3,555		1,169,808
SBA Communications Corp.		2,407		552,334
VICI Properties, Inc.		23,273		739,151
Weyerhaeuser Co.		16,304		508,033


				11,350,284

Specialty Retail — 1.9%
AutoZone, Inc.^(a)		379		1,140,411
Best Buy Co., Inc.		4,378		395,903
Burlington Stores, Inc.^(a)		1,426		353,320
CarMax, Inc.^(a)(c)		3,521		254,850
Dick’s Sporting Goods, Inc.		1,317		257,803
Floor & Decor Holdings, Inc., Class A^(a)(c)		2,358		242,992
Home Depot, Inc. (The)		22,222		8,749,912
Lowe’s Cos., Inc.		12,786		3,347,758
O’Reilly Automotive, Inc.^(a)		1,300		1,499,082
Penske Automotive Group, Inc.		451		67,907
Ross Stores, Inc.		7,362		1,028,619
TJX Cos., Inc. (The)		25,342		2,864,406
Tractor Supply Co.		2,409		639,614
Ulta Beauty, Inc.^(a)		1,079		398,129
Williams-Sonoma, Inc.		2,705		362,822


				21,603,528

Technology Hardware, Storage & Peripherals — 6.8%
Apple Inc.		321,271		72,578,332
Dell Technologies, Inc., Class C		5,929		733,002
Hewlett Packard Enterprise Co.		29,262		570,316


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar U.S. Equity ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Technology Hardware, Storage & Peripherals (continued)
HP, Inc.		22,099	$	784,957
NetApp, Inc.		4,656		536,883
Pure Storage, Inc., Class A^(a)		6,879		344,294
Seagate Technology Holdings PLC		4,526		454,275
Super Micro Computer, Inc.^(a)		11,219		326,585
Western Digital Corp.^(a)		7,229		472,126


				76,800,770
Textiles, Apparel & Luxury Goods — 0.3%
Deckers Outdoor Corp.^(a)		3,444		554,105
Lululemon Athletica, Inc.^(a)		2,502		745,346
NIKE, Inc., Class B		26,525		2,045,873


				3,345,324
Tobacco — 0.6%
Altria Group, Inc.		38,265		2,083,912
Philip Morris International, Inc.		34,782		4,615,571


				6,699,483
Trading Companies & Distributors — 0.4%
Core & Main, Inc., Class A^(a)		4,050		179,334
Fastenal Co.		12,855		1,005,004
Ferguson Enterprises, Inc.		4,581		901,266
United Rentals, Inc.		1,482		1,204,569
Watsco, Inc.		796		376,516
WW Grainger, Inc.		995		1,103,684


				4,770,373
Water Utilities — 0.1%
American Water Works Co., Inc.		4,372		603,817
Essential Utilities, Inc.		5,514		212,840


				816,657


Security	Shares		Value


Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		10,967	$	2,447,396

Total Long-Term Investments — 99.7% (Cost: $780,298,102)				1,126,010,119


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%^(b)(d)(e)		1,595,093		1,596,210
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%^(b)(d)		2,431,477		2,431,477


Total Short-Term Securities — 0.4% (Cost: $4,026,059)				4,027,687


Total Investments — 100.1% (Cost: $784,324,161)				1,130,037,806
Liabilities in Excess of Other Assets — (0.1)%				(944,641	)


Net Assets — 100.0%			$	1,129,093,165

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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

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

Affiliates



Affiliated Issuer	Value at 04/30/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/24		Shares Held at 10/31/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,718,202	$	—		$	(2,117,653	)^(a)	$	(4,887	)	$	548	$	1,596,210		1,595,093	$	16,651	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,089,252		1,342,225	^(a)		—			—			—		2,431,477		2,431,477		51,211			—
BlackRock, Inc.		2,088,089		533,689			(39,627	)		15,488			671,153		3,268,792		3,332		30,376			—


									$	10,601		$	671,701	$	7,296,479			$	98,238		$	—

^(a)

Represents net amount purchased (sold).

^(b)


32		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 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		10		12/20/24	$	2,869	$	(2,458	)

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)	$	—	$	—	$	2,458	$	—	$	—	$	—	$	2,458

^(a)

For the period ended October 31, 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	$	—	$	—	$	216,632	$	—	$	—	$	—	$	216,632


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	38,967	$	—	$	—	$	—	$	38,967

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	2,546,225

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 O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar U.S. Equity ETF

Fair Value Hierarchy as of Period End

	$			$		$		$


	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	1,126,010,119		$	—	$	—	$	1,126,010,119
Short-Term Securities
Money Market Funds		4,027,687			—		—		4,027,687


	$	1,130,037,806		$	—	$	—	$	1,130,037,806

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(2,458	)	$	—	$	—	$	(2,458	)

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

See notes to financial statements.


34		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited)

October 31, 2024

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.5%
Boeing Co. (The)^(a)(b)		23,173	$	3,459,961
General Dynamics Corp.		9,325		2,719,263
General Electric Co.		18,811		3,231,354
Huntington Ingalls Industries, Inc.		572		105,797
L3Harris Technologies, Inc.		7,169		1,774,112
Lockheed Martin Corp.		7,989		4,362,393
Northrop Grumman Corp.		5,515		2,807,245
RTX Corp.		50,140		6,066,439
Textron, Inc.		3,726		299,645


				24,826,209

Air Freight & Logistics — 0.7%
Expeditors International of Washington, Inc.		5,363		638,197
FedEx Corp.		8,483		2,323,069
United Parcel Service, Inc., Class B		27,561		3,694,828


				6,656,094

Automobile Components — 0.0%
Aptiv PLC^(a)		4,589		260,793


Automobiles — 0.4%
Ford Motor Co.		149,039		1,533,611
General Motors Co.		42,427		2,153,595


				3,687,206

Banks — 6.2%
Bank of America Corp.		254,800		10,655,736
Citigroup, Inc.		71,840		4,609,973
Citizens Financial Group, Inc.		17,112		720,757
Fifth Third Bancorp.		25,609		1,118,601
Huntington Bancshares, Inc.		55,026		857,855
JPMorgan Chase & Co.		107,401		23,834,430
KeyCorp.		35,280		608,580
M&T Bank Corp.		6,254		1,217,529
PNC Financial Services Group, Inc. (The)		15,021		2,828,004
Regions Financial Corp.		35,007		835,617
Truist Financial Corp.		50,345		2,167,352
U.S. Bancorp.		58,718		2,836,667
Wells Fargo & Co.		128,579		8,347,349


				60,638,450

Beverages — 2.1%
Brown-Forman Corp., Class A		746		32,511
Brown-Forman Corp., Class B, NVS		4,569		201,173
Coca-Cola Co. (The)		147,646		9,642,760
Constellation Brands, Inc., Class A		2,874		667,745
Keurig Dr. Pepper, Inc.		26,370		868,892
Molson Coors Beverage Co., Class B		6,593		359,121
PepsiCo, Inc.		51,953		8,628,354


				20,400,556

Biotechnology — 3.3%
AbbVie, Inc.		66,715		13,601,187
Amgen, Inc.		20,223		6,474,596
Biogen, Inc.^(a)		5,461		950,214
Gilead Sciences, Inc.		47,083		4,181,912
Incyte Corp.^(a)		2,829		209,685
Moderna, Inc.^(a)		7,288		396,176
Regeneron Pharmaceuticals, Inc.^(a)		3,993		3,346,933
United Therapeutics Corp.^(a)		1,441		538,891
Vertex Pharmaceuticals, Inc.^(a)		5,281		2,513,650


				32,213,244


Security	Shares		Value

Broadline Retail — 0.1%
Coupang, Inc., Class A^(a)		15,754	$	406,295
eBay, Inc.		12,229		703,290


				1,109,585

Building Products — 0.5%
A. O. Smith Corp.		1,313		98,607
Allegion PLC		1,359		189,757
Builders FirstSource, Inc.^(a)		2,400		411,360
Carrier Global Corp.		13,136		955,250
Johnson Controls International PLC		10,494		792,822
Masco Corp.		4,708		376,216
Owens Corning		3,266		577,396
Trane Technologies PLC		4,020		1,488,043


				4,889,451

Capital Markets — 4.4%
Ameriprise Financial, Inc.		1,233		629,200
Bank of New York Mellon Corp. (The)		27,829		2,097,193
BlackRock, Inc.^(c)		5,610		5,503,578
Blackstone, Inc., Class A, NVS		14,495		2,431,536
Carlyle Group, Inc. (The)		8,124		406,444
Charles Schwab Corp. (The)		54,227		3,840,898
CME Group, Inc., Class A		13,589		3,062,417
Franklin Resources, Inc.		10,784		223,984
Goldman Sachs Group, Inc. (The)		12,220		6,327,394
Intercontinental Exchange, Inc.		17,581		2,740,350
KKR & Co., Inc., Class A		18,024		2,491,638
Moody’s Corp.		2,566		1,165,067
Morgan Stanley		47,231		5,490,604
Nasdaq, Inc.		8,765		647,909
Northern Trust Corp.		7,800		784,056
Raymond James Financial, Inc.		2,812		416,795
S&P Global, Inc.		6,807		3,269,810
State Street Corp.		11,340		1,052,352
T Rowe Price Group, Inc.		8,370		919,528


				43,500,753

Chemicals — 2.0%
Air Products & Chemicals, Inc.		8,397		2,607,520
Albemarle Corp.		2,093		198,270
Celanese Corp., Class A		1,797		226,368
CF Industries Holdings, Inc.		6,847		563,029
Corteva, Inc.		14,636		891,625
Dow, Inc.		15,436		762,230
DuPont de Nemours, Inc.		8,356		693,464
Eastman Chemical Co.		4,461		468,807
Ecolab, Inc.		4,362		1,071,874
International Flavors & Fragrances, Inc.		9,628		957,312
Linde PLC		14,863		6,779,757
LyondellBasell Industries NV, Class A		9,751		846,874
Mosaic Co. (The)		12,098		323,743
PPG Industries, Inc.		5,369		668,494
RPM International, Inc.		1,623		206,300
Sherwin-Williams Co. (The)		5,862		2,103,110
Westlake Corp.		784		103,441


				19,472,218

Commercial Services & Supplies — 0.4%
Republic Services, Inc.		5,463		1,081,674
Veralto Corp.		3,683		376,366
Waste Management, Inc.		9,832		2,122,237


				3,580,277

Communications Equipment — 1.1%
Cisco Systems, Inc.		152,319		8,342,512


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
F5, Inc.^(a)		1,292	$	302,173
Juniper Networks, Inc.		12,229		475,708
Motorola Solutions, Inc.		4,201		1,887,719


				11,008,112

Construction & Engineering — 0.0%
AECOM		1,982		211,678


Construction Materials — 0.3%
CRH PLC		25,942		2,475,645


Consumer Finance — 0.8%
Ally Financial, Inc.		10,205		357,685
American Express Co.		14,020		3,786,522
Capital One Financial Corp.		14,344		2,335,060
Discover Financial Services		4,057		602,180
Synchrony Financial		15,317		844,579


				7,926,026

Consumer Staples Distribution & Retail — 2.8%
Albertsons Cos., Inc., Class A		14,771		267,355
BJ’s Wholesale Club Holdings, Inc.^(a)(b)		2,565		217,333
Casey’s General Stores, Inc.		425		167,459
Costco Wholesale Corp.		9,019		7,884,229
Dollar General Corp.		8,276		662,411
Dollar Tree, Inc.^(a)		4,310		278,598
Kroger Co. (The)		25,503		1,422,302
Target Corp.		17,427		2,614,747
U.S. Foods Holding Corp.^(a)		4,308		265,588
Walgreens Boots Alliance, Inc.		26,981		255,240
Walmart, Inc.		163,825		13,425,459


				27,460,721

Containers & Packaging — 0.4%
Amcor PLC		54,461		606,151
Avery Dennison Corp.		1,484		307,233
Ball Corp.		5,045		298,916
Crown Holdings, Inc.		2,878		269,237
International Paper Co.		13,150		730,351
Packaging Corp. of America		3,362		769,696
Smurfit WestRock PLC		18,832		969,848


				3,951,432

Distributors — 0.1%
Genuine Parts Co.		3,052		350,064
LKQ Corp.		10,063		370,218
Pool Corp.		729		263,636


				983,918

Diversified Consumer Services — 0.0%
Service Corp. International		2,489		203,227


Diversified REITs — 0.0%
WP Carey, Inc.		8,344		464,928


Diversified Telecommunication Services — 1.3%
AT&T Inc.		270,178		6,089,812
Verizon Communications, Inc.		158,860		6,692,772


				12,782,584

Electric Utilities — 2.9%
Alliant Energy Corp.		9,614		576,840
American Electric Power Co., Inc.		20,106		1,985,467
Avangrid, Inc.		2,684		95,846
Constellation Energy Corp.		11,887		3,125,806
Duke Energy Corp.		29,123		3,357,008
Edison International		14,468		1,192,163
Entergy Corp.		7,952		1,230,811


Security	Shares		Value

Electric Utilities (continued)
Evergy, Inc.		8,656	$	523,169
Eversource Energy		13,176		867,640
Exelon Corp.		37,791		1,485,186
FirstEnergy Corp.		19,383		810,791
NextEra Energy, Inc.		77,450		6,137,912
NRG Energy, Inc.		5,121		462,938
PG&E Corp.		46,687		944,011
PPL Corp.		27,803		905,266
Southern Co. (The)		41,211		3,751,437
Xcel Energy, Inc.		20,811		1,390,383


				28,842,674

Electrical Equipment — 0.6%
Eaton Corp. PLC		6,579		2,181,465
Emerson Electric Co.		21,520		2,329,970
GE Vernova, Inc.^(a)		4,990		1,505,283
Regal Rexnord Corp.		1,088		181,196


				6,197,914

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		19,777		1,325,455
Corning, Inc.		29,168		1,388,105
Flex Ltd.^(a)(b)		10,256		355,576
Jabil, Inc.		1,833		225,624
Keysight Technologies, Inc.^(a)		3,598		536,138
TD SYNNEX Corp.		1,858		214,320
TE Connectivity PLC		5,494		809,925
Teledyne Technologies, Inc.^(a)		824		375,184
Trimble, Inc.^(a)		3,050		184,525
Zebra Technologies Corp., Class A^(a)		465		177,616


				5,592,468

Energy Equipment & Services — 0.3%
Baker Hughes Co., Class A		19,225		732,088
Halliburton Co.		15,285		424,006
Schlumberger NV		45,709		1,831,559


				2,987,653

Entertainment — 0.6%
Electronic Arts, Inc.		2,694		406,390
Walt Disney Co. (The)		48,727		4,687,538
Warner Bros Discovery, Inc., Class A^(a)(b)		85,333		693,757


				5,787,685

Financial Services — 4.3%
Apollo Global Management, Inc.		10,791		1,545,919
Berkshire Hathaway, Inc., Class B^(a)		68,042		30,681,499
Corpay, Inc.^(a)		637		210,032
Equitable Holdings, Inc.		11,456		519,415
Fidelity National Information Services, Inc.		21,197		1,902,007
Fiserv, Inc.^(a)		17,247		3,413,181
Global Payments, Inc.		5,735		594,777
PayPal Holdings, Inc.^(a)		38,592		3,060,345


				41,927,175

Food Products — 1.1%
Archer-Daniels-Midland Co.		18,096		999,080
Bunge Global SA		5,324		447,323
Campbell Soup Co.		7,499		349,829
Conagra Brands, Inc.		17,981		520,370
General Mills, Inc.		21,054		1,432,093
Hershey Co. (The)		2,490		442,174
Hormel Foods Corp.		7,373		225,245
J M Smucker Co. (The)		3,996		453,586
Kellanova		10,057		811,097
Kraft Heinz Co. (The)		33,492		1,120,642


36		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
McCormick & Co., Inc., NVS		4,404	$	344,569
Mondelez International, Inc., Class A		50,685		3,470,909
Tyson Foods, Inc., Class A		5,363		314,218


				10,931,135

Gas Utilities — 0.1%
Atmos Energy Corp.		5,753		798,401


Ground Transportation — 1.1%
CSX Corp.		73,872		2,485,054
JB Hunt Transport Services, Inc.		1,216		219,634
Norfolk Southern Corp.		8,570		2,146,185
U-Haul Holding Co.^(a)(b)		159		11,660
U-Haul Holding Co., NVS		2,188		149,353
Union Pacific Corp.		23,011		5,340,163
XPO, Inc.^(a)		1,448		189,007


				10,541,056

Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		65,535		7,429,703
Align Technology, Inc.^(a)		983		201,545
Baxter International, Inc.		19,361		691,188
Becton Dickinson & Co.		10,974		2,563,417
Boston Scientific Corp.^(a)		29,069		2,442,377
Cooper Cos., Inc. (The)^(a)		2,119		221,817
GE HealthCare Technologies, Inc.		8,102		707,710
Hologic, Inc.^(a)		8,904		720,066
Medtronic PLC		48,461		4,325,144
Solventum Corp.^(a)		5,218		378,722
Stryker Corp.		8,187		2,916,864
Teleflex, Inc.		1,097		220,563
Zimmer Biomet Holdings, Inc.		3,872		413,994


				23,233,110

Health Care Providers & Services — 3.8%
Cardinal Health, Inc.		9,178		995,997
Cencora, Inc.		2,990		681,959
Centene Corp.^(a)		19,798		1,232,624
Cigna Group (The)		10,531		3,315,264
CVS Health Corp.		47,390		2,675,639
DaVita, Inc.^(a)		965		134,917
Elevance Health, Inc.		8,765		3,556,486
HCA Healthcare, Inc.		7,050		2,529,117
Humana, Inc.		4,564		1,176,736
Labcorp Holdings, Inc.		3,242		740,051
McKesson Corp.		3,420		1,712,018
Molina Healthcare, Inc.^(a)		939		301,626
Quest Diagnostics, Inc.		4,180		647,189
Tenet Healthcare Corp.^(a)		3,650		565,823
UnitedHealth Group, Inc.		29,967		16,916,372
Universal Health Services, Inc., Class B		1,224		250,075


				37,431,893

Health Care REITs — 0.4%
Alexandria Real Estate Equities, Inc.		4,140		461,817
Healthpeak Properties, Inc.		26,650		598,292
Ventas, Inc.		9,900		648,351
Welltower, Inc.		14,417		1,944,565


				3,653,025

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		26,385		454,877


Hotels, Restaurants & Leisure — 1.8%
Booking Holdings, Inc.		838		3,918,697
Carnival Corp.^(a)		38,192		840,224


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Darden Restaurants, Inc.		2,281	$	365,006
DraftKings, Inc., Class A^(a)(b)		8,056		284,538
Expedia Group, Inc.^(a)		2,328		363,890
Marriott International, Inc., Class A		7,305		1,899,446
McDonald’s Corp.		21,546		6,293,802
MGM Resorts International^(a)		5,054		186,341
Royal Caribbean Cruises Ltd.		2,709		559,002
Starbucks Corp.		27,925		2,728,272


			17,439,218

Household Durables — 0.6%
DR Horton, Inc.		11,249		1,901,081
Garmin Ltd.		2,038		404,237
Lennar Corp., Class A		8,911		1,517,543
Lennar Corp., Class B		408		65,411
NVR, Inc.^(a)		112		1,025,115
PulteGroup, Inc.		4,556		590,139
Toll Brothers, Inc.		2,455		359,510
TopBuild Corp.^(a)		496		175,276


				6,038,312

Household Products — 1.9%
Clorox Co. (The)		1,711		271,279
Colgate-Palmolive Co.		21,736		2,036,881
Kimberly-Clark Corp.		8,285		1,111,681
Procter & Gamble Co. (The)		89,182		14,731,083


				18,150,924

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		26,748		441,074
Vistra Corp.		4,550		568,568


				1,009,642

Industrial Conglomerates — 0.8%
3M Co.		20,871		2,681,297
Honeywell International, Inc.		24,606		5,060,962


				7,742,259

Industrial REITs — 0.3%
Prologis, Inc.		25,905		2,925,711


Insurance — 3.1%
Aflac, Inc.		19,070		1,998,345
Allstate Corp. (The)		5,725		1,067,827
American Financial Group, Inc.		1,715		221,115
American International Group, Inc.		24,506		1,859,515
Aon PLC, Class A		6,076		2,229,102
Arch Capital Group Ltd.^(a)		9,509		937,207
Arthur J. Gallagher & Co.		5,477		1,540,132
Chubb Ltd.		14,195		4,009,236
Cincinnati Financial Corp.		3,593		506,002
Everest Group Ltd.		1,658		589,601
Fidelity National Financial, Inc., Class A		9,736		585,815
Hartford Financial Services Group, Inc. (The)		11,099		1,225,774
Loews Corp.		6,996		552,404
Markel Group, Inc.^(a)		178		274,478
Marsh & McLennan Cos., Inc.		13,695		2,988,797
MetLife, Inc.		22,507		1,764,999
Principal Financial Group, Inc.		8,804		725,450
Progressive Corp. (The)		10,282		2,496,778
Prudential Financial, Inc.		13,606		1,666,463
Reinsurance Group of America, Inc.		2,481		523,690
RenaissanceRe Holdings Ltd.		1,942		509,581
Travelers Cos., Inc. (The)		4,891		1,202,893
Unum Group		6,602		423,716


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
W. R. Berkley Corp.		4,794	$	274,073
Willis Towers Watson PLC		1,974		596,523


				30,769,516

Interactive Media & Services — 5.7%
Alphabet, Inc., Class A		107,495		18,393,470
Alphabet, Inc., Class C, NVS		95,500		16,491,895
Meta Platforms, Inc., Class A		35,811		20,325,607
Pinterest, Inc., Class A^(a)		9,844		312,941


				55,523,913

IT Services — 1.7%
Accenture PLC, Class A		20,458		7,054,327
Akamai Technologies, Inc.^(a)		3,160		319,413
Cognizant Technology Solutions Corp., Class A		19,040		1,420,194
EPAM Systems, Inc.^(a)		1,013		191,102
International Business Machines Corp.		34,711		7,175,458


				16,160,494

Life Sciences Tools & Services — 1.4%
Avantor, Inc.^(a)(b)		10,475		234,326
Charles River Laboratories International, Inc.^(a)(b)		695		124,113
Danaher Corp.		24,316		5,973,469
IQVIA Holdings, Inc.^(a)		2,529		520,519
Revvity, Inc.^(b)		2,651		314,382
Thermo Fisher Scientific, Inc.		12,276		6,706,624
Waters Corp.^(a)		812		262,365


				14,135,798

Machinery — 1.9%
Caterpillar, Inc.		14,022		5,275,076
CNH Industrial NV		35,133		394,544
Cummins, Inc.		1,652		543,475
Deere & Co.		9,570		3,872,883
Dover Corp.		1,563		295,923
Fortive Corp.		3,938		281,291
Illinois Tool Works, Inc.		11,243		2,935,885
Otis Worldwide Corp.		6,052		594,306
PACCAR, Inc.		19,397		2,022,719
Parker-Hannifin Corp.		2,672		1,694,235
Pentair PLC		1,689		167,414
Snap-on, Inc.		1,306		431,150
Stanley Black & Decker, Inc.		3,079		286,162


				18,795,063

Media — 1.0%
Charter Communications, Inc., Class A^(a)(b)		3,715		1,217,071
Comcast Corp., Class A		145,974		6,374,685
Fox Corp., Class A, NVS^(b)		8,755		367,710
Fox Corp., Class B		5,029		195,930
Interpublic Group of Cos., Inc. (The)		14,222		418,127
News Corp., Class A, NVS		14,274		388,966
News Corp., Class B		4,220		122,549
Omnicom Group, Inc.		7,468		754,268
Sirius XM Holdings, Inc.^(b)		9,099		242,579


				10,081,885

Metals & Mining — 0.6%
Freeport-McMoRan, Inc.		54,186		2,439,454
Newmont Corp.		18,897		858,680
Nucor Corp.		9,019		1,279,255
Reliance, Inc.		2,112		604,750
Southern Copper Corp.		3,288		360,200
Steel Dynamics, Inc.		5,636		735,498


				6,277,837


Security	Shares		Value

Multi-Utilities — 1.1%
Ameren Corp.		10,043	$	874,846
CenterPoint Energy, Inc.		24,438		721,654
CMS Energy Corp.		7,305		508,501
Consolidated Edison, Inc.		13,111		1,333,126
Dominion Energy, Inc.		17,843		1,062,194
DTE Energy Co.		7,773		965,562
NiSource, Inc.		16,856		592,657
Public Service Enterprise Group, Inc.		18,784		1,679,477
Sempra		23,740		1,979,204
WEC Energy Group, Inc.		11,884		1,135,279


				10,852,500

Office REITs — 0.0%
BXP, Inc.		5,907		475,868


Oil, Gas & Consumable Fuels — 5.8%
Antero Resources Corp.^(a)		11,067		286,414
APA Corp.		13,916		328,418
Cheniere Energy, Inc.		5,994		1,147,132
Chevron Corp.		63,989		9,522,843
ConocoPhillips		43,951		4,814,392
Coterra Energy, Inc.		16,803		401,928
Devon Energy Corp.		23,791		920,236
Diamondback Energy, Inc.		6,523		1,153,071
EOG Resources, Inc.		21,673		2,643,239
EQT Corp.		7,553		275,987
Expand Energy Corp.		7,569		641,246
Exxon Mobil Corp.		167,720		19,586,341
HF Sinclair Corp.		6,269		242,046
Kinder Morgan, Inc.		74,555		1,827,343
Marathon Oil Corp.		21,266		589,068
Marathon Petroleum Corp.		12,872		1,872,490
Occidental Petroleum Corp.		23,772		1,191,215
ONEOK, Inc.		22,054		2,136,591
Ovintiv, Inc.		10,019		392,745
Phillips 66		15,784		1,922,807
Targa Resources Corp.		4,870		813,095
Valero Energy Corp.		12,065		1,565,554
Williams Cos., Inc. (The)		45,894		2,403,469


				56,677,670

Passenger Airlines — 0.2%
Delta Air Lines, Inc.		13,491		771,955
Southwest Airlines Co.		12,536		383,351
United Airlines Holdings, Inc.^(a)		12,334		965,259


				2,120,565

Personal Care Products — 0.2%
Coty, Inc., Class A^(a)(b)		3,488		25,951
Kenvue, Inc.		65,781		1,508,358


				1,534,309

Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		76,887		4,287,988
Johnson & Johnson		90,963		14,541,345
Merck & Co., Inc.		61,199		6,261,882
Pfizer, Inc.		214,140		6,060,162
Royalty Pharma PLC, Class A		15,130		408,510
Viatris, Inc.		46,018		533,809
Zoetis, Inc., Class A		9,648		1,724,869


				33,818,565

Professional Services — 0.4%
Automatic Data Processing, Inc.		9,737		2,816,330
Booz Allen Hamilton Holding Corp., Class A		1,141		207,274
Jacobs Solutions, Inc.		1,603		225,350


38		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Professional Services (continued)
Leidos Holdings, Inc.		3,006	$	550,579
SS&C Technologies Holdings, Inc.		8,251		576,992


				4,376,525

Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A^(a)(b)		4,419		578,756


Residential REITs — 0.3%
AvalonBay Communities, Inc.		2,710		600,563
Camden Property Trust		2,233		258,559
Equity LifeStyle Properties, Inc.		2,587		181,400
Equity Residential		7,848		552,264
Essex Property Trust, Inc.		1,275		361,922
Mid-America Apartment Communities, Inc.		2,753		416,639
UDR, Inc.		4,311		181,881


				2,553,228

Retail REITs — 0.4%
Kimco Realty Corp.		7,094		168,270
Realty Income Corp.		21,992		1,305,665
Regency Centers Corp.		3,836		274,044
Simon Property Group, Inc.		11,570		1,956,718


				3,704,697

Semiconductors & Semiconductor Equipment — 5.2%
Analog Devices, Inc.		15,604		3,481,408
Applied Materials, Inc.		18,966		3,443,846
Broadcom, Inc.		76,078		12,915,762
Entegris, Inc.		2,181		228,373
Intel Corp.		160,853		3,461,557
KLA Corp.		3,104		2,067,978
Lam Research Corp.		30,312		2,253,697
Microchip Technology, Inc.		11,468		841,407
Micron Technology, Inc.		41,858		4,171,150
NXP Semiconductors NV		9,661		2,265,504
ON Semiconductor Corp.^(a)		10,477		738,524
Qorvo, Inc.^(a)		1,519		108,244
QUALCOMM, Inc.		42,170		6,864,011
Skyworks Solutions, Inc.		6,027		527,845
Teradyne, Inc.		3,021		320,860
Texas Instruments, Inc.		34,467		7,002,316


				50,692,482

Software — 1.0%
Gen Digital, Inc.		10,267		298,872
MicroStrategy, Inc., Class A^(a)(b)		2,596		634,722
Oracle Corp.		43,082		7,230,883
Roper Technologies, Inc.		2,190		1,177,629
Zoom Video Communications, Inc., Class A^(a)		9,181		686,188


				10,028,294

Specialized REITs — 1.1%
American Tower Corp.		17,615		3,761,507
Crown Castle, Inc.		16,412		1,764,126
Digital Realty Trust, Inc.		3,330		593,506
Extra Space Storage, Inc.		5,145		840,178
Gaming & Leisure Properties, Inc.		9,832		493,468
Iron Mountain, Inc.		5,424		671,112
Public Storage		3,103		1,021,073
VICI Properties, Inc.		39,302		1,248,232
Weyerhaeuser Co.		27,425		854,563


				11,247,765

Specialty Retail — 2.8%
Best Buy Co., Inc.		7,399		669,092
CarMax, Inc.^(a)(b)		2,774		200,782


Security	Shares		Value


Specialty Retail (continued)
Dick’s Sporting Goods, Inc.		1,185	$	231,964
Home Depot, Inc. (The)		37,446		14,744,362
Lowe’s Cos., Inc.		21,532		5,637,724
O’Reilly Automotive, Inc.^(a)		1,642		1,893,456
Penske Automotive Group, Inc.		748		112,626
TJX Cos., Inc. (The)		30,946		3,497,826
Tractor Supply Co.		1,174		311,709
Ulta Beauty, Inc.^(a)		931		343,520
Williams-Sonoma, Inc.		1,591		213,401


				27,856,462

Technology Hardware, Storage & Peripherals — 6.8%
Apple Inc.		270,633		61,138,701
Dell Technologies, Inc., Class C		5,624		695,295
Hewlett Packard Enterprise Co.		49,103		957,018
HP, Inc.		37,193		1,321,095
NetApp, Inc.		3,717		428,607
Seagate Technology Holdings PLC		7,602		763,013
Western Digital Corp.^(a)		12,331		805,338


				66,109,067

Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc., Class B		34,378		2,651,575


Tobacco — 1.2%
Altria Group, Inc.		64,474		3,511,254
Philip Morris International, Inc.		58,602		7,776,485


				11,287,739

Trading Companies & Distributors — 0.3%
Ferguson Enterprises, Inc.		7,714		1,517,653
United Rentals, Inc.		1,309		1,063,955


				2,581,608

Water Utilities — 0.1%
American Water Works Co., Inc.		3,684		508,797
Essential Utilities, Inc.		6,565		253,409

				762,206

Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.		14,506		3,237,159


Total Long-Term Investments — 99.6% (Cost: $756,101,580)				975,279,785


Short-Term Securities

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%^(c)(d)(e)		8,927,808		8,934,057
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.83%^(c)(d)		2,448,594		2,448,594


Total Short-Term Securities — 1.2% (Cost: $11,381,491)				11,382,651


Total Investments — 100.8% (Cost: $767,483,071)				986,662,436

Liabilities in Excess of Other Assets — (0.8)%				(7,837,671	)


Net Assets — 100.0%			$	978,824,765

^(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.


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

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Value ETF

Affiliates



Affiliated Issuer	Value at 04/30/24		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/24		Shares Held at 10/31/24		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,558,842	$	5,374,735	^(a)	$	—		$	(130	)	$	610	$	8,934,057		8,927,808	$	21,844	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,792,039		656,555	^(a)		—			—			—		2,448,594		2,448,594		54,244			—
BlackRock, Inc.		4,490,108		454,441			(718,714	)		46,093			1,231,650		5,503,578		5,610		58,553			—


									$	45,963		$	1,232,260	$	16,886,229			$	134,641		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		31		12/20/24	$	2,876	$	(6,871	)
E-Mini S&P Communication Services Select Sector Index		4		12/20/24		484		16,964


							$	10,093

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)	$	—	$	—	$	16,964	$	—	$	—	$	—	$	16,964


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	6,871	$	—	$	—	$	—	$	6,871

^(a)


40		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Schedule of Investments (unaudited) (continued)

October 31, 2024

iShares^® Morningstar Value ETF

For the period ended October 31, 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	$	—	$	—	$	157,806	$	—	$	—	$	—	$	157,806


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	78,823	$	—	$	—	$	—	$	78,823

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	2,518,810

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

	$			$		$		$


	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	975,279,785		$	—	$	—	$	975,279,785
Short-Term Securities
Money Market Funds		11,382,651			—		—		11,382,651


	$	986,662,436		$	—	$	—	$	986,662,436

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	16,964		$	—	$	—	$	16,964
Liabilities
Equity Contracts		(6,871	)		—		—		(6,871	)


	$	10,093		$	—	$	—	$	10,093

^(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 O F I N V E S T M E N T S		41

Statements of Assets and Liabilities (unaudited)

October 31, 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)	$	634,646,337	$	229,455,352		$	1,122,741,327	$	969,776,207
Investments, at value — affiliated^(c)		8,446,092		24,889,784			7,296,479		16,886,229
Cash		2		—			20,168		75,495
Cash pledged:
Futures contracts		100,000		34,000			148,000		184,000
Receivables:
Investments sold		—		1,075			—		—
Securities lending income — affiliated		1,788		12,547			1,438		988
Dividends — unaffiliated		345,445		61,592			564,034		884,810
Dividends — affiliated		5,271		1,984			8,312		8,436


Total assets		643,544,935		254,456,334			1,130,779,758		987,816,165


LIABILITIES
Bank overdraft		—		6,705			—		—
Collateral on securities loaned		6,862,824		24,514,306			1,601,724		8,932,899
Payables:
Investment advisory fees		32,764		7,884			28,119		33,614
Variation margin on futures contracts		4,032		7,740			56,750		24,887


Total liabilities		6,899,620		24,536,635			1,686,593		8,991,400

Commitments and contingent liabilities

NET ASSETS	$	636,645,315	$	229,919,699		$	1,129,093,165	$	978,824,765


NET ASSETS CONSIST OF:
Paid-in capital	$	537,135,812	$	244,706,366		$	855,700,424	$	771,175,415
Accumulated earnings (loss)		99,509,503		(14,786,667	)		273,392,741		207,649,350


NET ASSETS	$	636,645,315	$	229,919,699		$	1,129,093,165	$	978,824,765


NET ASSET VALUE
Shares outstanding		8,400,000		3,950,000			14,350,000		12,050,000


Net asset value	$	75.79	$	58.21		$	78.68	$	81.23


Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited


Par value		None		None			None		None


^(a)Investments, at cost — unaffiliated	$	518,611,276	$	207,902,507		$	778,452,256	$	752,005,000
^(b)Securities loaned, at value	$	6,638,983	$	23,402,237		$	1,560,113	$	8,595,610
^(c)Investments, at cost — affiliated	$	8,443,432	$	24,871,234		$	5,871,905	$	15,478,071

See notes to financial statements.


42		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Statements of Operations (unaudited)

Six Months Ended October 31, 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	$	7,530,780		$	1,641,368		$	6,548,691		$	9,641,227
Dividends — affiliated		34,172			11,150			81,587			112,797
Interest — unaffiliated		130			744			61			103
Securities lending income — affiliated — net		67,397			66,218			16,651			21,844
Foreign taxes withheld		(2,870	)		(1,237	)		(1,592	)		(2,429	)


Total investment income		7,629,609			1,718,243			6,645,398			9,773,542


EXPENSES
Investment advisory		187,343			44,885			149,113			190,856
Interest expense		—			12			—			—


Total expenses		187,343			44,897			149,113			190,856


Net investment income		7,442,266			1,673,346			6,496,285			9,582,686


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(5,969,028	)		189,749			(3,062,991	)		(8,869,495	)
Investments — affiliated		508			1,604			(4,864	)		777
Futures contracts		109,355			62,712			216,632			157,806
Foreign currency transactions		837			—			131			282
In-kind redemptions — unaffiliated^(a)		21,509,970			1,379,464			3,915,404			35,177,037
In-kind redemptions — affiliated^(a)		—			—			15,465			45,186


	$	15,651,642		$	1,633,529		$	1,079,777		$	26,511,593

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		37,245,580			21,117,149			117,622,827			62,518,544
Investments — affiliated		758			8,444			671,701			1,232,260
Futures contracts		43,314			(2,105	)		38,967			78,823


		37,289,652			21,123,488			118,333,495			63,829,627


Net realized and unrealized gain		52,941,294			22,757,017			119,413,272			90,341,220


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	60,383,560		$	24,430,363		$	125,909,557		$	99,923,906

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

See notes to financial statements.


S T A T E M E N T S O F O P E R A T I O N S		43

Statements of Changes in Net Assets


	iShares Morningstar Mid-Cap Value ETF						iShares Morningstar Small-Cap ETF

	Six Months Ended 10/31/24 (unaudited)			Year Ended 04/30/24			Six Months Ended 10/31/24 (unaudited)			Year Ended 04/30/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,442,266		$	13,707,749		$	1,673,346		$	3,211,707
Net realized gain (loss)		15,651,642			10,542,114			1,633,529			(1,938,408	)
Net change in unrealized appreciation (depreciation)		37,289,652			54,941,671			21,123,488			26,548,706


Net increase in net assets resulting from operations		60,383,560			79,191,534			24,430,363			27,822,005


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(7,652,114	)^(b)		(12,832,610	)		(1,504,333	)^(b)		(3,167,971	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(14,315,838	)		15,655,924			(2,773,007	)		(15,146,663	)


NET ASSETS
Total increase in net assets		38,415,608			82,014,848			20,153,023			9,507,371
Beginning of period		598,229,707			516,214,859			209,766,676			200,259,305


End of period	$	636,645,315		$	598,229,707		$	229,919,699		$	209,766,676

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

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

See notes to financial statements.


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Statements of Changes in Net Assets (continued)


	iShares Morningstar U.S. Equity ETF						iShares Morningstar Value ETF

	Six Months Ended 10/31/24 (unaudited)			Year Ended 04/30/24			Six Months Ended 10/31/24 (unaudited)			Year Ended 04/30/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,496,285		$	11,908,937		$	9,582,686		$	19,693,884
Net realized gain		1,079,777			7,933,565			26,511,593			23,464,815
Net change in unrealized appreciation (depreciation)		118,333,495			148,864,579			63,829,627			85,765,443


Net increase in net assets resulting from operations		125,909,557			168,707,081			99,923,906			128,924,142


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,357,893	)^(b)		(11,860,921	)		(9,955,315	)^(b)		(19,636,858	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		151,732,100			(47,182,146	)		(7,371,684	)		4,566,393


NET ASSETS
Total increase in net assets		271,283,764			109,664,014			82,596,907			113,853,677
Beginning of period		857,809,401			748,145,387			896,227,858			782,374,181


End of period	$	1,129,093,165		$	857,809,401		$	978,824,765		$	896,227,858

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

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

See notes to financial statements.


S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S		45

Financial Highlights

(For a share outstanding throughout each period)


	iShares Morningstar Mid-Cap Value ETF

		Six Months Ended 10/31/24 (unaudited)			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 period	$	69.56		$	62.19		$	65.46		$	64.01		$	40.13		$	53.28

Net investment income^(b)		0.88			1.62			1.53			1.24			1.14			1.50
Net realized and unrealized gain (loss)^(c)		6.26			7.26			(3.29	)		1.50			23.92			(13.08	)


Net increase (decrease) from investment operations		7.14			8.88			(1.76	)		2.74			25.06			(11.58	)


Distributions from net investment income^(d)		(0.91	)^(e)		(1.51	)		(1.51	)		(1.29	)		(1.18	)		(1.57	)


Net asset value, end of period	$	75.79		$	69.56		$	62.19		$	65.46		$	64.01		$	40.13


Total Return^(f)
Based on net asset value		10.32	%^(g)		14.49	%		(2.60	)%		4.28	%		63.45	%		(22.07	)%


Ratios to Average Net Assets^(h)
Total expenses		0.06	%⁽ⁱ⁾		0.06	%		0.06	%		0.06	%		0.27	%		0.30	%


Net investment income		2.38	%⁽ⁱ⁾		2.50	%		2.44	%		1.88	%		2.32	%		2.95	%


Supplemental Data
Net assets, end of period (000)	$	636,645		$	598,230		$	516,215		$	497,491		$	457,694		$	331,048


Portfolio turnover rate^(j)		16	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Morningstar Small-Cap ETF

		Six Months Ended 10/31/24 (unaudited)			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 period	$	52.44		$	46.57		$	48.77		$	58.27		$	35.60		$	43.90

Net investment income^(b)		0.42			0.77			0.79			0.72			0.56			0.57
Net realized and unrealized gain (loss)^(c)		5.73			5.86			(2.20	)		(9.50	)		22.71			(8.23	)


Net increase (decrease) from investment operations		6.15			6.63			(1.41	)		(8.78	)		23.27			(7.66	)


Distributions from net investment income^(d)		(0.38	)^(e)		(0.76	)		(0.79	)		(0.72	)		(0.60	)		(0.64	)


Net asset value, end of period	$	58.21		$	52.44		$	46.57		$	48.77		$	58.27		$	35.60


Total Return^(f)
Based on net asset value		11.75	%^(g)		14.32	%		(2.85	)%		(15.22	)%		65.95	%		(17.58	)%


Ratios to Average Net Assets^(h)
Total expenses		0.04	%⁽ⁱ⁾		0.04	%		0.04	%		0.04	%		0.22	%		0.25	%


Net investment income		1.49	%⁽ⁱ⁾		1.54	%		1.67	%		1.28	%		1.24	%		1.34	%


Supplemental Data
Net assets, end of period (000)	$	229,920		$	209,767		$	200,259		$	199,971		$	241,801		$	185,115


Portfolio turnover rate^(j)		11	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions, 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		47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Morningstar U.S. Equity ETF

		Six Months Ended 10/31/24 (unaudited)			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 period	$	69.46		$	57.11		$	57.06		$	59.02		$	40.80		$	41.90

Net investment income^(b)		0.50			0.94			0.90			0.79			0.66			0.81
Net realized and unrealized gain (loss)^(c)		9.20			12.35			0.04			(1.95	)		18.21			(0.88	)


Net increase (decrease) from investment operations		9.70			13.29			0.94			(1.16	)		18.87			(0.07	)


Distributions from net investment income^(d)		(0.48	)^(e)		(0.94	)		(0.89	)		(0.80	)		(0.65	)		(1.03	)


Net asset value, end of period	$	78.68		$	69.46		$	57.11		$	57.06		$	59.02		$	40.80


Total Return^(f)
Based on net asset value		13.99	%^(g)		23.44	%		1.77	%		(2.08	)%		46.58	%		(0.13	)%


Ratios to Average Net Assets^(h)
Total expenses		0.03	%⁽ⁱ⁾		0.03	%		0.03	%		0.03	%		0.18	%		0.20	%


Net investment income		1.31	%⁽ⁱ⁾		1.48	%		1.65	%		1.27	%		1.32	%		1.90	%


Supplemental Data
Net assets, end of period (000)	$	1,129,093		$	857,809		$	748,145		$	790,314		$	891,187		$	718,065


Portfolio turnover rate^(j)		2	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


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Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Morningstar Value ETF

		Six Months Ended 10/31/24 (unaudited)			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 period	$	73.76		$	64.93		$	64.89		$	63.68		$	48.12		$	54.18

Net investment income^(b)		0.80			1.61			1.54			1.38			1.55			1.65
Net realized and unrealized gain (loss)^(c)		7.50			8.81			0.00	^(d)		1.20			15.58			(6.04	)


Net increase (decrease) from investment operations		8.30			10.42			1.54			2.58			17.13			(4.39	)


Distributions from net investment income^(e)		(0.83	)^(f)		(1.59	)		(1.50	)		(1.37	)		(1.57	)		(1.67	)


Net asset value, end of period	$	81.23		$	73.76		$	64.93		$	64.89		$	63.68		$	48.12


Total Return^(g)
Based on net asset value		11.29	%^(h)		16.27	%		2.53	%		4.02	%		36.36	%		(8.23	)%


Ratios to Average Net Assets⁽ⁱ⁾
Total expenses		0.04	%^(j)		0.04	%		0.04	%		0.04	%		0.22	%		0.25	%


Net investment income		2.01	%^(j)		2.34	%		2.43	%		2.08	%		2.88	%		3.06	%


Supplemental Data
Net assets, end of period (000)	$	978,825		$	896,228		$	782,374		$	788,443		$	687,758		$	447,483


Portfolio turnover rate^(k)		12	%		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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(h)	Not annualized.

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

^(j)	Annualized.

^(k)	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		49

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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:

Bank Overdraft: Certain Fund 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.

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS


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Notes to Financial Statements (unaudited) (continued)

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

•

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

•

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

•

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

•

Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and

•

4.	SECURITIES AND OTHER INVESTMENTS

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.


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		51

Notes to Financial Statements (unaudited) (continued)

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




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
Barclays Bank PLC	$	616,549	$	(616,549)	$	—	$	—
Barclays Capital, Inc.		7,333		(7,333)		—		—
BMO Capital Markets Corp.		922		(922)		—		—
Citigroup Global Markets, Inc.		85,563		(85,563)		—		—
Goldman Sachs & Co. LLC		1,829,439		(1,829,439)		—		—
HSBC Bank PLC		3,684,630		(3,684,630)		—		—
Jefferies LLC		303,586		(303,586)		—		—
Morgan Stanley		20,468		(20,468)		—		—
State Street Bank & Trust Co.		90,493		(90,493)		—		—


	$	6,638,983	$	(6,638,983)	$	—	$	—

Morningstar Small-Cap
Barclays Bank PLC	$	1,444,421	$	(1,444,421)	$	—	$	—
Barclays Capital, Inc.		624,929		(624,929)		—		—
BNP Paribas SA		3,688,343		(3,688,343)		—		—
BofA Securities, Inc.		1,017,797		(1,017,797)		—		—
Citadel Clearing LLC		552		(552)		—		—
Citigroup Global Markets, Inc.		1,215,820		(1,215,820)		—		—
Goldman Sachs & Co. LLC		3,329,629		(3,329,629)		—		—
HSBC Bank PLC		1,630,479		(1,630,479)		—		—
J.P. Morgan Securities LLC		2,386,607		(2,386,607)		—		—
Jefferies LLC		686,960		(671,784)		—		15,176
Morgan Stanley		2,983,994		(2,983,994)		—		—
National Financial Services LLC		820,506		(820,506)		—		—
Natixis SA		356,337		(356,337)		—		—
Nomura Securities International, Inc.		25,536		(25,536)		—		—
Scotia Capital (USA), Inc.		8,400		(8,400)		—		—
SG Americas Securities LLC		344,444		(344,444)		—		—
State Street Bank & Trust Co.		1,076,762		(1,076,762)		—		—
Toronto-Dominion Bank		788,708		(788,708)		—		—
UBS AG		90,789		(85,213)		—		5,576
UBS Securities LLC		285,848		(285,848)		—		—
Virtu Americas LLC		44,100		(44,100)		—		—
Wells Fargo Bank N.A.		160,301		(160,301)		—		—
Wells Fargo Securities LLC		390,975		(390,975)		—		—


	$	23,402,237	$	(23,381,485)	$	—	$	20,752

Morningstar U.S. Equity
Barclays Bank PLC	$	152,335	$	(152,335)	$	—	$	—
Barclays Capital, Inc.		10,211		(10,211)		—		—
Goldman Sachs & Co. LLC		680,118		(680,118)		—		—
Morgan Stanley		327,620		(327,620)		—		—
State Street Bank & Trust Co.		128,118		(128,118)		—		—
Toronto-Dominion Bank		15,231		(14,848)		—		383	(b)
UBS AG		246,480		(246,480)		—		—


	$	1,560,113	$	(1,559,730)	$	—	$	383


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Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received^(a)		Non-Cash Collateral Received, at Fair Value^(a)		Net Amount


Morningstar Value
Barclays Bank PLC	$	678,255	$	(667,424)	$	—	$	10,831	(b)
Barclays Capital, Inc.		8,451		(8,451)		—		—
BNP Paribas SA		230,411		(230,411)		—		—
Citadel Clearing LLC		107,148		(107,148)		—		—
Citigroup Global Markets, Inc.		214,197		(214,197)		—		—
Goldman Sachs & Co. LLC		1,197,811		(1,197,811)		—		—
Morgan Stanley		4,904,384		(4,904,384)		—		—
National Financial Services LLC		341,045		(341,045)		—		—
State Street Bank & Trust Co.		83,094		(83,094)		—		—
UBS AG		1,712		(1,712)		—		—
Wells Fargo Securities LLC		829,102		(829,102)		—		—


	$	8,595,610	$	(8,584,779)	$	—	$	10,831

^(a)

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

^(b)

The market value of the loaned securities is determined as of October 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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 Finance, Inc. BlackRock Finance Inc.’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

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


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		53

Notes to Financial Statements (unaudited) (continued)



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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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.

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.



iShares ETF		Amounts

Morningstar Mid-Cap Value		$ 17,362
Morningstar Small-Cap		19,988
Morningstar U.S. Equity		4,966
Morningstar Value		5,745

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

For the six months ended October 31, 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	$	58,888,966	$	56,360,076	$	(5,410,343	)
Morningstar Small-Cap		11,360,438		9,246,491		1,589,065
Morningstar U.S. Equity		6,678,673		4,548,216		(2,027,857	)


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Notes to Financial Statements (unaudited) (continued)



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Morningstar Value	$	82,464,905	$	63,884,672	$	(9,196,608	)

7.	PURCHASES AND SALES

For the six months ended October 31, 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	$	97,386,611	$ 97,811,710
Morningstar Small-Cap		24,755,443	24,674,006
Morningstar U.S. Equity		17,840,581	18,345,260
Morningstar Value		114,243,269	117,286,800

For the six months ended October 31, 2024, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Morningstar Mid-Cap Value	$	49,300,684	$ 63,777,222
Morningstar Small-Cap		2,773,998	5,468,943
Morningstar U.S. Equity		162,018,689	10,847,607
Morningstar Value		77,057,990	82,229,164

8.	INCOME TAX INFORMATION

As of April 30, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



iShares ETF		Non-Expiring Capital Loss Carryforwards

Morningstar Mid-Cap Value		$(31,958,804)
Morningstar Small-Cap		(37,298,740)
Morningstar U.S. Equity		(73,847,118)
Morningstar Value		(38,144,056)

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.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Morningstar Mid-Cap Value	$	528,113,139	$	138,487,201	$	(23,479,840	)	$ 115,007,361
Morningstar Small-Cap		233,942,415		54,294,736		(33,892,762	)	20,401,974
Morningstar U.S. Equity		785,094,054		383,943,096		(39,001,802	)	344,941,294
Morningstar Value		768,987,896		239,881,542		(22,196,909	)	217,684,633


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		55

Notes to Financial Statements (unaudited) (continued)

9.	PRINCIPAL RISKS

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. 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.

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.

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

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


56		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Notes to Financial Statements (unaudited) (continued)

10.	CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 10/31/24						Year Ended 04/30/24

iShares ETF	Shares			Amount			Shares			Amount

Morningstar Mid-Cap Value
Shares sold		700,000		$	49,982,756			850,000		$	52,070,944
Shares redeemed		(900,000	)		(64,298,594	)		(550,000	)		(36,415,020	)


		(200,000	)	$	(14,315,838	)		300,000		$	15,655,924


Morningstar Small-Cap
Shares sold		50,000		$	2,900,581			50,000		$	2,623,248
Shares redeemed		(100,000	)		(5,673,588	)		(350,000	)		(17,769,911	)


		(50,000	)	$	(2,773,007	)		(300,000	)	$	(15,146,663	)


Morningstar U.S. Equity
Shares sold		2,150,000		$	162,552,811			100,000		$	6,276,740
Shares redeemed		(150,000	)		(10,820,711	)		(850,000	)		(53,458,886	)


		2,000,000		$	151,732,100			(750,000	)	$	(47,182,146	)


Morningstar Value
Shares sold		1,000,000		$	77,440,513			950,000		$	62,582,240
Shares redeemed		(1,100,000	)		(84,812,197	)		(850,000	)		(58,015,847	)


		(100,000	)	$	(7,371,684	)		100,000		$	4,566,393

11.	SUBSEQUENT EVENTS


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		57

Additional Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Changes in and Disagreements with Accountants

Not applicable.

Proxy Results

Not applicable.

Remuneration Paid to Trustees, Officers, and Others

Availability of Portfolio Holdings Information


58		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Board Review and Approval of Investment Advisory Contract

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		59

Board Review and Approval of Investment Advisory Contract (continued)


60		2 0 2 4 I S H A R E S S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

Glossary of Terms Used in this Report


Portfolio Abbreviation

CVR		Contingent Value Rights

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		61

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

Item 8 –

Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 –

Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 –

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

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

Item 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(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.

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

iShares Trust


		By:		/s/ Jessica Tan
				Jessica Tan
				President (principal executive officer) of
				iShares Trust

Date: December 20, 2024

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


		By:		/s/ Jessica Tan
				Jessica Tan
				President (principal executive officer) of
				iShares Trust

Date: December 20, 2024


		By:		/s/ Trent Walker
				Trent Walker
				Treasurer and Chief Financial Officer (principal financial officer) of
				iShares Trust

Date: December 20, 2024

iShares ETF

Core U.S. REIT

$ 83,943,129