iShares Russell Small/Mid-Cap Index Fund - (BSMAX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

                                                                                   FORM N-CSR

                                                  CERTIFIED SHAREHOLDER REPORT OF REGISTERED

                                                            MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number		811-09729
iShares Trust
(Exact name of registrant as specified in charter)
c/o BlackRock Fund Advisors
400 Howard Street, San Francisco, CA				94105
(Address of principal executive offices)				(Zip code)
The Corporation Trust Company 1209 Orange Street, Wilmington, DE  19801
(Name and address of agent for service)
Registrant’s telephone number, including area code:			(415) 670-2000
Date of fiscal year end:	April 30, 2023
Date of reporting period:	April 30, 2023

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL

30,

2023

2023

Annual

Report

iShares

Trust

iShares

Cohen

&

Steers

REIT

ETF

|

ICF

|

Cboe

BZX

Dear

Shareholder,

Investors

faced

an

uncertain

economic

landscape

during

the

12-month

reporting

period

ended

April

30,

2023,

amid

mixed

indicators

and

rapidly

changing

market

conditions.

The

U.S.

economy

returned

to

modest

growth

beginning

in

the

third

quarter

of

2022,

although

the

pace

of

growth

slowed

thereafter.

Inflation

was

elevated,

reaching

a

40-year

high

as

labor

costs

grew

rapidly

and

unemployment

rates

reached

the

lowest

levels

in

decades.

However,

inflation

moderated

as

the

period

continued,

while

continued

strength

in

consumer

spending

backstopped

the

economy.

Equity

returns

varied

substantially,

as

large-capitalization

U.S.

stocks

gained

for

the

period

amid

a

rebound

in

big

tech

stocks,

whereas

small-capitalization

U.S.

stocks

declined.

International

equities

from

developed

markets

advanced

strongly,

while

emerging

market

stocks

declined,

pressured

by

higher

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

although

high-yield

corporate

bonds

posted

a

positive

return

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

In

addition,

the

Fed

added

liquidity

to

markets

amid

the

failure

of

prominent

regional

banks.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

was

modest

in

the

last

year,

we

believe

that

stickiness

in

services

inflation

and

continued

wage

growth

will

keep

inflation

above

central

bank

targets

for

some

time.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

indicated

a

pause

could

be

its

next

step,

we

believe

that

the

Fed

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near

term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

rapid

increase

in

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

could

provide

a

supportive

backdrop.

We

also

see

selective,

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing,

and

higher

yields

offer

attractive

income.

However,

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

significant

opportunities

in

short-

term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency. 

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

April

30,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

8.63

%

2.66

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(3.45

)

(3.65

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

24.19

8.42

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

16.36

(6.51

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.09

2.83

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

7.14

(1.68

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

6.91

(0.43

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.65

2.87

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.21

1.21

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

7

Disclosure

of Expenses

...................................................................................................

7

Schedule

of

Investments

..................................................................................................

8

Financial

Statements:

Statement

of

Assets

and

Liabilities

..........................................................................................

11

Statement

of

Operations

................................................................................................

12

Statements

of

Changes

in

Net

Assets

........................................................................................

13

Financial

Highlights

.....................................................................................................

14

Notes

to

Financial

Statements

...............................................................................................

15

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

21

Important

Tax

Information

.................................................................................................

22

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

23

Supplemental

Information

.................................................................................................

24

Trustee

and

Officer

Information

..............................................................................................

25

General

Information

.....................................................................................................

27

Market

Overview

2023

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended April

30,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

1.50%.

Despite

headwinds,

including

elevated

inflation

and

rapid

tightening

of

monetary

policy,

equities

were

supported

by

the

economy’s

continued

resilience.

While

inflation

was

high

throughout

the

reporting

period,

the

pace

of

inflationary

growth

slackened,

driving

investor

optimism.

Markets

endured

in

the

face

of

disruption

from

the

banking

industry

late

in

the

reporting

period.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value

and

leading

to

concern

about

the

stability

of

a

third

bank.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

a

multi-

decade

high.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

The

rate

of

inflation

began

to

decline

beginning

in

July

2022,

continuing

to

decelerate

for

10

consecutive

months.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

contraction

in

the

first

half

of

2022

to

post

modest

growth

in

the

second

half

of

2022

and

the

first

quarter

of

2023.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

posted

level

since

1969.

Furthermore,

the

labor

force

participation

rate

—

which

measures

the

total

proportion

of

working

age

persons

employed

or

looking

for

work

—

rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

Bank (“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

as

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

Fund

Summary

as

of

April

30,

2023

5

Fund

Summary

iShares

®

Cohen

&

Steers

REIT

ETF

Investment

Objective

The

iShares

Cohen

&

Steers

REIT

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

real

estate

investment

trusts

(“REITs”),

as

represented

by

the

Cohen

&

Steers

Realty

Majors

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(16.31‌)%

6.11‌%

5.46‌%

(16.31‌)%

34.54‌%

70.14‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(16.35‌)

6.11‌

5.46‌

(16.35‌)

34.54‌

70.19‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(16.02‌)

6.50‌

5.84‌

(16.02‌)

36.98‌

76.33‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,035.60‌

$

1.67‌

$

1,000.00‌

$

1,023.16‌

$

1.66‌

0.33‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

2023

iShares

Annual

Report

to

Shareholders

6

iShares

®

Cohen

&

Steers

REIT

ETF

Portfolio

Management

Commentary

U.S.

real

estate

investment

trusts

(“REITs”)

declined

sharply

during

the

reporting

period

amid

a

slowing

economy,

higher

inflation,

and

rising

interest

rates.

REITs

typically

take

on

substantial

debt

in

order

to

finance

the

purchase

of

the

properties

they

manage,

and

the

sharp

rise

in

interest

rates

made

financing

more

expensive

for

REITs.

Furthermore,

higher

interest

rates

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors,

although

many

REITs

raised

dividends

during

the

reporting

period.

Diversified

REITs,

which

own

and

operate

a

mix

of

property

types,

detracted

the

most

from

the

Index’s

performance,

particularly

those

specializing

in

communications

infrastructure.

Operators

of

large

networks

of

cellular

towers

faced

slowing

growth

as

consumers

purchased

fewer

cell

phones

that

use

5G

network

technology.

Cell

tower

consolidation,

resulting

in

part

from

the

2020

merger

of

two

large

mobile

communications

companies,

and

higher

financing

costs

constrained

cell

tower

operators.

Diversified

REITs

with

significant

investments

in

residential

properties

also

weighed

on

the

Index’s

return,

particularly

those

that

operate

in

large

cities

where

the

real

estate

markets

failed

to

fully

recover

from

the

impact

of

the

pandemic.

A

large

number

of

new

apartment

buildings

were

constructed

during

the

reporting

period,

adding

to

supply

and

putting

downward

pressure

on

the

rents

that

landlords

could

charge.

Diversified

REITs

with

a

substantial

office

property

component

also

detracted

from

the

Index’s

performance,

as

they

contended

with

weak

office

leasing

rates.

REITs

that

build

and

manage

offices

and

laboratories

for

the

biotechnology

industry

declined

amid

scaled-back

development

due

to

high

material

and

labor

costs

coupled

with

shortages

of

construction

materials.

In

addition,

a

slowdown

in

e-commerce

weighed

on

diversified

REITs

focused

on

industrial

properties,

particularly

warehouses

and

logistics

facilities

used

for

order

fulfilment.

Portfolio

Information

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Specialized

REITs

.................................

44.7‌

%

Residential

REITs

.................................

18.8‌

Retail

REITs

.....................................

14.1‌

Industrial

REITs

...................................

9.7‌

Health

Care

REITs

.................................

6.6‌

Office

REITs

.....................................

4.5‌

Hotel

&

Resort

REITs

...............................

1.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Equinix,

Inc.

.....................................

8.6‌

%

Prologis,

Inc.

.....................................

8.3‌

American

Tower

Corp.

..............................

8.0‌

Crown

Castle,

Inc.

.................................

7.2‌

Public

Storage

....................................

6.3‌

Realty

Income

Corp.

................................

5.3‌

Welltower,

Inc.

....................................

5.0‌

Simon

Property

Group,

Inc.

...........................

5.0‌

VICI

Properties,

Inc.

................................

4.4‌

Digital

Realty

Trust,

Inc.

.............................

3.8‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

7

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of the

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

example

shown (which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

example

provides information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

example also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Fund

and

other

funds, compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

example are

intended

to highlight shareholder’s

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

April

30,

2023

iShares

®

Cohen

&

Steers

REIT

ETF

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Health

Care

REITs

—

6.6%

Healthpeak

Properties,

Inc.

............

1,640,362

$

36,038,753

Welltower,

Inc.

.....................

1,441,950

114,231,279

150,270,032

Hotel

&

Resort

REITs

—

1.5%

Host

Hotels

&

Resorts,

Inc.

............

2,181,986

35,282,714

Industrial

REITs

—

9.7%

Prologis,

Inc.

......................

1,507,044

188,757,261

Rexford

Industrial

Realty,

Inc.

..........

559,949

31,228,356

219,985,617

Office

REITs

—

4.5%

Alexandria

Real

Estate

Equities,

Inc.

......

480,657

59,687,986

Boston

Properties,

Inc.

...............

435,303

23,227,768

Cousins

Properties,

Inc.

..............

462,117

10,078,772

Kilroy

Realty

Corp.

..................

320,519

9,371,976

102,366,502

Residential

REITs

—

18.8%

AvalonBay

Communities,

Inc.

..........

426,911

77,001,937

Equity

LifeStyle

Properties,

Inc.

.........

533,862

36,783,092

Equity

Residential

..................

1,037,936

65,649,452

Essex

Property

Trust,

Inc.

.............

197,604

43,419,527

Invitation

Homes,

Inc.

................

1,772,495

59,148,158

Mid-America

Apartment

Communities,

Inc.

..

352,391

54,197,736

Sun

Communities,

Inc.

...............

378,064

52,524,431

UDR,

Inc.

........................

933,822

38,594,863

427,319,196

Retail

REITs

—

14.1%

Federal

Realty

Investment

Trust

.........

223,036

22,056,030

Kimco

Realty

Corp.

.................

1,887,302

36,217,325

Realty

Income

Corp.

.................

1,913,829

120,265,014

Regency

Centers

Corp.

..............

469,981

28,870,933

Simon

Property

Group,

Inc.

............

997,712

113,060,724

320,470,026

Specialized

REITs

—

44.7%

American

Tower

Corp.

...............

893,260

182,573,411

Crown

Castle,

Inc.

..................

1,321,494

162,662,697

Digital

Realty

Trust,

Inc.

..............

877,405

86,994,706

Equinix,

Inc.

......................

270,610

195,943,289

Extra

Space

Storage,

Inc.

.............

408,678

62,135,403

Public

Storage

.....................

482,381

142,220,390

SBA

Communications

Corp.

...........

329,470

85,955,428

VICI

Properties,

Inc.

.................

2,939,000

99,749,660

1,018,234,984

Total

Long-Term

Investments

—

99.9%

(Cost:

$2,263,809,028)

...........................

2,273,929,071

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.1%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.75%

(a)(b)

................

2,647,281

$

2,647,281

Total

Short-Term

Securities

—

0.1%

(Cost:

$2,647,281)

..............................

2,647,281

Total

Investments

—

100.0%

(Cost:

$2,266,456,309

)

...........................

2,276,576,352

Other

Assets

Less

Liabilities

—

0.0%

...................

556,640

Net

Assets

—

100.0%

..............................

$

2,277,132,992

(a)

Annualized

7-day

yield

as

of

period

end.

(b)

Affiliate

of

the

Fund.

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Cohen

&

Steers

REIT

ETF

Schedule

of

Investments

9

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/23

Shares

Held

at

04/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

..............

$

—

$

—

$

(10,342)

(b)

$

10,342

$

—

$

—

—

$

29,955

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

5,220,000

—

(2,572,719)

(b)

—

—

2,647,281

2,647,281

104,526

1

$

10,342

$

—

$

2,647,281

$

134,481

$

1

—

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

..............................................

84

06/16/23

$

2,795

$

146,557

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

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

146,557

$

—

$

—

$

—

$

146,557

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(1,802,170)

$

—

$

—

$

—

$

(1,802,170)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

98,453

$

—

$

—

$

—

$

98,453

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Cohen

&

Steers

REIT

ETF

10

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

4,865,345

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,273,929,071

$

—

$

—

$

2,273,929,071

Short-Term

Securities

Money

Market

Funds

......................................

2,647,281

—

—

2,647,281

$

2,276,576,352

$

—

$

—

$

2,276,576,352

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

146,557

$

—

$

—

$

146,557

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statement

of

Assets

and

Liabilities

April

30,

2023

11

Financial

Statements

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

2,273,929,071‌

Investments,

at

value

—

affiliated

(b)

..........................................................................................

2,647,281‌

Cash

pledged:

Futures

contracts

....................................................................................................

230,000‌

Receivables:

–‌

Dividends

—

unaffiliated

...............................................................................................

882,722‌

Dividends

—

affiliated

.................................................................................................

13,715‌

Variation

margin

on

futures

contracts

.......................................................................................

32,819‌

Other

assets

.........................................................................................................

10,353‌

Total

assets

.........................................................................................................

2,277,745,961‌

LIABILITIES

Payables:

–‌

Capital

shares

redeemed

...............................................................................................

4,432‌

Investment

advisory

fees

...............................................................................................

608,537‌

Total

liabilities

........................................................................................................

612,969‌

NET

ASSETS

........................................................................................................

$

2,277,132,992‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

2,420,540,553‌

Accumulated

loss

.....................................................................................................

(143,407,561‌)

NET

ASSETS

........................................................................................................

$

2,277,132,992‌

NET

ASSET

VALUE

Shares

outstanding

....................................................................................................

40,850,000‌

Net

asset

value

.......................................................................................................

$

55.74‌

Shares

authorized

.....................................................................................................

Unlimited

Par

value

...........................................................................................................

None

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

2,263,809,028‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

2,647,281‌

Statement

of

Operations

Year

Ended

April

30,

2023

2023

iShares

Annual

Report

to

Shareholders

12

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

...............................................................................................

$

74,091,625‌

Dividends

—

affiliated

.................................................................................................

104,526‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

29,955‌

Total

investment

income

.................................................................................................

74,226,106‌

EXPENSES

Investment

advisory

..................................................................................................

7,867,021‌

Total

expenses

.......................................................................................................

7,867,021‌

Net

investment

income

..................................................................................................

66,359,085‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(525,513,286‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

...........................................................................................

(20,258,397‌)

Investments

—

affiliated

.............................................................................................

10,342‌

Capital

gain

distributions

from

underlying

funds

—

affiliated

......................................................................

1‌

Futures

contracts

..................................................................................................

(1,802,170‌)

In-kind

redemptions

—

unaffiliated

(a)

.....................................................................................

59,914,322‌

37,864,098‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(563,475,836‌)

Futures

contracts

..................................................................................................

98,453‌

(563,377,383‌)

Net

realized

and

unrealized

loss

............................................................................................

(525,513,285‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(459,154,200‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

13

Financial

Statements

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

66,359,085‌

$

38,463,959‌

Net

realized

gain

......................................................................................

37,864,098‌

75,595,227‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

(563,377,383‌)

139,703,962‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................................................

(459,154,200‌)

253,763,148‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(60,855,631‌)

(50,406,231‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.......................................................

43,705,708‌

292,748,055‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.........................................................................

(476,304,123‌)

496,104,972‌

Beginning

of

year

........................................................................................

2,753,437,115‌

2,257,332,143‌

End

of

year

............................................................................................

$

2,277,132,992‌

$

2,753,437,115‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

14

iShares

Cohen

&

Steers

REIT

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

year

.................................

$

68.41

‌

$

62.62

‌

$

49.68

‌

$

55.51

‌

$

47.00

‌

Net

investment

income

(b)

........................................

1.62

‌

1.01

‌

1.15

‌

1.39

‌

1.28

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

(12.80

)

6.10

‌

13.04

‌

(5.78

)

8.74

‌

Net

increase

(decrease)

from

investment

operations

.......................

(11.18

)

7.11

‌

14.19

‌

(4.39

)

10.02

‌

Distributions

from

net

investment

income

(d)

..............................

(1.49

)

(1.32

)

(1.25

)

(1.44

)

(1.51

)

Net

asset

value,

end

of

year

......................................

$

55.74

‌

$

68.41

‌

$

62.62

‌

$

49.68

‌

$

55.51

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.........................................

(16.31

)%

11.33

%

29.11

%

(8.10

)%

21.70

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................................

0.33

%

0.32

%

0.33

%

0.34

%

0.34

%

Net

investment

income

...........................................

2.77

%

1.46

%

2.15

%

2.43

%

2.51

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

2,277,133

‌

$

2,753,437

‌

$

2,257,332

‌

$

1,842,861

‌

$

2,187,126

‌

Portfolio

turnover

rate

(g)

...........................................

12

%

11

%

27

%

19

%

17

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

15

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

fund

(the

“Fund”):

2.

Significant

Accounting

Policies 

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

the

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Fund.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of

the

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Fund’s

investment

adviser,

as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with BFA’s policies

and

procedures as

reflecting

fair

value.

BFA

has

formed

a

committee

(the

"Valuation

Committee")

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

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.

iShares

ETF

Diversification

Classification

Cohen

&

Steers

REIT

..................................................................................................

Non-diversified

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

16

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA, or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

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.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts: 

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

17

Notes

to

Financial

Statements

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

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

the

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Fund.

ETF

Servicing

Fees:

The

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

The

Fund

does

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

The

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statement

of

Operations.

For

the year ended

April

30,

2023,

the

Fund

paid

BTC $12,125

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.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.3500%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.3325

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.3159

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.3001

Over

$281

billion

..................................................................................................

0.2851

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

18

For

the year ended April

30,

2023,

transactions

executed

by

the

Fund

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

The

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statement

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year ended

April

30,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

April

30,

2023,

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.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Fund

as

of

April

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of April

30,

2023,

permanent

differences

attributable

to

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

April

30,

2023,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

As

of

April

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Cohen

&

Steers

REIT

...................................................................

$

27,912,960‌

$

35,770,048‌

$

(10,174,567‌)

iShares

ETF

Purchases

Sales

Cohen

&

Steers

REIT

...................................................................................

$

306,501,373‌

$

289,731,440‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Cohen

&

Steers

REIT

...................................................................................

$

322,473,855‌

$

279,078,568‌

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Cohen

&

Steers

REIT

........................................................................

$

58,254,172‌

$

(58,254,172‌)

—‌

iShares

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Cohen

&

Steers

REIT

Ordinary

income

...........................................................................................

$

60,855,631‌

$

50,406,231‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Cohen

&

Steers

REIT

....................................................

$

5,503,454‌

$

(132,983,422‌)

$

(15,927,593‌)

$

(143,407,561‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts

and

the

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Cohen

&

Steers

REIT

..............................................

$

2,292,503,945‌

$

250,108,650‌

$

(266,036,243‌)

$

(15,927,593‌)

Notes

to

Financial

Statements

(continued)

19

Notes

to

Financial

Statements

9.

Principal

Risks

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and

its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

the

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the Fund.

Concentration

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments

.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

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.

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

To

Shareholders

20

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:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statement

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

04/30/23

Year

Ended

04/30/22

iShares

ETF

Shares

Amount

Shares

Amount

Cohen

&

Steers

REIT

Shares

sold

5,500,000‌

$

323,631,350‌

6,750,000‌

$

468,713,265‌

Shares

redeemed

(4,900,000‌)

(279,925,642‌)

(2,550,000‌)

(175,965,210‌)

600,000‌

$

43,705,708‌

4,200,000‌

$

292,748,055‌

Report

of

Independent

Registered

Public

Accounting

Firm

21

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

iShares

Cohen

&

Steers

REIT

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

iShares

Cohen

&

Steers

REIT

ETF

(one

of

the

funds

constituting

iShares

Trust,

referred

to

hereafter

as

the

“Fund”)

as

of

April

30,

2023,

the

related

statement

of

operations

for

the

year

ended

April

30,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2023 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

April

30,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2023

and the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2023 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers. We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

June

21,

2023 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

Important

Tax

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

22

The

following

amount,

or

maximum

amount

allowable

by

law, is

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

April

30,

2023:

The

following

amount,

or

maximum

amount

allowable

by

law, is

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

April

30,

2023:

iShares

ETF

Qualified

Dividend

Income

Cohen

&

Steers

REIT

................................................................................................

$

361,262‌

iShares

ETF

Qualified

Business

Income

Cohen

&

Steers

REIT

................................................................................................

$

40,114,628‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

23

Statement

Regarding

Liquidity

Risk

Management

Program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Cohen

&

Steers

REIT

ETF (the

“Fund”

or

“ETF”),

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage the

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Fund,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Fund,

as

the

program

administrator

for the

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of the

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing the

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish the

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to the

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays, the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing the

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether the

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

24

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

the

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

April

30,

2023

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Cohen

&

Steers

REIT

...................

$

1.490851‌

$

—‌

$

—‌

$

1.490851‌

100‌%

—‌%

—‌%

100‌%

Trustee

and

Officer

Information

(unaudited)

25

Trustee

and

Officer

Information

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Fund,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”). The

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

April

30,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Fund’s

Trustees

and

officers

may

be

found

in

the

Fund’s

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(continued)

2023

iShares

Annual

Report

to

Shareholders

26

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-

2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(continued)

General

Information

27

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

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your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

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30e-3

notices

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delivered

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same

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even

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Please

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Availability

of

Quarterly

Schedule

of

Investments

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

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portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

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available

at

iShares.com/fundreports

.

Availability

of

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Voting

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and

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description

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the

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and

procedures

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the

iShares

Funds

use

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determine

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proxies

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information

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the

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the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

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Trust’s policies

and

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respect

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the

disclosure

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the

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Prospectus.

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its

top

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in

Fund

fact

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at

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.

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This

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the

Fund’s

shareholders.

It

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unless

it

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or

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by

the

current

prospectus.

Investing

involves

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including

possible

loss

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Investments,

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(together

with

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affiliates,

“BlackRock”).

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Funds

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endorsed,

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or

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&

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Management,

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regarding

the

advisability

of

investing

in

the

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Funds.

BlackRock

is

not

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with

the

company

listed

above.

©2023

BlackRock,

Inc.

All

rights

reserved.

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and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

APRIL

30,

2023

2023

Annual

Report

iShares

Trust

iShares

Morningstar

Growth

ETF

|

ILCG

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

ETF

|

IMCB

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

Growth

ETF

|

IMCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Growth

ETF

|

ISCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Value

ETF

|

ISCV

|

NYSE

Arca

Dear

Shareholder,

Investors

faced

an

uncertain

economic

landscape

during

the

12-month

reporting

period

ended

April

30,

2023,

amid

mixed

indicators

and

rapidly

changing

market

conditions.

The

U.S.

economy

returned

to

modest

growth

beginning

in

the

third

quarter

of

2022,

although

the

pace

of

growth

slowed

thereafter.

Inflation

was

elevated,

reaching

a

40-year

high

as

labor

costs

grew

rapidly

and

unemployment

rates

reached

the

lowest

levels

in

decades.

However,

inflation

moderated

as

the

period

continued,

while

continued

strength

in

consumer

spending

backstopped

the

economy.

Equity

returns

varied

substantially,

as

large-capitalization

U.S.

stocks

gained

for

the

period

amid

a

rebound

in

big

tech

stocks,

whereas

small-capitalization

U.S.

stocks

declined.

International

equities

from

developed

markets

advanced

strongly,

while

emerging

market

stocks

declined,

pressured

by

higher

interest

rates

and

volatile

commodities

prices.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

also

faced

inflationary

headwinds,

although

high-yield

corporate

bonds

posted

a

positive

return

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

has

been

more

persistent

than

expected,

raised

interest

rates

eight

times.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

In

addition,

the

Fed

added

liquidity

to

markets

amid

the

failure

of

prominent

regional

banks.

Restricted

labor

supply

kept

inflation

elevated

even

as

other

inflation

drivers,

such

as

goods

prices

and

energy

costs,

moderated.

While

economic

growth

was

modest

in

the

last

year,

we

believe

that

stickiness

in

services

inflation

and

continued

wage

growth

will

keep

inflation

above

central

bank

targets

for

some

time.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

indicated

a

pause

could

be

its

next

step,

we

believe

that

the

Fed

still

seems

determined

to

get

inflation

back

to

target.

With

this

in

mind,

we

believe

the

possibility

of

a

U.S.

recession

in

the

near

term

is

high,

but

the

dimming

economic

outlook

has

not

yet

been

fully

reflected

in

current

market

prices.

We

believe

investors

should

expect

a

period

of

higher

volatility

as

markets

adjust

to

the

new

economic

reality

and

policymakers

attempt

to

adapt

to

rapidly

changing

conditions.

Turmoil

in

the

banking

sector

late

in

the

period

highlighted

the

potential

for

the

rapid

increase

in

interest

rates

to

disrupt

markets

with

little

warning.

While

we

favor

an

overweight

to

equities

in

the

long

term,

we

prefer

an

underweight

stance

on

equities

overall

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

the

possibility

of

a

recession.

Nevertheless,

we

are

overweight

on

emerging

market

stocks

as

we

believe

a

weakening

U.S.

dollar

could

provide

a

supportive

backdrop.

We

also

see

selective,

long-term

opportunities

in

credit,

where

we

believe

that

valuations

are

appealing,

and

higher

yields

offer

attractive

income.

However,

we

are

neutral

on

credit

in

the

near

term,

as

we’re

concerned

about

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

significant

opportunities

in

short-

term

U.S.

Treasuries,

global

inflation-linked

bonds,

and

emerging

market

bonds

denominated

in

local

currency. 

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

April

30,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

8.63

%

2.66

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(3.45

)

(3.65

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

24.19

8.42

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

16.36

(6.51

)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.09

2.83

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

7.14

(1.68

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

6.91

(0.43

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.65

2.87

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

6.21

1.21

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Market

Overview

.......................................................................................................

4

Fund

Summary

........................................................................................................

5

About

Fund

Performance

..................................................................................................

15

Disclosure

of Expenses

...................................................................................................

15

Schedules

of

Investments

.................................................................................................

16

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

63

Statements

of

Operations

................................................................................................

65

Statements

of

Changes

in

Net

Assets

........................................................................................

67

Financial

Highlights

.....................................................................................................

70

Notes

to

Financial

Statements

...............................................................................................

75

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

84

Important

Tax

Information

.................................................................................................

85

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

86

Supplemental

Information

.................................................................................................

87

Trustee

and

Officer

Information

..............................................................................................

88

General

Information

.....................................................................................................

90

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

91

Market

Overview

2023

iShares

Annual

Report

To

Shareholders

4

iShares

Trust

Domestic

Market

Overview

U.S.

stocks

advanced

for

the

12

months

ended April

30,

2023

(“reporting

period”),

when

the

Russell

3000

®

Index,

a

broad

measure

of

U.S.

equity

market

performance,

returned

1.50%.

Despite

headwinds,

including

elevated

inflation

and

rapid

tightening

of

monetary

policy,

equities

were

supported

by

the

economy’s

continued

resilience.

While

inflation

was

high

throughout

the

reporting

period,

the

pace

of

inflationary

growth

slackened,

driving

investor

optimism.

Markets

endured

in

the

face

of

disruption

from

the

banking

industry

late

in

the

reporting

period.

In

March

2023,

two

banks

suddenly

failed,

representing

the

second

and

third

largest

bank

failures

in

U.S.

history

by

asset

value

and

leading

to

concern

about

the

stability

of

a

third

bank.

However,

government

agencies

acted

swiftly

to

organize

a

sale

of

the

failed

banks’

assets

and

inject

liquidity,

and

equity

prices

recovered.

Inflation

was

a

significant

driver

of

the

economic

outlook.

As

the

reporting

period

began,

the

consumer

price

index,

a

widely

followed

measure

of

inflation,

stood

at

a

multi-

decade

high.

Strong

consumer

spending

and

a

tight

labor

market,

along

with

continued

supply

chain

disruptions

in

Asia,

combined

to

drive

prices

higher.

The

rate

of

inflation

began

to

decline

beginning

in

July

2022,

continuing

to

decelerate

for

10

consecutive

months.

Nonetheless,

inflation

remained

elevated

by

historic

standards,

and

higher

prices

negatively

impacted

both

consumers

and

businesses.

The

U.S.

economy

recovered

from

a

contraction

in

the

first

half

of

2022

to

post

modest

growth

in

the

second

half

of

2022

and

the

first

quarter

of

2023.

Consumers

continued

to

power

the

economy

with

growing

spending,

despite

higher

prices

for

many

consumer

goods

and

services.

The

strong

labor

market

supported

spending,

as

unemployment

remained

very

low,

at

one

point

dropping

to

the

lowest

posted

level

since

1969.

Furthermore,

the

labor

force

participation

rate

—

which

measures

the

total

proportion

of

working

age

persons

employed

or

looking

for

work

—

rose,

indicating

that

more

people

were

being

drawn

into

the

labor

force.

Amid

tightening

labor

supply,

wages

rose

significantly,

with

the

largest

gains

at

the

lower

end

of

the

wage

spectrum.

To

contain

inflation,

the

U.S.

Federal

Reserve

Bank (“Fed”)

tightened

monetary

policy

rapidly,

raising

short-term

interest

rates

eight

times

over

the

course

of

the

reporting

period.

The

pace

of

tightening

accelerated

as

the

Fed

twice

stepped

up

the

increment

of

increase

before

reducing

it

again

as

inflation

began

to

subside.

The

Fed

also

started

to decrease

the

size

of

its

balance

sheet

by

reducing

the

store

of

U.S.

Treasuries

it

had

accumulated

to

stabilize

markets

in

the

early

phases

of

the

coronavirus

pandemic.

While

the

Fed

indicated

that

more

tightening

could

be

needed

to

achieve

its

long-term

inflation

goal,

it

sounded

a

more

cautious

note

about

the

potential

for

further

interest

rate

increases

near

the

end

of

the

reporting

period.

Despite

economic

headwinds,

corporate

profits

remained

robust,

as

many

companies

were

able

to

sufficiently

raise

prices

to

preserve

profit

margins

even

in

the

face

of

rising

labor

and

input

costs.

Nonetheless,

profits

declined

overall

in

the

fourth

quarter

of

2022,

and

the

yield

curve

(a

graphical

representation

of

U.S.

Treasury

rates

at

different

maturities)

inverted,

a

sign

that

markets

were

concerned

about

the

impact

of

higher

borrowing

costs

on

the

economy.

Furthermore,

dwindling

personal

savings

and

rising

household

debt

raised

questions

about

the

sustainability

of

consumer

spending

as

an

engine

of

economic

growth.

Fund

Summary

as

of

April

30,

2023

5

Fund

Summary

iShares

®

Morningstar

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Growth

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Large-Mid

Cap

Broad

Growth

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Large

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Large-Mid

Cap

Broad

Growth

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.05‌%

11.73‌%

13.76‌%

0.05‌%

74.15‌%

262.85‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15‌

11.74‌

13.76‌

0.15‌

74.21‌

263.06‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.07‌

11.92‌

14.07‌

0.07‌

75.60‌

273.06‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,112.40‌

$

0.21‌

$

1,000.00‌

$

1,024.60‌

$

0.20‌

0.04‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

6

iShares

®

Morningstar

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

large-

and

mid-capitalization

U.S.

stocks

gained

marginally

for

the

reporting

period,

as

slower

economic

growth

and

elevated

inflation

and

interest

rates

precipitated

a

shift

toward

larger,

less

expensive

stocks

and

away

from

smaller

and

less

liquid

stocks.

The

information

technology

sector

contributed

the

most

to

the

Index’s

return,

driven

primarily

by

the

technology

hardware,

storage,

and

peripherals

industry.

Relatively

resilient

sales

of

premium

smartphones

and

rising

demand

in

Asia

benefited

the

industry.

Higher

revenue

from

services

also

boosted

earnings,

as

a

large

and

growing

installed

base

of

devices

provided

a

significant

pool

of

customers

for

advertising

and

subscription

products.

Strong

gains

in

the

semiconductors

and

semiconductor

equipment

industry

also

contributed.

Optimism

about

the

impact

of

artificial

intelligence

(“AI”)

applications

aided

the

industry

amid

the

launch

and

rapid

growth

of

a

prominent,

consumer-facing

AI

product.

AI

products

require

substantial

computational

resources,

and

a

series

of

partnerships

between

chipmakers

and

AI

companies

solidified

investors’

optimism

surrounding

growth

in

the

industry.

The

healthcare

and

industrials

sectors

also

contributed

to

the

Index’s

return.

In

healthcare,

promising

trials

for

drugs

to

treat

Alzheimer’s

disease

and

obesity

supported

the

pharmaceuticals

industry.

Among

industrials,

the

capital

goods

industry

benefited

from

government

incentives

that

encouraged

investments

in

additional

industrial

capacity.

On

the

downside,

the

consumer

discretionary

sector

detracted

from

the

Index’s

return,

as

consumer

spending

growth

tapered

off.

Inflation

drove

up

costs

for

companies

and

eroded

personal

spending

power,

leading

consumers

to

seek

bargains.

The

automobiles

industry

declined

amid

concerns

about

the

market

for

electric

vehicles

(“EVs”)

in

the

weakening

economy.

While

EV

sales

continued

to

grow,

production

did

not

meet

analysts’

expectations,

and

price

discounts

on

some

new

models

negatively

impacted

revenues.

Increased

competition

also

weighed

on

the

industry,

as

more

automakers

expanded

their

EV

offerings.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

41.8‌

%

Health

Care

....................................

13.1‌

Consumer

Discretionary

............................

11.6‌

Financials

......................................

8.6‌

Industrials

......................................

7.1‌

Communication

Services

............................

6.4‌

Consumer

Staples

................................

3.8‌

Real

Estate

.....................................

3.0‌

Energy

........................................

2.2‌

Materials

......................................

1.7‌

Utilities

........................................

0.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Apple,

Inc.

......................................

13.3‌

%

Microsoft

Corp.

...................................

12.1‌

NVIDIA

Corp.

....................................

3.6‌

Amazon.com,

Inc.

.................................

2.5‌

UnitedHealth

Group,

Inc.

.............................

2.4‌

Tesla,

Inc.

.......................................

2.3‌

Alphabet,

Inc.,

Class

A

..............................

2.0‌

Visa,

Inc.,

Class

A

.................................

2.0‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.8‌

Mastercard

,

Inc.,

Class

A

.............................

1.7‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

April

30,

2023

7

Fund

Summary

iShares

®

Morningstar

Mid-Cap

ETF

Investment

Objective

The

iShares

Morningstar

Mid-Cap

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities,

as

represented

by

the

Morningstar

®

US

Mid

Cap

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Core

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Cap

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.91‌)%

7.52‌%

9.58‌%

(1.91‌)%

43.70‌%

149.60‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.84‌)

7.51‌

9.58‌

(1.84‌)

43.66‌

149.57‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.94‌)

7.69‌

9.79‌

(1.94‌)

44.81‌

154.41‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,038.70‌

$

0.20‌

$

1,000.00‌

$

1,024.60‌

$

0.20‌

0.04‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

8

iShares

®

Morningstar

Mid-Cap

ETF

Portfolio

Management

Commentary

Mid-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

slower

economic

growth

and

elevated

inflation

and

interest

rates

precipitated

a

shift

toward

larger,

less

expensive

stocks

and

away

from

smaller

and

less

liquid

stocks.

The

real

estate

sector

detracted

the

most

from

the

Index’s

return,

as

higher

interest

rates

weighed

on

stocks

in

the

sector.

Equity

real

estate

investment

trusts

(“REITs”)

were

the

largest

source

of

weakness.

REITs

typically

take

on

substantial

debt

in

order

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

made

financing

more

expensive

for

REITs.

The

financials

sector

also

detracted

from

the

Index’s

performance.

The

banking

industry

faced

significant

challenges

as

the

potential

impact

of

a

slowing

economy

outweighed

the

benefits

of

being

able

to

charge

more

for

loans.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

sudden

failure

of

two

regional

banks.

The

communication

services

sector

also

declined,

particularly

the

media

and

entertainment

industry.

Large

restructuring

expenses

related

to

a

merger

weighed

on

earnings,

and

significant

debt

in

an

environment

of

rising

financing

costs

raised

concerns

among

investors.

On

the

upside,

industrials

stocks

contributed

to

the

Index’s

return,

as

the

capital

goods

industry

benefited

from

government

incentives

that

encouraged

investments

in

additional

industrial

capacity.

Furthermore,

the

supply

chain

disruptions

created

by

the

coronavirus

pandemic

led

some

manufacturers

to

rethink

their

production

strategy,

adding

domestic

capacity

to

increase

speed

and

flexibility.

The

machinery

industry

was

a

notable

source

of

strength,

as

the

manufacturing

resurgence

drove

strong

demand

for

industrial

machinery,

enabling

significant

price

increases.

The

healthcare

sector

also

gained,

driven

by

strength

in

the

healthcare

equipment

and

supplies

industry.

Solid

sales

of

veterinary

diagnostic

equipment

and

dental

products

for

people

supported

the

industry’s

revenues.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

17.4‌

%

Information

Technology

.............................

13.5‌

Financials

......................................

13.3‌

Health

Care

....................................

11.3‌

Consumer

Discretionary

............................

9.8‌

Real

Estate

.....................................

8.8‌

Utilities

........................................

7.1‌

Materials

......................................

6.9‌

Consumer

Staples

................................

5.2‌

Energy

........................................

3.4‌

Communication

Services

............................

3.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Arthur

J

Gallagher

&

Co.

.............................

0.6‌

%

Biogen,

Inc.

.....................................

0.6‌

Trane

Technologies

plc

..............................

0.6‌

Parker-Hannifin

Corp.

...............................

0.5‌

IDEXX

Laboratories,

Inc.

.............................

0.5‌

Hershey

Co.

(The)

.................................

0.5‌

Microchip

Technology,

Inc.

............................

0.5‌

TransDigm

Group,

Inc.

..............................

0.5‌

Arista

Networks,

Inc.

...............................

0.5‌

Realty

Income

Corp.

................................

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

April

30,

2023

9

Fund

Summary

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Mid-Cap

Growth

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Mid

Cap

Broad

Growth

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Cap

Broad

Growth

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.49‌)%

10.80‌%

11.49‌%

(1.49‌)%

67.00‌%

196.86‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.44‌)

10.81‌

11.51‌

(1.44‌)

67.06‌

197.16‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.48‌)

11.01‌

11.72‌

(1.48‌)

68.54‌

202.92‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,055.70‌

$

0.31‌

$

1,000.00‌

$

1,024.50‌

$

0.30‌

0.06‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

10

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

mid-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

slower

economic

growth

and

elevated

inflation

and

interest

rates

precipitated

a

shift

toward

larger,

less

expensive

stocks

and

away

from

smaller

and

less

liquid

stocks.

The

real

estate

sector

detracted

the

most

from

the

Index’s

return,

as

higher

interest

rates

weighed

on

stocks

in

the

sector.

Equity

real

estate

investment

trusts

(“REITs”)

were

the

largest

source

of

weakness.

REITs

typically

take

on

substantial

debt

in

order

to

finance

the

purchase

of

properties,

and

higher

interest

rates

made

financing

more

expensive

for

REITs.

Furthermore,

higher

interest

rates

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors.

The

information

technology

sector

also

detracted

significantly

from

the

Index’s

return,

as

sharply

higher

interest

rates

reduced

the

current

value

of

companies’

future

earnings.

The

software

and

services

industry

was

the

primary

source

of

weakness

in

the

sector,

as

cuts

to

corporate

information

technology

budgets

reduced

revenue

growth.

Slowing

growth

in

cloud-based

software

sales,

which

provide

software

companies

with

steady

revenue

streams,

further

constrained

earnings.

On

the

upside,

industrials

stocks

contributed

the

most

to

the

Index’s

return,

as

the

capital

goods

industry

benefited

from

government

incentives

that

encouraged

investments

in

additional

industrial

capacity.

Furthermore,

the

supply

chain

disruptions

created

by

the

coronavirus

pandemic

led

some

manufacturers

to

rethink

their

production

strategy,

adding

domestic

capacity

to

increase

speed

and

flexibility.

The

machinery

industry

was

a

notable

source

of

strength,

as

the

manufacturing

resurgence

drove

strong

demand

for

industrial

machinery,

enabling

significant

price

increases.

The

healthcare

sector

also

gained,

driven

by

strength

in

the

healthcare

equipment

and

supplies

industry.

Solid

sales

of

veterinary

diagnostic

equipment

and

dental

products

for

people

supported

the

industry’s

revenues.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

22.1‌

%

Information

Technology

.............................

19.7‌

Health

Care

....................................

13.0‌

Financials

......................................

10.9‌

Consumer

Discretionary

............................

9.1‌

Real

Estate

.....................................

8.4‌

Consumer

Staples

................................

4.4‌

Communication

Services

............................

4.1‌

Materials

......................................

3.5‌

Energy

........................................

2.6‌

Utilities

........................................

2.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Arthur

J

Gallagher

&

Co.

.............................

1.1‌

%

IDEXX

Laboratories,

Inc.

.............................

1.1‌

Hershey

Co.

(The)

.................................

1.0‌

Arista

Networks,

Inc.

...............................

1.0‌

MSCI,

Inc.

......................................

1.0‌

Workday,

Inc.,

Class

A

..............................

1.0‌

Ross

Stores,

Inc.

..................................

1.0‌

ResMed,

Inc.

....................................

0.9‌

Copart,

Inc.

......................................

0.9‌

Marvell

Technology,

Inc.

.............................

0.9‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

April

30,

2023

11

Fund

Summary

iShares

®

Morningstar

Small-Cap

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Small-Cap

Growth

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities,

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Small

Cap

Broad

Growth

Extended

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Broad

Growth

Extended

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.45‌)%

5.17‌%

8.94‌%

(1.45‌)%

28.67‌%

135.34‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.38‌)

5.11‌

8.94‌

(1.38‌)

28.31‌

135.45‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(1.63‌)

5.23‌

9.00‌

(1.63‌)

29.01‌

136.69‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,026.80‌

$

0.30‌

$

1,000.00‌

$

1,024.50‌

$

0.30‌

0.06‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

12

iShares

®

Morningstar

Small-Cap

Growth

ETF

Portfolio

Management

Commentary

Growth-oriented

small-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

slower

economic

growth

and

elevated

inflation

and

interest

rates

precipitated

a

shift

toward

larger,

less

expensive

stocks

and

away

from

smaller

and

less

liquid

stocks.

The

information

technology

sector

detracted

the

most

from

the

Index’s

return.

Interest

rates

rose

sharply

during

the

reporting

period,

which

reduced

the

current

value

of

future

earnings.

Since

consumers

and

businesses

often

seek

to

reduce

spending

on

technology

products

and

services

during

a

downturn,

high

inflation

and

slow

growth

weighed

on

the

sector.

The

software

and

services

industry

was

the

primary

source

of

weakness

in

the

sector,

as

economic

uncertainty

extended

sales

cycles

and

pressured

revenue

growth.

The

failure

of

a

bank

that

served

a

large

number

of

software

and

technology

companies

also

worked

against

the

industry,

particularly

smaller

companies

that

faced

potentially

tighter

financing.

The

real

estate

sector

detracted

significantly

from

the

Index’s

return,

as

higher

interest

rates

and

changing

usage

patterns

weighed

on

equity

real

estate

investment

trusts

(“REITs”).

REITs

typically

take

on

substantial

debt

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

made

financing

more

expensive.

Furthermore,

higher

interest

rates

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors.

On

the

upside,

the

healthcare

sector

contributed

to

the

Index’s

return,

driven

by

strength

in

the

biotechnology

industry.

An

announcement

of

the

acquisition

of

a

company

in

the

industry

that

produces

therapies

to

treat

immune-mediated

diseases

sent

stock

prices

sharply

higher.

The

industrials

sector

also

contributed,

supported

by

strength

in

the

construction

and

engineering

industry.

Investments

in

prefabrication

capabilities

helped

to

counteract

supply

chain

and

inflationary

pressures

in

the

industry,

boosting

revenue.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Health

Care

....................................

20.8‌

%

Industrials

......................................

19.9‌

Information

Technology

.............................

18.4‌

Consumer

Discretionary

............................

11.7‌

Financials

......................................

7.7‌

Real

Estate

.....................................

5.1‌

Materials

......................................

4.9‌

Consumer

Staples

................................

3.9‌

Communication

Services

............................

3.4‌

Energy

........................................

3.0‌

Utilities

........................................

1.2‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Lattice

Semiconductor

Corp.

..........................

0.6‌

%

Penumbra,

Inc.

...................................

0.6‌

DraftKings,

Inc.,

Class

A

.............................

0.6‌

RenaissanceRe

Holdings

Ltd.

.........................

0.6‌

Royal

Gold,

Inc.

...................................

0.5‌

EMCOR

Group,

Inc.

................................

0.5‌

Iridium

Communications,

Inc.

..........................

0.5‌

Saia,

Inc.

.......................................

0.5‌

Apellis

Pharmaceuticals,

Inc.

..........................

0.5‌

Tradeweb

Markets,

Inc.,

Class

A

........................

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

April

30,

2023

13

Fund

Summary

iShares

®

Morningstar

Small-Cap

Value

ETF

Investment

Objective

The

iShares

Morningstar

Small-Cap

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

Morningstar

®

US

Small

Cap

Broad

Value

Extended

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

GROWTH

OF

$10,000

INVESTMENT

(AT

NET

ASSET

VALUE)

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Value

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Broad

Value

Extended

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Average

Annual

Total

Returns

Cumulative

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.20‌)%

3.71‌%

6.51‌%

(4.20‌)%

19.96‌%

87.91‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.21‌)

3.69‌

6.50‌

(4.21‌)

19.85‌

87.74‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.29‌)

3.89‌

6.71‌

(4.29‌)

21.00‌

91.44‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/22)

Ending

Account

Value

(04/30/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

969.00‌

$

0.29‌

$

1,000.00‌

$

1,024.50‌

$

0.30‌

0.06‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

Fund

Summary

as

of

April

30,

2023

(continued)

2023

iShares

Annual

Report

To

Shareholders

14

iShares

®

Morningstar

Small-Cap

Value

ETF

Portfolio

Management

Commentary

Value-oriented

small-capitalization

U.S.

stocks

declined

for

the

reporting

period,

as

slower

economic

growth

and

elevated

inflation

and

interest

rates

precipitated

a

shift

toward

larger,

less

expensive

stocks

and

away

from

smaller

and

less

liquid

stocks.

The

real

estate

sector

detracted

the

most

from

the

Index’s

return,

as

higher

interest

rates

and

changing

usage

patterns

weighed

on

stocks

in

the

sector.

Equity

real

estate

investment

trusts

(“REITs”)

were

the

largest

source

of

weakness.

REITs

typically

take

on

substantial

debt

in

order

to

finance

the

purchase

of

the

properties

they

manage,

and

higher

interest

rates

made

financing

more

expensive

for

REITs.

Furthermore,

higher

interest

rates

meant

increased

bond

yields,

making

dividend

yields

from

REITs

comparatively

less

attractive

to

income-oriented

investors,

although

many

REITs

raised

dividends

during

the

reporting

period.

The

financials

sector

detracted

significantly

from

the

Index’s

performance,

as

persistently

high

inflation

led

to

significant

tightening

from

the

Fed,

and

investors

became

concerned

about

the

long-term

effect

of

this

tightening

on

loan

growth

and

credit

losses.

Bank

stocks

were

further

pressured

late

in

the

reporting

period

after

the

sudden

failure

of

two

regional

banks.

Despite

government

actions

to

prevent

a

contagion

effect,

these

bank

failures

weighed

heavily

on

the

industry,

as

investors

scrutinized

near-

term

deposit

outflows

at

other

mid-sized

banks

and

considered

the

long-term

implications

of

a

potential

slowdown

in

lending

activity.

On

the

upside,

industrials

stocks

contributed

the

most

to

the

Index’s

return,

as

the

capital

goods

industry

benefited

from

government

incentives

that

encouraged

investments

in

additional

industrial

capacity.

Furthermore,

pandemic-related

supply

chain

disruptions

led

some

manufacturers

to

add

domestic

production

capacity

to

increase

speed

and

flexibility.

The

machinery

industry

advanced,

as

the

manufacturing

resurgence

drove

strong

demand

for

industrial

machinery,

enabling

significant

price

increases.

Portfolio

Information

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

......................................

24.5‌

%

Consumer

Discretionary

............................

16.9‌

Industrials

......................................

16.6‌

Health

Care

....................................

8.6‌

Real

Estate

.....................................

6.5‌

Information

Technology

.............................

6.0‌

Materials

......................................

5.8‌

Energy

........................................

4.8‌

Utilities

........................................

4.0‌

Consumer

Staples

................................

3.3‌

Communication

Services

............................

3.0‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Dick's

Sporting

Goods,

Inc.

...........................

0.5‌

%

Tenet

Healthcare

Corp.

..............................

0.5‌

New

York

Community

Bancorp,

Inc.

.....................

0.5‌

Berry

Global

Group,

Inc.

.............................

0.4‌

Nexstar

Media

Group,

Inc.

............................

0.4‌

Encompass

Health

Corp.

............................

0.4‌

WESCO

International,

Inc.

............................

0.4‌

Stifel

Financial

Corp.

...............................

0.4‌

Brunswick

Corp.

..................................

0.4‌

Lithia

Motors,

Inc.

.................................

0.4‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

15

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

April

30,

2023

iShares

®

Morningstar

Growth

ETF

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.5%

Axon

Enterprise,

Inc.

(a)

...............

5,779

$

1,217,693

General

Dynamics

Corp.

..............

5,905

1,289,298

HEICO

Corp.

.....................

3,358

566,293

HEICO

Corp.,

Class

A

................

5,895

791,286

Howmet

Aerospace,

Inc.

..............

31,092

1,377,065

Huntington

Ingalls

Industries,

Inc.

........

3,367

678,989

Textron,

Inc.

......................

11,242

752,539

TransDigm

Group,

Inc.

...............

2,620

2,004,300

8,677,463

Air

Freight

&

Logistics

—

0.0%

CH

Robinson

Worldwide,

Inc.

..........

3,836

386,937

Automobile

Components

—

0.1%

Aptiv

plc

(a)

........................

13,678

1,406,919

BorgWarner,

Inc.

...................

6,520

313,808

Lear

Corp.

.......................

2,171

277,150

1,997,877

Automobiles

—

2.4%

(a)

Lucid

Group,

Inc.

(b)

..................

54,313

431,245

Tesla,

Inc.

........................

227,910

37,447,892

37,879,137

Banks

—

0.1%

Comerica,

Inc.

.....................

3,583

155,395

Commerce

Bancshares,

Inc.

...........

2,999

167,494

Cullen/Frost

Bankers,

Inc.

.............

2,018

222,484

First

Citizens

BancShares,

Inc.,

Class

A

....

478

481,432

First

Republic

Bank

(b)

................

15,925

55,897

Western

Alliance

Bancorp

.............

3,541

131,442

1,214,144

Beverages

—

1.5%

Brown-Forman

Corp.,

Class

A

..........

4,718

310,822

Brown-Forman

Corp.,

Class

B,

NVS

......

15,438

1,004,859

Coca-Cola

Co.

(The)

................

107,763

6,912,997

Constellation

Brands,

Inc.,

Class

A

.......

4,066

933,025

Keurig

Dr

Pepper,

Inc.

...............

23,153

757,103

Monster

Beverage

Corp.

(a)

.............

64,618

3,618,608

PepsiCo,

Inc.

.....................

52,071

9,939,833

23,477,247

Biotechnology

—

1.3%

(a)

Alnylam

Pharmaceuticals,

Inc.

..........

10,468

2,085,226

BioMarin

Pharmaceutical,

Inc.

..........

15,698

1,507,636

Horizon

Therapeutics

plc

..............

11,257

1,251,328

Incyte

Corp.

......................

15,800

1,175,678

Karuna

Therapeutics,

Inc.

.............

2,529

501,855

Neurocrine

Biosciences,

Inc.

...........

8,278

836,409

Regeneron

Pharmaceuticals,

Inc.

........

3,138

2,516,017

Sarepta

Therapeutics,

Inc.

.............

7,411

909,848

Seagen,

Inc.

......................

11,679

2,335,800

United

Therapeutics

Corp.

.............

1,260

289,964

Vertex

Pharmaceuticals,

Inc.

...........

21,770

7,417,692

20,827,453

Broadline

Retail

—

2.9%

(a)

Amazon.com,

Inc.

..................

383,392

40,428,686

Etsy,

Inc.

(b)

.......................

10,620

1,072,939

MercadoLibre,

Inc.

..................

3,917

5,003,928

46,505,553

Building

Products

—

0.4%

Advanced

Drainage

Systems,

Inc.

.......

5,393

462,288

Allegion

plc

.......................

3,336

368,561

Security

Shares

Shares

Value

Building

Products

(continued)

AO

Smith

Corp.

....................

4,945

$

337,694

Builders

FirstSource,

Inc.

(a)

............

4,887

463,141

Carlisle

Cos.,

Inc.

..................

2,893

624,454

Carrier

Global

Corp.

.................

22,761

951,865

Johnson

Controls

International

plc

.......

18,078

1,081,788

Lennox

International,

Inc.

.............

1,322

372,685

Owens

Corning

....................

2,535

270,763

Trane

Technologies

plc

...............

11,119

2,066,022

6,999,261

Capital

Markets

—

2.1%

Ameriprise

Financial,

Inc.

.............

3,620

1,104,534

Ares

Management

Corp.,

Class

A

........

13,178

1,154,261

Blackstone,

Inc.,

Class

A

..............

22,152

1,978,838

Charles

Schwab

Corp.

(The)

...........

129,206

6,749,721

FactSet

Research

Systems,

Inc.

.........

3,247

1,336,757

Interactive

Brokers

Group,

Inc.,

Class

A

....

8,688

676,361

LPL

Financial

Holdings,

Inc.

............

6,716

1,402,569

MarketAxess

Holdings,

Inc.

............

3,215

1,023,560

Moody's

Corp.

.....................

6,697

2,096,965

Morningstar,

Inc.

...................

2,109

376,056

MSCI,

Inc.

.......................

6,776

3,269,081

Nasdaq,

Inc.

......................

13,662

756,465

Raymond

James

Financial,

Inc.

.........

16,364

1,481,433

Robinhood

Markets,

Inc.,

Class

A

(a)(b)

......

42,923

379,869

S&P

Global,

Inc.

...................

27,897

10,114,894

SEI

Investments

Co.

.................

4,704

277,113

34,178,477

Chemicals

—

1.3%

Air

Products

&

Chemicals,

Inc.

..........

6,947

2,044,919

Albemarle

Corp.

...................

9,966

1,848,294

Corteva,

Inc.

......................

25,834

1,578,974

Ecolab,

Inc.

......................

13,499

2,265,672

FMC

Corp.

.......................

3,771

466,020

Linde

plc

(a)

.......................

21,009

7,761,775

LyondellBasell

Industries

NV,

Class

A

.....

7,540

713,359

Olin

Corp.

........................

6,122

339,159

RPM

International,

Inc.

...............

6,780

556,164

Sherwin-Williams

Co.

(The)

............

12,477

2,963,787

Westlake

Corp.

....................

1,520

172,946

20,711,069

Commercial

Services

&

Supplies

—

0.7%

Cintas

Corp.

......................

4,583

2,088,794

Copart,

Inc.

(a)

.....................

36,402

2,877,578

Republic

Services,

Inc.

...............

10,219

1,477,872

Rollins,

Inc.

.......................

19,544

825,734

Tetra

Tech,

Inc.

....................

4,577

633,319

Waste

Management,

Inc.

..............

19,531

3,243,123

11,146,420

Communications

Equipment

—

0.4%

Arista

Networks,

Inc.

(a)

...............

21,007

3,364,481

Ciena

Corp.

(a)

.....................

12,505

575,730

F5,

Inc.

(a)

........................

2,152

289,143

Motorola

Solutions,

Inc.

..............

6,410

1,867,874

6,097,228

Construction

&

Engineering

—

0.2%

AECOM

.........................

5,633

467,821

Quanta

Services,

Inc.

................

7,381

1,252,113

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

17,633

800,538

2,520,472

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

Materials

—

0.2%

Martin

Marietta

Materials,

Inc.

..........

5,244

$

1,904,621

Vulcan

Materials

Co.

................

11,234

1,967,298

3,871,919

Consumer

Finance

—

0.1%

Discover

Financial

Services

............

13,816

1,429,542

Consumer

Staples

Distribution

&

Retail

—

1.6%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

4,791

365,889

Casey's

General

Stores,

Inc.

...........

1,882

430,639

Costco

Wholesale

Corp.

..............

37,602

18,922,079

Dollar

General

Corp.

................

10,300

2,281,038

Dollar

Tree,

Inc.

(a)

...................

17,648

2,712,674

Performance

Food

Group

Co.

(a)

.........

13,416

841,049

US

Foods

Holding

Corp.

(a)

.............

8,728

335,155

25,888,523

Containers

&

Packaging

—

0.1%

AptarGroup,

Inc.

...................

2,661

315,355

Avery

Dennison

Corp.

................

3,560

621,149

Crown

Holdings,

Inc.

................

4,421

379,233

Sealed

Air

Corp.

...................

4,249

203,910

1,519,647

Distributors

—

0.1%

Genuine

Parts

Co.

..................

5,170

870,163

LKQ

Corp.

.......................

7,198

415,541

Pool

Corp.

.......................

2,154

756,743

2,042,447

Diversified

Consumer

Services

—

0.0%

Service

Corp.

International

............

8,041

564,398

Electric

Utilities

—

0.4%

Constellation

Energy

Corp.

............

27,806

2,152,184

NextEra

Energy,

Inc.

................

55,862

4,280,705

NRG

Energy,

Inc.

...................

10,757

367,567

6,800,456

Electrical

Equipment

—

0.4%

AMETEK,

Inc.

.....................

19,494

2,688,808

Generac

Holdings,

Inc.

(a)

..............

2,619

267,714

Hubbell,

Inc.

......................

4,529

1,219,750

Plug

Power,

Inc.

(a)(b)

.................

44,299

400,020

Rockwell

Automation,

Inc.

.............

5,835

1,653,697

6,229,989

Electronic

Equipment,

Instruments

&

Components

—

0.9%

Amphenol

Corp.,

Class

A

.............

50,450

3,807,461

CDW

Corp.

.......................

11,509

1,951,811

Cognex

Corp.

.....................

14,608

696,656

Corning,

Inc.

......................

19,965

663,237

Flex

Ltd.

(a)

........................

13,529

278,292

Jabil,

Inc.

........................

7,013

548,066

Keysight

Technologies,

Inc.

(a)

...........

15,101

2,184,209

TE

Connectivity

Ltd.

.................

9,104

1,114,056

Teledyne

Technologies,

Inc.

(a)

...........

3,956

1,639,366

Trimble,

Inc.

(a)

.....................

12,119

570,805

Zebra

Technologies

Corp.,

Class

A

(a)

......

2,693

775,665

14,229,624

Energy

Equipment

&

Services

—

0.4%

Baker

Hughes

Co.,

Class

A

............

50,680

1,481,883

Halliburton

Co.

....................

39,074

1,279,674

Schlumberger

NV

..................

76,409

3,770,784

6,532,341

Security

Shares

Shares

Value

Entertainment

—

1.7%

Activision

Blizzard,

Inc.

...............

28,968

$

2,251,103

Electronic

Arts,

Inc.

.................

12,947

1,647,894

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)

......................

1,169

75,728

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)

..................

10,336

746,156

Live

Nation

Entertainment,

Inc.

(a)

........

12,061

817,495

Netflix,

Inc.

(a)

......................

24,831

8,192,492

ROBLOX

Corp.,

Class

A

(a)(b)

............

30,626

1,090,286

Roku,

Inc.,

Class

A

(a)(b)

...............

10,287

578,232

Take-Two

Interactive

Software,

Inc.

(a)

......

13,457

1,672,570

Walt

Disney

Co.

(The)

(a)(b)

.............

95,204

9,758,410

26,830,366

Financial

Services

—

4.6%

Apollo

Global

Management,

Inc.

.........

21,561

1,366,752

Block,

Inc.,

Class

A

(a)(b)

...............

45,575

2,770,504

Fiserv,

Inc.

(a)

......................

29,249

3,571,888

FleetCor

Technologies,

Inc.

(a)

...........

3,127

668,928

Global

Payments,

Inc.

...............

9,932

1,119,436

Jack

Henry

&

Associates,

Inc.

..........

6,156

1,005,521

Mastercard,

Inc.,

Class

A

..............

71,498

27,171,385

PayPal

Holdings,

Inc.

(a)

...............

38,598

2,933,448

Toast,

Inc.,

Class

A

(a)(b)

...............

26,112

475,238

Visa,

Inc.,

Class

A

..................

137,700

32,046,921

WEX,

Inc.

(a)

.......................

2,159

382,898

73,512,919

Food

Products

—

0.4%

Darling

Ingredients,

Inc.

(a)

.............

5,261

313,398

Hershey

Co.

(The)

..................

12,467

3,404,239

Hormel

Foods

Corp.

.................

12,722

514,478

Lamb

Weston

Holdings,

Inc.

...........

12,299

1,375,151

McCormick

&

Co.,

Inc.,

NVS

...........

8,890

780,986

6,388,252

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

.................

4,633

528,811

Ground

Transportation

—

0.7%

CSX

Corp.

.......................

62,635

1,919,137

Hertz

Global

Holdings,

Inc.

(a)

...........

5,908

98,546

JB

Hunt

Transport

Services,

Inc.

........

7,086

1,242,105

Knight-Swift

Transportation

Holdings,

Inc.

..

5,176

291,512

Old

Dominion

Freight

Line,

Inc.

.........

7,654

2,452,265

Uber

Technologies,

Inc.

(a)

.............

77,841

2,416,963

U-Haul

Holding

Co.

.................

456

27,843

Union

Pacific

Corp.

.................

16,280

3,185,996

11,634,367

Health

Care

Equipment

&

Supplies

—

2.8%

Abbott

Laboratories

.................

42,525

4,697,737

Align

Technology,

Inc.

(a)

...............

6,178

2,009,703

Boston

Scientific

Corp.

(a)

..............

54,982

2,865,662

Cooper

Cos.,

Inc.

(The)

..............

2,512

958,202

Dexcom,

Inc.

(a)

....................

32,747

3,973,521

Edwards

Lifesciences

Corp.

(a)

..........

52,390

4,609,272

Hologic,

Inc.

(a)

.....................

11,902

1,023,691

IDEXX

Laboratories,

Inc.

(a)

.............

7,029

3,459,393

Insulet

Corp.

(a)

.....................

5,868

1,866,259

Intuitive

Surgical,

Inc.

(a)

...............

29,679

8,939,908

Novocure

Ltd.

(a)(b)

...................

7,625

502,488

ResMed,

Inc.

.....................

12,470

3,004,771

Shockwave

Medical,

Inc.

(a)

.............

3,057

887,019

STERIS

plc

.......................

8,424

1,588,345

Stryker

Corp.

.....................

13,721

4,111,498

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Growth

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Teleflex,

Inc.

......................

1,864

$

507,977

45,005,446

Health

Care

Providers

&

Services

—

3.5%

Acadia

Healthcare

Co.,

Inc.

(a)(b)

..........

7,688

555,765

agilon

health,

Inc.

(a)(b)

................

16,693

405,139

Centene

Corp.

(a)

...................

15,731

1,084,338

Chemed

Corp.

.....................

598

329,647

Cigna

Group

(The)

..................

8,354

2,115,985

Elevance

Health,

Inc.

................

8,746

4,098,813

HCA

Healthcare,

Inc.

................

6,005

1,725,417

Humana,

Inc.

.....................

10,606

5,626,377

Molina

Healthcare,

Inc.

(a)

..............

3,067

913,629

R1

RCM,

Inc.

(a)

....................

11,609

180,984

UnitedHealth

Group,

Inc.

..............

79,178

38,962,702

55,998,796

Health

Care

REITs

—

0.1%

Healthpeak

Properties,

Inc.

............

24,426

536,639

Ventas,

Inc.

......................

11,354

545,560

Welltower,

Inc.

.....................

15,189

1,203,272

2,285,471

Health

Care

Technology

—

0.1%

Veeva

Systems,

Inc.,

Class

A

(a)

.........

11,950

2,140,006

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts,

Inc.

............

60,376

976,280

Hotels,

Restaurants

&

Leisure

—

3.1%

Airbnb,

Inc.,

Class

A

(a)(b)

...............

33,757

4,039,700

Aramark

.........................

9,427

327,117

Booking

Holdings,

Inc.

(a)

..............

3,286

8,827,215

Caesars

Entertainment,

Inc.

(a)

..........

18,126

820,927

Chipotle

Mexican

Grill,

Inc.

(a)(b)

..........

2,342

4,842,366

Choice

Hotels

International,

Inc.

.........

2,341

298,524

Churchill

Downs,

Inc.

................

2,777

812,356

Darden

Restaurants,

Inc.

.............

4,251

645,854

Domino's

Pizza,

Inc.

.................

1,979

628,273

DoorDash,

Inc.,

Class

A

(a)(b)

............

22,189

1,357,745

Hilton

Worldwide

Holdings,

Inc.

.........

22,615

3,257,012

Las

Vegas

Sands

Corp.

(a)

.............

16,507

1,053,972

Marriott

International,

Inc.,

Class

A

.......

22,838

3,867,387

McDonald's

Corp.

..................

25,879

7,653,714

MGM

Resorts

International

............

26,911

1,208,842

Royal

Caribbean

Cruises

Ltd.

(a)

.........

9,788

640,429

Starbucks

Corp.

....................

62,601

7,154,668

Vail

Resorts,

Inc.

...................

3,404

818,730

Wyndham

Hotels

&

Resorts,

Inc.

........

4,889

333,528

Yum!

Brands,

Inc.

..................

14,155

1,989,910

50,578,269

Household

Durables

—

0.1%

Lennar

Corp.,

Class

A

................

7,271

820,242

Lennar

Corp.,

Class

B

...............

411

40,204

860,446

Household

Products

—

0.1%

Church

&

Dwight

Co.,

Inc.

.............

9,246

897,972

Clorox

Co.

(The)

...................

6,307

1,044,565

1,942,537

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Vistra

Corp.

......................

12,502

298,298

Industrial

Conglomerates

—

0.4%

General

Electric

Co.

.................

59,664

5,904,946

Security

Shares

Shares

Value

Industrial

REITs

—

0.5%

EastGroup

Properties,

Inc.

............

3,686

$

613,940

Prologis,

Inc.

......................

48,850

6,118,463

Rexford

Industrial

Realty,

Inc.

..........

16,052

895,220

7,627,623

Insurance

—

1.8%

American

Financial

Group,

Inc.

.........

2,345

287,802

Aon

plc,

Class

A

...................

9,837

3,198,796

Arch

Capital

Group

Ltd.

(a)

.............

13,734

1,031,011

Arthur

J

Gallagher

&

Co.

..............

18,001

3,745,288

Brown

&

Brown,

Inc.

.................

19,858

1,278,657

Chubb

Ltd.

.......................

10,355

2,087,154

Cincinnati

Financial

Corp.

.............

4,511

480,151

Erie

Indemnity

Co.,

Class

A,

NVS

........

2,101

456,610

Everest

Re

Group

Ltd.

...............

1,060

400,680

Kinsale

Capital

Group,

Inc.

............

1,822

595,266

Markel

Corp.

(a)(b)

....................

1,135

1,553,281

Marsh

&

McLennan

Cos.,

Inc.

..........

23,017

4,147,433

Progressive

Corp.

(The)

..............

49,534

6,756,438

Willis

Towers

Watson

plc

..............

4,971

1,151,283

WR

Berkley

Corp.

..................

17,261

1,017,018

28,186,868

Interactive

Media

&

Services

—

4.0%

(a)

Alphabet,

Inc.,

Class

A

...............

304,006

32,632,004

Alphabet,

Inc.,

Class

C,

NVS

...........

265,018

28,680,248

Match

Group,

Inc.

..................

23,585

870,287

Pinterest,

Inc.,

Class

A

...............

50,463

1,160,649

Snap,

Inc.,

Class

A,

NVS

..............

83,361

726,074

ZoomInfo

Technologies,

Inc.

...........

22,832

500,249

64,569,511

IT

Services

—

1.5%

Accenture

plc,

Class

A

...............

36,458

10,218,813

Akamai

Technologies,

Inc.

(a)

............

6,517

534,198

Cloudflare,

Inc.,

Class

A

(a)

.............

24,322

1,144,350

EPAM

Systems,

Inc.

(a)

................

4,863

1,373,506

Gartner,

Inc.

(a)

.....................

6,712

2,030,111

GoDaddy,

Inc.,

Class

A

(a)

..............

13,090

990,651

MongoDB,

Inc.,

Class

A

(a)(b)

............

5,880

1,410,965

Okta,

Inc.,

Class

A

(a)

.................

13,009

891,507

Snowflake,

Inc.,

Class

A

(a)(b)

............

24,294

3,597,456

Twilio,

Inc.,

Class

A

(a)

................

14,731

774,998

VeriSign,

Inc.

(a)

....................

7,774

1,724,273

24,690,828

Leisure

Products

—

0.0%

Mattel,

Inc.

(a)

......................

14,251

256,518

Life

Sciences

Tools

&

Services

—

2.6%

Agilent

Technologies,

Inc.

.............

25,111

3,400,783

Avantor,

Inc.

(a)

.....................

36,227

705,702

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

1,821

820,889

Bio-Techne

Corp.

...................

13,460

1,075,185

Bruker

Corp.

......................

8,440

667,857

Charles

River

Laboratories

International,

Inc.

(a)

4,304

818,276

Danaher

Corp.

....................

55,545

13,159,166

Illumina,

Inc.

(a)

.....................

13,351

2,744,431

IQVIA

Holdings,

Inc.

(a)

................

8,289

1,560,238

Mettler-Toledo

International,

Inc.

(a)

.......

1,876

2,798,054

Repligen

Corp.

(a)

...................

4,354

660,197

Thermo

Fisher

Scientific,

Inc.

...........

18,554

10,295,615

Waters

Corp.

(a)

....................

3,283

986,082

West

Pharmaceutical

Services,

Inc.

......

6,250

2,257,750

41,950,225

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

—

1.7%

Caterpillar,

Inc.

....................

20,198

$

4,419,322

Chart

Industries,

Inc.

(a)(b)

..............

3,658

486,880

Deere

&

Co.

......................

14,087

5,325,168

Dover

Corp.

......................

5,967

872,137

Fortive

Corp.

......................

17,370

1,095,873

Graco,

Inc.

.......................

14,226

1,127,980

IDEX

Corp.

.......................

6,370

1,314,258

Ingersoll

Rand,

Inc.

.................

34,206

1,950,426

Lincoln

Electric

Holdings,

Inc.

..........

4,883

819,367

Middleby

Corp.

(The)

(a)

...............

1,988

280,069

Nordson

Corp.

.....................

4,533

980,533

Otis

Worldwide

Corp.

................

13,221

1,127,751

PACCAR,

Inc.

.....................

23,937

1,787,855

Parker-Hannifin

Corp.

................

5,194

1,687,427

RBC

Bearings,

Inc.

(a)

................

2,454

557,083

Toro

Co.

(The)

.....................

8,947

932,814

Westinghouse

Air

Brake

Technologies

Corp.

.

9,198

898,369

Xylem,

Inc.

.......................

15,225

1,580,964

27,244,276

Media

—

0.3%

Charter

Communications,

Inc.,

Class

A

(a)(b)

..

3,622

1,335,431

Liberty

Broadband

Corp.,

Class

A

(a)

.......

1,344

113,608

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)

..

10,097

856,024

Sirius

XM

Holdings,

Inc.

(b)

.............

30,818

117,109

Trade

Desk,

Inc.

(The),

Class

A

(a)

........

37,879

2,437,135

4,859,307

Metals

&

Mining

—

0.1%

Nucor

Corp.

......................

11,961

1,772,381

Multi-Utilities

—

0.1%

Ameren

Corp.

.....................

7,488

666,207

CenterPoint

Energy,

Inc.

..............

17,015

518,447

CMS

Energy

Corp.

..................

8,341

519,311

1,703,965

Office

REITs

—

0.0%

Alexandria

Real

Estate

Equities,

Inc.

......

5,819

722,603

Oil,

Gas

&

Consumable

Fuels

—

1.8%

APA

Corp.

.......................

14,569

536,868

Cheniere

Energy,

Inc.

................

21,100

3,228,300

Chevron

Corp.

.....................

47,246

7,964,731

ConocoPhillips

....................

42,772

4,400,811

Coterra

Energy,

Inc.

.................

32,707

837,299

Devon

Energy

Corp.

.................

25,705

1,373,418

EQT

Corp.

.......................

15,737

548,277

Hess

Corp.

.......................

14,918

2,164,005

HF

Sinclair

Corp.

...................

3,734

164,707

Marathon

Oil

Corp.

..................

26,560

641,689

Marathon

Petroleum

Corp.

............

14,968

1,826,096

Matador

Resources

Co.

..............

6,295

308,644

Murphy

Oil

Corp.

...................

5,552

203,814

New

Fortress

Energy,

Inc.,

Class

A

.......

4,000

121,160

Ovintiv,

Inc.

.......................

10,485

378,299

Pioneer

Natural

Resources

Co.

.........

6,589

1,433,437

Range

Resources

Corp.

..............

9,641

255,004

Southwestern

Energy

Co.

(a)

............

32,453

168,431

Targa

Resources

Corp.

...............

10,917

824,561

Texas

Pacific

Land

Corp.

..............

528

780,199

28,159,750

Passenger

Airlines

—

0.1%

(a)

American

Airlines

Group,

Inc.

(b)

..........

29,228

398,670

Delta

Air

Lines,

Inc.

.................

26,173

897,996

Security

Shares

Shares

Value

Passenger

Airlines

(continued)

Southwest

Airlines

Co.

...............

26,728

$

809,591

2,106,257

Personal

Care

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

11,546

2,848,629

Pharmaceuticals

—

2.8%

Catalent,

Inc.

(a)

....................

8,386

420,306

Eli

Lilly

&

Co.

.....................

66,831

26,455,720

Merck

&

Co.,

Inc.

...................

98,093

11,326,799

Zoetis,

Inc.,

Class

A

.................

39,467

6,937,509

45,140,334

Professional

Services

—

1.4%

Automatic

Data

Processing,

Inc.

.........

35,104

7,722,880

Booz

Allen

Hamilton

Holding

Corp.

.......

6,578

629,646

Broadridge

Financial

Solutions,

Inc.

......

9,939

1,445,230

Ceridian

HCM

Holding,

Inc.

(a)

...........

12,959

822,637

Clarivate

plc

(a)

.....................

17,103

151,533

Concentrix

Corp.

...................

1,472

142,063

CoStar

Group,

Inc.

(a)

.................

34,557

2,659,161

Equifax,

Inc.

......................

6,951

1,448,449

Genpact

Ltd.

......................

7,308

325,571

Jacobs

Solutions,

Inc.

................

4,697

542,316

Paychex,

Inc.

.....................

14,528

1,596,046

Paycom

Software,

Inc.

(a)

..............

4,107

1,192,550

Paylocity

Holding

Corp.

(a)

.............

3,480

672,649

TransUnion

.......................

9,825

676,058

Verisk

Analytics,

Inc.

.................

13,204

2,563,029

22,589,818

Real

Estate

Management

&

Development

—

0.1%

(a)

CBRE

Group,

Inc.,

Class

A

............

8,750

670,775

Zillow

Group,

Inc.,

Class

A

.............

4,907

209,921

Zillow

Group,

Inc.,

Class

C,

NVS

(b)

.......

13,755

598,893

1,479,589

Residential

REITs

—

0.6%

American

Homes

4

Rent,

Class

A

........

16,324

542,936

AvalonBay

Communities,

Inc.

..........

7,046

1,270,887

Camden

Property

Trust

...............

9,347

1,028,637

Equity

LifeStyle

Properties,

Inc.

.........

9,263

638,221

Equity

Residential

..................

17,800

1,125,850

Essex

Property

Trust,

Inc.

.............

2,319

509,554

Invitation

Homes,

Inc.

................

49,526

1,652,683

Mid-America

Apartment

Communities,

Inc.

..

5,038

774,844

Sun

Communities,

Inc.

...............

10,464

1,453,764

UDR,

Inc.

........................

15,945

659,007

9,656,383

Retail

REITs

—

0.1%

Brixmor

Property

Group,

Inc.

...........

7,924

169,019

Federal

Realty

Investment

Trust

.........

3,481

344,236

Realty

Income

Corp.

.................

23,187

1,457,071

Regency

Centers

Corp.

..............

5,258

322,999

2,293,325

Semiconductors

&

Semiconductor

Equipment

—

7.0%

Advanced

Micro

Devices,

Inc.

(a)

.........

136,633

12,210,891

Analog

Devices,

Inc.

.................

17,114

3,078,466

Broadcom,

Inc.

....................

16,993

10,646,115

Enphase

Energy,

Inc.

(a)

...............

11,475

1,884,195

Entegris,

Inc.

......................

12,578

942,344

Marvell

Technology,

Inc.

..............

72,329

2,855,549

Microchip

Technology,

Inc.

.............

18,994

1,386,372

Micron

Technology,

Inc.

...............

38,011

2,446,388

Monolithic

Power

Systems,

Inc.

.........

3,790

1,750,866

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Growth

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

NVIDIA

Corp.

.....................

208,463

$

57,846,398

ON

Semiconductor

Corp.

(a)

............

36,525

2,628,339

QUALCOMM,

Inc.

..................

41,188

4,810,758

Skyworks

Solutions,

Inc.

..............

4,283

453,570

SolarEdge

Technologies,

Inc.

(a)

..........

4,723

1,349,030

Teradyne,

Inc.

.....................

8,009

731,862

Texas

Instruments,

Inc.

...............

40,753

6,813,902

Wolfspeed,

Inc.

(a)(b)

..................

4,714

219,437

112,054,482

Software

—

18.5%

Adobe,

Inc.

(a)

......................

38,794

14,647,063

ANSYS,

Inc.

(a)(b)

....................

7,401

2,323,322

Aspen

Technology,

Inc.

(a)

..............

2,457

434,889

Atlassian

Corp.,

Class

A

(a)

.............

12,741

1,881,336

Autodesk,

Inc.

(a)

....................

18,298

3,564,267

Bentley

Systems,

Inc.,

Class

B

..........

16,592

706,156

BILL

Holdings,

Inc.

(a)

.................

8,225

631,762

Black

Knight,

Inc.

(a)

..................

13,173

719,773

Cadence

Design

Systems,

Inc.

(a)

........

23,247

4,869,084

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

18,527

2,224,166

Datadog,

Inc.,

Class

A

(a)

..............

20,969

1,412,891

DocuSign,

Inc.

(a)

...................

16,963

838,651

Dynatrace,

Inc.

(a)

...................

18,226

770,595

Fair

Isaac

Corp.

(a)

...................

2,127

1,548,350

Fortinet,

Inc.

(a)

.....................

55,006

3,468,128

HubSpot,

Inc.

(a)

....................

4,104

1,727,579

Intuit,

Inc.

........................

23,806

10,568,674

Manhattan

Associates,

Inc.

(a)

...........

5,271

873,299

Microsoft

Corp.

....................

630,796

193,818,379

Oracle

Corp.

......................

41,639

3,944,046

Palantir

Technologies,

Inc.,

Class

A

(a)

.....

148,824

1,153,386

Palo

Alto

Networks,

Inc.

(a)

.............

25,585

4,668,239

Procore

Technologies,

Inc.

(a)

...........

5,829

311,327

PTC,

Inc.

(a)

.......................

9,057

1,139,280

Roper

Technologies,

Inc.

..............

3,648

1,659,037

Salesforce,

Inc.

(a)

...................

84,741

16,810,072

ServiceNow,

Inc.

(a)

..................

17,196

7,900,186

Splunk,

Inc.

(a)

.....................

12,810

1,104,734

Synopsys,

Inc.

(a)

...................

12,919

4,797,083

Tyler

Technologies,

Inc.

(a)

.............

3,518

1,333,428

Unity

Software,

Inc.

(a)(b)

...............

20,586

555,204

VMware,

Inc.,

Class

A

(a)

..............

8,597

1,074,883

Workday,

Inc.,

Class

A

(a)

..............

17,146

3,191,557

Zoom

Video

Communications,

Inc.,

Class

A

(a)

18,349

1,127,179

Zscaler,

Inc.

(a)

.....................

7,275

655,478

298,453,483

Specialized

REITs

—

1.5%

American

Tower

Corp.

...............

21,083

4,309,154

Crown

Castle,

Inc.

..................

18,463

2,272,611

CubeSmart

.......................

12,254

557,434

Digital

Realty

Trust,

Inc.

..............

12,909

1,279,927

Equinix,

Inc.

......................

7,833

5,671,718

Extra

Space

Storage,

Inc.

.............

11,395

1,732,496

Gaming

and

Leisure

Properties,

Inc.

......

6,757

351,364

Iron

Mountain,

Inc.

..................

9,436

521,245

Lamar

Advertising

Co.,

Class

A

.........

2,304

243,487

Life

Storage,

Inc.

...................

4,302

578,103

Public

Storage

.....................

8,275

2,439,718

SBA

Communications

Corp.

...........

9,173

2,393,144

VICI

Properties,

Inc.

.................

27,870

945,908

23,296,309

Security

Shares

Shares

Value

Specialty

Retail

—

2.0%

AutoZone,

Inc.

(a)

...................

1,041

$

2,772,506

Burlington

Stores,

Inc.

(a)

..............

3,045

587,106

Five

Below,

Inc.

(a)

...................

4,689

925,421

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

8,954

889,490

Home

Depot,

Inc.

(The)

..............

28,177

8,468,316

Lowe's

Cos.,

Inc.

...................

20,631

4,287,741

Murphy

USA,

Inc.

..................

631

173,670

O'Reilly

Automotive,

Inc.

(a)

.............

2,759

2,530,858

Ross

Stores,

Inc.

...................

29,230

3,119,718

TJX

Cos.,

Inc.

(The)

.................

47,879

3,773,823

Tractor

Supply

Co.

..................

9,330

2,224,272

Ulta

Beauty,

Inc.

(a)

..................

4,317

2,380,523

32,133,444

Technology

Hardware,

Storage

&

Peripherals

—

13.3%

Apple,

Inc.

.......................

1,260,323

213,851,607

NetApp,

Inc.

......................

6,104

383,880

Pure

Storage,

Inc.,

Class

A

(a)

...........

24,370

556,367

214,791,854

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

Deckers

Outdoor

Corp.

(a)

..............

2,234

1,070,845

Lululemon

Athletica,

Inc.

(a)

.............

9,849

3,741,931

NIKE,

Inc.,

Class

B

.................

72,513

9,188,847

14,001,623

Trading

Companies

&

Distributors

—

0.5%

Fastenal

Co.

......................

48,365

2,603,971

United

Rentals,

Inc.

(a)

................

5,854

2,113,938

Watsco,

Inc.

......................

2,807

972,289

WW

Grainger,

Inc.

..................

3,814

2,652,904

8,343,102

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

.........

10,126

1,501,180

Essential

Utilities,

Inc.

................

11,443

488,616

1,989,796

Wireless

Telecommunication

Services

—

0.5%

T-Mobile

US,

Inc.

(a)

..................

50,273

7,234,285

Total

Long-Term

Investments

—

99.8%

(Cost:

$1,354,109,046)

...........................

1,606,769,402

Short-Term

Securities

Money

Market

Funds

—

2.2%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.02%

(e)

............

32,749,346

32,759,171

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.75%

..................

2,400,069

2,400,069

Total

Short-Term

Securities

—

2.2%

(Cost:

$35,146,096)

..............................

35,159,240

Total

Investments

—

102.0%

(Cost:

$1,389,255,142

)

...........................

1,641,928,642

Liabilities

in

Excess

of

Other

Assets

—

(2.0)%

............

(32,285,467)

Net

Assets

—

100.0%

..............................

$

1,609,643,175

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

21

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/23

Shares

Held

at

04/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

31,914,376

$

828,018

(a)

$

—

$

9,062

$

7,715

$

32,759,171

32,749,346

$

190,801

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

3,207,000

—

(806,931)

(a)

—

—

2,400,069

2,400,069

84,655

—

$

9,062

$

7,715

$

35,159,240

$

275,456

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

NASDAQ

100

E-Mini

Index

...................................................

10

06/16/23

$

2,664

$

177,263

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)

......

$

—

$

—

$

177,263

$

—

$

—

$

—

$

177,263

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(304,599)

$

—

$

—

$

—

$

(304,599)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

486,094

$

—

$

—

$

—

$

486,094

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

3,051,108

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Growth

ETF

22

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,606,769,402

$

—

$

—

$

1,606,769,402

Short-Term

Securities

Money

Market

Funds

......................................

35,159,240

—

—

35,159,240

$

1,641,928,642

$

—

$

—

$

1,641,928,642

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

177,263

$

—

$

—

$

177,263

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2023

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.4%

Axon

Enterprise,

Inc.

(a)

...............

6,367

$

1,341,591

HEICO

Corp.

.....................

3,755

633,243

HEICO

Corp.,

Class

A

................

6,591

884,710

Howmet

Aerospace,

Inc.

..............

34,735

1,538,413

Huntington

Ingalls

Industries,

Inc.

........

3,765

759,250

Textron,

Inc.

......................

19,667

1,316,509

TransDigm

Group,

Inc.

...............

4,892

3,742,380

10,216,096

Air

Freight

&

Logistics

—

0.4%

CH

Robinson

Worldwide,

Inc.

..........

11,143

1,123,994

Expeditors

International

of

Washington,

Inc.

.

14,996

1,707,145

2,831,139

Automobile

Components

—

0.6%

Aptiv

plc

(a)

........................

25,561

2,629,205

BorgWarner,

Inc.

...................

22,111

1,064,202

Lear

Corp.

.......................

5,583

712,726

4,406,133

Automobiles

—

0.2%

(a)(b)

Lucid

Group,

Inc.

...................

60,578

480,989

Rivian

Automotive,

Inc.,

Class

A

.........

51,973

666,294

1,147,283

Banks

—

2.1%

BOK

Financial

Corp.

.................

2,723

228,378

Citizens

Financial

Group,

Inc.

..........

46,460

1,437,473

Comerica,

Inc.

.....................

12,427

538,959

Commerce

Bancshares,

Inc.

...........

10,725

598,991

Cullen/Frost

Bankers,

Inc.

.............

6,107

673,297

East

West

Bancorp,

Inc.

..............

13,254

685,099

Fifth

Third

Bancorp

.................

64,433

1,688,145

First

Citizens

BancShares,

Inc.,

Class

A

....

1,125

1,133,078

First

Horizon

Corp.

..................

50,446

885,327

First

Republic

Bank

(b)

................

17,587

61,730

Huntington

Bancshares,

Inc.

...........

136,125

1,524,600

KeyCorp

.........................

88,045

991,387

M&T

Bank

Corp.

...................

15,970

2,009,026

Regions

Financial

Corp.

..............

88,182

1,610,203

Webster

Financial

Corp.

..............

16,371

610,638

Western

Alliance

Bancorp

.............

10,349

384,155

Zions

Bancorp

NA

..................

14,177

394,971

15,455,457

Beverages

—

0.3%

Brown-Forman

Corp.,

Class

A

..........

5,272

347,319

Brown-Forman

Corp.,

Class

B,

NVS

......

17,318

1,127,229

Molson

Coors

Beverage

Co.,

Class

B

.....

17,692

1,052,320

2,526,868

Biotechnology

—

2.5%

(a)

Alnylam

Pharmaceuticals,

Inc.

..........

11,606

2,311,915

Biogen,

Inc.

......................

13,584

4,132,660

BioMarin

Pharmaceutical,

Inc.

..........

17,533

1,683,869

Horizon

Therapeutics

plc

..............

21,379

2,376,490

Incyte

Corp.

......................

17,463

1,299,422

Karuna

Therapeutics,

Inc.

(b)

............

2,815

558,609

Neurocrine

Biosciences,

Inc.

...........

9,111

920,575

Sarepta

Therapeutics,

Inc.

.............

8,265

1,014,694

Seagen,

Inc.

......................

12,959

2,591,800

United

Therapeutics

Corp.

.............

4,283

985,647

17,875,681

Security

Shares

Shares

Value

Broadline

Retail

—

0.7%

Coupang,

Inc.,

Class

A

(a)

..............

96,643

$

1,619,737

eBay,

Inc.

........................

51,291

2,381,441

Etsy,

Inc.

(a)

.......................

11,856

1,197,812

5,198,990

Building

Products

—

2.2%

Advanced

Drainage

Systems,

Inc.

(b)

......

5,921

507,548

Allegion

plc

.......................

8,267

913,338

AO

Smith

Corp.

....................

11,993

819,002

Builders

FirstSource,

Inc.

(a)

............

13,847

1,312,280

Carlisle

Cos.,

Inc.

..................

4,886

1,054,643

Carrier

Global

Corp.

.................

78,695

3,291,025

Fortune

Brands

Innovations,

Inc.

........

12,141

785,401

Lennox

International,

Inc.

.............

3,061

862,927

Masco

Corp.

......................

21,301

1,139,817

Owens

Corning

....................

8,816

941,637

Trane

Technologies

plc

...............

21,610

4,015,354

15,642,972

Capital

Markets

—

4.2%

Ameriprise

Financial,

Inc.

.............

9,934

3,031,062

Ares

Management

Corp.,

Class

A

........

14,700

1,287,573

Bank

of

New

York

Mellon

Corp.

(The)

.....

69,389

2,955,277

Carlyle

Group,

Inc.

(The)

..............

20,741

629,075

Coinbase

Global,

Inc.,

Class

A

(a)(b)

........

15,016

807,711

FactSet

Research

Systems,

Inc.

.........

3,602

1,482,907

Franklin

Resources,

Inc.

..............

26,994

725,599

Interactive

Brokers

Group,

Inc.,

Class

A

....

9,687

754,133

Invesco

Ltd.

......................

43,177

739,622

Jefferies

Financial

Group,

Inc.

..........

17,128

548,610

LPL

Financial

Holdings,

Inc.

............

7,468

1,559,617

MarketAxess

Holdings,

Inc.

............

3,547

1,129,258

Morningstar,

Inc.

...................

2,354

419,742

MSCI,

Inc.

.......................

7,544

3,639,603

Nasdaq,

Inc.

......................

31,979

1,770,677

Northern

Trust

Corp.

.................

19,662

1,536,782

Raymond

James

Financial,

Inc.

.........

18,274

1,654,345

Robinhood

Markets,

Inc.,

Class

A

(a)

.......

47,833

423,322

SEI

Investments

Co.

.................

9,618

566,596

State

Street

Corp.

..................

32,926

2,379,233

T.

Rowe

Price

Group,

Inc.

.............

21,160

2,376,903

30,417,647

Chemicals

—

3.4%

Albemarle

Corp.

...................

11,052

2,049,704

Celanese

Corp.

....................

9,421

1,000,887

CF

Industries

Holdings,

Inc.

............

18,508

1,324,803

Dow,

Inc.

........................

66,497

3,617,437

DuPont

de

Nemours,

Inc.

.............

43,218

3,013,159

Eastman

Chemical

Co.

...............

11,246

947,700

FMC

Corp.

.......................

11,864

1,466,153

International

Flavors

&

Fragrances,

Inc.

....

24,053

2,332,179

LyondellBasell

Industries

NV,

Class

A

.....

23,922

2,263,260

Mosaic

Co.

(The)

...................

32,090

1,375,056

Olin

Corp.

........................

11,648

645,299

PPG

Industries,

Inc.

.................

22,172

3,109,845

RPM

International,

Inc.

...............

12,151

996,747

Westlake

Corp.

....................

3,260

370,923

24,513,152

Commercial

Services

&

Supplies

—

0.7%

Copart,

Inc.

(a)(b)

....................

40,439

3,196,703

Rollins,

Inc.

.......................

21,856

923,416

Tetra

Tech,

Inc.

....................

5,023

695,032

4,815,151

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Communications

Equipment

—

0.8%

Arista

Networks,

Inc.

(a)

...............

23,350

$

3,739,736

Ciena

Corp.

(a)

.....................

14,004

644,744

F5,

Inc.

(a)

........................

5,686

763,971

Juniper

Networks,

Inc.

...............

30,544

920,902

6,069,353

Construction

&

Engineering

—

0.6%

AECOM

.........................

13,138

1,091,111

Quanta

Services,

Inc.

................

13,481

2,286,917

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

19,764

897,285

4,275,313

Construction

Materials

—

0.6%

Martin

Marietta

Materials,

Inc.

..........

5,858

2,127,626

Vulcan

Materials

Co.

................

12,562

2,199,857

4,327,483

Consumer

Finance

—

0.6%

Ally

Financial,

Inc.

..................

28,335

747,477

Discover

Financial

Services

............

25,188

2,606,203

Synchrony

Financial

.................

41,133

1,213,835

4,567,515

Consumer

Staples

Distribution

&

Retail

—

1.7%

Albertsons

Cos.,

Inc.,

Class

A

..........

15,158

316,802

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

12,723

971,656

Casey's

General

Stores,

Inc.

...........

3,535

808,879

Dollar

Tree,

Inc.

(a)

...................

19,614

3,014,868

Kroger

Co.

(The)

...................

61,451

2,988,362

Performance

Food

Group

Co.

(a)

.........

14,771

925,994

US

Foods

Holding

Corp.

(a)(b)

............

19,252

739,277

Walgreens

Boots

Alliance,

Inc.

..........

67,534

2,380,573

12,146,411

Containers

&

Packaging

—

1.4%

Amcor

plc

........................

140,563

1,541,976

AptarGroup,

Inc.

...................

6,162

730,259

Avery

Dennison

Corp.

................

7,638

1,332,678

Ball

Corp.

........................

29,576

1,572,852

Crown

Holdings,

Inc.

................

11,275

967,169

International

Paper

Co.

...............

33,619

1,113,125

Packaging

Corp.

of

America

...........

8,745

1,182,849

Sealed

Air

Corp.

...................

13,667

655,879

WestRock

Co.

.....................

23,998

718,260

9,815,047

Distributors

—

0.7%

Genuine

Parts

Co.

..................

13,326

2,242,899

LKQ

Corp.

.......................

23,898

1,379,632

Pool

Corp.

.......................

3,684

1,294,263

4,916,794

Diversified

Consumer

Services

—

0.2%

ADT,

Inc.

........................

20,195

135,306

Service

Corp.

International

............

14,472

1,015,790

1,151,096

Diversified

REITs

—

0.2%

WP

Carey,

Inc.

....................

19,847

1,472,647

Diversified

Telecommunication

Services

—

0.0%

Lumen

Technologies,

Inc.

.............

86,712

205,507

Electric

Utilities

—

3.5%

Alliant

Energy

Corp.

.................

23,757

1,309,961

Avangrid,

Inc.

.....................

6,576

264,750

Constellation

Energy

Corp.

............

30,850

2,387,790

Edison

International

.................

36,025

2,651,440

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Entergy

Corp.

.....................

19,231

$

2,068,871

Evergy,

Inc.

.......................

21,604

1,341,825

Eversource

Energy

.................

32,858

2,550,109

FirstEnergy

Corp.

..................

51,240

2,039,352

NRG

Energy,

Inc.

...................

21,687

741,045

OGE

Energy

Corp.

..................

18,910

709,881

PG&E

Corp.

(a)(b)

....................

151,801

2,597,315

Pinnacle

West

Capital

Corp.

...........

10,653

835,834

PPL

Corp.

.......................

69,462

1,994,949

Xcel

Energy,

Inc.

...................

51,626

3,609,174

25,102,296

Electrical

Equipment

—

1.3%

AMETEK,

Inc.

.....................

21,665

2,988,254

Generac

Holdings,

Inc.

(a)(b)

.............

6,010

614,342

Hubbell,

Inc.

......................

5,056

1,361,682

Plug

Power,

Inc.

(a)(b)

.................

49,879

450,407

Regal

Rexnord

Corp.

................

6,246

812,979

Rockwell

Automation,

Inc.

.............

10,828

3,068,764

9,296,428

Electronic

Equipment,

Instruments

&

Components

—

2.1%

Arrow

Electronics,

Inc.

(a)

..............

5,517

631,310

CDW

Corp.

.......................

12,773

2,166,173

Cognex

Corp.

.....................

16,329

778,730

Corning,

Inc.

......................

71,813

2,385,628

Flex

Ltd.

(a)

........................

42,432

872,826

Jabil,

Inc.

........................

12,530

979,220

Keysight

Technologies,

Inc.

(a)

...........

16,825

2,433,568

TD

SYNNEX

Corp.

..................

3,976

354,023

Teledyne

Technologies,

Inc.

(a)

...........

4,431

1,836,206

Trimble,

Inc.

(a)

.....................

23,266

1,095,829

Zebra

Technologies

Corp.,

Class

A

(a)

......

4,879

1,405,298

14,938,811

Energy

Equipment

&

Services

—

0.9%

Baker

Hughes

Co.,

Class

A

............

95,064

2,779,671

Halliburton

Co.

....................

85,289

2,793,215

NOV,

Inc.

........................

37,300

624,775

6,197,661

Entertainment

—

1.3%

Electronic

Arts,

Inc.

.................

24,577

3,128,161

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)

......................

2,218

143,682

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)

..................

19,536

1,410,304

Live

Nation

Entertainment,

Inc.

(a)(b)

.......

13,429

910,218

ROBLOX

Corp.,

Class

A

(a)

.............

34,169

1,216,416

Roku,

Inc.,

Class

A

(a)(b)

...............

11,471

644,785

Take-Two

Interactive

Software,

Inc.

(a)

......

14,981

1,861,988

9,315,554

Financial

Services

—

1.8%

Apollo

Global

Management,

Inc.

.........

41,031

2,600,955

Block,

Inc.,

Class

A

(a)

................

50,699

3,081,992

Equitable

Holdings,

Inc.

..............

32,538

845,663

FleetCor

Technologies,

Inc.

(a)(b)

..........

6,975

1,492,092

Global

Payments,

Inc.

...............

24,819

2,797,350

Jack

Henry

&

Associates,

Inc.

..........

6,907

1,128,189

Toast,

Inc.,

Class

A

(a)(b)

...............

29,467

536,300

WEX,

Inc.

(a)

.......................

4,101

727,312

13,209,853

Food

Products

—

2.5%

Bunge

Ltd.

.......................

14,132

1,322,755

Campbell

Soup

Co.

.................

18,964

1,029,745

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Conagra

Brands,

Inc.

................

44,924

$

1,705,315

Darling

Ingredients,

Inc.

(a)(b)

............

15,064

897,363

Hershey

Co.

(The)

..................

13,864

3,785,704

Hormel

Foods

Corp.

.................

27,386

1,107,490

JM

Smucker

Co.

(The)

...............

10,085

1,557,225

Kellogg

Co.

.......................

24,146

1,684,666

Lamb

Weston

Holdings,

Inc.

...........

13,616

1,522,405

McCormick

&

Co.,

Inc.,

NVS

...........

23,652

2,077,828

Tyson

Foods,

Inc.,

Class

A

............

26,915

1,681,918

18,372,414

Gas

Utilities

—

0.3%

Atmos

Energy

Corp.

.................

13,488

1,539,520

UGI

Corp.

........................

19,774

669,943

2,209,463

Ground

Transportation

—

0.8%

Avis

Budget

Group,

Inc.

(a)

.............

2,354

415,881

Hertz

Global

Holdings,

Inc.

(a)

...........

15,261

254,554

JB

Hunt

Transport

Services,

Inc.

........

7,838

1,373,923

Knight-Swift

Transportation

Holdings,

Inc.

..

15,175

854,656

Old

Dominion

Freight

Line,

Inc.

.........

8,546

2,738,053

U-Haul

Holding

Co.

.................

907

55,381

5,692,448

Health

Care

Equipment

&

Supplies

—

3.9%

Align

Technology,

Inc.

(a)

...............

6,852

2,228,956

Baxter

International,

Inc.

..............

47,610

2,270,045

Cooper

Cos.,

Inc.

(The)

..............

4,649

1,773,361

Dentsply

Sirona,

Inc.

................

20,297

851,053

GE

HealthCare

Technologies,

Inc.

(a)

......

34,253

2,786,139

Hologic,

Inc.

(a)

.....................

23,250

1,999,732

IDEXX

Laboratories,

Inc.

(a)

.............

7,812

3,844,754

Insulet

Corp.

(a)(b)

....................

6,542

2,080,618

Novocure

Ltd.

(a)(b)

...................

8,527

561,929

ResMed,

Inc.

.....................

13,859

3,339,465

Shockwave

Medical,

Inc.

(a)

.............

3,408

988,865

STERIS

plc

.......................

9,399

1,772,181

Teleflex,

Inc.

......................

4,417

1,203,721

Zimmer

Biomet

Holdings,

Inc.

..........

19,797

2,740,697

28,441,516

Health

Care

Providers

&

Services

—

1.9%

Acadia

Healthcare

Co.,

Inc.

(a)

...........

8,649

625,236

agilon

health,

Inc.

(a)(b)

................

18,673

453,194

AmerisourceBergen

Corp.

.............

15,264

2,546,798

Cardinal

Health,

Inc.

.................

24,291

1,994,291

Chemed

Corp.

.....................

1,403

773,404

DaVita,

Inc.

(a)

......................

5,152

465,535

Henry

Schein,

Inc.

(a)

.................

12,802

1,034,530

Laboratory

Corp.

of

America

Holdings

.....

8,358

1,894,842

Molina

Healthcare,

Inc.

(a)

..............

5,509

1,641,076

Quest

Diagnostics,

Inc.

...............

10,455

1,451,259

R1

RCM,

Inc.

(a)

....................

12,928

201,547

Universal

Health

Services,

Inc.,

Class

B

...

6,090

915,631

13,997,343

Health

Care

REITs

—

1.0%

Healthpeak

Properties,

Inc.

............

51,762

1,137,211

Medical

Properties

Trust,

Inc.

...........

56,476

495,295

Omega

Healthcare

Investors,

Inc.

........

22,044

589,897

Ventas,

Inc.

......................

37,735

1,813,167

Welltower,

Inc.

.....................

44,576

3,531,311

7,566,881

Security

Shares

Shares

Value

Health

Care

Technology

—

0.3%

Veeva

Systems,

Inc.,

Class

A

(a)

.........

13,285

$

2,379,078

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts,

Inc.

............

67,682

1,094,418

Hotels,

Restaurants

&

Leisure

—

2.9%

Aramark

.........................

24,662

855,771

Caesars

Entertainment,

Inc.

(a)

..........

20,169

913,454

Carnival

Corp.

(a)

....................

94,926

874,268

Choice

Hotels

International,

Inc.

.........

2,614

333,337

Churchill

Downs,

Inc.

................

3,108

909,183

Darden

Restaurants,

Inc.

.............

11,474

1,743,245

Domino's

Pizza,

Inc.

.................

3,339

1,060,032

DoorDash,

Inc.,

Class

A

(a)(b)

............

24,760

1,515,064

Expedia

Group,

Inc.

(a)

................

13,920

1,307,923

Las

Vegas

Sands

Corp.

(a)

.............

30,970

1,977,435

MGM

Resorts

International

............

29,618

1,330,441

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

39,873

532,305

Royal

Caribbean

Cruises

Ltd.

(a)

.........

20,771

1,359,047

Vail

Resorts,

Inc.

...................

3,789

911,330

Wyndham

Hotels

&

Resorts,

Inc.

........

8,347

569,432

Wynn

Resorts

Ltd.

(a)

.................

9,709

1,109,545

Yum!

Brands,

Inc.

..................

26,415

3,713,421

21,015,233

Household

Durables

—

1.6%

DR

Horton,

Inc.

....................

29,479

3,237,384

Garmin

Ltd.

.......................

14,465

1,420,029

Lennar

Corp.,

Class

A

................

23,918

2,698,190

Lennar

Corp.,

Class

B

...............

1,336

130,687

NVR,

Inc.

(a)

.......................

286

1,670,240

PulteGroup,

Inc.

...................

21,228

1,425,460

Whirlpool

Corp.

....................

5,148

718,609

11,300,599

Household

Products

—

0.6%

Church

&

Dwight

Co.,

Inc.

.............

23,006

2,234,343

Clorox

Co.

(The)

...................

11,653

1,929,970

4,164,313

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

AES

Corp.

(The)

...................

63,012

1,490,864

Vistra

Corp.

......................

35,412

844,930

2,335,794

Industrial

REITs

—

0.3%

Americold

Realty

Trust,

Inc.

............

25,337

749,722

EastGroup

Properties,

Inc.

............

4,100

682,896

Rexford

Industrial

Realty,

Inc.

..........

17,903

998,450

2,431,068

Insurance

—

4.3%

Allstate

Corp.

(The)

.................

24,811

2,872,121

American

Financial

Group,

Inc.

.........

6,614

811,736

Arch

Capital

Group

Ltd.

(a)

.............

34,893

2,619,417

Arthur

J

Gallagher

&

Co.

..............

20,009

4,163,073

Assurant,

Inc.

.....................

5,022

618,359

Brown

&

Brown,

Inc.

.................

22,117

1,424,114

Cincinnati

Financial

Corp.

.............

14,811

1,576,483

CNA

Financial

Corp.

.................

2,669

103,851

Erie

Indemnity

Co.,

Class

A,

NVS

........

2,347

510,073

Everest

Re

Group

Ltd.

...............

3,689

1,394,442

Fidelity

National

Financial,

Inc.

..........

25,820

916,352

Globe

Life,

Inc.

....................

8,502

922,637

Hartford

Financial

Services

Group,

Inc.

(The)

29,726

2,110,249

Kinsale

Capital

Group,

Inc.

............

2,031

663,548

Lincoln

National

Corp.

...............

14,701

319,453

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Loews

Corp.

......................

18,464

$

1,062,972

Markel

Corp.

(a)

.....................

1,266

1,732,559

Old

Republic

International

Corp.

.........

26,113

659,875

Principal

Financial

Group,

Inc.

..........

21,448

1,601,951

Reinsurance

Group

of

America,

Inc.

......

6,293

895,620

Unum

Group

......................

17,585

742,087

Willis

Towers

Watson

plc

..............

10,072

2,332,675

WR

Berkley

Corp.

..................

19,215

1,132,148

31,185,795

Interactive

Media

&

Services

—

0.5%

(a)

Match

Group,

Inc.

..................

26,313

970,950

Pinterest,

Inc.,

Class

A

...............

56,020

1,288,460

Snap,

Inc.,

Class

A,

NVS

..............

92,973

809,795

ZoomInfo

Technologies,

Inc.

(b)

..........

25,439

557,368

3,626,573

IT

Services

—

2.2%

Akamai

Technologies,

Inc.

(a)

............

14,860

1,218,074

Cloudflare,

Inc.,

Class

A

(a)

.............

27,002

1,270,444

Cognizant

Technology

Solutions

Corp.,

Class

A

48,018

2,867,155

DXC

Technology

Co.

(a)

...............

21,554

514,063

EPAM

Systems,

Inc.

(a)

................

5,425

1,532,237

Gartner,

Inc.

(a)

.....................

7,455

2,254,839

GoDaddy,

Inc.,

Class

A

(a)(b)

.............

14,628

1,107,047

MongoDB,

Inc.,

Class

A

(a)

.............

6,526

1,565,979

Okta,

Inc.,

Class

A

(a)

.................

14,395

986,490

Twilio,

Inc.,

Class

A

(a)

................

16,438

864,803

VeriSign,

Inc.

(a)

....................

8,636

1,915,465

16,096,596

Leisure

Products

—

0.2%

Hasbro,

Inc.

......................

12,260

726,037

Mattel,

Inc.

(a)(b)

.....................

33,468

602,424

1,328,461

Life

Sciences

Tools

&

Services

—

2.0%

Avantor,

Inc.

(a)

.....................

63,478

1,236,551

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

2,030

915,104

Bio-Techne

Corp.

...................

14,863

1,187,256

Bruker

Corp.

(b)

.....................

9,407

744,376

Charles

River

Laboratories

International,

Inc.

(a)

4,818

915,998

Mettler-Toledo

International,

Inc.

(a)

.......

2,085

3,109,778

PerkinElmer,

Inc.

...................

11,929

1,556,615

Repligen

Corp.

(a)(b)

..................

4,858

736,619

Waters

Corp.

(a)

....................

5,613

1,685,921

West

Pharmaceutical

Services,

Inc.

......

6,984

2,522,900

14,611,118

Machinery

—

4.9%

AGCO

Corp.

......................

5,824

721,827

Chart

Industries,

Inc.

(a)(b)

..............

4,029

536,260

Cummins,

Inc.

.....................

13,329

3,132,848

Dover

Corp.

......................

13,175

1,925,658

Fortive

Corp.

......................

33,291

2,100,329

Graco,

Inc.

.......................

15,916

1,261,980

IDEX

Corp.

.......................

7,104

1,465,697

Ingersoll

Rand,

Inc.

.................

38,269

2,182,098

Lincoln

Electric

Holdings,

Inc.

..........

5,450

914,510

Middleby

Corp.

(The)

(a)

...............

5,069

714,121

Nordson

Corp.

.....................

5,079

1,098,639

Otis

Worldwide

Corp.

................

39,138

3,338,471

PACCAR,

Inc.

.....................

49,244

3,678,034

Parker-Hannifin

Corp.

................

12,101

3,931,373

Pentair

plc

.......................

15,475

898,788

RBC

Bearings,

Inc.

(a)(b)

...............

2,732

620,191

Snap-on,

Inc.

.....................

5,019

1,301,979

Security

Shares

Shares

Value

Machinery

(continued)

Stanley

Black

&

Decker,

Inc.

...........

13,972

$

1,206,343

Toro

Co.

(The)

.....................

9,907

1,032,904

Westinghouse

Air

Brake

Technologies

Corp.

.

17,141

1,674,161

Xylem,

Inc.

.......................

17,005

1,765,799

35,502,010

Media

—

1.5%

Fox

Corp.,

Class

A,

NVS

..............

28,108

934,872

Fox

Corp.,

Class

B

..................

13,007

397,234

Interpublic

Group

of

Cos.,

Inc.

(The)

......

36,652

1,309,576

Liberty

Broadband

Corp.,

Class

A

(a)

.......

1,573

132,965

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)

..

11,332

960,727

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(a)

(b)

...........................

7,076

198,836

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C,

NVS

(a)

........................

14,448

403,677

News

Corp.,

Class

A,

NVS

............

36,268

638,680

News

Corp.,

Class

B

................

11,287

200,344

Omnicom

Group,

Inc.

................

19,110

1,730,793

Paramount

Global,

Class

A

(b)

...........

746

19,739

Paramount

Global,

Class

B,

NVS

........

47,515

1,108,525

Sirius

XM

Holdings,

Inc.

(b)

.............

66,120

251,256

Trade

Desk,

Inc.

(The),

Class

A

(a)

........

41,982

2,701,122

10,988,346

Metals

&

Mining

—

1.6%

Alcoa

Corp.

.......................

16,801

623,989

Cleveland-Cliffs,

Inc.

(a)

...............

48,772

750,113

Newmont

Corp.

....................

74,879

3,549,265

Nucor

Corp.

......................

23,868

3,536,760

Reliance

Steel

&

Aluminum

Co.

.........

5,527

1,369,591

Steel

Dynamics,

Inc.

.................

15,724

1,634,510

11,464,228

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Annaly

Capital

Management,

Inc.

........

44,338

885,873

Multi-Utilities

—

2.5%

Ameren

Corp.

.....................

24,349

2,166,331

CenterPoint

Energy,

Inc.

..............

59,388

1,809,552

CMS

Energy

Corp.

..................

27,544

1,714,889

Consolidated

Edison,

Inc.

.............

33,477

3,296,480

DTE

Energy

Co.

...................

18,277

2,054,518

NiSource,

Inc.

.....................

38,216

1,087,627

Public

Service

Enterprise

Group,

Inc.

.....

47,070

2,974,824

WEC

Energy

Group,

Inc.

..............

29,757

2,861,731

17,965,952

Office

REITs

—

0.4%

Alexandria

Real

Estate

Equities,

Inc.

......

14,853

1,844,446

Boston

Properties,

Inc.

...............

13,528

721,854

2,566,300

Oil,

Gas

&

Consumable

Fuels

—

2.6%

Antero

Resources

Corp.

(a)

.............

26,244

603,350

APA

Corp.

.......................

30,361

1,118,803

Chesapeake

Energy

Corp.

............

10,170

840,856

Coterra

Energy,

Inc.

.................

74,382

1,904,179

Diamondback

Energy,

Inc.

.............

17,337

2,465,321

EQT

Corp.

.......................

34,661

1,207,589

HF

Sinclair

Corp.

...................

12,657

558,300

Marathon

Oil

Corp.

..................

59,796

1,444,671

Matador

Resources

Co.

..............

10,546

517,070

Murphy

Oil

Corp.

...................

13,739

504,359

New

Fortress

Energy,

Inc.,

Class

A

.......

4,579

138,698

ONEOK,

Inc.

......................

42,164

2,757,947

Ovintiv,

Inc.

.......................

23,262

839,293

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Range

Resources

Corp.

..............

22,706

$

600,574

Southwestern

Energy

Co.

(a)

............

103,717

538,291

Targa

Resources

Corp.

...............

21,324

1,610,602

Texas

Pacific

Land

Corp.

..............

581

858,515

18,508,418

Passenger

Airlines

—

0.8%

(a)

American

Airlines

Group,

Inc.

...........

61,372

837,114

Delta

Air

Lines,

Inc.

(b)

................

60,493

2,075,515

Southwest

Airlines

Co.

...............

56,063

1,698,148

United

Airlines

Holdings,

Inc.

(b)

..........

30,943

1,355,304

5,966,081

Pharmaceuticals

—

0.6%

Catalent,

Inc.

(a)

....................

16,960

850,035

Jazz

Pharmaceuticals

plc

(a)

............

5,918

831,301

Organon

&

Co.

....................

24,019

591,588

Royalty

Pharma

plc,

Class

A

...........

34,864

1,225,470

Viatris,

Inc.

.......................

114,775

1,070,851

4,569,245

Professional

Services

—

2.9%

Booz

Allen

Hamilton

Holding

Corp.

.......

12,516

1,198,032

Broadridge

Financial

Solutions,

Inc.

......

11,125

1,617,686

Ceridian

HCM

Holding,

Inc.

(a)

...........

14,556

924,015

Clarivate

plc

(a)

.....................

40,748

361,027

Concentrix

Corp.

...................

4,028

388,742

CoStar

Group,

Inc.

(a)

.................

38,366

2,952,264

Equifax,

Inc.

......................

11,556

2,408,039

Genpact

Ltd.

......................

15,875

707,231

Jacobs

Solutions,

Inc.

................

11,932

1,377,669

Leidos

Holdings,

Inc.

................

12,861

1,199,417

Paycom

Software,

Inc.

(a)

..............

4,539

1,317,989

Paylocity

Holding

Corp.

(a)

.............

3,916

756,924

Robert

Half

International,

Inc.

...........

10,196

744,308

SS&C

Technologies

Holdings,

Inc.

.......

20,656

1,209,202

TransUnion

.......................

18,238

1,254,957

Verisk

Analytics,

Inc.

.................

14,753

2,863,705

21,281,207

Real

Estate

Management

&

Development

—

0.5%

(a)

CBRE

Group,

Inc.,

Class

A

............

29,806

2,284,928

Jones

Lang

LaSalle,

Inc.

..............

4,464

620,674

Zillow

Group,

Inc.,

Class

A

.............

5,447

233,023

Zillow

Group,

Inc.,

Class

C,

NVS

(b)

.......

15,461

673,172

3,811,797

Residential

REITs

—

2.1%

American

Homes

4

Rent,

Class

A

........

28,864

960,017

AvalonBay

Communities,

Inc.

..........

13,197

2,380,343

Camden

Property

Trust

...............

10,426

1,147,381

Equity

LifeStyle

Properties,

Inc.

.........

16,459

1,134,025

Equity

Residential

..................

32,119

2,031,527

Essex

Property

Trust,

Inc.

.............

6,094

1,339,034

Invitation

Homes,

Inc.

................

54,893

1,831,779

Mid-America

Apartment

Communities,

Inc.

..

10,911

1,678,112

Sun

Communities,

Inc.

...............

11,704

1,626,037

UDR,

Inc.

........................

29,094

1,202,455

15,330,710

Retail

REITs

—

1.6%

Brixmor

Property

Group,

Inc.

...........

28,319

604,044

Federal

Realty

Investment

Trust

.........

6,943

686,593

Kimco

Realty

Corp.

.................

58,517

1,122,941

National

Retail

Properties,

Inc.

..........

17,179

747,287

Realty

Income

Corp.

.................

59,165

3,717,929

Regency

Centers

Corp.

..............

14,481

889,568

Security

Shares

Shares

Value

Retail

REITs

(continued)

Simon

Property

Group,

Inc.

............

30,844

$

3,495,242

11,263,604

Semiconductors

&

Semiconductor

Equipment

—

2.8%

Entegris,

Inc.

......................

14,025

1,050,753

First

Solar,

Inc.

(a)

...................

9,349

1,706,940

Marvell

Technology,

Inc.

..............

80,488

3,177,666

Microchip

Technology,

Inc.

.............

51,678

3,771,977

Monolithic

Power

Systems,

Inc.

.........

4,221

1,949,975

ON

Semiconductor

Corp.

(a)

............

40,750

2,932,370

Qorvo,

Inc.

(a)

......................

9,456

870,709

Skyworks

Solutions,

Inc.

..............

14,988

1,587,229

SolarEdge

Technologies,

Inc.

(a)(b)

........

5,273

1,506,127

Teradyne,

Inc.

.....................

14,715

1,344,657

Wolfspeed,

Inc.

(a)(b)

..................

11,787

548,685

20,447,088

Software

—

4.2%

ANSYS,

Inc.

(a)

.....................

8,218

2,579,795

Aspen

Technology,

Inc.

(a)

..............

2,770

490,290

Atlassian

Corp.,

Class

A

(a)

.............

14,161

2,091,013

Bentley

Systems,

Inc.,

Class

B

(b)

.........

18,506

787,615

BILL

Holdings,

Inc.

(a)

.................

9,016

692,519

Black

Knight,

Inc.

(a)

..................

14,675

801,842

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

20,592

2,472,070

Datadog,

Inc.,

Class

A

(a)

..............

23,418

1,577,905

DocuSign,

Inc.

(a)

...................

19,020

940,349

Dynatrace,

Inc.

(a)

...................

20,474

865,641

Fair

Isaac

Corp.

(a)

...................

2,370

1,725,241

Gen

Digital,

Inc.

....................

53,849

951,512

HubSpot,

Inc.

(a)

....................

4,579

1,927,530

Manhattan

Associates,

Inc.

(a)

...........

5,907

978,672

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

165,930

1,285,957

Procore

Technologies,

Inc.

(a)

...........

6,491

346,684

PTC,

Inc.

(a)

.......................

10,016

1,259,913

Splunk,

Inc.

(a)

.....................

14,257

1,229,524

Tyler

Technologies,

Inc.

(a)

.............

3,920

1,485,798

Unity

Software,

Inc.

(a)(b)

...............

22,953

619,042

Workday,

Inc.,

Class

A

(a)

..............

19,057

3,547,270

Zoom

Video

Communications,

Inc.,

Class

A

(a)

20,364

1,250,960

Zscaler,

Inc.

(a)(b)

....................

8,002

720,980

30,628,122

Specialized

REITs

—

2.5%

CubeSmart

.......................

21,145

961,886

Digital

Realty

Trust,

Inc.

..............

27,124

2,689,345

Extra

Space

Storage,

Inc.

.............

12,655

1,924,066

Gaming

and

Leisure

Properties,

Inc.

......

24,362

1,266,824

Iron

Mountain,

Inc.

..................

27,499

1,519,045

Lamar

Advertising

Co.,

Class

A

.........

8,209

867,527

Life

Storage,

Inc.

...................

8,014

1,076,921

SBA

Communications

Corp.

...........

10,186

2,657,426

VICI

Properties,

Inc.

.................

94,686

3,213,643

Weyerhaeuser

Co.

..................

69,130

2,067,678

18,244,361

Specialty

Retail

—

2.4%

Advance

Auto

Parts,

Inc.

..............

5,610

704,223

Bath

&

Body

Works,

Inc.

..............

21,661

760,301

Best

Buy

Co.,

Inc.

..................

18,549

1,382,272

Burlington

Stores,

Inc.

(a)

..............

6,137

1,183,275

CarMax,

Inc.

(a)(b)

....................

14,946

1,046,668

Five

Below,

Inc.

(a)(b)

..................

5,223

1,030,811

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

9,991

992,506

GameStop

Corp.,

Class

A

(a)(b)

...........

23,997

462,902

Murphy

USA,

Inc.

..................

1,894

521,286

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Penske

Automotive

Group,

Inc.

(b)

........

2,347

$

325,247

Ross

Stores,

Inc.

...................

32,487

3,467,338

Tractor

Supply

Co.

..................

10,415

2,482,936

Ulta

Beauty,

Inc.

(a)

..................

4,800

2,646,864

Williams-Sonoma,

Inc.

...............

6,302

762,794

17,769,423

Technology

Hardware,

Storage

&

Peripherals

—

1.3%

Dell

Technologies,

Inc.,

Class

C

.........

22,938

997,574

Hewlett

Packard

Enterprise

Co.

.........

120,860

1,730,715

HP,

Inc.

.........................

81,535

2,422,405

NetApp,

Inc.

......................

20,407

1,283,396

Pure

Storage,

Inc.,

Class

A

(a)

...........

26,698

609,515

Seagate

Technology

Holdings

plc

........

18,073

1,062,150

Western

Digital

Corp.

(a)

...............

30,063

1,035,370

9,141,125

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Deckers

Outdoor

Corp.

(a)

..............

2,485

1,191,160

Tapestry,

Inc.

......................

22,348

912,022

VF

Corp.

........................

31,194

733,371

2,836,553

Trading

Companies

&

Distributors

—

1.3%

Fastenal

Co.

......................

53,851

2,899,338

United

Rentals,

Inc.

(a)

................

6,544

2,363,104

Watsco,

Inc.

......................

3,131

1,084,515

WW

Grainger,

Inc.

..................

4,242

2,950,608

9,297,565

Security

Shares

Shares

Value

Water

Utilities

—

0.5%

American

Water

Works

Co.,

Inc.

.........

18,204

$

2,698,743

Essential

Utilities,

Inc.

................

22,447

958,487

3,657,230

Total

Long-Term

Investments

—

99.6%

(Cost:

$700,716,483)

.............................

722,028,687

Short-Term

Securities

Money

Market

Funds

—

4.8%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.02%

(e)

............

32,603,869

32,613,650

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.75%

..................

2,036,626

2,036,626

Total

Short-Term

Securities

—

4.8%

(Cost:

$34,637,489)

..............................

34,650,276

Total

Investments

—

104.4%

(Cost:

$735,353,972

)

.............................

756,678,963

Liabilities

in

Excess

of

Other

Assets

—

(4.4)%

............

(32,051,930)

Net

Assets

—

100.0%

..............................

$

724,627,033

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/23

Shares

Held

at

04/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

36,799,614

$

—

$

(4,191,767)

(a)

$

1,042

$

4,761

$

32,613,650

32,603,869

$

257,958

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,172,000

864,626

(a)

—

—

—

2,036,626

2,036,626

44,188

1

$

1,042

$

4,761

$

34,650,276

$

302,146

$

1

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

29

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

NASDAQ

100

E-Mini

Index

...................................................

2

06/16/23

$

533

$

8,055

S&P

Midcap

400

E-Mini

Index

.................................................

8

06/16/23

2,000

9,350

$

17,405

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)

......

$

—

$

—

$

17,405

$

—

$

—

$

—

$

17,405

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(136,530)

$

—

$

—

$

—

$

(136,530)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

96,416

$

—

$

—

$

—

$

96,416

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,868,345

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

ETF

30

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

722,028,687

$

—

$

—

$

722,028,687

Short-Term

Securities

Money

Market

Funds

......................................

34,650,276

—

—

34,650,276

$

756,678,963

$

—

$

—

$

756,678,963

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

17,405

$

—

$

—

$

17,405

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.3%

Axon

Enterprise,

Inc.

(a)

...............

24,509

$

5,164,291

HEICO

Corp.

.....................

14,479

2,441,739

HEICO

Corp.,

Class

A

................

25,404

3,409,979

Howmet

Aerospace,

Inc.

..............

133,622

5,918,118

Huntington

Ingalls

Industries,

Inc.

........

14,459

2,915,802

Textron,

Inc.

(b)

.....................

48,298

3,233,068

TransDigm

Group,

Inc.

...............

11,248

8,604,720

31,687,717

Air

Freight

&

Logistics

—

0.1%

CH

Robinson

Worldwide,

Inc.

..........

16,066

1,620,577

Automobile

Components

—

0.6%

Aptiv

plc

(a)

........................

58,797

6,047,860

BorgWarner,

Inc.

...................

28,056

1,350,335

Lear

Corp.

.......................

9,379

1,197,323

8,595,518

Automobiles

—

0.1%

Lucid

Group,

Inc.

(a)(b)

.................

232,590

1,846,765

Banks

—

0.4%

Comerica,

Inc.

.....................

15,267

662,130

Commerce

Bancshares,

Inc.

...........

12,779

713,707

Cullen/Frost

Bankers,

Inc.

.............

8,713

960,608

First

Citizens

BancShares,

Inc.,

Class

A

....

2,060

2,074,791

First

Republic

Bank

(b)

................

67,526

237,016

Western

Alliance

Bancorp

.............

15,014

557,320

5,205,572

Beverages

—

0.4%

Brown-Forman

Corp.,

Class

A

..........

20,318

1,338,550

Brown-Forman

Corp.,

Class

B,

NVS

......

66,329

4,317,354

5,655,904

Biotechnology

—

3.3%

(a)

Alnylam

Pharmaceuticals,

Inc.

..........

44,636

8,891,491

BioMarin

Pharmaceutical,

Inc.

..........

67,405

6,473,576

Horizon

Therapeutics

plc

..............

48,393

5,379,366

Incyte

Corp.

......................

67,148

4,996,483

Karuna

Therapeutics,

Inc.

(b)

............

10,827

2,148,510

Neurocrine

Biosciences,

Inc.

...........

35,109

3,547,413

Sarepta

Therapeutics,

Inc.

.............

31,814

3,905,805

Seagen,

Inc.

......................

49,844

9,968,800

United

Therapeutics

Corp.

.............

5,412

1,245,464

46,556,908

Broadline

Retail

—

0.3%

Etsy,

Inc.

(a)(b)

......................

45,601

4,607,069

Building

Products

—

1.8%

Advanced

Drainage

Systems,

Inc.

(b)

......

22,736

1,948,930

Allegion

plc

.......................

14,398

1,590,691

AO

Smith

Corp.

....................

20,558

1,403,906

Builders

FirstSource,

Inc.

(a)

............

21,010

1,991,118

Carlisle

Cos.,

Inc.

..................

12,415

2,679,778

Carrier

Global

Corp.

.................

97,448

4,075,275

Lennox

International,

Inc.

.............

5,666

1,597,302

Owens

Corning

....................

10,810

1,154,616

Trane

Technologies

plc

...............

47,501

8,826,161

25,267,777

Capital

Markets

—

4.0%

Ameriprise

Financial,

Inc.

.............

15,354

4,684,812

Ares

Management

Corp.,

Class

A

........

56,603

4,957,857

FactSet

Research

Systems,

Inc.

.........

13,870

5,710,140

Security

Shares

Shares

Value

Capital

Markets

(continued)

Interactive

Brokers

Group,

Inc.,

Class

A

....

37,305

$

2,904,194

LPL

Financial

Holdings,

Inc.

............

28,740

6,002,062

MarketAxess

Holdings,

Inc.

............

13,673

4,353,073

Morningstar,

Inc.

...................

9,060

1,615,489

MSCI,

Inc.

.......................

29,007

13,994,427

Nasdaq,

Inc.

......................

58,687

3,249,499

Raymond

James

Financial,

Inc.

.........

70,367

6,370,325

Robinhood

Markets,

Inc.,

Class

A

(a)(b)

......

186,275

1,648,534

SEI

Investments

Co.

.................

20,139

1,186,388

56,676,800

Chemicals

—

1.3%

Albemarle

Corp.

...................

42,507

7,883,348

FMC

Corp.

.......................

16,261

2,009,534

LyondellBasell

Industries

NV,

Class

A

.....

32,368

3,062,337

Olin

Corp.

........................

26,667

1,477,352

RPM

International,

Inc.

...............

29,147

2,390,928

Westlake

Corp.

....................

6,514

741,163

17,564,662

Commercial

Services

&

Supplies

—

1.3%

Copart,

Inc.

(a)

.....................

155,529

12,294,567

Rollins,

Inc.

.......................

83,954

3,547,057

Tetra

Tech,

Inc.

....................

19,278

2,667,497

18,509,121

Communications

Equipment

—

1.3%

(a)

Arista

Networks,

Inc.

................

89,800

14,382,368

Ciena

Corp.

......................

53,714

2,472,993

F5,

Inc.

(b)

........................

9,329

1,253,444

18,108,805

Construction

&

Engineering

—

0.8%

AECOM

.........................

24,085

2,000,259

Quanta

Services,

Inc.

................

31,311

5,311,598

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

75,769

3,439,913

10,751,770

Construction

Materials

—

1.2%

Martin

Marietta

Materials,

Inc.

..........

22,517

8,178,174

Vulcan

Materials

Co.

................

48,214

8,443,236

16,621,410

Consumer

Finance

—

0.4%

Discover

Financial

Services

............

59,024

6,107,213

Consumer

Staples

Distribution

&

Retail

—

1.4%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

20,436

1,560,697

Casey's

General

Stores,

Inc.

...........

8,053

1,842,687

Dollar

Tree,

Inc.

(a)(b)

.................

75,432

11,594,653

Performance

Food

Group

Co.

(a)(b)

........

56,710

3,555,150

US

Foods

Holding

Corp.

(a)

.............

37,632

1,445,069

19,998,256

Containers

&

Packaging

—

0.5%

AptarGroup,

Inc.

...................

11,042

1,308,587

Avery

Dennison

Corp.

................

15,287

2,667,276

Crown

Holdings,

Inc.

................

19,073

1,636,082

Sealed

Air

Corp.

...................

18,173

872,122

6,484,067

Distributors

—

0.6%

Genuine

Parts

Co.

..................

22,219

3,739,680

LKQ

Corp.

.......................

31,079

1,794,191

Pool

Corp.

.......................

9,292

3,264,465

8,798,336

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Consumer

Services

—

0.2%

Service

Corp.

International

............

34,556

$

2,425,486

Electric

Utilities

—

0.8%

Constellation

Energy

Corp.

............

118,645

9,183,123

NRG

Energy,

Inc.

...................

46,216

1,579,201

10,762,324

Electrical

Equipment

—

1.9%

AMETEK,

Inc.

.....................

83,321

11,492,466

Generac

Holdings,

Inc.

(a)

..............

11,256

1,150,588

Hubbell,

Inc.

......................

19,445

5,236,927

Plug

Power,

Inc.

(a)(b)

.................

190,294

1,718,355

Rockwell

Automation,

Inc.

.............

25,044

7,097,720

26,696,056

Electronic

Equipment,

Instruments

&

Components

—

2.8%

CDW

Corp.

.......................

49,121

8,330,430

Cognex

Corp.

.....................

62,637

2,987,159

Corning,

Inc.

......................

85,809

2,850,575

Flex

Ltd.

(a)

........................

57,596

1,184,750

Jabil,

Inc.

........................

29,867

2,334,106

Keysight

Technologies,

Inc.

(a)

...........

64,702

9,358,497

Teledyne

Technologies,

Inc.

(a)

...........

16,996

7,043,142

Trimble,

Inc.

(a)

.....................

52,113

2,454,522

Zebra

Technologies

Corp.,

Class

A

(a)

......

11,587

3,337,404

39,880,585

Energy

Equipment

&

Services

—

0.8%

Baker

Hughes

Co.,

Class

A

............

216,225

6,322,419

Halliburton

Co.

....................

167,034

5,470,363

11,792,782

Entertainment

—

2.0%

Electronic

Arts,

Inc.

.................

55,332

7,042,657

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)

......................

5,049

327,074

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)

..................

43,796

3,161,633

Live

Nation

Entertainment,

Inc.

(a)

........

51,784

3,509,920

ROBLOX

Corp.,

Class

A

(a)(b)

............

131,555

4,683,358

Roku,

Inc.,

Class

A

(a)(b)

...............

44,189

2,483,864

Take-Two

Interactive

Software,

Inc.

(a)

......

57,512

7,148,166

28,356,672

Financial

Services

—

2.4%

Apollo

Global

Management,

Inc.

.........

92,579

5,868,583

Block,

Inc.,

Class

A

(a)

................

194,982

11,852,956

FleetCor

Technologies,

Inc.

(a)(b)

..........

13,407

2,868,025

Global

Payments,

Inc.

...............

42,395

4,778,340

Jack

Henry

&

Associates,

Inc.

..........

26,526

4,332,757

Toast,

Inc.,

Class

A

(a)(b)

...............

113,046

2,057,437

WEX,

Inc.

(a)

.......................

9,313

1,651,661

33,409,759

Food

Products

—

1.9%

Darling

Ingredients,

Inc.

(a)

.............

22,727

1,353,847

Hershey

Co.

(The)

..................

53,326

14,561,198

Hormel

Foods

Corp.

.................

54,626

2,209,075

Lamb

Weston

Holdings,

Inc.

...........

52,152

5,831,115

McCormick

&

Co.,

Inc.,

NVS

...........

38,149

3,351,390

27,306,625

Gas

Utilities

—

0.2%

Atmos

Energy

Corp.

.................

19,839

2,264,423

Ground

Transportation

—

1.3%

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

24,322

405,691

JB

Hunt

Transport

Services,

Inc.

........

30,118

5,279,384

Security

Shares

Shares

Value

Ground

Transportation

(continued)

Knight-Swift

Transportation

Holdings,

Inc.

..

22,150

$

1,247,488

Old

Dominion

Freight

Line,

Inc.

(b)

........

32,867

10,530,258

U-Haul

Holding

Co.

.................

1,308

79,867

17,542,688

Health

Care

Equipment

&

Supplies

—

4.8%

Align

Technology,

Inc.

(a)

...............

26,355

8,573,282

Cooper

Cos.,

Inc.

(The)

(b)

.............

10,774

4,109,742

Hologic,

Inc.

(a)

.....................

50,616

4,353,482

IDEXX

Laboratories,

Inc.

(a)(b)

...........

30,050

14,789,408

Insulet

Corp.

(a)

.....................

25,198

8,013,972

Novocure

Ltd.

(a)(b)

...................

32,746

2,157,962

ResMed,

Inc.

.....................

53,297

12,842,445

Shockwave

Medical,

Inc.

(a)

.............

13,108

3,803,417

STERIS

plc

.......................

36,014

6,790,440

Teleflex,

Inc.

......................

7,968

2,171,439

67,605,589

Health

Care

Providers

&

Services

—

0.7%

Acadia

Healthcare

Co.,

Inc.

(a)

...........

33,016

2,386,727

agilon

health,

Inc.

(a)(b)

................

71,897

1,744,940

Chemed

Corp.

.....................

2,576

1,420,020

Molina

Healthcare,

Inc.

(a)

..............

13,173

3,924,105

R1

RCM,

Inc.

(a)

....................

49,476

771,331

10,247,123

Health

Care

REITs

—

0.7%

Healthpeak

Properties,

Inc.

............

103,891

2,282,485

Ventas,

Inc.

......................

48,768

2,343,303

Welltower,

Inc.

.....................

65,195

5,164,748

9,790,536

Health

Care

Technology

—

0.7%

Veeva

Systems,

Inc.,

Class

A

(a)

.........

51,128

9,156,002

Hotel

&

Resort

REITs

—

0.3%

Host

Hotels

&

Resorts,

Inc.

............

259,308

4,193,010

Hotels,

Restaurants

&

Leisure

—

3.3%

Aramark

.........................

39,119

1,357,429

Caesars

Entertainment,

Inc.

(a)

..........

77,822

3,524,558

Choice

Hotels

International,

Inc.

(b)

........

10,071

1,284,254

Churchill

Downs,

Inc.

................

11,928

3,489,298

Darden

Restaurants,

Inc.

.............

18,139

2,755,858

Domino's

Pizza,

Inc.

.................

8,487

2,694,368

DoorDash,

Inc.,

Class

A

(a)

.............

95,359

5,835,017

Las

Vegas

Sands

Corp.

(a)

.............

70,919

4,528,178

MGM

Resorts

International

............

114,368

5,137,411

Royal

Caribbean

Cruises

Ltd.

(a)

.........

42,127

2,756,370

Vail

Resorts,

Inc.

...................

14,611

3,514,238

Wyndham

Hotels

&

Resorts,

Inc.

........

20,874

1,424,024

Yum!

Brands,

Inc.

..................

60,501

8,505,231

46,806,234

Household

Durables

—

0.3%

Lennar

Corp.,

Class

A

................

31,117

3,510,309

Lennar

Corp.,

Class

B

...............

1,813

177,347

3,687,656

Household

Products

—

0.6%

Church

&

Dwight

Co.,

Inc.

.............

39,701

3,855,761

Clorox

Co.

(The)

...................

26,699

4,421,888

8,277,649

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Vistra

Corp.

......................

53,882

1,285,625

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Industrial

REITs

—

0.5%

EastGroup

Properties,

Inc.

............

15,777

$

2,627,817

Rexford

Industrial

Realty,

Inc.

..........

68,741

3,833,686

6,461,503

Insurance

—

3.7%

American

Financial

Group,

Inc.

.........

9,718

1,192,690

Arch

Capital

Group

Ltd.

(a)

.............

58,995

4,428,755

Arthur

J

Gallagher

&

Co.

..............

76,949

16,010,009

Brown

&

Brown,

Inc.

.................

85,255

5,489,569

Cincinnati

Financial

Corp.

.............

19,432

2,068,342

Erie

Indemnity

Co.,

Class

A,

NVS

........

9,036

1,963,794

Everest

Re

Group

Ltd.

...............

4,576

1,729,728

Kinsale

Capital

Group,

Inc.

............

7,887

2,576,762

Markel

Corp.

(a)

.....................

4,871

6,666,110

Willis

Towers

Watson

plc

..............

21,063

4,878,191

WR

Berkley

Corp.

..................

73,818

4,349,356

51,353,306

Interactive

Media

&

Services

—

1.0%

(a)

Match

Group,

Inc.

..................

101,297

3,737,860

Pinterest,

Inc.,

Class

A

...............

215,590

4,958,570

Snap,

Inc.,

Class

A,

NVS

..............

356,975

3,109,252

ZoomInfo

Technologies,

Inc.

...........

98,143

2,150,313

13,955,995

IT

Services

—

3.3%

(a)

Akamai

Technologies,

Inc.

.............

27,969

2,292,619

Cloudflare,

Inc.,

Class

A

(b)

.............

103,918

4,889,342

EPAM

Systems,

Inc.

.................

20,853

5,889,721

Gartner,

Inc.

......................

28,672

8,672,133

GoDaddy,

Inc.,

Class

A

...............

56,257

4,257,530

MongoDB,

Inc.,

Class

A

..............

25,123

6,028,515

Okta,

Inc.,

Class

A

..................

55,523

3,804,991

Twilio,

Inc.,

Class

A

.................

63,317

3,331,107

VeriSign,

Inc.

.....................

33,228

7,369,971

46,535,929

Leisure

Products

—

0.1%

Mattel,

Inc.

(a)

......................

61,001

1,098,018

Life

Sciences

Tools

&

Services

—

3.3%

Avantor,

Inc.

(a)

.....................

155,608

3,031,244

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

7,818

3,524,276

Bio-Techne

Corp.

...................

57,163

4,566,180

Bruker

Corp.

......................

36,228

2,866,722

Charles

River

Laboratories

International,

Inc.

(a)

18,424

3,502,771

Mettler-Toledo

International,

Inc.

(a)

.......

8,019

11,960,338

Repligen

Corp.

(a)(b)

..................

18,736

2,840,940

Waters

Corp.

(a)(b)

...................

13,910

4,178,008

West

Pharmaceutical

Services,

Inc.

......

26,859

9,702,545

46,173,024

Machinery

—

5.4%

Chart

Industries,

Inc.

(a)(b)

..............

15,467

2,058,658

Dover

Corp.

......................

25,496

3,726,495

Fortive

Corp.

......................

74,560

4,703,990

Graco,

Inc.

.......................

61,096

4,844,302

IDEX

Corp.

.......................

27,344

5,641,614

Ingersoll

Rand,

Inc.

(b)

................

146,911

8,376,865

Lincoln

Electric

Holdings,

Inc.

..........

20,928

3,511,719

Middleby

Corp.

(The)

(a)

...............

8,456

1,191,281

Nordson

Corp.

.....................

19,488

4,215,449

Otis

Worldwide

Corp.

................

56,510

4,820,303

PACCAR,

Inc.

.....................

102,075

7,623,982

Parker-Hannifin

Corp.

................

22,289

7,241,250

RBC

Bearings,

Inc.

(a)(b)

...............

10,515

2,387,010

Toro

Co.

(The)

.....................

38,050

3,967,093

Security

Shares

Shares

Value

Machinery

(continued)

Westinghouse

Air

Brake

Technologies

Corp.

.

39,521

$

3,860,016

Xylem,

Inc.

.......................

65,366

6,787,606

74,957,633

Media

—

1.1%

Liberty

Broadband

Corp.,

Class

A

(a)

.......

5,901

498,812

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)

..

43,375

3,677,332

Sirius

XM

Holdings,

Inc.

(b)

.............

131,712

500,506

Trade

Desk,

Inc.

(The),

Class

A

(a)

........

161,557

10,394,577

15,071,227

Metals

&

Mining

—

0.5%

Nucor

Corp.

......................

51,122

7,575,258

Multi-Utilities

—

0.5%

Ameren

Corp.

.....................

32,168

2,861,987

CenterPoint

Energy,

Inc.

..............

73,093

2,227,144

CMS

Energy

Corp.

..................

35,811

2,229,593

7,318,724

Office

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.

......

24,918

3,094,317

Oil,

Gas

&

Consumable

Fuels

—

1.8%

APA

Corp.

.......................

62,548

2,304,894

Coterra

Energy,

Inc.

.................

140,475

3,596,160

EQT

Corp.

.......................

67,579

2,354,452

HF

Sinclair

Corp.

...................

15,878

700,379

Marathon

Oil

Corp.

..................

114,033

2,755,037

Matador

Resources

Co.

..............

27,093

1,328,370

Murphy

Oil

Corp.

...................

24,072

883,683

New

Fortress

Energy,

Inc.,

Class

A

.......

17,354

525,653

Ovintiv,

Inc.

.......................

44,579

1,608,410

Range

Resources

Corp.

..............

41,629

1,101,087

Southwestern

Energy

Co.

(a)

............

138,295

717,751

Targa

Resources

Corp.

...............

46,910

3,543,112

Texas

Pacific

Land

Corp.

..............

2,236

3,304,026

24,723,014

Passenger

Airlines

—

0.6%

(a)

American

Airlines

Group,

Inc.

(b)

..........

125,640

1,713,729

Delta

Air

Lines,

Inc.

.................

112,399

3,856,410

Southwest

Airlines

Co.

...............

114,723

3,474,960

9,045,099

Pharmaceuticals

—

0.1%

Catalent,

Inc.

(a)(b)

...................

36,124

1,810,535

Professional

Services

—

4.1%

Booz

Allen

Hamilton

Holding

Corp.

.......

28,226

2,701,793

Broadridge

Financial

Solutions,

Inc.

......

42,769

6,219,040

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

55,903

3,548,722

Clarivate

plc

(a)

.....................

73,263

649,110

Concentrix

Corp.

...................

6,446

622,104

CoStar

Group,

Inc.

(a)

.................

147,548

11,353,819

Equifax,

Inc.

......................

29,559

6,159,504

Genpact

Ltd.

......................

31,535

1,404,884

Jacobs

Solutions,

Inc.

................

20,060

2,316,128

Paycom

Software,

Inc.

(a)

..............

17,473

5,073,635

Paylocity

Holding

Corp.

(a)

.............

14,937

2,887,173

TransUnion

.......................

42,248

2,907,085

Verisk

Analytics,

Inc.

.................

56,737

11,013,219

56,856,216

Real

Estate

Management

&

Development

—

0.5%

(a)

CBRE

Group,

Inc.,

Class

A

............

37,579

2,880,806

Zillow

Group,

Inc.,

Class

A

(b)

...........

21,118

903,428

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

(continued)

Zillow

Group,

Inc.,

Class

C,

NVS

(b)

.......

59,211

$

2,578,047

6,362,281

Residential

REITs

—

3.0%

American

Homes

4

Rent,

Class

A

........

70,267

2,337,081

AvalonBay

Communities,

Inc.

..........

30,271

5,459,980

Camden

Property

Trust

...............

40,034

4,405,742

Equity

LifeStyle

Properties,

Inc.

.........

39,770

2,740,153

Equity

Residential

..................

75,567

4,779,613

Essex

Property

Trust,

Inc.

.............

9,910

2,177,524

Invitation

Homes,

Inc.

................

210,655

7,029,557

Mid-America

Apartment

Communities,

Inc.

..

21,673

3,333,307

Sun

Communities,

Inc.

...............

44,946

6,244,348

UDR,

Inc.

........................

67,751

2,800,149

41,307,454

Retail

REITs

—

0.7%

Brixmor

Property

Group,

Inc.

...........

33,865

722,340

Federal

Realty

Investment

Trust

.........

14,998

1,483,152

Realty

Income

Corp.

.................

99,625

6,260,435

Regency

Centers

Corp.

..............

22,455

1,379,411

9,845,338

Semiconductors

&

Semiconductor

Equipment

—

3.8%

Entegris,

Inc.

......................

53,998

4,045,530

Marvell

Technology,

Inc.

..............

309,550

12,221,034

Microchip

Technology,

Inc.

.............

81,263

5,931,387

Monolithic

Power

Systems,

Inc.

.........

16,238

7,501,469

ON

Semiconductor

Corp.

(a)(b)

...........

156,724

11,277,859

Skyworks

Solutions,

Inc.

..............

18,239

1,931,510

SolarEdge

Technologies,

Inc.

(a)

..........

20,275

5,791,148

Teradyne,

Inc.

.....................

34,484

3,151,148

Wolfspeed,

Inc.

(a)(b)

..................

20,346

947,106

52,798,191

Software

—

8.2%

ANSYS,

Inc.

(a)

.....................

31,607

9,922,069

Aspen

Technology,

Inc.

(a)

..............

10,591

1,874,607

Atlassian

Corp.,

Class

A

(a)(b)

............

54,462

8,041,859

Bentley

Systems,

Inc.,

Class

B

(b)

.........

71,422

3,039,720

BILL

Holdings,

Inc.

(a)

.................

34,800

2,672,988

Black

Knight,

Inc.

(a)

..................

56,700

3,098,088

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

79,198

9,507,720

Datadog,

Inc.,

Class

A

(a)

..............

90,061

6,068,310

DocuSign,

Inc.

(a)

...................

73,082

3,613,174

Dynatrace,

Inc.

(a)

...................

78,647

3,325,195

Fair

Isaac

Corp.

(a)

...................

9,119

6,638,176

HubSpot,

Inc.

(a)

....................

17,628

7,420,507

Manhattan

Associates,

Inc.

(a)

...........

22,675

3,756,794

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

639,003

4,952,273

Procore

Technologies,

Inc.

(a)

...........

25,085

1,339,790

PTC,

Inc.

(a)

.......................

38,573

4,852,098

Splunk,

Inc.

(a)

.....................

54,592

4,708,014

Tyler

Technologies,

Inc.

(a)

.............

15,093

5,720,700

Unity

Software,

Inc.

(a)(b)

...............

88,422

2,384,741

Workday,

Inc.,

Class

A

(a)

..............

73,290

13,642,201

Zoom

Video

Communications,

Inc.,

Class

A

(a)

78,378

4,814,761

Zscaler,

Inc.

(a)

.....................

30,923

2,786,162

114,179,947

Specialized

REITs

—

2.6%

CubeSmart

.......................

52,612

2,393,320

Digital

Realty

Trust,

Inc.

..............

55,416

5,494,496

Extra

Space

Storage,

Inc.

.............

48,582

7,386,407

Gaming

and

Leisure

Properties,

Inc.

......

29,088

1,512,576

Iron

Mountain,

Inc.

..................

40,517

2,238,159

Lamar

Advertising

Co.,

Class

A

.........

9,848

1,040,737

Security

Shares

Shares

Value

Specialized

REITs

(continued)

Life

Storage,

Inc.

...................

18,482

$

2,483,611

SBA

Communications

Corp.

...........

39,171

10,219,322

VICI

Properties,

Inc.

.................

119,356

4,050,943

36,819,571

Specialty

Retail

—

3.1%

Burlington

Stores,

Inc.

(a)

..............

13,015

2,509,422

Five

Below,

Inc.

(a)

...................

20,178

3,982,330

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

38,517

3,826,279

Murphy

USA,

Inc.

..................

2,605

716,974

Ross

Stores,

Inc.

...................

124,942

13,335,060

Tractor

Supply

Co.

..................

40,079

9,554,833

Ulta

Beauty,

Inc.

(a)

..................

18,458

10,178,295

44,103,193

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

NetApp,

Inc.

......................

26,088

1,640,674

Pure

Storage,

Inc.,

Class

A

(a)

...........

103,379

2,360,143

4,000,817

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Deckers

Outdoor

Corp.

(a)

..............

9,561

4,582,970

Trading

Companies

&

Distributors

—

2.6%

Fastenal

Co.

......................

207,108

11,150,695

United

Rentals,

Inc.

(a)

................

25,167

9,088,055

Watsco,

Inc.

......................

12,052

4,174,572

WW

Grainger,

Inc.

..................

16,317

11,349,616

35,762,938

Water

Utilities

—

0.6%

American

Water

Works

Co.,

Inc.

.........

43,347

6,426,193

Essential

Utilities,

Inc.

................

49,168

2,099,473

8,525,666

Total

Long-Term

Investments

—

99.8%

(Cost:

$1,371,011,393)

...........................

1,396,469,235

Short-Term

Securities

Money

Market

Funds

—

6.3%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.02%

(e)

............

86,374,273

86,400,186

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.75%

..................

2,452,482

2,452,482

Total

Short-Term

Securities

—

6.3%

(Cost:

$88,816,077)

..............................

88,852,668

Total

Investments

—

106.1%

(Cost:

$1,459,827,470

)

...........................

1,485,321,903

Liabilities

in

Excess

of

Other

Assets

—

(6.1)%

............

(85,850,390)

Net

Assets

—

100.0%

..............................

$

1,399,471,513

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

35

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/23

Shares

Held

at

04/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

76,809,658

$

9,565,188

(a)

$

—

$

7,899

$

17,441

$

86,400,186

86,374,273

$

495,630

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

1,250,000

1,202,482

(a)

—

—

—

2,452,482

2,452,482

65,586

2

$

7,899

$

17,441

$

88,852,668

$

561,216

$

2

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

............................................

6

06/16/23

$

917

$

59,123

NASDAQ

100

E-Mini

Index

...................................................

1

06/16/23

266

7,318

Russell

2000

E-Mini

Index

....................................................

18

06/16/23

1,597

(9,374)

$

57,067

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)

......

$

—

$

—

$

66,441

$

—

$

—

$

—

$

66,441

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

9,374

—

—

—

9,374

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(444,932)

$

—

$

—

$

—

$

(444,932)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

133,898

$

—

$

—

$

—

$

133,898

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

36

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,298,278

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,396,469,235

$

—

$

—

$

1,396,469,235

Short-Term

Securities

Money

Market

Funds

......................................

88,852,668

—

—

88,852,668

$

1,485,321,903

$

—

$

—

$

1,485,321,903

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

66,441

$

—

$

—

$

66,441

Liabilities

Equity

contracts

...........................................

(9,374)

—

—

(9,374)

$

57,067

$

—

$

—

$

57,067

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.1%

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

9,974

$

562,633

AeroVironment,

Inc.

(a)(b)

...............

5,921

596,186

BWX

Technologies,

Inc.

..............

13,533

873,961

Cadre

Holdings,

Inc.

.................

3,721

78,364

Curtiss-Wright

Corp.

.................

5,435

923,026

Ducommun,

Inc.

(a)

..................

2,654

132,700

Hexcel

Corp.

......................

19,962

1,438,861

Kaman

Corp.

.....................

2,578

56,897

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.

29,851

385,078

Maxar

Technologies,

Inc.

..............

17,671

931,615

Moog,

Inc.,

Class

A

.................

2,770

249,605

Rocket

Lab

USA,

Inc.

(a)(b)

..............

51,387

201,437

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

9,040

269,030

Triumph

Group,

Inc.

(a)

................

8,326

90,004

Virgin

Galactic

Holdings,

Inc.,

Class

C

(a)(b)

...

56,613

206,071

Woodward,

Inc.

....................

14,149

1,358,587

8,354,055

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)

......

6,467

131,345

Forward

Air

Corp.

..................

3,485

367,702

GXO

Logistics,

Inc.

(a)(b)

...............

11,764

625,021

Hub

Group,

Inc.,

Class

A

(a)

.............

3,344

252,138

1,376,206

Automobile

Components

—

1.7%

Adient

plc

(a)

.......................

9,588

354,181

Autoliv,

Inc.

.......................

9,614

824,977

Dorman

Products,

Inc.

(a)

..............

6,705

577,703

Fox

Factory

Holding

Corp.

(a)

............

9,997

1,108,367

Gentex

Corp.

.....................

34,177

942,944

Gentherm,

Inc.

(a)

...................

7,854

468,491

Holley,

Inc.

(a)(b)

.....................

5,896

14,209

LCI

Industries

.....................

2,506

283,078

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

55,436

333,725

Mobileye

Global,

Inc.,

Class

A

(a)(b)

........

11,119

418,519

Modine

Manufacturing

Co.

(a)

...........

6,653

139,114

QuantumScape

Corp.,

Class

A

(a)(b)

.......

30,852

215,964

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

25,977

58,968

Visteon

Corp.

(a)

....................

6,668

936,121

XPEL,

Inc.

(a)(c)

.....................

4,655

340,094

7,016,455

Automobiles

—

0.2%

Thor

Industries,

Inc.

.................

7,665

605,688

Winnebago

Industries,

Inc.

............

3,528

205,118

Workhorse

Group,

Inc.

(a)(b)

.............

38,921

36,672

847,478

Banks

—

1.6%

Amalgamated

Financial

Corp.

..........

2,110

34,351

Amerant

Bancorp,

Inc.,

Class

A

.........

3,534

65,732

Axos

Financial,

Inc.

(a)(b)

...............

5,733

233,161

BancFirst

Corp.

....................

2,141

171,044

Bancorp,

Inc.

(The)

(a)

................

6,689

213,446

Bank

First

Corp.

...................

889

60,799

Bridgewater

Bancshares,

Inc.

(a)

.........

3,393

33,760

Capital

City

Bank

Group,

Inc.

...........

1,324

40,329

City

Holding

Co.

...................

1,124

102,498

Coastal

Financial

Corp.

(a)

.............

2,684

97,295

Columbia

Financial,

Inc.

(a)(b)

............

7,915

132,814

CrossFirst

Bankshares,

Inc.

(a)

...........

5,740

57,572

CVB

Financial

Corp.

.................

11,909

178,278

Dime

Community

Bancshares,

Inc.

.......

4,385

90,331

Eastern

Bankshares,

Inc.

.............

38,506

448,595

Security

Shares

Shares

Value

Banks

(continued)

Enterprise

Financial

Services

Corp.

......

3,331

$

142,434

FB

Financial

Corp.

..................

3,194

93,999

First

Financial

Bankshares,

Inc.

.........

30,811

901,530

German

American

Bancorp,

Inc.

.........

3,235

94,041

Glacier

Bancorp,

Inc.

................

13,263

440,729

Greene

County

Bancorp,

Inc.

...........

1,628

33,455

HarborOne

Bancorp,

Inc.

.............

6,441

69,241

Hingham

Institution

for

Savings

(The)

.....

153

29,768

John

Marshall

Bancorp,

Inc.

...........

1,811

32,996

Lakeland

Financial

Corp.

..............

3,053

154,696

Live

Oak

Bancshares,

Inc.

.............

8,091

190,624

Metrocity

Bankshares,

Inc.

............

2,409

39,387

Metropolitan

Bank

Holding

Corp.

(a)

.......

1,556

49,932

National

Bank

Holdings

Corp.,

Class

A

....

2,022

64,300

Origin

Bancorp,

Inc.

.................

2,876

84,641

Pathward

Financial,

Inc.

..............

2,808

125,040

Peapack-Gladstone

Financial

Corp.

......

2,304

61,194

Seacoast

Banking

Corp.

of

Florida

.......

13,251

294,040

ServisFirst

Bancshares,

Inc.

...........

11,565

584,033

SmartFinancial,

Inc.

.................

1,575

33,926

South

Plains

Financial,

Inc.

............

1,146

23,527

Southern

Missouri

Bancorp,

Inc.

.........

893

32,398

SouthState

Corp.

...................

7,031

484,998

Stock

Yards

Bancorp,

Inc.

.............

6,962

338,353

Triumph

Financial,

Inc.

(a)

..............

2,394

124,392

6,483,679

Beverages

—

0.7%

Boston

Beer

Co.,

Inc.

(The),

Class

A,

NVS

(a)(b)

2,235

709,635

Celsius

Holdings,

Inc.

(a)(b)

..............

9,553

912,980

Coca-Cola

Consolidated,

Inc.

...........

726

427,948

Duckhorn

Portfolio,

Inc.

(The)

(a)

.........

6,231

94,088

MGP

Ingredients,

Inc.

................

3,682

363,340

National

Beverage

Corp.

(a)

.............

2,552

126,835

Vita

Coco

Co.,

Inc.

(The)

(a)

.............

5,659

122,517

2,757,343

Biotechnology

—

8.1%

(a)

2seventy

bio,

Inc.

...................

4,191

39,856

ACADIA

Pharmaceuticals,

Inc.

(b)

.........

28,416

606,113

Adicet

Bio,

Inc.

....................

7,215

42,136

ADMA

Biologics,

Inc.

................

47,837

160,254

Agenus,

Inc.

......................

32,344

48,839

Agios

Pharmaceuticals,

Inc.

............

6,396

146,277

Akero

Therapeutics,

Inc.

..............

3,650

163,301

Alector,

Inc.

......................

9,335

61,611

Alkermes

plc

......................

38,916

1,111,052

Amicus

Therapeutics,

Inc.

.............

38,683

446,402

AnaptysBio,

Inc.

...................

1,722

35,852

Anavex

Life

Sciences

Corp.

(b)

...........

18,596

151,371

Apellis

Pharmaceuticals,

Inc.

...........

22,236

1,855,149

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

3,152

83,906

Arcutis

Biotherapeutics,

Inc.

...........

9,560

132,310

Arrowhead

Pharmaceuticals,

Inc.

........

25,627

907,452

Aurinia

Pharmaceuticals,

Inc.

(b)

..........

33,733

379,496

Avid

Bioservices,

Inc.

(b)

...............

14,724

265,768

Avidity

Biosciences,

Inc.

..............

15,849

196,528

Blueprint

Medicines

Corp.

.............

14,198

724,808

Bridgebio

Pharma,

Inc.

...............

27,840

404,237

C4

Therapeutics,

Inc.

................

4,220

12,744

CareDx,

Inc.

......................

12,737

103,042

Caribou

Biosciences,

Inc.

.............

4,939

21,238

Catalyst

Pharmaceuticals,

Inc.

..........

22,704

361,448

Celldex

Therapeutics,

Inc.

.............

11,229

353,040

Cerevel

Therapeutics

Holdings,

Inc.

......

15,224

442,105

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Chinook

Therapeutics,

Inc.

............

10,582

$

211,746

Cogent

Biosciences,

Inc.

..............

16,473

177,249

Coherus

Biosciences,

Inc.

.............

15,637

113,056

Crinetics

Pharmaceuticals,

Inc.

.........

10,363

202,493

CRISPR

Therapeutics

AG

(b)

............

10,674

522,386

CTI

BioPharma

Corp.

................

25,562

124,231

Cytokinetics,

Inc.

...................

22,393

837,498

Deciphera

Pharmaceuticals,

Inc.

(b)

.......

13,051

185,455

Denali

Therapeutics,

Inc.

(b)

............

26,088

648,026

Dynavax

Technologies

Corp.

(b)

..........

28,355

295,176

Editas

Medicine,

Inc.

(b)

...............

10,529

85,917

Enanta

Pharmaceuticals,

Inc.

...........

1,653

58,764

Exact

Sciences

Corp.

(b)

...............

20,473

1,311,705

Exelixis,

Inc.

......................

76,746

1,404,452

Fate

Therapeutics,

Inc.

...............

20,032

121,594

FibroGen,

Inc.

(b)

....................

9,407

161,048

Geron

Corp.

......................

92,602

227,801

Gossamer

Bio,

Inc.

.................

17,878

23,063

Halozyme

Therapeutics,

Inc.

...........

32,039

1,029,413

Heron

Therapeutics,

Inc.

..............

25,824

61,719

Ideaya

Biosciences,

Inc.

..............

9,753

178,090

IGM

Biosciences,

Inc.

(b)

...............

1,999

21,649

ImmunoGen,

Inc.

...................

47,398

255,475

Inhibrx,

Inc.

.......................

3,347

70,287

Inovio

Pharmaceuticals,

Inc.

(b)

..........

58,353

45,078

Insmed,

Inc.

......................

32,131

626,554

Intellia

Therapeutics,

Inc.

.............

19,673

742,656

Ionis

Pharmaceuticals,

Inc.

............

16,414

580,563

Iovance

Biotherapeutics,

Inc.

...........

14,654

82,649

IVERIC

bio,

Inc.

....................

30,564

1,005,250

Keros

Therapeutics,

Inc.

..............

4,113

182,432

Kezar

Life

Sciences,

Inc.

(b)

.............

12,267

29,809

Krystal

Biotech,

Inc.

.................

2,114

177,576

Kura

Oncology,

Inc.

.................

9,698

94,459

Kymera

Therapeutics,

Inc.

(b)

............

9,181

289,569

Lyell

Immunopharma,

Inc.

(b)

............

35,182

71,419

Madrigal

Pharmaceuticals,

Inc.

..........

1,267

395,304

MannKind

Corp.

...................

62,699

241,391

MiNK

Therapeutics,

Inc.

..............

472

845

Mirati

Therapeutics,

Inc.

..............

5,012

222,082

Mirum

Pharmaceuticals,

Inc.

(b)

..........

2,909

78,107

Morphic

Holding,

Inc.

................

7,063

333,797

Myriad

Genetics,

Inc.

................

6,897

146,837

Natera,

Inc.

.......................

25,750

1,306,040

Novavax,

Inc.

(b)

....................

9,663

74,115

Nurix

Therapeutics,

Inc.

..............

6,386

61,497

Organogenesis

Holdings,

Inc.,

Class

A

(b)

...

10,168

20,844

Prometheus

Biosciences,

Inc.

..........

8,143

1,579,335

Protagonist

Therapeutics,

Inc.

..........

10,892

246,159

PTC

Therapeutics,

Inc.

...............

11,285

622,255

RAPT

Therapeutics,

Inc.

..............

5,864

106,725

Recursion

Pharmaceuticals,

Inc.,

Class

A

...

30,942

147,593

Relay

Therapeutics,

Inc.

(b)

.............

21,295

242,124

Replimune

Group,

Inc.

...............

8,680

145,216

Rocket

Pharmaceuticals,

Inc.

...........

7,958

142,607

Sage

Therapeutics,

Inc.

..............

8,102

395,783

Sangamo

Therapeutics,

Inc.

...........

11,029

16,213

Seres

Therapeutics,

Inc.

..............

11,120

54,210

SpringWorks

Therapeutics,

Inc.

.........

3,978

93,006

Syndax

Pharmaceuticals,

Inc.

..........

15,452

317,539

Tango

Therapeutics,

Inc.

..............

10,205

34,697

TG

Therapeutics,

Inc.

(b)

...............

32,738

812,885

Travere

Therapeutics,

Inc.

.............

15,202

327,907

Twist

Bioscience

Corp.

(b)

..............

13,496

168,430

Ultragenyx

Pharmaceutical,

Inc.

(b)

........

11,250

491,287

Security

Shares

Shares

Value

Biotechnology

(continued)

uniQure

NV

.......................

5,327

$

103,397

Vanda

Pharmaceuticals,

Inc.

...........

13,192

80,999

Vaxcyte,

Inc.

......................

10,010

428,728

Veracyte,

Inc.

.....................

17,040

385,786

Vericel

Corp.

(b)

.....................

11,174

352,093

Viridian

Therapeutics,

Inc.

.............

9,511

266,593

Xencor,

Inc.

......................

14,269

377,272

Zymeworks,

Inc.

(b)

..................

4,994

41,950

32,374,290

Broadline

Retail

—

0.1%

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

7,440

485,460

Building

Products

—

1.9%

AAON,

Inc.

.......................

9,943

974,414

Armstrong

World

Industries,

Inc.

.........

10,810

742,215

AZEK

Co.,

Inc.

(The),

Class

A

(a)(b)

........

25,769

699,371

AZZ,

Inc.

........................

2,753

103,871

Gibraltar

Industries,

Inc.

(a)

.............

7,328

366,693

Griffon

Corp.

......................

4,779

135,962

Insteel

Industries,

Inc.

................

1,866

51,371

Janus

International

Group,

Inc.

(a)(b)

.......

11,507

103,563

Masonite

International

Corp.

(a)

..........

2,912

266,186

PGT

Innovations,

Inc.

(a)

...............

14,256

365,809

Resideo

Technologies,

Inc.

(a)

...........

17,812

317,054

Simpson

Manufacturing

Co.,

Inc.

........

10,098

1,270,126

Tecnoglass,

Inc.

....................

4,702

206,183

Trex

Co.,

Inc.

(a)

....................

17,564

960,048

UFP

Industries,

Inc.

.................

7,458

585,602

Zurn

Elkay

Water

Solutions

Corp.

........

16,806

362,169

7,510,637

Capital

Markets

—

1.7%

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

7,351

254,859

AssetMark

Financial

Holdings,

Inc.

(a)

......

2,558

78,480

Avantax,

Inc.

(a)

.....................

5,333

135,298

Blue

Owl

Capital,

Inc.,

Class

A

..........

84,559

952,134

Bridge

Investment

Group

Holdings,

Inc.,

Class

A

...........................

4,005

40,010

Brightsphere

Investment

Group,

Inc.

......

7,803

176,192

Cohen

&

Steers,

Inc.

................

5,900

354,354

Focus

Financial

Partners,

Inc.,

Class

A

(a)

...

6,663

346,076

Freedom

Holding

Corp.

(a)(b)

............

3,963

302,892

Hamilton

Lane,

Inc.,

Class

A

...........

8,462

623,480

Houlihan

Lokey,

Inc.,

Class

A

...........

7,350

671,643

Open

Lending

Corp.,

Class

A

(a)(b)

........

25,114

176,551

Piper

Sandler

Cos.

..................

1,677

227,133

PJT

Partners,

Inc.,

Class

A

............

5,824

400,517

StepStone

Group,

Inc.,

Class

A

.........

5,668

124,866

Tradeweb

Markets,

Inc.,

Class

A

.........

26,326

1,853,614

Virtus

Investment

Partners,

Inc.

.........

700

127,547

WisdomTree,

Inc.

...................

10,824

67,542

6,913,188

Chemicals

—

2.3%

American

Vanguard

Corp.

.............

2,583

49,723

Amyris,

Inc.

(a)(b)

....................

61,060

49,923

Ashland,

Inc.

......................

11,844

1,203,469

Aspen

Aerogels,

Inc.

(a)

...............

13,286

83,170

Avient

Corp.

......................

7,323

282,009

Axalta

Coating

Systems

Ltd.

(a)

..........

26,533

837,647

Balchem

Corp.

....................

7,626

1,002,056

Cabot

Corp.

......................

7,952

570,636

Chase

Corp.

......................

942

102,989

Ecovyst,

Inc.

(a)

.....................

15,908

180,556

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

Element

Solutions,

Inc.

...............

26,570

$

482,245

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

241,029

294,055

Hawkins,

Inc.

.....................

2,958

119,326

HB

Fuller

Co.

.....................

8,333

551,395

Ingevity

Corp.

(a)(b)

...................

3,849

276,127

Innospec,

Inc.

.....................

3,747

380,808

Intrepid

Potash,

Inc.

(a)

................

1,245

32,096

Koppers

Holdings,

Inc.

...............

1,841

60,403

Livent

Corp.

(a)(b)

....................

42,452

927,576

Perimeter

Solutions

SA

(a)

..............

34,897

261,030

Quaker

Chemical

Corp.

..............

3,235

603,748

Scotts

Miracle-Gro

Co.

(The)

...........

3,592

239,981

Sensient

Technologies

Corp.

...........

5,107

380,267

Stepan

Co.

.......................

2,985

275,217

9,246,452

Commercial

Services

&

Supplies

—

1.6%

ABM

Industries,

Inc.

.................

6,195

263,783

ACV

Auctions,

Inc.,

Class

A

(a)

...........

27,981

364,592

Aris

Water

Solutions,

Inc.,

Class

A

.......

6,280

45,656

Aurora

Innovation,

Inc.,

Class

A

(a)(b)

.......

88,697

126,837

Brink's

Co.

(The)

...................

6,631

416,758

Casella

Waste

Systems,

Inc.,

Class

A

(a)

....

11,986

1,066,754

CECO

Environmental

Corp.

(a)

...........

6,913

80,260

Clean

Harbors,

Inc.

(a)

................

7,825

1,135,877

Driven

Brands

Holdings,

Inc.

(a)(b)

.........

13,172

404,380

Healthcare

Services

Group,

Inc.

.........

7,960

124,256

Heritage-Crystal

Clean,

Inc.

(a)

...........

1,835

64,152

Interface,

Inc.

.....................

5,690

44,610

KAR

Auction

Services,

Inc.

(a)

...........

12,967

175,573

Liquidity

Services,

Inc.

(a)

..............

5,675

74,172

Montrose

Environmental

Group,

Inc.

(a)(b)

....

3,644

110,996

MSA

Safety,

Inc.

...................

5,770

748,658

SP

Plus

Corp.

(a)

....................

2,237

76,438

Stericycle,

Inc.

(a)

...................

10,400

474,760

UniFirst

Corp.

.....................

1,941

317,703

Viad

Corp.

(a)

......................

4,913

93,494

VSE

Corp.

.......................

2,498

105,640

6,315,349

Communications

Equipment

—

1.0%

ADTRAN

Holdings,

Inc.

..............

7,003

63,867

Calix,

Inc.

(a)

.......................

13,491

616,539

Cambium

Networks

Corp.

(a)

............

2,716

41,120

Clearfield,

Inc.

(a)

....................

2,996

130,865

Digi

International,

Inc.

(a)(b)

.............

8,439

254,520

DZS,

Inc.

(a)

.......................

3,730

25,364

Extreme

Networks,

Inc.

(a)

..............

30,357

539,748

Harmonic,

Inc.

(a)

....................

26,271

370,158

Infinera

Corp.

(a)(b)

...................

22,544

142,704

Lumentum

Holdings,

Inc.

(a)(b)

...........

7,288

351,646

NetScout

Systems,

Inc.

(a)

.............

8,236

224,102

Viasat,

Inc.

(a)(b)

.....................

18,084

633,483

Viavi

Solutions,

Inc.

(a)

................

53,216

476,815

3,870,931

Construction

&

Engineering

—

2.2%

Ameresco,

Inc.,

Class

A

(a)(b)

............

8,040

334,464

API

Group

Corp.

(a)

..................

30,699

698,709

Arcosa,

Inc.

......................

11,473

774,886

Comfort

Systems

USA,

Inc.

............

5,417

809,787

Construction

Partners,

Inc.,

Class

A

(a)

.....

9,891

256,573

Dycom

Industries,

Inc.

(a)(b)

.............

6,993

647,692

EMCOR

Group,

Inc.

.................

11,279

1,928,709

Fluor

Corp.

(a)

......................

19,897

578,207

Granite

Construction,

Inc.

.............

4,167

158,888

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

IES

Holdings,

Inc.

(a)

.................

995

$

42,974

MasTec,

Inc.

(a)(b)

....................

9,442

838,544

MYR

Group,

Inc.

(a)

..................

2,046

261,867

Sterling

Infrastructure,

Inc.

(a)

...........

2,922

107,880

Valmont

Industries,

Inc.

...............

5,051

1,467,619

8,906,799

Construction

Materials

—

0.4%

Eagle

Materials,

Inc.

.................

5,090

754,389

Summit

Materials,

Inc.,

Class

A

(a)

........

28,014

767,864

1,522,253

Consumer

Finance

—

0.7%

FirstCash

Holdings,

Inc.

..............

8,879

914,803

Nelnet,

Inc.,

Class

A

.................

4,267

410,912

NerdWallet,

Inc.,

Class

A

(a)(b)

...........

7,607

103,227

SoFi

Technologies,

Inc.

(a)(b)

............

194,973

1,214,682

Upstart

Holdings,

Inc.

(a)(b)

..............

16,845

234,146

2,877,770

Consumer

Staples

Distribution

&

Retail

—

0.3%

Chefs'

Warehouse,

Inc.

(The)

(a)

.........

3,402

113,150

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

14,061

418,737

Ingles

Markets,

Inc.,

Class

A

...........

1,695

156,008

PriceSmart,

Inc.

....................

2,119

156,128

SpartanNash

Co.

...................

3,354

82,240

Weis

Markets,

Inc.

..................

1,404

115,816

1,042,079

Containers

&

Packaging

—

0.7%

Graphic

Packaging

Holding

Co.

.........

72,776

1,794,656

Myers

Industries,

Inc.

................

8,687

164,619

Pactiv

Evergreen,

Inc.

...............

4,759

37,596

Silgan

Holdings,

Inc.

.................

6,921

340,929

Sonoco

Products

Co.

................

8,557

518,725

2,856,525

Distributors

—

0.0%

Funko,

Inc.,

Class

A

(a)(b)

...............

5,331

52,564

Diversified

Consumer

Services

—

1.3%

Adtalem

Global

Education,

Inc.

(a)

........

5,677

230,316

Bright

Horizons

Family

Solutions,

Inc.

(a)

....

13,696

1,042,540

Chegg,

Inc.

(a)

......................

30,078

540,802

Coursera,

Inc.

(a)

....................

20,368

253,378

European

Wax

Center,

Inc.,

Class

A

......

6,914

130,260

Grand

Canyon

Education,

Inc.

(a)

.........

7,250

860,575

H&R

Block,

Inc.

....................

22,428

760,534

Laureate

Education,

Inc.

..............

32,054

397,149

Mister

Car

Wash,

Inc.

(a)(b)

..............

19,005

167,624

OneSpaWorld

Holdings

Ltd.

(a)(b)

.........

14,002

168,024

Rover

Group,

Inc.,

Class

A

(a)

...........

9,814

44,457

Strategic

Education,

Inc.

(b)

.............

3,069

270,072

Stride,

Inc.

(a)

......................

6,139

263,731

Udemy,

Inc.

(a)

.....................

10,557

95,963

5,225,425

Diversified

REITs

—

0.3%

Alexander

&

Baldwin,

Inc.

.............

17,253

331,775

American

Assets

Trust,

Inc.

............

6,534

118,919

Broadstone

Net

Lease,

Inc.

............

19,333

312,615

Essential

Properties

Realty

Trust,

Inc.

.....

16,944

419,364

Gladstone

Commercial

Corp.

...........

4,270

50,984

Global

Net

Lease,

Inc.

...............

9,178

103,344

1,337,001

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

—

0.7%

Anterix,

Inc.

(a)

.....................

2,680

$

84,634

Charge

Enterprises,

Inc.

(a)(b)

............

25,647

27,186

Cogent

Communications

Holdings,

Inc.

....

5,689

392,769

Globalstar,

Inc.

(a)(b)

..................

102,625

92,978

IDT

Corp.,

Class

B

(a)

.................

4,851

161,102

Iridium

Communications,

Inc.

(a)

..........

29,772

1,889,629

Radius

Global

Infrastructure,

Inc.,

Class

A

(a)

.

17,960

263,832

2,912,130

Electric

Utilities

—

0.1%

MGE

Energy,

Inc.

...................

3,498

267,982

Otter

Tail

Corp.

....................

3,525

253,623

521,605

Electrical

Equipment

—

1.6%

Acuity

Brands,

Inc.

..................

4,241

667,449

Allied

Motion

Technologies,

Inc.

.........

3,294

113,380

Amprius

Technologies,

Inc.

(a)

...........

2,830

26,545

Atkore,

Inc.

(a)(b)

.....................

3,634

459,083

Babcock

&

Wilcox

Enterprises,

Inc.

(a)(b)

.....

9,006

56,017

Blink

Charging

Co.

(a)(b)

................

5,987

42,687

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

42,563

708,674

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

62,481

541,710

Encore

Wire

Corp.

..................

1,752

273,890

EnerSys

.........................

3,602

298,858

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

8,851

159,849

FuelCell

Energy,

Inc.

(a)(b)

..............

95,695

179,907

NuScale

Power

Corp.,

Class

A

(a)(b)

........

5,197

46,097

nVent

Electric

plc

...................

16,212

679,769

Sensata

Technologies

Holding

plc

........

13,524

587,618

SunPower

Corp.

(a)(b)

.................

20,141

266,264

Thermon

Group

Holdings,

Inc.

(a)

.........

3,737

77,655

Vertiv

Holdings

Co.,

Class

A

...........

71,416

1,065,527

Vicor

Corp.

(a)

......................

5,253

225,722

6,476,701

Electronic

Equipment,

Instruments

&

Components

—

2.4%

908

Devices,

Inc.

(a)(b)

.................

3,341

22,585

Advanced

Energy

Industries,

Inc.

........

4,396

380,254

Aeva

Technologies,

Inc.

(a)

.............

24,723

24,523

Badger

Meter,

Inc.

..................

6,922

915,988

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

1,058

42,987

Belden,

Inc.

......................

6,133

483,832

Benchmark

Electronics,

Inc.

...........

4,674

99,790

CTS

Corp.

(b)

......................

7,612

298,467

Fabrinet

(a)

........................

8,656

821,887

FARO

Technologies,

Inc.

(a)

.............

4,454

104,001

Focus

Universal,

Inc.

(a)(b)

..............

6,241

13,293

Insight

Enterprises,

Inc.

(a)

.............

2,511

303,705

IPG

Photonics

Corp.

(a)

...............

2,619

301,133

Itron,

Inc.

(a)

.......................

10,731

573,035

Knowles

Corp.

(a)

...................

9,498

160,326

Lightwave

Logic,

Inc.

(a)(b)

..............

27,024

121,608

Littelfuse,

Inc.

.....................

5,862

1,420,011

Methode

Electronics,

Inc.

.............

3,120

127,889

MicroVision,

Inc.

(a)(b)

.................

19,678

39,356

Mirion

Technologies,

Inc.,

Class

A

(a)

......

15,656

126,814

Napco

Security

Technologies,

Inc.

(a)

......

6,961

215,791

National

Instruments

Corp.

............

12,795

745,053

nLight,

Inc.

(a)

......................

6,880

60,338

Novanta,

Inc.

(a)(b)

...................

8,464

1,293,638

OSI

Systems,

Inc.

(a)

.................

1,797

202,989

PAR

Technology

Corp.

(a)(b)

.............

6,538

199,997

PC

Connection,

Inc.

.................

1,251

50,378

Plexus

Corp.

(a)

.....................

3,892

340,433

SmartRent,

Inc.,

Class

A

(a)

.............

28,990

74,794

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

TTM

Technologies,

Inc.

(a)

..............

9,525

$

112,490

Vishay

Precision

Group,

Inc.

(a)

..........

2,051

76,995

9,754,380

Energy

Equipment

&

Services

—

1.4%

Cactus,

Inc.,

Class

A

................

15,184

614,648

ChampionX

Corp.

..................

47,080

1,274,926

Core

Laboratories

NV

(b)

...............

11,081

249,433

DMC

Global,

Inc.

(a)

..................

4,462

84,510

Dril-Quip,

Inc.

(a)

....................

3,555

96,981

Helix

Energy

Solutions

Group,

Inc.

(a)

......

17,377

125,983

Liberty

Energy,

Inc.,

Class

A

...........

21,693

277,887

Nabors

Industries

Ltd.

(a)

..............

1,272

126,869

Oceaneering

International,

Inc.

(a)

........

23,849

422,843

Patterson-UTI

Energy,

Inc.

............

50,993

570,612

ProFrac

Holding

Corp.,

Class

A

(a)

........

7,585

84,952

ProPetro

Holding

Corp.

(a)

..............

23,131

160,529

RPC,

Inc.

........................

20,039

148,088

Select

Energy

Services,

Inc.,

Class

A

.....

12,737

94,636

Solaris

Oilfield

Infrastructure,

Inc.,

Class

A

..

7,757

59,574

TETRA

Technologies,

Inc.

(a)

............

28,010

79,829

Tidewater,

Inc.

(a)

...................

5,027

226,366

Weatherford

International

plc

(a)

..........

15,289

988,128

5,686,794

Entertainment

—

1.0%

Endeavor

Group

Holdings,

Inc.,

Class

A

(a)(b)

.

41,076

1,058,939

IMAX

Corp.

(a)

.....................

11,141

233,404

Liberty

Media

Corp.-Liberty

Braves,

Class

A

(a)(b)

2,540

99,492

Liberty

Media

Corp.-Liberty

Braves,

Class

C,

NVS

(a)

........................

8,850

336,477

Madison

Square

Garden

Sports

Corp.

.....

1,998

400,599

Playstudios,

Inc.,

Class

A

(a)

............

12,079

52,906

Vivid

Seats,

Inc.,

Class

A

(a)(b)

...........

5,787

41,551

Warner

Music

Group

Corp.,

Class

A

......

27,825

847,828

World

Wrestling

Entertainment,

Inc.,

Class

A

10,249

1,098,385

4,169,581

Financial

Services

—

1.5%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

33,087

326,238

AvidXchange

Holdings,

Inc.

(a)

...........

31,828

236,482

Cass

Information

Systems,

Inc.

.........

1,518

55,528

Euronet

Worldwide,

Inc.

(a)

.............

7,030

778,502

EVERTEC,

Inc.

....................

7,738

268,431

Flywire

Corp.

(a)(b)

...................

14,871

433,787

I3

Verticals,

Inc.,

Class

A

(a)

.............

5,615

130,549

International

Money

Express,

Inc.

(a)

.......

7,875

203,017

Jackson

Financial,

Inc.,

Class

A

.........

5,673

204,285

Marqeta,

Inc.,

Class

A

(a)

..............

105,024

425,347

Merchants

Bancorp

.................

3,593

83,358

Mr

Cooper

Group,

Inc.

(a)

..............

16,449

761,589

NMI

Holdings,

Inc.,

Class

A

(a)

...........

9,234

216,076

Remitly

Global,

Inc.

(a)

................

23,159

389,071

Repay

Holdings

Corp.,

Class

A

(a)

........

10,720

67,214

Shift4

Payments,

Inc.,

Class

A

(a)(b)

........

12,602

854,038

Voya

Financial,

Inc.

.................

9,792

748,892

6,182,404

Food

Products

—

1.8%

Benson

Hill,

Inc.

(a)(b)

.................

30,155

31,964

Beyond

Meat,

Inc.

(a)(b)

................

14,281

193,365

Calavo

Growers,

Inc.

................

1,960

62,642

Cal-Maine

Foods,

Inc.

................

5,014

238,165

Fresh

Del

Monte

Produce,

Inc.

..........

2,582

74,129

Freshpet,

Inc.

(a)(b)

...................

11,382

785,016

Hostess

Brands,

Inc.,

Class

A

(a)

.........

31,643

815,124

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Ingredion,

Inc.

.....................

7,370

$

782,473

J

&

J

Snack

Foods

Corp.

..............

2,175

333,210

John

B

Sanfilippo

&

Son,

Inc.

...........

864

89,813

Lancaster

Colony

Corp.

..............

4,706

984,119

Mission

Produce,

Inc.

(a)

...............

4,953

56,415

Post

Holdings,

Inc.

(a)

.................

6,882

622,752

Seaboard

Corp.

....................

32

126,114

Simply

Good

Foods

Co.

(The)

(a)

.........

20,018

728,055

Sovos

Brands,

Inc.

(a)

.................

5,385

92,353

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

3,499

5,388

Tootsie

Roll

Industries,

Inc.

............

4,354

177,991

TreeHouse

Foods,

Inc.

(a)

..............

11,973

637,562

Utz

Brands,

Inc.,

Class

A

..............

6,955

131,519

Vital

Farms,

Inc.

(a)

..................

6,467

83,295

Westrock

Coffee

Co.

(a)

...............

3,004

36,739

7,088,203

Gas

Utilities

—

0.2%

Chesapeake

Utilities

Corp.

............

1,917

236,750

New

Jersey

Resources

Corp.

...........

10,711

553,116

789,866

Ground

Transportation

—

1.1%

ArcBest

Corp.

.....................

3,009

284,049

Landstar

System,

Inc.

................

4,167

733,517

Lyft,

Inc.,

Class

A

(a)

..................

76,133

780,363

Marten

Transport

Ltd.

................

8,220

165,962

PAM

Transportation

Services,

Inc.

(a)

......

997

22,383

Ryder

System,

Inc.

..................

5,418

428,889

Saia,

Inc.

(a)(b)

......................

6,264

1,865,231

TuSimple

Holdings,

Inc.,

Class

A

(a)(b)

......

32,708

39,577

4,319,971

Health

Care

Equipment

&

Supplies

—

6.3%

Alphatec

Holdings,

Inc.

(a)

..............

16,812

242,765

AngioDynamics,

Inc.

(a)

...............

5,672

47,191

AtriCure,

Inc.

(a)

....................

11,047

485,958

Atrion

Corp.

......................

320

196,896

Avanos

Medical,

Inc.

(a)

...............

4,068

120,169

Axonics,

Inc.

(a)(b)

....................

11,764

675,959

Bioventus,

Inc.,

Class

A

(a)(b)

............

3,212

3,244

Butterfly

Network,

Inc.,

Class

A

(a)(b)

.......

34,781

75,127

Cerus

Corp.

(a)(b)

....................

42,525

98,233

CONMED

Corp.

....................

4,896

614,791

Cue

Health,

Inc.

(a)(b)

.................

10,560

8,310

Cutera,

Inc.

(a)

.....................

4,261

97,151

Enovis

Corp.

(a)

.....................

5,978

348,218

Envista

Holdings

Corp.

(a)

..............

19,847

763,911

Establishment

Labs

Holdings,

Inc.

(a)(b)

.....

5,282

368,103

Figs,

Inc.,

Class

A

(a)(b)

................

29,995

215,964

Glaukos

Corp.

(a)

....................

11,273

535,580

Globus

Medical,

Inc.,

Class

A

(a)

.........

18,467

1,073,671

Haemonetics

Corp.

(a)(b)

...............

11,967

1,001,758

Heska

Corp.

(a)

.....................

2,418

283,293

ICU

Medical,

Inc.

(a)(b)

.................

3,080

582,551

Inari

Medical,

Inc.

(a)

.................

11,424

758,782

Inspire

Medical

Systems,

Inc.

(a)

.........

6,877

1,840,491

Integer

Holdings

Corp.

(a)

..............

4,142

341,094

Integra

LifeSciences

Holdings

Corp.

(a)

.....

10,608

586,835

iRhythm

Technologies,

Inc.

(a)(b)

..........

7,127

936,488

Lantheus

Holdings,

Inc.

(a)

.............

16,319

1,394,459

LeMaitre

Vascular,

Inc.

...............

4,592

247,968

LivaNova

plc

(a)

.....................

12,668

606,797

Masimo

Corp.

(a)(b)

...................

7,224

1,366,347

Merit

Medical

Systems,

Inc.

(a)

...........

13,457

1,093,920

Mesa

Laboratories,

Inc.

..............

1,195

198,979

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Neogen

Corp.

(a)

....................

30,008

$

516,738

Nevro

Corp.

(a)

.....................

5,324

155,833

NuVasive,

Inc.

(a)

....................

7,081

304,766

Omnicell,

Inc.

(a)

....................

10,552

641,245

OrthoPediatrics

Corp.

(a)

...............

3,772

190,260

Outset

Medical,

Inc.

(a)(b)

...............

7,032

126,506

Paragon

28,

Inc.

(a)

..................

6,004

110,594

Penumbra,

Inc.

(a)(b)

..................

8,989

2,553,955

PROCEPT

BioRobotics

Corp.

(a)

.........

7,734

235,036

Pulmonx

Corp.

(a)

...................

8,848

103,964

Senseonics

Holdings,

Inc.

(a)(b)

...........

113,597

67,602

SI-BONE,

Inc.

(a)

....................

7,280

160,888

Silk

Road

Medical,

Inc.

(a)(b)

.............

9,039

397,897

STAAR

Surgical

Co.

(a)

................

11,424

805,049

Surmodics,

Inc.

(a)

...................

3,327

76,654

Tandem

Diabetes

Care,

Inc.

(a)(b)

.........

15,280

604,782

TransMedics

Group,

Inc.

(a)(b)

............

7,542

596,572

Treace

Medical

Concepts,

Inc.

(a)

.........

8,296

203,169

UFP

Technologies,

Inc.

(a)

..............

1,643

226,471

Varex

Imaging

Corp.

(a)

...............

3,680

65,283

ViewRay,

Inc.

(a)

....................

34,486

40,693

25,394,960

Health

Care

Providers

&

Services

—

2.7%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

43,583

85,859

Accolade,

Inc.

(a)(b)

...................

6,063

82,032

Addus

HomeCare

Corp.

(a)

.............

3,815

311,838

Agiliti,

Inc.

(a)

......................

7,966

133,192

Amedisys,

Inc.

(a)(b)

..................

3,311

265,873

AMN

Healthcare

Services,

Inc.

(a)

.........

4,955

427,864

Apollo

Medical

Holdings,

Inc.

(a)(b)

.........

9,359

332,151

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

22,259

25,820

CareMax,

Inc.,

Class

A

(a)

..............

9,295

23,423

Castle

Biosciences,

Inc.

(a)

.............

5,905

133,630

CorVel

Corp.

(a)

.....................

2,157

435,779

Cross

Country

Healthcare,

Inc.

(a)

........

3,399

74,710

DocGo,

Inc.

(a)(b)

....................

19,413

165,011

Ensign

Group,

Inc.

(The)

..............

13,193

1,280,908

GeneDx

Holdings

Corp.,

Class

A

(a)

.......

59,103

16,171

Guardant

Health,

Inc.

(a)

...............

24,281

547,779

HealthEquity,

Inc.

(a)

..................

20,063

1,072,367

Hims

&

Hers

Health,

Inc.,

Class

A

(a)

.......

19,222

222,783

Innovage

Holding

Corp.

(a)

.............

4,466

27,287

LifeStance

Health

Group,

Inc.

(a)(b)

........

22,410

182,642

ModivCare,

Inc.

(a)

...................

1,462

92,983

National

Research

Corp.

..............

3,320

144,520

Oak

Street

Health,

Inc.

(a)

..............

27,591

1,075,221

Option

Care

Health,

Inc.

(a)

.............

39,654

1,274,876

Premier,

Inc.,

Class

A

................

10,675

355,798

Privia

Health

Group,

Inc.

(a)(b)

............

7,560

208,883

Progyny,

Inc.

(a)(b)

...................

17,798

591,606

RadNet,

Inc.

(a)

.....................

11,518

318,588

Select

Medical

Holdings

Corp.

(b)

.........

10,309

314,424

Surgery

Partners,

Inc.

(a)(b)

.............

8,909

353,331

US

Physical

Therapy,

Inc.

(b)

............

3,072

327,045

10,904,394

Health

Care

REITs

—

0.2%

CareTrust

REIT,

Inc.

.................

10,053

195,933

Community

Healthcare

Trust,

Inc.

........

3,765

134,749

Global

Medical

REIT,

Inc.

.............

8,324

77,247

Physicians

Realty

Trust

...............

25,967

374,444

782,373

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Technology

—

1.1%

American

Well

Corp.,

Class

A

(a)

.........

21,708

$

47,541

Certara,

Inc.

(a)(b)

....................

24,948

602,993

Computer

Programs

&

Systems,

Inc.

(a)

.....

1,591

41,175

Definitive

Healthcare

Corp.,

Class

A

(a)(b)

....

9,209

98,536

Doximity,

Inc.,

Class

A

(a)(b)

.............

28,164

1,035,027

Evolent

Health,

Inc.,

Class

A

(a)

..........

21,481

782,123

GoodRx

Holdings,

Inc.,

Class

A

(a)

........

17,884

83,518

HealthStream,

Inc.

(a)

.................

5,723

141,015

NextGen

Healthcare,

Inc.

(a)

............

6,574

110,049

Phreesia,

Inc.

(a)

....................

12,481

394,899

Schrodinger,

Inc.

(a)(b)

.................

12,647

373,339

Sharecare,

Inc.,

Class

A

(a)(b)

............

30,649

47,199

Simulations

Plus,

Inc.

................

3,818

159,402

Teladoc

Health,

Inc.

(a)(b)

...............

17,919

475,391

4,392,207

Hotel

&

Resort

REITs

—

0.9%

Apple

Hospitality

REIT,

Inc.

............

50,551

752,704

Chatham

Lodging

Trust

...............

4,767

48,814

DiamondRock

Hospitality

Co.

...........

49,398

400,618

Pebblebrook

Hotel

Trust

(b)

.............

13,404

190,739

RLJ

Lodging

Trust

..................

25,445

256,995

Ryman

Hospitality

Properties,

Inc.

.......

13,068

1,171,677

Sunstone

Hotel

Investors,

Inc.

..........

49,640

473,069

Xenia

Hotels

&

Resorts,

Inc.

...........

26,040

329,666

3,624,282

Hotels,

Restaurants

&

Leisure

—

3.7%

Bally's

Corp.

(a)

.....................

6,463

111,164

BJ's

Restaurants,

Inc.

(a)

...............

5,555

180,760

Bloomin'

Brands,

Inc.

................

7,639

189,218

Bowlero

Corp.,

Class

A

(a)

..............

8,179

119,659

Boyd

Gaming

Corp.

.................

11,270

782,138

Chuy's

Holdings,

Inc.

(a)

...............

2,817

98,257

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

6,113

216,767

Denny's

Corp.

(a)

....................

6,784

76,049

DraftKings,

Inc.,

Class

A

(a)(b)

............

106,240

2,327,718

Dutch

Bros,

Inc.,

Class

A

(a)(b)

...........

6,986

217,614

Everi

Holdings,

Inc.

(a)

................

21,258

323,122

First

Watch

Restaurant

Group,

Inc.

(a)

......

2,786

44,799

Hilton

Grand

Vacations,

Inc.

(a)

..........

7,316

313,125

Hyatt

Hotels

Corp.,

Class

A

(a)(b)

..........

11,423

1,305,649

Krispy

Kreme,

Inc.

..................

15,822

243,342

Kura

Sushi

USA,

Inc.,

Class

A

(a)

.........

867

59,754

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

7,908

89,439

Marriott

Vacations

Worldwide

Corp.

.......

3,744

503,793

Monarch

Casino

&

Resort,

Inc.

(a)

.........

3,151

218,553

Papa

John's

International,

Inc.

..........

4,114

307,686

Planet

Fitness,

Inc.,

Class

A

(a)

..........

19,752

1,642,181

Portillo's,

Inc.,

Class

A

(a)

..............

6,070

131,233

RCI

Hospitality

Holdings,

Inc.

...........

2,025

151,673

Red

Rock

Resorts,

Inc.,

Class

A

.........

5,324

259,811

Ruth's

Hospitality

Group,

Inc.

...........

4,582

74,045

SeaWorld

Entertainment,

Inc.

(a)

.........

5,062

271,627

Shake

Shack,

Inc.,

Class

A

(a)(b)

..........

8,847

484,904

Sonder

Holdings,

Inc.,

Class

A

(a)(b)

........

31,925

13,092

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

17,825

141,531

Target

Hospitality

Corp.

(a)

.............

3,931

49,570

Texas

Roadhouse,

Inc.

...............

15,852

1,753,548

Wendy's

Co.

(The)

..................

24,334

537,781

Wingstop,

Inc.

.....................

7,075

1,415,778

Xponential

Fitness,

Inc.,

Class

A

(a)

.......

5,310

175,655

14,831,035

Security

Shares

Shares

Value

Household

Durables

—

1.7%

Cavco

Industries,

Inc.

(a)

...............

1,224

$

367,469

Century

Communities,

Inc.

............

3,441

231,717

Cricut,

Inc.,

Class

A

(b)

................

6,215

56,743

Installed

Building

Products,

Inc.

.........

5,562

691,190

Legacy

Housing

Corp.

(a)

..............

1,286

27,778

Leggett

&

Platt,

Inc.

.................

11,748

379,578

MDC

Holdings,

Inc.

.................

4,773

195,550

Skyline

Champion

Corp.

(a)

.............

12,582

933,207

Snap

One

Holdings

Corp.

(a)(b)

...........

2,516

24,556

Sonos,

Inc.

(a)

......................

14,161

299,363

Taylor

Morrison

Home

Corp.

(a)

..........

10,021

431,805

Tempur

Sealy

International,

Inc.

.........

15,793

591,764

Toll

Brothers,

Inc.

...................

9,957

636,352

TopBuild

Corp.

(a)

...................

7,571

1,707,109

Tri

Pointe

Homes,

Inc.

(a)

..............

9,386

269,190

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

13,607

116,612

6,959,983

Household

Products

—

0.3%

Energizer

Holdings,

Inc.

..............

10,292

344,062

Spectrum

Brands

Holdings,

Inc.

.........

9,747

648,175

WD-40

Co.

.......................

2,125

404,600

1,396,837

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Altus

Power,

Inc.,

Class

A

(a)

............

8,681

39,412

Clearway

Energy,

Inc.,

Class

A

..........

3,581

103,778

Clearway

Energy,

Inc.,

Class

C

.........

8,333

253,073

Montauk

Renewables,

Inc.

(a)

...........

15,219

101,206

Ormat

Technologies,

Inc.

..............

12,447

1,068,077

Sunnova

Energy

International,

Inc.

(a)(b)

.....

23,469

421,503

1,987,049

Industrial

REITs

—

1.1%

First

Industrial

Realty

Trust,

Inc.

.........

31,316

1,643,151

Indus

Realty

Trust,

Inc.

...............

1,210

80,550

Innovative

Industrial

Properties,

Inc.

......

6,664

456,817

LXP

Industrial

Trust

.................

26,538

249,457

Plymouth

Industrial

REIT,

Inc.

..........

3,814

77,195

STAG

Industrial,

Inc.

................

25,068

849,053

Terreno

Realty

Corp.

................

17,278

1,064,152

4,420,375

Insurance

—

2.0%

Bright

Health

Group,

Inc.

(a)(b)

...........

42,525

6,834

BRP

Group,

Inc.,

Class

A

(a)

............

14,660

369,285

First

American

Financial

Corp.

..........

8,776

505,585

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

5,047

290,202

Hagerty,

Inc.,

Class

A

(a)(b)

..............

4,380

43,844

Hippo

Holdings,

Inc.

(a)(b)

...............

3,785

69,038

Lemonade,

Inc.

(a)

...................

5,578

60,466

Oscar

Health,

Inc.,

Class

A

(a)

...........

13,709

92,262

Palomar

Holdings,

Inc.

(a)

..............

6,017

302,414

Primerica,

Inc.

.....................

5,241

956,535

RenaissanceRe

Holdings

Ltd.

..........

10,357

2,231,001

RLI

Corp.

........................

9,596

1,334,324

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

19,749

806,944

Selective

Insurance

Group,

Inc.

.........

5,026

484,155

Trupanion,

Inc.

(a)

...................

8,342

292,888

7,845,777

Interactive

Media

&

Services

—

0.8%

Bumble,

Inc.,

Class

A

(a)

...............

22,170

403,716

Cargurus,

Inc.,

Class

A

(a)

..............

22,229

365,445

Eventbrite,

Inc.,

Class

A

(a)

.............

11,892

86,455

fuboTV,

Inc.

(a)(b)

....................

23,251

26,506

Nextdoor

Holdings,

Inc.,

Class

A

(a)(b)

......

30,491

64,336

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Interactive

Media

&

Services

(continued)

QuinStreet,

Inc.

(a)

...................

11,972

$

133,009

Rumble,

Inc.,

Class

A

(a)(b)

..............

19,154

152,466

Shutterstock,

Inc.

...................

5,702

382,034

TripAdvisor,

Inc.

(a)

..................

24,984

442,966

Vimeo,

Inc.

(a)

......................

21,755

71,574

Yelp,

Inc.

(a)

.......................

11,360

339,891

Ziff

Davis,

Inc.

(a)

....................

5,374

393,054

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

12,453

210,954

3,072,406

IT

Services

—

0.6%

BigCommerce

Holdings,

Inc.

(a)

..........

14,534

107,406

Cerberus

Cyber

Sentinel

Corp.

(a)

........

12,409

2,632

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

14,378

453,482

Edgio,

Inc.

(a)

......................

33,000

21,813

Fastly,

Inc.,

Class

A

(a)

................

26,645

393,813

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)

....

12,380

134,571

Hackett

Group,

Inc.

(The)

.............

5,677

105,365

Perficient,

Inc.

(a)(b)

...................

8,229

534,227

Squarespace,

Inc.,

Class

A

(a)

...........

9,741

302,945

Thoughtworks

Holding,

Inc.

(a)(b)

..........

15,692

97,761

Tucows,

Inc.,

Class

A

(a)(b)

..............

2,258

50,557

2,204,572

Leisure

Products

—

0.6%

Acushnet

Holdings

Corp.

(b)

............

3,346

167,735

Clarus

Corp.

......................

6,636

64,568

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

49,970

443,734

Polaris,

Inc.

.......................

4,963

539,230

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

32,903

729,459

YETI

Holdings,

Inc.

(a)

................

13,335

526,066

2,470,792

Life

Sciences

Tools

&

Services

—

1.1%

(a)

10X

Genomics,

Inc.,

Class

A

...........

22,604

1,185,128

AbCellera

Biologics,

Inc.

(b)

.............

31,358

212,607

Adaptive

Biotechnologies

Corp.

.........

13,481

96,254

Azenta,

Inc.

......................

16,369

711,888

BioLife

Solutions,

Inc.

................

4,866

85,447

Bionano

Genomics,

Inc.

(b)

.............

71,662

49,296

CryoPort,

Inc.

.....................

5,992

126,072

Medpace

Holdings,

Inc.

..............

5,958

1,192,434

NanoString

Technologies,

Inc.

..........

4,581

44,894

OmniAb,

Inc.,

12.50

Earnout

Shares,

NVS

(d)

.

1,386

—

OmniAb,

Inc.,

15.00

Earnout

Shares,

NVS

(d)

.

1,386

—

Pacific

Biosciences

of

California,

Inc.

(b)

....

36,442

386,285

Quanterix

Corp.

....................

3,120

39,437

Seer,

Inc.,

Class

A

..................

4,687

15,655

SomaLogic,

Inc.,

Class

A

(b)

............

37,313

104,476

Sotera

Health

Co.

..................

12,210

204,762

4,454,635

Machinery

—

3.9%

Alamo

Group,

Inc.

..................

1,429

252,547

Albany

International

Corp.,

Class

A

.......

7,355

670,850

Barnes

Group,

Inc.

..................

4,242

178,291

CIRCOR

International,

Inc.

(a)

...........

2,272

63,253

Columbus

McKinnon

Corp.

............

2,587

89,795

Crane

NXT

Co.

....................

5,180

245,325

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

56,510

124,322

Donaldson

Co.,

Inc.

.................

17,815

1,132,143

Energy

Recovery,

Inc.

(a)

..............

13,368

301,181

Enerpac

Tool

Group

Corp.,

Class

A

.......

13,594

322,993

EnPro

Industries,

Inc.

................

4,930

464,751

Evoqua

Water

Technologies

Corp.

(a)

......

28,938

1,430,984

Federal

Signal

Corp.

................

14,401

739,923

Security

Shares

Shares

Value

Machinery

(continued)

Flowserve

Corp.

...................

13,346

$

445,623

Franklin

Electric

Co.,

Inc.

.............

9,223

825,182

Gorman-Rupp

Co.

(The)

..............

3,211

78,830

Helios

Technologies,

Inc.

..............

7,704

463,319

Hillenbrand,

Inc.

...................

6,489

296,028

Hyzon

Motors,

Inc.,

Class

A

(a)(b)

.........

19,288

16,040

ITT,

Inc.

.........................

13,268

1,120,350

John

Bean

Technologies

Corp.

..........

7,542

819,891

Kadant,

Inc.

......................

1,883

349,918

Lindsay

Corp.

.....................

2,611

315,252

Markforged

Holding

Corp.

(a)(b)

...........

20,950

20,424

Microvast

Holdings,

Inc.

(a)

.............

47,499

49,874

Mueller

Industries,

Inc.

...............

8,183

587,949

Mueller

Water

Products,

Inc.,

Class

A

.....

18,874

252,912

Nikola

Corp.

(a)(b)

....................

58,457

51,764

Omega

Flex,

Inc.

...................

716

78,767

Oshkosh

Corp.

....................

7,042

538,854

Proterra,

Inc.

(a)(b)

...................

45,637

53,395

Proto

Labs,

Inc.

(a)

...................

6,473

186,228

Shyft

Group,

Inc.

(The)

...............

7,673

192,439

SPX

Technologies,

Inc.

(a)(b)

.............

10,708

681,885

Standex

International

Corp.

............

1,636

200,917

Symbotic,

Inc.,

Class

A

(a)

..............

3,667

97,396

Terex

Corp.

.......................

8,804

392,570

Titan

International,

Inc.

(a)

..............

7,187

70,145

Trinity

Industries,

Inc.

................

19,412

464,917

Velo3D,

Inc.

(a)(b)

....................

14,615

34,199

Wabash

National

Corp.

...............

5,854

150,272

Watts

Water

Technologies,

Inc.,

Class

A

....

4,280

692,204

15,543,902

Marine

Transportation

—

0.1%

Eagle

Bulk

Shipping,

Inc.

.............

1,054

47,135

Matson,

Inc.

......................

3,801

258,582

305,717

Media

—

0.7%

Boston

Omaha

Corp.,

Class

A

(a)

.........

4,524

92,561

Cable

One,

Inc.

....................

487

369,346

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

6,474

54,576

Gray

Television,

Inc.

.................

9,775

75,365

Innovid

Corp.

(a)

....................

19,910

18,695

Integral

Ad

Science

Holding

Corp.

(a)

......

8,683

136,583

Magnite,

Inc.

(a)(b)

....................

16,670

156,698

New

York

Times

Co.

(The),

Class

A

.......

26,191

1,041,092

PubMatic,

Inc.,

Class

A

(a)(b)

.............

10,283

140,466

Scholastic

Corp.,

NVS

...............

3,261

125,451

TechTarget,

Inc.

(a)(b)

.................

6,329

215,756

TEGNA,

Inc.

......................

26,426

451,885

WideOpenWest,

Inc.

(a)

...............

6,885

78,695

2,957,169

Metals

&

Mining

—

1.5%

Alpha

Metallurgical

Resources,

Inc.

......

2,341

343,097

Arconic

Corp.

(a)

....................

8,044

199,089

ATI,

Inc.

(a)(b)

.......................

19,714

761,355

Carpenter

Technology

Corp.

...........

6,985

368,389

Century

Aluminum

Co.

(a)

..............

12,182

104,643

Compass

Minerals

International,

Inc.

......

8,119

265,735

Haynes

International,

Inc.

.............

1,900

89,319

Hecla

Mining

Co.

(b)

..................

52,267

316,215

Ivanhoe

Electric,

Inc.

(a)(b)

..............

3,362

40,041

Kaiser

Aluminum

Corp.

...............

1,675

110,081

Materion

Corp.

....................

4,853

525,628

MP

Materials

Corp.,

Class

A

(a)(b)

.........

21,919

474,985

Piedmont

Lithium,

Inc.

(a)(b)

.............

3,864

222,180

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Ramaco

Resources,

Inc.

..............

3,326

$

27,040

Royal

Gold,

Inc.

....................

15,551

2,059,575

5,907,372

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Ellington

Financial,

Inc.

...............

7,511

95,916

Granite

Point

Mortgage

Trust,

Inc.

.......

4,102

18,336

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

11,072

314,223

Two

Harbors

Investment

Corp.

..........

10,197

142,044

570,519

Office

REITs

—

0.2%

Douglas

Emmett,

Inc.

................

26,370

339,646

Easterly

Government

Properties,

Inc.

.....

9,454

133,018

Kilroy

Realty

Corp.

..................

10,030

293,277

Orion

Office

REIT,

Inc.

...............

8,797

54,013

819,954

Oil,

Gas

&

Consumable

Fuels

—

1.6%

Arch

Resources,

Inc.,

Class

A

..........

2,796

341,811

Callon

Petroleum

Co.

(a)

...............

4,560

151,118

Centrus

Energy

Corp.,

Class

A

(a)

.........

1,380

40,434

Chord

Energy

Corp.

.................

4,011

570,886

Clean

Energy

Fuels

Corp.

(a)

............

41,755

178,294

CNX

Resources

Corp.

(a)(b)

.............

23,011

357,361

Comstock

Resources,

Inc.

.............

8,249

94,864

CONSOL

Energy,

Inc.

................

4,722

280,203

Denbury,

Inc.

(a)

....................

11,774

1,099,456

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

4,509

61,142

Enviva,

Inc.

.......................

7,299

156,928

Excelerate

Energy,

Inc.,

Class

A

.........

4,341

93,331

Gevo,

Inc.

(a)(b)

.....................

27,938

32,408

Green

Plains,

Inc.

(a)

.................

7,892

269,670

HighPeak

Energy,

Inc.

(b)

..............

1,927

38,078

International

Seaways,

Inc.

............

6,082

242,185

Kinetik

Holdings,

Inc.,

Class

A

..........

5,246

161,577

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

16,158

341,257

NextDecade

Corp.

(a)

.................

7,143

44,501

Northern

Oil

and

Gas,

Inc.

.............

8,283

274,747

Permian

Resources

Corp.,

Class

A

.......

28,110

293,750

Ranger

Oil

Corp.,

Class

A

.............

2,649

109,139

REX

American

Resources

Corp.

(a)

.......

1,711

48,404

Riley

Exploration

Permian,

Inc.

..........

575

24,156

SandRidge

Energy,

Inc.

(a)

.............

2,388

33,838

SM

Energy

Co.

....................

17,618

494,713

Tellurian,

Inc.

(a)(b)

...................

65,763

93,383

Uranium

Energy

Corp.

(a)

..............

87,654

228,777

Vertex

Energy,

Inc.

(a)(b)

...............

14,507

114,605

6,271,016

Paper

&

Forest

Products

—

0.0%

Mercer

International,

Inc.

..............

4,273

41,576

Passenger

Airlines

—

0.2%

(a)

Allegiant

Travel

Co.

.................

3,714

385,922

Frontier

Group

Holdings,

Inc.

...........

8,755

83,085

Hawaiian

Holdings,

Inc.

..............

4,685

39,026

JetBlue

Airways

Corp.

................

43,478

310,433

Sun

Country

Airlines

Holdings,

Inc.

.......

7,748

152,868

Wheels

Up

Experience,

Inc.,

Class

A

(b)

....

16,036

7,416

978,750

Personal

Care

Products

—

0.9%

Beauty

Health

Co.

(The),

Class

A

(a)

.......

21,907

251,054

BellRing

Brands,

Inc.

(a)

...............

16,564

596,138

Coty,

Inc.,

Class

A

(a)

.................

44,637

529,841

Security

Shares

Shares

Value

Personal

Care

Products

(continued)

elf

Beauty,

Inc.

(a)

...................

12,018

$

1,114,790

Inter

Parfums,

Inc.

..................

4,219

640,402

Medifast,

Inc.

.....................

1,509

138,300

Olaplex

Holdings,

Inc.

(a)(b)

.............

12,444

46,043

USANA

Health

Sciences,

Inc.

(a)

.........

1,225

81,303

Veru,

Inc.

(a)(b)

......................

12,620

16,028

3,413,899

Pharmaceuticals

—

1.5%

Aclaris

Therapeutics,

Inc.

(a)

............

12,440

110,592

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

9,007

322,180

ANI

Pharmaceuticals,

Inc.

(a)

............

2,907

109,652

Arvinas,

Inc.

(a)

.....................

11,564

303,092

Atea

Pharmaceuticals,

Inc.

(a)

...........

10,368

33,903

Axsome

Therapeutics,

Inc.

(a)(b)

..........

5,100

364,803

Cara

Therapeutics,

Inc.

(a)(b)

............

5,269

22,130

Cassava

Sciences,

Inc.

(a)(b)

............

9,244

214,646

Corcept

Therapeutics,

Inc.

(a)

...........

11,821

266,327

Esperion

Therapeutics,

Inc.

(a)(b)

..........

7,528

9,937

Evolus,

Inc.

(a)(b)

....................

8,885

77,655

Harmony

Biosciences

Holdings,

Inc.

(a)

.....

7,006

225,873

Intra-Cellular

Therapies,

Inc.

(a)

..........

20,830

1,294,585

Ligand

Pharmaceuticals,

Inc.

(a)

..........

2,530

193,166

NGM

Biopharmaceuticals,

Inc.

(a)

.........

3,812

17,192

Pacira

BioSciences,

Inc.

(a)

.............

10,867

492,384

Phathom

Pharmaceuticals,

Inc.

(a)(b)

.......

2,367

25,327

Reata

Pharmaceuticals,

Inc.,

Class

A

(a)(b)

...

6,620

654,453

Revance

Therapeutics,

Inc.

(a)(b)

..........

19,446

618,966

Scilex

Holding

Co.,

(Acquired

01/06/23,

cost

$157,754)

(a)(e)

...................

15,053

105,168

SIGA

Technologies,

Inc.

..............

9,182

53,531

Supernus

Pharmaceuticals,

Inc.

(a)(b)

.......

4,696

173,095

Theravance

Biopharma,

Inc.

(a)

..........

13,962

151,208

Tilray

Brands,

Inc.,

Class

2

(a)(b)

..........

147,572

346,794

WaVe

Life

Sciences

Ltd.

(a)

.............

6,892

27,499

6,214,158

Professional

Services

—

3.2%

Alight,

Inc.,

Class

A

(a)

................

39,661

366,864

ASGN,

Inc.

(a)

......................

6,560

469,630

Barrett

Business

Services,

Inc.

..........

917

76,670

CACI

International,

Inc.,

Class

A

(a)

.......

1,906

597,188

CBIZ,

Inc.

(a)

.......................

11,926

628,381

CRA

International,

Inc.

...............

1,715

180,315

CSG

Systems

International,

Inc.

.........

3,112

163,940

Dun

&

Bradstreet

Holdings,

Inc.

.........

18,079

201,943

ExlService

Holdings,

Inc.

(a)

............

7,835

1,397,607

Exponent,

Inc.

.....................

12,000

1,104,600

First

Advantage

Corp.

(a)(b)

.............

6,973

89,673

FiscalNote

Holdings,

Inc.,

Class

A

(a)

......

16,651

30,138

Forrester

Research,

Inc.

(a)

.............

2,741

84,807

Franklin

Covey

Co.

(a)

................

2,908

106,782

FTI

Consulting,

Inc.

(a)(b)

...............

8,150

1,471,075

Heidrick

&

Struggles

International,

Inc.

....

1,822

45,750

HireRight

Holdings

Corp.

(a)

............

2,577

27,316

Huron

Consulting

Group,

Inc.

(a)(b)

........

4,733

401,311

ICF

International,

Inc.

................

4,016

457,824

Insperity,

Inc.

......................

8,441

1,033,685

KBR,

Inc.

........................

14,625

829,676

Kforce,

Inc.

.......................

4,633

273,996

Korn

Ferry

.......................

7,263

348,769

Legalzoom.com,

Inc.

(a)(b)

..............

22,373

209,859

Maximus,

Inc.

.....................

5,319

444,934

NV5

Global,

Inc.

(a)(b)

.................

2,971

281,443

Paycor

HCM,

Inc.

(a)(b)

................

11,306

265,691

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

Planet

Labs

PBC,

Class

A

(a)

............

45,393

$

185,204

Resources

Connection,

Inc.

............

3,295

48,074

Sterling

Check

Corp.

(a)

...............

5,754

64,675

TaskUS,

Inc.,

Class

A

(a)(b)

..............

6,283

84,569

TTEC

Holdings,

Inc.

.................

2,487

84,732

Upwork,

Inc.

(a)

.....................

18,336

175,476

Verra

Mobility

Corp.,

Class

A

(a)

..........

33,148

561,859

12,794,456

Real

Estate

Management

&

Development

—

0.3%

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

20,743

257,836

eXp

World

Holdings,

Inc.

..............

17,385

203,231

Forestar

Group,

Inc.

(a)

................

1,466

28,352

FRP

Holdings,

Inc.

(a)

.................

1,020

59,160

Howard

Hughes

Corp.

(The)

(a)(b)

.........

5,231

404,723

Marcus

&

Millichap,

Inc.

..............

2,505

78,832

St.

Joe

Co.

(The)

...................

8,033

330,156

1,362,290

Residential

REITs

—

0.3%

Apartment

Investment

&

Management

Co.,

Class

A

.......................

20,630

161,533

Centerspace

......................

1,319

74,365

Independence

Realty

Trust,

Inc.

.........

52,938

881,418

NexPoint

Residential

Trust,

Inc.

.........

2,610

112,047

UMH

Properties,

Inc.

................

5,064

76,973

1,306,336

Retail

REITs

—

1.0%

Acadia

Realty

Trust

.................

8,626

116,537

Agree

Realty

Corp.

.................

11,702

795,619

Getty

Realty

Corp.

..................

3,151

105,023

InvenTrust

Properties

Corp.

............

8,348

188,247

Kite

Realty

Group

Trust

...............

23,929

495,809

NETSTREIT

Corp.

..................

13,017

237,170

Phillips

Edison

&

Co.,

Inc.

.............

15,206

479,597

Retail

Opportunity

Investments

Corp.

.....

13,107

170,784

RPT

Realty

.......................

11,400

106,020

Saul

Centers,

Inc.

..................

1,415

50,982

SITE

Centers

Corp.

.................

15,533

191,677

Spirit

Realty

Capital,

Inc.

..............

11,574

445,136

Tanger

Factory

Outlet

Centers,

Inc.

.......

13,960

273,756

Urban

Edge

Properties

...............

13,513

198,236

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

2,891

49,783

Whitestone

REIT

...................

4,605

41,215

3,945,591

Semiconductors

&

Semiconductor

Equipment

—

4.0%

Allegro

MicroSystems,

Inc.

(a)

...........

15,424

551,716

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

2,495

59,581

Ambarella,

Inc.

(a)

...................

8,727

540,899

Amkor

Technology,

Inc.

...............

11,370

254,347

Axcelis

Technologies,

Inc.

(a)

............

7,757

917,653

CEVA,

Inc.

(a)

......................

5,504

138,316

Cirrus

Logic,

Inc.

(a)(b)

.................

4,950

424,661

Cohu,

Inc.

(a)

......................

11,285

381,884

Credo

Technology

Group

Holding

Ltd.

(a)(b)

...

21,277

172,556

Diodes,

Inc.

(a)(b)

....................

7,005

558,299

FormFactor,

Inc.

(a)

..................

18,308

499,991

Impinj,

Inc.

(a)

......................

5,039

445,498

indie

Semiconductor,

Inc.,

Class

A

(a)

......

16,533

125,155

Kulicke

&

Soffa

Industries,

Inc.

..........

13,435

640,312

Lattice

Semiconductor

Corp.

(a)

..........

32,442

2,585,627

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

12,220

712,915

Magnachip

Semiconductor

Corp.

(a)

.......

5,793

51,442

MaxLinear,

Inc.

(a)

...................

11,465

276,650

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

MKS

Instruments,

Inc.

(b)

..............

7,155

$

600,090

Navitas

Semiconductor

Corp.

(a)(b)

........

18,557

98,909

Onto

Innovation,

Inc.

(a)

...............

6,639

537,626

PDF

Solutions,

Inc.

(a)

................

7,052

254,225

Power

Integrations,

Inc.

..............

9,156

666,374

Rambus,

Inc.

(a)

....................

25,485

1,130,005

Semtech

Corp.

(a)

...................

8,051

156,914

Silicon

Laboratories,

Inc.

(a)(b)

............

7,546

1,051,158

SiTime

Corp.

(a)

.....................

3,803

412,511

Synaptics,

Inc.

(a)(b)

..................

3,381

299,421

Ultra

Clean

Holdings,

Inc.

(a)

............

3,892

111,078

Universal

Display

Corp.

..............

10,281

1,372,102

16,027,915

Software

—

10.1%

A10

Networks,

Inc.

..................

15,353

217,091

ACI

Worldwide,

Inc.

(a)

................

26,577

673,195

Agilysys,

Inc.

(a)

....................

4,735

369,519

Alarm.com

Holdings,

Inc.

(a)

............

11,858

565,508

Alkami

Technology,

Inc.

(a)

.............

8,679

104,061

Altair

Engineering,

Inc.,

Class

A

(a)(b)

.......

12,435

858,637

Alteryx,

Inc.,

Class

A

(a)

...............

9,722

399,866

American

Software,

Inc.,

Class

A

........

7,806

93,204

Amplitude,

Inc.,

Class

A

(a)

.............

12,764

144,871

Appfolio,

Inc.,

Class

A

(a)

..............

4,503

628,709

Appian

Corp.,

Class

A

(a)

..............

9,792

367,690

AppLovin

Corp.,

Class

A

(a)(b)

............

29,240

497,080

Asana,

Inc.,

Class

A

(a)

................

18,159

293,813

AvePoint,

Inc.,

Class

A

(a)(b)

.............

21,044

91,331

Blackbaud,

Inc.

(a)

...................

5,532

383,672

Blackline,

Inc.

(a)

....................

12,877

717,378

Blend

Labs,

Inc.,

Class

A

(a)

............

38,490

22,790

Box,

Inc.,

Class

A

(a)

.................

33,882

896,518

Braze,

Inc.,

Class

A

(a)

................

8,438

248,077

C3.ai,

Inc.,

Class

A

(a)(b)

...............

20,284

361,461

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

...

16,940

147,039

Clear

Secure,

Inc.,

Class

A

............

18,518

447,950

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)(b)

15,722

242,276

CommVault

Systems,

Inc.

(a)

............

6,441

375,317

Confluent,

Inc.,

Class

A

(a)

.............

36,516

803,352

Couchbase,

Inc.

(a)

..................

6,020

92,467

CS

Disco,

Inc.

(a)

....................

4,020

23,638

Cvent

Holding

Corp.

(a)(b)

...............

14,881

125,149

Digital

Turbine,

Inc.

(a)(b)

...............

10,147

119,024

Dolby

Laboratories,

Inc.,

Class

A

........

14,214

1,189,570

Domo,

Inc.,

Class

B

(a)

................

7,473

118,671

DoubleVerify

Holdings,

Inc.

(a)

...........

20,699

608,965

Dropbox,

Inc.,

Class

A

(a)

..............

33,738

686,231

E2open

Parent

Holdings,

Inc.,

Class

A

(a)

...

40,697

255,984

Elastic

NV

(a)

......................

18,376

1,052,026

Enfusion,

Inc.,

Class

A

(a)

..............

3,009

25,215

EngageSmart,

Inc.

(a)

.................

7,105

121,993

Envestnet,

Inc.

(a)(b)

..................

10,833

686,596

Everbridge,

Inc.

(a)(b)

..................

9,558

251,184

EverCommerce,

Inc.

(a)

...............

6,903

83,319

Expensify,

Inc.,

Class

A

(a)(b)

............

10,697

81,190

Five9,

Inc.

(a)

......................

16,687

1,081,985

Freshworks,

Inc.,

Class

A

(a)(b)

...........

38,100

509,016

Gitlab,

Inc.,

Class

A

(a)(b)

...............

14,938

453,518

Guidewire

Software,

Inc.

(a)

.............

7,836

597,025

HashiCorp,

Inc.,

Class

A

(a)(b)

............

19,406

520,275

Informatica,

Inc.,

Class

A

(a)(b)

...........

9,155

141,536

Instructure

Holdings,

Inc.

(a)

............

4,144

109,940

Intapp,

Inc.

(a)

......................

3,648

147,087

InterDigital,

Inc.

....................

6,421

434,959

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Jamf

Holding

Corp.

(a)

................

10,676

$

201,990

JFrog

Ltd.

(a)

.......................

14,387

267,167

LivePerson,

Inc.

(a)

..................

16,677

77,215

LiveRamp

Holdings,

Inc.

(a)

.............

7,849

189,082

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

26,373

265,576

Matterport,

Inc.,

Class

A

(a)

.............

52,319

121,903

MeridianLink,

Inc.

(a)(b)

................

4,783

71,458

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

2,275

747,064

Mitek

Systems,

Inc.

(a)

................

6,931

62,518

Model

N,

Inc.

(a)

....................

8,082

248,926

Momentive

Global,

Inc.

(a)

..............

17,870

167,799

N-able,

Inc.

(a)

......................

15,914

202,904

nCino,

Inc.

(a)(b)

.....................

18,261

451,595

New

Relic,

Inc.

(a)

...................

13,895

993,076

Nutanix,

Inc.,

Class

A

(a)

...............

34,875

836,303

Olo,

Inc.,

Class

A

(a)(b)

.................

25,209

172,682

ON24,

Inc.

(a)

......................

10,135

88,174

OneSpan,

Inc.

(a)

....................

4,573

67,406

PagerDuty,

Inc.

(a)

...................

19,389

582,833

Pegasystems,

Inc.

..................

9,800

447,076

PowerSchool

Holdings,

Inc.,

Class

A

(a)

.....

9,393

196,126

Progress

Software

Corp.

..............

10,274

563,837

PROS

Holdings,

Inc.

(a)

...............

4,496

127,552

Q2

Holdings,

Inc.

(a)(b)

.................

13,764

338,870

Qualtrics

International,

Inc.,

Class

A

(a)(b)

....

26,737

479,394

Qualys,

Inc.

(a)(b)

....................

8,203

926,447

Rapid7,

Inc.

(a)

.....................

13,999

680,491

Rimini

Street,

Inc.

(a)

.................

6,468

24,190

RingCentral,

Inc.,

Class

A

(a)

............

18,376

506,443

Riot

Platforms,

Inc.

(a)(b)

...............

24,218

289,647

Samsara,

Inc.,

Class

A

(a)

..............

26,868

484,967

SEMrush

Holdings,

Inc.,

Class

A

(a)

.......

8,632

83,385

SentinelOne,

Inc.,

Class

A

(a)

............

51,792

832,297

Smartsheet,

Inc.,

Class

A

(a)

............

31,085

1,270,444

SolarWinds

Corp.

(a)

.................

4,873

42,005

SoundHound

AI,

Inc.,

Class

A

(a)(b)

........

27,474

73,081

SoundThinking,

Inc.

(a)(b)

...............

2,124

63,189

Sprinklr,

Inc.,

Class

A

(a)

...............

14,551

174,030

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

11,173

550,382

SPS

Commerce,

Inc.

(a)

...............

8,540

1,257,942

Sumo

Logic,

Inc.

(a)

..................

26,574

318,888

Telos

Corp.

(a)

......................

12,192

20,726

Tenable

Holdings,

Inc.

(a)

..............

26,792

991,036

Teradata

Corp.

(a)

...................

24,099

932,872

UiPath,

Inc.,

Class

A

(a)

...............

83,563

1,176,567

Varonis

Systems,

Inc.

(a)

...............

25,530

591,275

Verint

Systems,

Inc.

(a)

................

6,426

234,485

Vertex,

Inc.,

Class

A

(a)

................

5,420

111,923

Workiva,

Inc.,

Class

A

(a)(b)

.............

10,850

1,013,607

Yext,

Inc.

(a)

.......................

15,260

133,983

ZeroFox

Holdings,

Inc.

(a)(b)

.............

6,819

6,564

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

29,960

290,912

Zuora,

Inc.,

Class

A

(a)

................

29,584

230,459

40,747,731

Specialized

REITs

—

0.7%

EPR

Properties

....................

7,759

325,568

Farmland

Partners,

Inc.

..............

11,934

124,591

Four

Corners

Property

Trust,

Inc.

........

11,325

288,901

Gladstone

Land

Corp.

...............

4,369

70,384

National

Storage

Affiliates

Trust

.........

20,060

773,313

Outfront

Media,

Inc.

.................

17,573

292,766

Rayonier,

Inc.

.....................

21,500

674,240

Security

Shares

Shares

Value

Specialized

REITs

(continued)

Safehold,

Inc.

(a)

....................

9,656

$

267,664

2,817,427

Specialty

Retail

—

1.4%

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.......

5,632

132,577

Academy

Sports

&

Outdoors,

Inc.

........

6,851

435,176

Arhaus,

Inc.,

Class

A

(a)(b)

..............

2,617

20,988

Arko

Corp.

.......................

17,258

144,277

Asbury

Automotive

Group,

Inc.

(a)

.........

1,970

381,116

Boot

Barn

Holdings,

Inc.

(a)

.............

4,452

322,637

Caleres,

Inc.

......................

3,111

70,931

Camping

World

Holdings,

Inc.,

Class

A

....

3,994

89,426

Chewy,

Inc.,

Class

A

(a)(b)

..............

22,036

683,336

EVgo,

Inc.,

Class

A

(a)(b)

...............

16,838

100,860

Franchise

Group,

Inc.

................

2,225

65,081

Leslie's,

Inc.

(a)(b)

....................

22,448

243,561

MarineMax,

Inc.

(a)(b)

.................

2,120

61,734

Monro,

Inc.

(b)

......................

4,914

240,196

National

Vision

Holdings,

Inc.

(a)(b)

........

8,808

185,320

Overstock.com,

Inc.

(a)

................

10,933

222,596

PetMed

Express,

Inc.

................

2,723

41,853

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

6,303

130,157

Sportsman's

Warehouse

Holdings,

Inc.

(a)

...

4,560

28,363

Valvoline,

Inc.

.....................

40,696

1,406,047

Warby

Parker,

Inc.,

Class

A

(a)(b)

..........

14,948

157,402

Winmark

Corp.

....................

663

221,389

Zumiez,

Inc.

(a)

.....................

2,078

36,334

5,421,357

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

(a)

Avid

Technology,

Inc.

................

3,970

117,155

Corsair

Gaming,

Inc.

................

5,922

103,161

IonQ,

Inc.

(b)

.......................

36,220

199,572

Super

Micro

Computer,

Inc.

(b)

...........

7,269

766,371

1,186,259

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

Carter's,

Inc.

......................

3,205

223,613

Columbia

Sportswear

Co.

.............

3,748

313,108

Crocs,

Inc.

(a)

......................

6,189

765,394

Oxford

Industries,

Inc.

...............

1,454

150,038

Skechers

USA,

Inc.,

Class

A

(a)

..........

31,754

1,688,995

Steven

Madden

Ltd.

.................

5,971

209,224

Wolverine

World

Wide,

Inc.

............

8,129

136,079

3,486,451

Tobacco

—

0.0%

Turning

Point

Brands,

Inc.

.............

2,343

55,740

Trading

Companies

&

Distributors

—

1.7%

Air

Lease

Corp.,

Class

A

..............

11,953

480,750

Alta

Equipment

Group,

Inc.,

Class

A

......

2,494

35,265

Applied

Industrial

Technologies,

Inc.

......

9,137

1,239,525

Beacon

Roofing

Supply,

Inc.

(a)

..........

6,879

413,978

BlueLinx

Holdings,

Inc.

(a)

..............

1,057

74,053

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

17,687

460,923

Custom

Truck

One

Source,

Inc.

(a)(b)

.......

7,161

44,971

Distribution

Solutions

Group,

Inc.

(a)

.......

1,104

51,535

DXP

Enterprises,

Inc.

(a)

...............

2,078

52,366

GATX

Corp.

......................

3,408

388,205

Global

Industrial

Co.

.................

2,485

66,225

GMS,

Inc.

(a)

.......................

4,889

283,855

H&E

Equipment

Services,

Inc.

..........

4,245

154,943

Herc

Holdings,

Inc.

..................

4,025

402,581

Hudson

Technologies,

Inc.

(a)

...........

5,652

43,690

McGrath

RentCorp

..................

5,783

513,993

Rush

Enterprises,

Inc.,

Class

A

.........

4,458

236,764

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Rush

Enterprises,

Inc.,

Class

B

.........

768

$

44,990

SiteOne

Landscape

Supply,

Inc.

(a)(b)

.......

10,671

1,576,534

Titan

Machinery,

Inc.

(a)(b)

..............

2,180

68,343

Transcat,

Inc.

(a)

....................

1,711

130,532

6,764,021

Water

Utilities

—

0.4%

American

States

Water

Co.

............

5,340

473,925

Artesian

Resources

Corp.,

Class

A,

NVS

...

1,213

66,448

California

Water

Service

Group

.........

7,646

428,788

Middlesex

Water

Co.

................

2,048

149,463

SJW

Group

.......................

6,335

480,953

York

Water

Co.

(The)

................

1,967

82,693

1,682,270

Wireless

Telecommunication

Services

—

0.1%

Gogo,

Inc.

(a)

......................

15,561

208,673

Shenandoah

Telecommunications

Co.

(b)

....

11,979

249,283

457,956

Total

Long-Term

Investments

—

99.7%

(Cost:

$427,947,365)

.............................

401,095,083

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

15.7%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.02%

(h)

............

62,372,886

$

62,391,598

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.75%

..................

808,997

808,997

Total

Short-Term

Securities

—

15.7%

(Cost:

$63,167,325)

..............................

63,200,595

Total

Investments

—

115.4%

(Cost:

$491,114,690

)

.............................

464,295,678

Liabilities

in

Excess

of

Other

Assets

—

(15.4)%

...........

(62,008,194)

Net

Assets

—

100.0%

..............................

$

402,287,484

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$105,168,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$157,754.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/23

Shares

Held

at

04/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

54,627,389

$

7,746,173

(a)

$

—

$

(3,097)

$

21,133

$

62,391,598

62,372,886

$

956,347

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

600,000

208,997

(a)

—

—

—

808,997

808,997

19,601

—

$

(3,097)

$

21,133

$

63,200,595

$

975,948

$

—

—

—

(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.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

48

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Technology

Select

Sector

Index

............................................

1

06/16/23

$

153

$

468

Russell

2000

E-Mini

Index

....................................................

11

06/16/23

976

(2,215)

$

(1,747)

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)

......

$

—

$

—

$

468

$

—

$

—

$

—

$

468

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

2,215

—

—

—

2,215

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(61,200)

$

—

$

—

$

—

$

(61,200)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

62,077

$

—

$

—

$

—

$

62,077

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

739,230

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

49

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

400,989,915

$

105,168

$

—

$

401,095,083

Short-Term

Securities

Money

Market

Funds

......................................

63,200,595

—

—

63,200,595

$

464,190,510

$

105,168

$

—

$

464,295,678

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

468

$

—

$

—

$

468

Liabilities

Equity

contracts

...........................................

(2,215)

—

—

(2,215)

$

(1,747)

$

—

$

—

$

(1,747)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.1%

AAR

Corp.

(a)

......................

8,015

$

423,032

Aerojet

Rocketdyne

Holdings,

Inc.

(a)

......

8,120

458,049

AerSale

Corp.

(a)

....................

3,785

61,241

BWX

Technologies,

Inc.

..............

8,210

530,202

Curtiss-Wright

Corp.

.................

3,739

634,994

Kaman

Corp.

.....................

4,051

89,406

Mercury

Systems,

Inc.

(a)

..............

14,070

670,717

Moog,

Inc.,

Class

A

.................

4,074

367,108

National

Presto

Industries,

Inc.

..........

1,283

87,270

Parsons

Corp.

(a)

....................

8,160

354,960

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

..

16,265

484,047

Triumph

Group,

Inc.

(a)

................

7,546

81,572

V2X,

Inc.

(a)

.......................

2,687

116,078

4,358,676

Air

Freight

&

Logistics

—

0.4%

Air

Transport

Services

Group,

Inc.

(a)

......

7,252

147,288

Forward

Air

Corp.

..................

2,909

306,929

GXO

Logistics,

Inc.

(a)(b)

...............

16,789

891,999

Hub

Group,

Inc.,

Class

A

(a)

.............

4,429

333,947

1,680,163

Automobile

Components

—

1.2%

Adient

plc

(a)

.......................

13,388

494,553

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

27,476

196,453

Autoliv,

Inc.

.......................

8,975

770,145

Dana,

Inc.

........................

30,904

457,070

Garrett

Motion,

Inc.

(a)(b)

...............

13,771

113,749

Gentex

Corp.

.....................

21,760

600,358

Goodyear

Tire

&

Rubber

Co.

(The)

(a)(b)

.....

68,419

730,031

Holley,

Inc.

(a)

......................

5,759

13,879

LCI

Industries

.....................

3,596

406,204

Modine

Manufacturing

Co.

(a)

...........

5,838

122,073

Patrick

Industries,

Inc.

...............

5,208

357,425

QuantumScape

Corp.,

Class

A

(a)(b)

.......

35,933

251,531

Standard

Motor

Products,

Inc.

..........

4,521

162,801

Stoneridge,

Inc.

(a)

...................

6,580

123,901

4,800,173

Automobiles

—

0.5%

Harley-Davidson,

Inc.

................

32,251

1,196,512

Thor

Industries,

Inc.

.................

5,171

408,613

Winnebago

Industries,

Inc.

............

3,814

221,746

1,826,871

Banks

—

12.0%

1st

Source

Corp.

...................

4,464

186,059

Amalgamated

Financial

Corp.

..........

3,029

49,312

Amerant

Bancorp,

Inc.,

Class

A

.........

3,380

62,868

Ameris

Bancorp

....................

15,522

519,987

Arrow

Financial

Corp.

................

4,840

104,496

Associated

Banc-Corp.

...............

38,861

692,892

Atlantic

Union

Bankshares

Corp.

........

18,766

537,083

Axos

Financial,

Inc.

(a)

................

6,938

282,168

Banc

of

California,

Inc.

...............

12,770

144,939

BancFirst

Corp.

....................

2,238

178,794

Bank

First

Corp.

(b)

..................

959

65,586

Bank

of

Hawaii

Corp.

................

9,831

476,115

Bank

of

Marin

Bancorp

...............

4,562

80,428

Bank

OZK

.......................

27,308

975,442

BankUnited,

Inc.

...................

16,048

361,882

Banner

Corp.

.....................

7,661

382,437

Bar

Harbor

Bankshares

..............

4,299

106,615

Berkshire

Hills

Bancorp,

Inc.

...........

9,614

204,490

Bridgewater

Bancshares,

Inc.

(a)

.........

2,980

29,651

Security

Shares

Shares

Value

Banks

(continued)

Brookline

Bancorp,

Inc.

...............

17,625

$

168,142

Business

First

Bancshares,

Inc.

.........

6,787

104,655

Byline

Bancorp,

Inc.

.................

6,602

127,749

Cadence

Bank

....................

38,830

785,143

Cambridge

Bancorp

.................

2,184

112,804

Camden

National

Corp.

..............

4,259

136,075

Capital

City

Bank

Group,

Inc.

...........

2,752

83,826

Capitol

Federal

Financial,

Inc.

..........

26,153

162,149

Capstar

Financial

Holdings,

Inc.

.........

5,260

70,379

Carter

Bankshares,

Inc.

(a)

.............

6,848

87,997

Cathay

General

Bancorp

..............

19,477

620,732

Central

Pacific

Financial

Corp.

..........

3,937

62,520

City

Holding

Co.

...................

1,945

177,364

CNB

Financial

Corp.

.................

6,553

122,934

Columbia

Banking

System,

Inc.

.........

51,441

1,098,780

Community

Bank

System,

Inc.

..........

11,473

573,191

Community

Trust

Bancorp,

Inc.

.........

4,257

153,295

ConnectOne

Bancorp,

Inc.

............

9,557

150,809

CrossFirst

Bankshares,

Inc.

(a)

...........

5,905

59,227

Customers

Bancorp,

Inc.

(a)

.............

6,331

138,269

CVB

Financial

Corp.

.................

17,566

262,963

Dime

Community

Bancshares,

Inc.

.......

4,056

83,554

Eagle

Bancorp,

Inc.

.................

6,581

165,183

Enterprise

Financial

Services

Corp.

......

6,500

277,940

Equity

Bancshares,

Inc.,

Class

A

........

3,974

93,588

Farmers

&

Merchants

Bancorp,

Inc.

......

3,380

77,064

Farmers

National

Banc

Corp.

...........

9,378

109,629

FB

Financial

Corp.

..................

6,333

186,380

First

Bancorp

.....................

9,356

287,978

First

BanCorp

.....................

21,666

254,575

First

Bancshares,

Inc.

(The)

............

7,776

195,178

First

Busey

Corp.

...................

14,088

256,120

First

Commonwealth

Financial

Corp.

......

22,861

285,305

First

Community

Bankshares,

Inc.

.......

4,455

104,291

First

Financial

Bancorp

...............

22,131

458,112

First

Financial

Corp.

.................

3,512

121,340

First

Foundation,

Inc.

................

13,402

84,299

First

Hawaiian,

Inc.

.................

32,135

614,100

First

Interstate

BancSystem,

Inc.,

Class

A

..

22,128

566,255

First

Merchants

Corp.

................

15,530

453,165

First

Mid

Bancshares,

Inc.

.............

5,576

146,983

First

of

Long

Island

Corp.

(The)

.........

6,532

76,424

Flushing

Financial

Corp.

..............

8,443

101,569

FNB

Corp.

.......................

91,206

1,047,045

Fulton

Financial

Corp.

................

42,692

509,316

German

American

Bancorp,

Inc.

.........

5,565

161,775

Glacier

Bancorp,

Inc.

................

13,787

458,142

Great

Southern

Bancorp,

Inc.

...........

2,687

136,715

Hancock

Whitney

Corp.

..............

20,855

761,625

Hanmi

Financial

Corp.

...............

6,196

100,127

HarborOne

Bancorp,

Inc.

.............

5,634

60,565

Heartland

Financial

USA,

Inc.

..........

10,428

339,536

Heritage

Commerce

Corp.

.............

16,585

140,972

Heritage

Financial

Corp.

..............

7,698

135,562

Hilltop

Holdings,

Inc.

.................

11,719

363,523

Hingham

Institution

for

Savings

(The)

.....

277

53,893

Home

BancShares,

Inc.

..............

47,136

1,026,151

HomeStreet,

Inc.

...................

3,788

36,971

Hope

Bancorp,

Inc.

.................

25,728

234,125

Horizon

Bancorp,

Inc.

................

10,439

109,923

Independent

Bank

Corp.

..............

14,558

614,536

Independent

Bank

Group,

Inc.

..........

8,561

311,449

International

Bancshares

Corp.

.........

13,265

566,018

John

Marshall

Bancorp,

Inc.

...........

1,471

26,802

Kearny

Financial

Corp.

...............

17,173

133,778

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

Lakeland

Bancorp,

Inc.

...............

18,024

$

258,464

Lakeland

Financial

Corp.

..............

2,558

129,614

Mercantile

Bank

Corp.

...............

4,362

122,398

Metrocity

Bankshares,

Inc.

............

2,946

48,167

Metropolitan

Bank

Holding

Corp.

(a)

.......

1,362

43,707

Midland

States

Bancorp,

Inc.

...........

6,307

126,140

MidWestOne

Financial

Group,

Inc.

.......

4,265

88,285

National

Bank

Holdings

Corp.,

Class

A

....

6,115

194,457

NBT

Bancorp,

Inc.

..................

9,306

300,025

New

York

Community

Bancorp,

Inc.

......

166,595

1,780,900

Nicolet

Bankshares,

Inc.

(a)

.............

3,434

196,802

Northfield

Bancorp,

Inc.

..............

9,717

101,251

Northwest

Bancshares,

Inc.

............

27,910

326,268

OceanFirst

Financial

Corp.

............

16,122

257,952

OFG

Bancorp

.....................

10,403

266,005

Old

National

Bancorp

................

73,091

980,150

Old

Second

Bancorp,

Inc.

.............

10,454

128,480

Origin

Bancorp,

Inc.

.................

4,896

144,089

Pacific

Premier

Bancorp,

Inc.

...........

19,961

443,933

PacWest

Bancorp

..................

28,948

293,822

Park

National

Corp.

.................

3,628

392,985

Pathward

Financial,

Inc.

..............

2,308

102,775

Peapack-Gladstone

Financial

Corp.

......

2,498

66,347

Peoples

Bancorp,

Inc.

...............

8,047

209,705

Pinnacle

Financial

Partners,

Inc.

.........

19,081

1,034,763

Popular,

Inc.

......................

17,862

1,071,899

Premier

Financial

Corp.

..............

9,514

158,027

Prosperity

Bancshares,

Inc.

............

22,720

1,422,726

Provident

Financial

Services,

Inc.

........

15,592

272,548

QCR

Holdings,

Inc.

.................

4,595

190,233

RBB

Bancorp

.....................

4,421

54,997

Republic

Bancorp,

Inc.,

Class

A

.........

2,482

97,543

S&T

Bancorp,

Inc.

..................

8,451

232,656

Sandy

Spring

Bancorp,

Inc.

............

11,835

266,051

Seacoast

Banking

Corp.

of

Florida

.......

6,735

149,450

Shore

Bancshares,

Inc.

...............

5,494

72,960

Simmons

First

National

Corp.,

Class

A

....

23,992

400,906

SmartFinancial,

Inc.

.................

3,455

74,421

South

Plains

Financial,

Inc.

............

2,681

55,041

Southern

Missouri

Bancorp,

Inc.

.........

1,798

65,231

Southside

Bancshares,

Inc.

............

6,915

219,413

SouthState

Corp.

...................

11,479

791,821

Stellar

Bancorp,

Inc.

.................

11,337

260,071

Synovus

Financial

Corp.

..............

35,943

1,107,044

Texas

Capital

Bancshares,

Inc.

(a)

........

12,115

608,779

Tompkins

Financial

Corp.

.............

3,064

179,612

Towne

Bank

......................

17,801

421,706

TriCo

Bancshares

..................

8,802

315,200

Triumph

Financial,

Inc.

(a)

..............

2,675

138,993

TrustCo

Bank

Corp.

.................

3,711

110,736

Trustmark

Corp.

...................

13,375

319,529

UMB

Financial

Corp.

................

10,878

691,950

United

Bankshares,

Inc.

..............

33,171

1,098,955

United

Community

Banks,

Inc.

..........

26,677

664,257

Univest

Financial

Corp.

...............

8,068

162,328

Valley

National

Bancorp

..............

105,049

985,360

Veritex

Holdings,

Inc.

................

10,594

182,323

Washington

Federal,

Inc.

..............

16,547

463,978

Washington

Trust

Bancorp,

Inc.

.........

4,930

138,582

WesBanco,

Inc.

....................

14,967

398,421

Westamerica

BanCorp

...............

5,970

241,845

Wintrust

Financial

Corp.

..............

15,262

1,043,463

WSFS

Financial

Corp.

...............

8,273

290,961

46,485,328

Security

Shares

Shares

Value

Beverages

—

0.1%

Coca-Cola

Consolidated,

Inc.

...........

379

$

223,405

Duckhorn

Portfolio,

Inc.

(The)

(a)

.........

4,240

64,024

National

Beverage

Corp.

(a)

.............

3,098

153,971

441,400

Biotechnology

—

2.6%

(a)

2seventy

bio,

Inc.

...................

4,791

45,562

Agenus,

Inc.

(b)

.....................

32,156

48,556

Agios

Pharmaceuticals,

Inc.

............

6,735

154,029

Akero

Therapeutics,

Inc.

..............

3,723

166,567

Alector,

Inc.

......................

5,626

37,132

Allogene

Therapeutics,

Inc.

(b)

...........

21,983

119,368

Amicus

Therapeutics,

Inc.

.............

21,115

243,667

AnaptysBio,

Inc.

...................

2,974

61,919

Arcturus

Therapeutics

Holdings,

Inc.

(b)

.....

2,627

69,931

Arcus

Biosciences,

Inc.

...............

12,673

226,213

Atara

Biotherapeutics,

Inc.

.............

24,235

65,677

Beam

Therapeutics,

Inc.

..............

14,410

442,531

C4

Therapeutics,

Inc.

................

6,563

19,820

Caribou

Biosciences,

Inc.

.............

8,014

34,460

CRISPR

Therapeutics

AG

(b)

............

8,078

395,337

Eagle

Pharmaceuticals,

Inc.

...........

2,529

71,014

Editas

Medicine,

Inc.

(b)

...............

6,003

48,985

Emergent

BioSolutions,

Inc.

............

10,811

95,461

Enanta

Pharmaceuticals,

Inc.

...........

3,060

108,783

Exact

Sciences

Corp.

................

22,131

1,417,933

FibroGen,

Inc.

.....................

11,429

195,664

Immunovant,

Inc.

...................

13,504

217,955

Inhibrx,

Inc.

(b)

.....................

3,766

79,086

Intercept

Pharmaceuticals,

Inc.

.........

8,811

152,607

Ionis

Pharmaceuticals,

Inc.

(b)

...........

17,648

624,210

Iovance

Biotherapeutics,

Inc.

...........

18,181

102,541

Ironwood

Pharmaceuticals,

Inc.,

Class

A

...

32,064

333,786

Karyopharm

Therapeutics,

Inc.

..........

25,313

90,621

Krystal

Biotech,

Inc.

.................

3,057

256,788

Kura

Oncology,

Inc.

.................

5,522

53,784

Madrigal

Pharmaceuticals,

Inc.

(b)

........

1,671

521,352

MiNK

Therapeutics,

Inc.

..............

468

838

Mirati

Therapeutics,

Inc.

(b)

.............

7,475

331,217

Mirum

Pharmaceuticals,

Inc.

...........

3,075

82,564

Myriad

Genetics,

Inc.

................

12,663

269,595

Novavax,

Inc.

(b)

....................

11,349

87,047

Nurix

Therapeutics,

Inc.

..............

4,080

39,290

Organogenesis

Holdings,

Inc.,

Class

A

....

6,946

14,239

PTC

Therapeutics,

Inc.

...............

5,795

319,536

REGENXBIO,

Inc.

..................

9,273

179,525

REVOLUTION

Medicines,

Inc.

..........

21,561

506,468

Rocket

Pharmaceuticals,

Inc.

...........

6,016

107,807

Sage

Therapeutics,

Inc.

..............

4,183

204,340

Sangamo

Therapeutics,

Inc.

(b)

..........

22,156

32,569

Seres

Therapeutics,

Inc.

(b)

.............

10,552

51,441

SpringWorks

Therapeutics,

Inc.

.........

6,823

159,522

Stoke

Therapeutics,

Inc.

..............

5,402

48,024

Ultragenyx

Pharmaceutical,

Inc.

.........

5,511

240,665

uniQure

NV

(b)

.....................

4,647

90,198

Vaxcyte,

Inc.

......................

7,684

329,106

Vir

Biotechnology,

Inc.

...............

18,352

461,553

Zymeworks,

Inc.

(b)

..................

7,533

63,277

10,120,160

Broadline

Retail

—

0.8%

Big

Lots,

Inc.

......................

7,261

65,276

ContextLogic,

Inc.,

Class

A

(a)(b)

..........

4,671

33,678

Dillard's,

Inc.,

Class

A

(b)

...............

828

247,067

Kohl's

Corp.

......................

26,899

592,585

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Broadline

Retail

(continued)

Macy's,

Inc.

......................

65,864

$

1,076,218

Nordstrom,

Inc.

....................

27,239

421,115

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

6,416

418,644

Qurate

Retail,

Inc.

(a)

.................

82,501

65,720

2,920,303

Building

Products

—

0.9%

American

Woodmark

Corp.

(a)

...........

3,998

201,979

Apogee

Enterprises,

Inc.

..............

5,429

231,058

AZZ,

Inc.

........................

3,111

117,378

Griffon

Corp.

......................

6,633

188,709

Hayward

Holdings,

Inc.

(a)(b)

.............

28,124

338,613

Insteel

Industries,

Inc.

(b)

..............

2,678

73,725

Janus

International

Group,

Inc.

(a)

........

7,084

63,756

JELD-WEN

Holding,

Inc.

(a)

.............

20,605

263,332

Masonite

International

Corp.

(a)

..........

2,413

220,572

Quanex

Building

Products

Corp.

.........

8,031

153,392

Resideo

Technologies,

Inc.

(a)

...........

17,400

309,720

Trex

Co.,

Inc.

(a)

....................

8,700

475,542

UFP

Industries,

Inc.

.................

7,315

574,374

Zurn

Elkay

Water

Solutions

Corp.

........

18,130

390,702

3,602,852

Capital

Markets

—

2.8%

Affiliated

Managers

Group,

Inc.

.........

9,223

1,331,617

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

9,443

327,389

AssetMark

Financial

Holdings,

Inc.

(a)(b)

.....

2,646

81,179

Avantax,

Inc.

(a)

.....................

4,659

118,199

B

Riley

Financial,

Inc.

(b)

...............

4,032

127,008

BGC

Partners,

Inc.,

Class

A

............

78,434

355,306

Bridge

Investment

Group

Holdings,

Inc.,

Class

A

...........................

3,693

36,893

CION

Investment

Corp.

...............

13,524

128,208

Diamond

Hill

Investment

Group,

Inc.

......

778

126,129

Donnelley

Financial

Solutions,

Inc.

(a)

......

6,076

262,787

Evercore,

Inc.,

Class

A

...............

8,688

991,040

Federated

Hermes,

Inc.,

Class

B

........

20,576

851,641

Focus

Financial

Partners,

Inc.,

Class

A

(a)

...

7,295

378,902

Houlihan

Lokey,

Inc.,

Class

A

...........

4,829

441,274

Janus

Henderson

Group

plc

...........

32,389

840,495

Moelis

&

Co.,

Class

A

................

15,745

596,421

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

.

1,811

67,713

Piper

Sandler

Cos.

..................

1,644

222,663

StepStone

Group,

Inc.,

Class

A

.........

6,348

139,846

Stifel

Financial

Corp.

................

25,673

1,539,610

StoneX

Group,

Inc.

(a)

................

4,252

416,994

TPG,

Inc.,

Class

A

..................

12,569

364,124

Victory

Capital

Holdings,

Inc.,

Class

A

.....

6,680

204,007

Virtu

Financial,

Inc.,

Class

A

............

22,718

455,496

Virtus

Investment

Partners,

Inc.

.........

949

172,917

WisdomTree,

Inc.

...................

15,952

99,540

10,677,398

Chemicals

—

2.4%

AdvanSix,

Inc.

.....................

6,779

255,433

American

Vanguard

Corp.

.............

4,038

77,731

Avient

Corp.

......................

13,364

514,648

Axalta

Coating

Systems

Ltd.

(a)

..........

26,315

830,765

Cabot

Corp.

......................

5,552

398,412

Chase

Corp.

......................

848

92,712

Chemours

Co.

(The)

.................

36,089

1,049,107

Diversey

Holdings

Ltd.

(a)

..............

18,648

151,608

Element

Solutions,

Inc.

...............

27,619

501,285

Hawkins,

Inc.

.....................

1,563

63,051

HB

Fuller

Co.

.....................

4,440

293,795

Security

Shares

Shares

Value

Chemicals

(continued)

Huntsman

Corp.

...................

43,906

$

1,176,242

Ingevity

Corp.

(a)

....................

4,684

336,030

Innospec,

Inc.

.....................

2,225

226,127

Intrepid

Potash,

Inc.

(a)(b)

...............

1,139

29,363

Koppers

Holdings,

Inc.

...............

3,162

103,745

Kronos

Worldwide,

Inc.

...............

5,444

50,629

LSB

Industries,

Inc.

(a)(b)

...............

12,405

110,777

Mativ

Holdings,

Inc.

.................

13,331

258,221

Minerals

Technologies,

Inc.

............

7,914

468,984

NewMarket

Corp.

...................

1,609

642,956

Scotts

Miracle-Gro

Co.

(The)

...........

6,278

419,433

Sensient

Technologies

Corp.

...........

4,947

368,354

Stepan

Co.

.......................

2,047

188,733

Trinseo

plc

.......................

8,708

157,789

Tronox

Holdings

plc

.................

27,758

380,007

9,145,937

Commercial

Services

&

Supplies

—

1.6%

ABM

Industries,

Inc.

.................

9,586

408,172

ACCO

Brands

Corp.

.................

22,846

104,635

Brady

Corp.,

Class

A,

NVS

............

11,177

570,362

BrightView

Holdings,

Inc.

(a)

............

9,686

53,564

Brink's

Co.

(The)

...................

4,407

276,980

Cimpress

plc

(a)(b)

...................

4,857

252,321

Clean

Harbors,

Inc.

(a)

................

4,149

602,269

CoreCivic,

Inc.

(a)

...................

27,993

246,058

Deluxe

Corp.

......................

10,600

160,590

Ennis,

Inc.

.......................

6,391

124,177

GEO

Group,

Inc.

(The)

(a)

..............

30,181

227,263

Harsco

Corp.

(a)

....................

19,222

132,055

Healthcare

Services

Group,

Inc.

.........

10,143

158,332

Heritage-Crystal

Clean,

Inc.

(a)

...........

2,062

72,088

HNI

Corp.

........................

10,274

266,918

Interface,

Inc.

.....................

8,576

67,236

KAR

Auction

Services,

Inc.

(a)

...........

13,232

179,161

Matthews

International

Corp.,

Class

A

.....

7,333

277,701

MillerKnoll,

Inc.

....................

18,411

313,171

Montrose

Environmental

Group,

Inc.

(a)(b)

....

2,885

87,877

MSA

Safety,

Inc.

...................

2,992

388,212

Pitney

Bowes,

Inc.

..................

4,409

15,476

SP

Plus

Corp.

(a)

....................

2,648

90,482

Steelcase,

Inc.,

Class

A

..............

22,902

183,216

Stericycle,

Inc.

(a)

...................

11,835

540,268

UniFirst

Corp.

.....................

1,700

278,256

6,076,840

Communications

Equipment

—

0.3%

ADTRAN

Holdings,

Inc.

..............

9,944

90,689

Infinera

Corp.

(a)

....................

23,307

147,534

Lumentum

Holdings,

Inc.

(a)(b)

...........

9,228

445,251

NETGEAR,

Inc.

(a)

...................

7,102

100,351

NetScout

Systems,

Inc.

(a)

.............

7,957

216,510

Ribbon

Communications,

Inc.

(a)

.........

21,489

55,012

1,055,347

Construction

&

Engineering

—

1.1%

API

Group

Corp.

(a)

..................

16,972

386,283

Argan,

Inc.

.......................

3,381

136,018

Comfort

Systems

USA,

Inc.

............

3,092

462,223

Fluor

Corp.

(a)

......................

14,223

413,320

Granite

Construction,

Inc.

.............

6,382

243,346

Great

Lakes

Dredge

&

Dock

Corp.

(a)

......

16,111

92,316

IES

Holdings,

Inc.

(a)

.................

1,006

43,449

MasTec,

Inc.

(a)

.....................

4,672

414,920

MDU

Resources

Group,

Inc.

...........

49,641

1,450,510

MYR

Group,

Inc.

(a)

..................

1,917

245,357

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Primoris

Services

Corp.

..............

12,729

$

322,044

Sterling

Infrastructure,

Inc.

(a)

...........

4,364

161,119

Tutor

Perini

Corp.

(a)

.................

10,665

56,524

4,427,429

Construction

Materials

—

0.1%

Eagle

Materials,

Inc.

.................

3,547

525,701

Consumer

Finance

—

1.4%

Atlanticus

Holdings

Corp.

(a)

............

1,280

37,325

Bread

Financial

Holdings,

Inc.

..........

10,330

285,108

Credit

Acceptance

Corp.

(a)(b)

............

1,461

715,159

Encore

Capital

Group,

Inc.

(a)

...........

5,688

292,249

Enova

International,

Inc.

(a)

.............

7,578

332,826

EZCORP,

Inc.,

Class

A,

NVS

(a)

..........

12,652

108,934

Green

Dot

Corp.,

Class

A

(a)

............

5,076

87,256

LendingClub

Corp.

(a)

.................

26,452

189,925

Navient

Corp.

.....................

24,450

404,403

OneMain

Holdings,

Inc.

...............

29,261

1,122,745

PRA

Group,

Inc.

(a)

..................

9,476

343,695

PROG

Holdings,

Inc.

(a)

...............

12,052

364,332

SLM

Corp.

.......................

58,419

877,453

World

Acceptance

Corp.

(a)(b)

............

821

82,839

5,244,249

Consumer

Staples

Distribution

&

Retail

—

0.7%

Andersons,

Inc.

(The)

................

7,518

336,054

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

4,795

159,482

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

7,119

212,004

Ingles

Markets,

Inc.,

Class

A

...........

1,782

164,015

PriceSmart,

Inc.

....................

3,876

285,584

SpartanNash

Co.

...................

5,288

129,662

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

25,584

886,741

United

Natural

Foods,

Inc.

(a)

............

14,585

397,733

Weis

Markets,

Inc.

..................

2,567

211,752

2,783,027

Containers

&

Packaging

—

1.3%

Berry

Global

Group,

Inc.

..............

29,579

1,709,962

Greif,

Inc.,

Class

A,

NVS

..............

6,453

405,184

Greif,

Inc.,

Class

B

..................

1,144

90,078

O-I

Glass,

Inc.

(a)

....................

37,429

841,030

Pactiv

Evergreen,

Inc.

...............

5,526

43,655

Silgan

Holdings,

Inc.

.................

13,122

646,390

Sonoco

Products

Co.

................

14,903

903,420

TriMas

Corp.

......................

10,220

259,690

4,899,409

Distributors

—

0.0%

Funko,

Inc.,

Class

A

(a)

................

2,651

26,139

Diversified

Consumer

Services

—

0.7%

2U,

Inc.

(a)

........................

19,245

106,617

Adtalem

Global

Education,

Inc.

(a)

........

5,129

208,084

Frontdoor,

Inc.

(a)

....................

19,734

539,922

Graham

Holdings

Co.,

Class

B

..........

923

531,251

H&R

Block,

Inc.

....................

13,989

474,367

Perdoceo

Education

Corp.

(a)

...........

16,096

208,926

Rover

Group,

Inc.,

Class

A

(a)

...........

13,296

60,231

Strategic

Education,

Inc.

(b)

.............

2,226

195,888

Stride,

Inc.

(a)(b)

.....................

3,576

153,625

Udemy,

Inc.

(a)

.....................

5,166

46,959

2,525,870

Diversified

REITs

—

0.4%

American

Assets

Trust,

Inc.

............

6,328

115,170

Armada

Hoffler

Properties,

Inc.

.........

16,177

189,594

Security

Shares

Shares

Value

Diversified

REITs

(continued)

Broadstone

Net

Lease,

Inc.

............

21,922

$

354,479

Empire

State

Realty

Trust,

Inc.,

Class

A

(b)

...

31,627

193,241

Essential

Properties

Realty

Trust,

Inc.

.....

17,162

424,759

Gladstone

Commercial

Corp.

...........

5,514

65,837

Global

Net

Lease,

Inc.

...............

16,075

181,005

One

Liberty

Properties,

Inc.

............

3,848

84,733

1,608,818

Diversified

Telecommunication

Services

—

0.3%

Anterix,

Inc.

(a)

.....................

2,013

63,570

ATN

International,

Inc.

...............

2,574

93,102

Cogent

Communications

Holdings,

Inc.

....

4,599

317,515

Consolidated

Communications

Holdings,

Inc.

(a)

17,998

69,652

EchoStar

Corp.,

Class

A

(a)(b)

............

8,567

146,239

Globalstar,

Inc.

(a)

...................

66,566

60,309

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

8,962

79,493

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)

..

35,099

311,679

1,141,559

Electric

Utilities

—

1.6%

ALLETE,

Inc.

.....................

13,871

865,273

Hawaiian

Electric

Industries,

Inc.

........

27,003

1,058,788

IDACORP,

Inc.

....................

12,392

1,376,999

MGE

Energy,

Inc.

...................

5,262

403,122

Otter

Tail

Corp.

....................

6,536

470,265

PNM

Resources,

Inc.

................

20,869

1,004,425

Portland

General

Electric

Co.

...........

21,812

1,104,123

6,282,995

Electrical

Equipment

—

1.5%

Acuity

Brands,

Inc.

..................

3,426

539,184

Atkore,

Inc.

(a)(b)

.....................

5,869

741,431

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

......

8,576

53,343

Blink

Charging

Co.

(a)(b)

................

5,887

41,974

Encore

Wire

Corp.

(b)

.................

2,656

415,212

EnerSys

.........................

6,216

515,742

GrafTech

International

Ltd.

............

46,727

220,084

nVent

Electric

plc

...................

23,725

994,789

Preformed

Line

Products

Co.

...........

693

86,126

Sensata

Technologies

Holding

plc

........

23,333

1,013,819

Sunrun,

Inc.

(a)(b)

....................

51,767

1,089,178

Thermon

Group

Holdings,

Inc.

(a)

.........

4,366

90,725

5,801,607

Electronic

Equipment,

Instruments

&

Components

—

2.5%

908

Devices,

Inc.

(a)(b)

.................

1,792

12,114

Advanced

Energy

Industries,

Inc.

........

4,593

397,294

Arlo

Technologies,

Inc.

(a)

..............

21,556

138,821

Avnet,

Inc.

.......................

22,143

913,620

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

1,375

55,866

Belden,

Inc.

......................

4,094

322,976

Benchmark

Electronics,

Inc.

...........

3,728

79,593

Coherent

Corp.

(a)(b)

..................

33,793

1,153,693

ePlus,

Inc.

(a)(b)

.....................

6,663

290,107

Insight

Enterprises,

Inc.

(a)(b)

............

4,821

583,100

IPG

Photonics

Corp.

(a)

...............

5,121

588,813

Kimball

Electronics,

Inc.

(a)

.............

5,865

118,062

Knowles

Corp.

(a)

...................

13,075

220,706

Methode

Electronics,

Inc.

.............

5,723

234,586

MicroVision,

Inc.

(a)(b)

.................

20,391

40,782

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

13,596

110,128

National

Instruments

Corp.

............

18,615

1,083,951

nLight,

Inc.

(a)(b)

.....................

4,117

36,106

OSI

Systems,

Inc.

(a)

.................

1,990

224,790

PC

Connection,

Inc.

.................

1,639

66,002

Plexus

Corp.

(a)

.....................

2,738

239,493

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Sanmina

Corp.

(a)

...................

14,149

$

739,427

ScanSource,

Inc.

(a)

..................

6,148

168,148

TTM

Technologies,

Inc.

(a)

..............

14,885

175,792

Vishay

Intertechnology,

Inc.

............

31,356

667,569

Vishay

Precision

Group,

Inc.

(a)

..........

953

35,776

Vontier

Corp.

......................

38,327

1,039,811

9,737,126

Energy

Equipment

&

Services

—

1.0%

Archrock,

Inc.

.....................

32,536

334,795

Bristow

Group,

Inc.

(a)

................

5,791

129,545

Dril-Quip,

Inc.

(a)

....................

4,668

127,343

Helix

Energy

Solutions

Group,

Inc.

(a)

......

17,177

124,533

Helmerich

&

Payne,

Inc.

..............

25,465

844,419

Liberty

Energy,

Inc.,

Class

A

...........

14,471

185,374

Nabors

Industries

Ltd.

(a)

..............

885

88,270

NexTier

Oilfield

Solutions,

Inc.

(a)

.........

38,765

313,221

Oil

States

International,

Inc.

(a)

...........

15,411

108,494

Select

Energy

Services,

Inc.,

Class

A

.....

7,863

58,422

Tidewater,

Inc.

(a)

...................

7,028

316,471

Transocean

Ltd.

(a)(b)

.................

160,955

949,635

US

Silica

Holdings,

Inc.

(a)

.............

18,287

238,645

3,819,167

Entertainment

—

0.7%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

125,994

692,967

Cinemark

Holdings,

Inc.

(a)(b)

............

25,828

435,977

Lions

Gate

Entertainment

Corp.,

Class

A

(a)

..

16,513

189,899

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

(a)(b)

.......................

28,430

303,348

Madison

Square

Garden

Sports

Corp.

.....

2,282

457,541

Playstudios,

Inc.,

Class

A

(a)

............

8,318

36,433

Playtika

Holding

Corp.

(a)

..............

21,950

219,500

Sphere

Entertainment

Co.,

Class

A

(a)(b)

.....

6,413

180,462

2,516,127

Financial

Services

—

2.5%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

18,189

179,344

Alerus

Financial

Corp.

...............

4,991

71,820

A-Mark

Precious

Metals,

Inc.

...........

4,361

156,124

Cannae

Holdings,

Inc.

(a)

..............

18,083

329,834

Cass

Information

Systems,

Inc.

.........

1,545

56,516

Compass

Diversified

Holdings

..........

15,298

291,580

Enact

Holdings,

Inc.

.................

7,718

186,312

Essent

Group

Ltd.

..................

26,681

1,133,142

Euronet

Worldwide,

Inc.

(a)

.............

4,284

474,410

EVERTEC,

Inc.

....................

7,876

273,218

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

2,225

296,570

Jackson

Financial,

Inc.,

Class

A

.........

8,478

305,293

Merchants

Bancorp

.................

3,264

75,725

MGIC

Investment

Corp.

..............

72,686

1,080,841

MoneyGram

International,

Inc.

(a)

.........

23,472

238,476

NMI

Holdings,

Inc.,

Class

A

(a)

...........

11,394

266,620

PennyMac

Financial

Services,

Inc.

.......

7,421

463,738

Radian

Group,

Inc.

..................

38,852

942,938

Repay

Holdings

Corp.,

Class

A

(a)

........

7,678

48,141

Rocket

Cos.,

Inc.,

Class

A

(b)

............

29,787

265,402

TFS

Financial

Corp.

.................

13,131

158,097

Voya

Financial,

Inc.

.................

13,602

1,040,281

Walker

&

Dunlop,

Inc.

................

7,555

508,527

Waterstone

Financial,

Inc.

.............

6,056

83,876

Western

Union

Co.

(The)

.............

71,717

783,867

9,710,692

Security

Shares

Shares

Value

Food

Products

—

1.3%

B&G

Foods,

Inc.

...................

17,337

$

278,085

BRC,

Inc.,

Class

A

(a)(b)

................

8,955

46,656

Calavo

Growers,

Inc.

................

2,362

75,489

Cal-Maine

Foods,

Inc.

................

4,007

190,332

Flowers

Foods,

Inc.

.................

46,737

1,285,735

Fresh

Del

Monte

Produce,

Inc.

..........

4,823

138,468

Hain

Celestial

Group,

Inc.

(The)

(a)

........

22,005

394,550

Ingredion,

Inc.

.....................

8,376

889,280

J

&

J

Snack

Foods

Corp.

..............

1,441

220,761

John

B

Sanfilippo

&

Son,

Inc.

...........

1,333

138,565

Mission

Produce,

Inc.

(a)(b)

..............

4,904

55,857

Pilgrim's

Pride

Corp.

(a)(b)

..............

10,997

250,842

Post

Holdings,

Inc.

(a)

.................

5,936

537,149

Seaboard

Corp.

....................

30

118,232

Seneca

Foods

Corp.,

Class

A

(a)

.........

1,278

60,833

Sovos

Brands,

Inc.

(a)

.................

3,566

61,157

Tattooed

Chef,

Inc.,

Class

A

(a)(b)

.........

7,270

11,196

Utz

Brands,

Inc.,

Class

A

..............

8,966

169,547

4,922,734

Gas

Utilities

—

1.4%

Chesapeake

Utilities

Corp.

............

1,429

176,481

National

Fuel

Gas

Co.

...............

22,354

1,249,589

New

Jersey

Resources

Corp.

...........

12,582

649,734

Northwest

Natural

Holding

Co.

..........

8,682

407,707

ONE

Gas,

Inc.

.....................

13,146

1,011,585

Southwest

Gas

Holdings,

Inc.

..........

15,792

884,352

Spire,

Inc.

........................

12,744

863,151

5,242,599

Ground

Transportation

—

1.0%

ArcBest

Corp.

.....................

2,792

263,565

Heartland

Express,

Inc.

...............

11,035

159,787

Landstar

System,

Inc.

................

4,464

785,798

Marten

Transport

Ltd.

................

5,524

111,529

PAM

Transportation

Services,

Inc.

(a)

......

647

14,525

Ryder

System,

Inc.

..................

6,665

527,601

Schneider

National,

Inc.,

Class

B

........

9,112

238,461

Universal

Logistics

Holdings,

Inc.

........

1,699

43,494

Werner

Enterprises,

Inc.

..............

14,180

640,511

XPO,

Inc.

(a)(b)

......................

27,859

1,230,811

4,016,082

Health

Care

Equipment

&

Supplies

—

1.6%

AngioDynamics,

Inc.

(a)

...............

3,617

30,093

Artivion,

Inc.

(a)

.....................

9,595

133,083

Avanos

Medical,

Inc.

(a)

...............

7,119

210,295

Bioventus,

Inc.,

Class

A

(a)

.............

4,166

4,208

CONMED

Corp.

....................

2,391

300,238

Cue

Health,

Inc.

(a)(b)

.................

11,850

9,325

Embecta

Corp.

....................

13,878

385,114

Enovis

Corp.

(a)

.....................

5,436

316,647

Envista

Holdings

Corp.

(a)

..............

19,178

738,161

ICU

Medical,

Inc.

(a)(b)

.................

1,736

328,347

Inogen,

Inc.

(a)

.....................

5,608

74,642

Integer

Holdings

Corp.

(a)

..............

3,768

310,295

Integra

LifeSciences

Holdings

Corp.

(a)

.....

6,755

373,687

Masimo

Corp.

(a)(b)

...................

4,331

819,165

Neogen

Corp.

(a)

....................

21,684

373,398

Nevro

Corp.

(a)

.....................

3,321

97,206

NuVasive,

Inc.

(a)

....................

5,439

234,095

Outset

Medical,

Inc.

(a)

................

4,621

83,132

QuidelOrtho

Corp.

(a)(b)

................

12,960

1,165,752

Varex

Imaging

Corp.

(a)

...............

5,727

101,597

6,088,480

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

—

2.3%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

25,367

$

49,973

Accolade,

Inc.

(a)(b)

...................

9,273

125,464

Amedisys,

Inc.

(a)

...................

4,477

359,503

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

5,452

470,780

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

45,563

195,465

Cano

Health,

Inc.,

Class

A

(a)(b)

..........

22,957

26,630

CareMax,

Inc.,

Class

A

(a)

..............

8,697

21,916

Clover

Health

Investments

Corp.

(a)(b)

......

79,205

58,501

Community

Health

Systems,

Inc.

(a)

.......

30,159

191,208

Cross

Country

Healthcare,

Inc.

(a)

........

5,161

113,439

Encompass

Health

Corp.

.............

24,333

1,560,962

Enhabit,

Inc.

(a)

.....................

12,115

148,409

Fulgent

Genetics,

Inc.

(a)

..............

4,815

142,380

GeneDx

Holdings

Corp.,

Class

A

(a)(b)

......

82,532

22,581

Hims

&

Hers

Health,

Inc.,

Class

A

(a)

.......

9,676

112,145

Invitae

Corp.

(a)(b)

....................

55,088

74,920

ModivCare,

Inc.

(a)

...................

1,591

101,188

National

HealthCare

Corp.

.............

3,278

189,829

NeoGenomics,

Inc.

(a)

................

30,527

446,305

OPKO

Health,

Inc.

(a)(b)

................

100,572

147,841

Owens

&

Minor,

Inc.

(a)

................

18,537

288,065

Patterson

Cos.,

Inc.

.................

20,939

567,656

Pediatrix

Medical

Group,

Inc.

(a)

..........

19,798

283,705

Premier,

Inc.,

Class

A

................

17,703

590,041

Privia

Health

Group,

Inc.

(a)

.............

4,435

122,539

Select

Medical

Holdings

Corp.

..........

14,445

440,572

Surgery

Partners,

Inc.

(a)(b)

.............

7,267

288,209

Tenet

Healthcare

Corp.

(a)

..............

26,214

1,922,010

9,062,236

Health

Care

REITs

—

0.6%

CareTrust

REIT,

Inc.

.................

14,269

278,103

Community

Healthcare

Trust,

Inc.

........

1,896

67,858

Global

Medical

REIT,

Inc.

.............

6,720

62,362

LTC

Properties,

Inc.

.................

9,819

328,445

National

Health

Investors,

Inc.

..........

10,561

525,621

Physicians

Realty

Trust

...............

28,815

415,512

Sabra

Health

Care

REIT,

Inc.

...........

55,983

638,206

Universal

Health

Realty

Income

Trust

.....

3,188

138,678

2,454,785

Health

Care

Technology

—

0.4%

(a)

American

Well

Corp.,

Class

A

..........

38,493

84,300

Computer

Programs

&

Systems,

Inc.

......

1,694

43,841

Health

Catalyst,

Inc.

.................

13,442

169,369

Multiplan

Corp.,

Class

A

..............

59,354

58,066

NextGen

Healthcare,

Inc.

.............

6,730

112,660

Sharecare,

Inc.,

Class

A

(b)

.............

48,041

73,983

Teladoc

Health,

Inc.

(b)

................

20,915

554,875

Veradigm,

Inc.

.....................

26,861

335,494

1,432,588

Hotel

&

Resort

REITs

—

0.4%

Chatham

Lodging

Trust

...............

7,590

77,722

Park

Hotels

&

Resorts,

Inc.

............

54,607

658,014

Pebblebrook

Hotel

Trust

..............

18,750

266,812

RLJ

Lodging

Trust

..................

13,885

140,239

Service

Properties

Trust

..............

40,043

351,177

Summit

Hotel

Properties,

Inc.

...........

26,075

167,923

1,661,887

Hotels,

Restaurants

&

Leisure

—

2.7%

Accel

Entertainment,

Inc.,

Class

A

(a)

......

13,167

116,528

Bloomin'

Brands,

Inc.

................

13,343

330,506

Boyd

Gaming

Corp.

.................

7,784

540,210

Brinker

International,

Inc.

(a)

............

10,671

425,986

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Cheesecake

Factory,

Inc.

(The)

.........

11,629

$

391,781

Chuy's

Holdings,

Inc.

(a)

...............

1,467

51,169

Cracker

Barrel

Old

Country

Store,

Inc.

.....

5,373

570,398

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

3,928

139,287

Denny's

Corp.

(a)

....................

6,945

77,853

Dine

Brands

Global,

Inc.

..............

3,886

252,318

Golden

Entertainment,

Inc.

(a)

...........

5,313

223,996

Hilton

Grand

Vacations,

Inc.

(a)

..........

11,686

500,161

Jack

in

the

Box,

Inc.

.................

4,989

462,430

Life

Time

Group

Holdings,

Inc.

(a)

.........

13,567

282,058

Light

&

Wonder,

Inc.

(a)

................

22,779

1,373,346

Marriott

Vacations

Worldwide

Corp.

.......

5,509

741,291

Papa

John's

International,

Inc.

..........

3,645

272,610

Penn

Entertainment,

Inc.

(a)(b)

...........

37,604

1,120,223

Portillo's,

Inc.,

Class

A

(a)

..............

4,212

91,063

Red

Rock

Resorts,

Inc.,

Class

A

.........

6,490

316,712

Ruth's

Hospitality

Group,

Inc.

...........

2,743

44,327

Sabre

Corp.

(a)

.....................

80,715

322,860

SeaWorld

Entertainment,

Inc.

(a)

.........

4,446

238,572

Six

Flags

Entertainment

Corp.

(a)

.........

17,903

434,506

Target

Hospitality

Corp.

(a)

.............

2,021

25,485

Travel

+

Leisure

Co.

.................

19,661

752,426

Vacasa,

Inc.,

Class

A

(a)(b)

..............

20,253

16,134

Wendy's

Co.

(The)

..................

16,628

367,479

10,481,715

Household

Durables

—

3.1%

Cavco

Industries,

Inc.

(a)

...............

715

214,657

Century

Communities,

Inc.

............

3,435

231,313

Cricut,

Inc.,

Class

A

(b)

................

3,213

29,335

Ethan

Allen

Interiors,

Inc.

.............

5,487

153,252

GoPro,

Inc.,

Class

A

(a)

................

31,387

134,336

Green

Brick

Partners,

Inc.

(a)

............

6,470

241,137

Helen

of

Troy

Ltd.

(a)(b)

................

5,856

587,591

iRobot

Corp.

(a)

.....................

6,650

261,545

KB

Home

........................

19,756

865,708

La-Z-Boy,

Inc.

.....................

10,394

298,620

Legacy

Housing

Corp.

(a)

..............

910

19,656

Leggett

&

Platt,

Inc.

.................

20,326

656,733

LGI

Homes,

Inc.

(a)(b)

.................

4,928

585,446

M/I

Homes,

Inc.

(a)

...................

6,640

449,130

MDC

Holdings,

Inc.

.................

9,347

382,947

Meritage

Homes

Corp.

(a)

..............

8,842

1,132,218

Mohawk

Industries,

Inc.

(a)(b)

............

12,765

1,351,814

Newell

Brands,

Inc.

.................

91,601

1,112,952

Snap

One

Holdings

Corp.

(a)

............

2,060

20,106

Sonos,

Inc.

(a)

......................

16,524

349,317

Taylor

Morrison

Home

Corp.

(a)

..........

16,036

690,991

Tempur

Sealy

International,

Inc.

.........

25,235

945,555

Toll

Brothers,

Inc.

...................

15,033

960,759

Traeger,

Inc.

(a)(b)

....................

14,011

42,593

Tri

Pointe

Homes,

Inc.

(a)

..............

14,618

419,244

12,136,955

Household

Products

—

0.3%

Central

Garden

&

Pet

Co.

(a)

............

2,137

78,727

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

..

10,160

358,953

Energizer

Holdings,

Inc.

..............

5,618

187,810

Reynolds

Consumer

Products,

Inc.

(b)

......

13,089

366,884

WD-40

Co.

.......................

1,135

216,104

1,208,478

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

56

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Clearway

Energy,

Inc.,

Class

A

..........

5,377

$

155,825

Clearway

Energy,

Inc.,

Class

C

.........

11,188

339,780

495,605

Industrial

REITs

—

0.3%

LXP

Industrial

Trust

.................

39,727

373,434

Plymouth

Industrial

REIT,

Inc.

..........

5,601

113,364

STAG

Industrial,

Inc.

................

17,817

603,462

1,090,260

Insurance

—

3.3%

American

Equity

Investment

Life

Holding

Co.

16,909

651,673

AMERISAFE,

Inc.

..................

5,234

291,272

Argo

Group

International

Holdings

Ltd.

....

8,719

256,426

Assured

Guaranty

Ltd.

...............

14,829

798,838

Axis

Capital

Holdings

Ltd.

.............

18,839

1,065,157

Bright

Health

Group,

Inc.

(a)(b)

...........

46,773

7,516

Brighthouse

Financial,

Inc.

(a)

...........

16,834

744,063

CNO

Financial

Group,

Inc.

.............

28,230

633,481

Donegal

Group,

Inc.,

Class

A

...........

5,058

71,217

Employers

Holdings,

Inc.

..............

4,948

195,891

Enstar

Group

Ltd.

(a)

.................

3,375

812,025

First

American

Financial

Corp.

..........

16,623

957,651

Hagerty,

Inc.,

Class

A

(a)(b)

..............

3,821

38,248

Hanover

Insurance

Group,

Inc.

(The)

.....

8,874

1,060,975

Horace

Mann

Educators

Corp.

..........

8,145

254,776

James

River

Group

Holdings

Ltd.

........

7,675

149,432

Kemper

Corp.

.....................

15,637

760,740

Lemonade,

Inc.

(a)(b)

..................

5,905

64,010

MBIA,

Inc.

(a)

......................

12,034

121,062

Mercury

General

Corp.

...............

6,795

206,636

National

Western

Life

Group,

Inc.,

Class

A

(b)

.

593

151,203

Oscar

Health,

Inc.,

Class

A

(a)(b)

..........

14,276

96,078

Primerica,

Inc.

.....................

3,629

662,329

ProAssurance

Corp.

.................

7,214

129,563

Safety

Insurance

Group,

Inc.

...........

3,289

240,393

Selective

Insurance

Group,

Inc.

.........

9,750

939,218

SiriusPoint

Ltd.

(a)

...................

21,144

183,741

Stewart

Information

Services

Corp.

.......

6,051

252,024

Tiptree,

Inc.

......................

4,944

68,079

United

Fire

Group,

Inc.

...............

5,164

138,912

White

Mountains

Insurance

Group

Ltd.

....

625

895,088

12,897,717

Interactive

Media

&

Services

—

0.5%

(a)

Cars.com,

Inc.

.....................

14,963

292,826

Eventbrite,

Inc.,

Class

A

..............

7,536

54,787

fuboTV,

Inc.

(b)

.....................

24,245

27,639

IAC,

Inc.

.........................

18,953

981,197

MediaAlpha,

Inc.,

Class

A

.............

5,535

40,959

Yelp,

Inc.

........................

5,377

160,880

Ziff

Davis,

Inc.

(b)

....................

6,008

439,425

1,997,713

IT

Services

—

0.2%

(a)

Cyxtera

Technologies,

Inc.,

Class

A

.......

13,311

4,329

Kyndryl

Holdings,

Inc.

................

49,722

718,980

Rackspace

Technology,

Inc.

(b)

..........

14,930

21,798

Unisys

Corp.

......................

17,309

55,562

800,669

Leisure

Products

—

1.1%

Acushnet

Holdings

Corp.

(b)

............

4,318

216,461

Brunswick

Corp.

...................

17,608

1,492,982

Johnson

Outdoors,

Inc.,

Class

A

.........

1,333

77,314

Latham

Group,

Inc.

(a)(b)

...............

10,078

24,288

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

4,927

279,607

Security

Shares

Shares

Value

Leisure

Products

(continued)

MasterCraft

Boat

Holdings,

Inc.

(a)(b)

.......

4,232

$

123,871

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

28,398

252,174

Polaris,

Inc.

(b)

.....................

8,143

884,737

Smith

&

Wesson

Brands,

Inc.

...........

11,008

132,316

Sturm

Ruger

&

Co.,

Inc.

..............

4,301

247,566

Vista

Outdoor,

Inc.

(a)(b)

................

13,656

329,110

YETI

Holdings,

Inc.

(a)(b)

...............

7,309

288,340

4,348,766

Life

Sciences

Tools

&

Services

—

0.6%

(a)

AbCellera

Biologics,

Inc.

(b)

.............

18,466

125,200

Adaptive

Biotechnologies

Corp.

.........

13,602

97,118

BioLife

Solutions,

Inc.

(b)

...............

3,372

59,212

CryoPort,

Inc.

.....................

5,779

121,590

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

26,490

365,297

NanoString

Technologies,

Inc.

..........

5,527

54,165

Pacific

Biosciences

of

California,

Inc.

(b)

....

18,346

194,468

Quanterix

Corp.

....................

5,045

63,769

Seer,

Inc.,

Class

A

..................

3,936

13,146

Sotera

Health

Co.

..................

11,273

189,048

Syneos

Health,

Inc.,

Class

A

...........

25,011

981,932

2,264,945

Machinery

—

3.0%

3D

Systems

Corp.

(a)

.................

31,952

292,680

Alamo

Group,

Inc.

..................

1,046

184,860

Allison

Transmission

Holdings,

Inc.

.......

22,395

1,092,652

Astec

Industries,

Inc.

................

5,554

229,269

Barnes

Group,

Inc.

..................

8,059

338,720

CIRCOR

International,

Inc.

(a)

...........

2,646

73,665

Columbus

McKinnon

Corp.

............

4,347

150,884

Crane

NXT

Co.

....................

6,229

295,005

Donaldson

Co.,

Inc.

.................

11,076

703,880

Douglas

Dynamics,

Inc.

..............

5,608

164,370

Esab

Corp.

.......................

12,456

726,932

Flowserve

Corp.

...................

18,071

603,391

Gates

Industrial

Corp.

plc

(a)

............

24,385

328,466

Gorman-Rupp

Co.

(The)

..............

2,134

52,390

Greenbrier

Cos.,

Inc.

(The)

............

8,018

212,076

Hillenbrand,

Inc.

...................

10,172

464,047

Hillman

Solutions

Corp.

(a)

.............

35,312

296,621

Hyliion

Holdings

Corp.,

Class

A

(a)(b)

.......

30,754

42,133

Hyster-Yale

Materials

Handling,

Inc.

......

2,479

130,544

ITT,

Inc.

.........................

6,496

548,522

Kadant,

Inc.

(b)

.....................

901

167,433

Kennametal,

Inc.

...................

19,552

507,570

Luxfer

Holdings

plc

.................

6,632

101,138

Mueller

Industries,

Inc.

(b)

..............

5,404

388,277

Mueller

Water

Products,

Inc.,

Class

A

.....

18,434

247,016

Nikola

Corp.

(a)(b)

....................

29,906

26,482

Oshkosh

Corp.

....................

8,695

665,341

REV

Group,

Inc.

...................

7,832

84,037

Standex

International

Corp.

............

1,226

150,565

Tennant

Co.

......................

4,544

347,253

Terex

Corp.

.......................

7,477

333,399

Timken

Co.

(The)

...................

16,044

1,232,981

Titan

International,

Inc.

(a)

..............

4,786

46,711

Wabash

National

Corp.

...............

5,486

140,826

Watts

Water

Technologies,

Inc.,

Class

A

....

2,220

359,041

11,729,177

Marine

Transportation

—

0.4%

Eagle

Bulk

Shipping,

Inc.

.............

1,319

58,986

Genco

Shipping

&

Trading

Ltd.

..........

9,001

138,705

Kirby

Corp.

(a)

......................

14,486

1,040,674

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Marine

Transportation

(continued)

Matson,

Inc.

......................

5,355

$

364,301

1,602,666

Media

—

1.4%

Advantage

Solutions,

Inc.,

Class

A

(a)

......

23,537

30,127

Altice

USA,

Inc.,

Class

A

(a)

.............

53,397

186,890

AMC

Networks,

Inc.,

Class

A

(a)

..........

6,769

119,744

Cable

One,

Inc.

....................

673

510,410

Clear

Channel

Outdoor

Holdings,

Inc.

(a)(b)

...

117,925

149,765

DISH

Network

Corp.,

Class

A

(a)

.........

61,071

458,643

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

7,543

63,587

Gray

Television,

Inc.

.................

10,536

81,233

iHeartMedia,

Inc.,

Class

A

(a)

............

25,957

90,071

John

Wiley

&

Sons,

Inc.,

Class

A

........

10,409

401,475

Magnite,

Inc.

(a)

.....................

11,676

109,754

New

York

Times

Co.

(The),

Class

A

.......

13,166

523,349

Nexstar

Media

Group,

Inc.

.............

9,154

1,587,761

Scholastic

Corp.,

NVS

...............

3,893

149,764

Sinclair

Broadcast

Group,

Inc.,

Class

A

....

10,901

216,821

Stagwell,

Inc.,

Class

A

(a)(b)

.............

24,869

154,685

TEGNA,

Inc.

......................

27,021

462,059

Thryv

Holdings,

Inc.

(a)

................

7,544

169,438

WideOpenWest,

Inc.

(a)(b)

..............

5,880

67,208

5,532,784

Metals

&

Mining

—

1.6%

Alpha

Metallurgical

Resources,

Inc.

......

1,138

166,785

Arconic

Corp.

(a)

....................

16,109

398,698

ATI,

Inc.

(a)

........................

11,251

434,514

Carpenter

Technology

Corp.

...........

4,684

247,034

Coeur

Mining,

Inc.

(a)

.................

68,585

233,189

Commercial

Metals

Co.

...............

28,497

1,330,525

Haynes

International,

Inc.

.............

998

46,916

Hecla

Mining

Co.

(b)

..................

82,715

500,426

Kaiser

Aluminum

Corp.

...............

2,207

145,044

Ramaco

Resources,

Inc.

..............

2,925

23,780

Ryerson

Holding

Corp.

...............

5,041

190,398

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

6,190

178,829

SunCoke

Energy,

Inc.

................

20,058

156,051

TimkenSteel

Corp.

(a)

.................

9,608

160,838

United

States

Steel

Corp.

.............

55,044

1,259,407

Warrior

Met

Coal,

Inc.

................

12,549

433,819

Worthington

Industries,

Inc.

............

7,290

432,953

6,339,206

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.4%

AGNC

Investment

Corp.

..............

139,160

1,379,076

Apollo

Commercial

Real

Estate

Finance,

Inc.

31,251

316,260

Arbor

Realty

Trust,

Inc.

...............

41,724

478,574

Ares

Commercial

Real

Estate

Corp.

......

13,780

118,646

ARMOUR

Residential

REIT,

Inc.

.........

40,154

204,786

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

41,856

763,454

BrightSpire

Capital,

Inc.,

Class

A

........

31,946

182,092

Broadmark

Realty

Capital,

Inc.

..........

32,576

159,948

Chimera

Investment

Corp.

.............

56,834

322,817

Claros

Mortgage

Trust,

Inc.

............

29,403

351,660

Dynex

Capital,

Inc.

..................

12,726

150,930

Ellington

Financial,

Inc.

...............

6,775

86,517

Franklin

BSP

Realty

Trust,

Inc.

..........

19,677

248,521

Granite

Point

Mortgage

Trust,

Inc.

.......

8,354

37,342

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

10,245

290,753

Invesco

Mortgage

Capital,

Inc.

..........

8,785

93,209

KKR

Real

Estate

Finance

Trust,

Inc.

......

13,935

149,662

Ladder

Capital

Corp.,

Class

A

..........

26,944

251,926

MFA

Financial,

Inc.

..................

21,909

234,207

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

New

York

Mortgage

Trust,

Inc.

(a)(b)

........

22,326

$

229,511

PennyMac

Mortgage

Investment

Trust

.....

21,319

264,995

Ready

Capital

Corp.

.................

23,740

254,730

Redwood

Trust,

Inc.

.................

27,265

171,224

Rithm

Capital

Corp.

.................

115,268

940,587

Starwood

Property

Trust,

Inc.

...........

75,703

1,354,327

TPG

RE

Finance

Trust,

Inc.

............

14,883

106,116

Two

Harbors

Investment

Corp.

..........

13,038

181,619

9,323,489

Multi-Utilities

—

0.7%

Avista

Corp.

......................

15,923

701,727

Black

Hills

Corp.

...................

15,884

1,037,066

NorthWestern

Corp.

.................

14,092

826,073

Unitil

Corp.

.......................

3,870

215,133

2,779,999

Office

REITs

—

1.5%

Brandywine

Realty

Trust

..............

41,888

164,620

City

Office

REIT,

Inc.

................

10,253

59,672

Corporate

Office

Properties

Trust

........

27,321

625,378

Cousins

Properties,

Inc.

..............

37,208

811,507

Douglas

Emmett,

Inc.

................

16,123

207,664

Easterly

Government

Properties,

Inc.

.....

12,373

174,088

Equity

Commonwealth

...............

26,383

546,656

Highwoods

Properties,

Inc.

............

25,871

592,963

Hudson

Pacific

Properties,

Inc.

..........

32,735

182,007

JBG

SMITH

Properties

...............

24,874

354,952

Kilroy

Realty

Corp.

..................

15,681

458,512

Office

Properties

Income

Trust

..........

12,049

78,560

Orion

Office

REIT,

Inc.

...............

5,181

31,811

Paramount

Group,

Inc.

...............

41,456

179,504

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

30,867

200,944

SL

Green

Realty

Corp.

(b)

..............

16,042

379,714

Vornado

Realty

Trust

................

39,549

593,631

5,642,183

Oil,

Gas

&

Consumable

Fuels

—

3.8%

Amplify

Energy

Corp.

(a)

...............

8,583

59,309

Antero

Midstream

Corp.

..............

81,511

877,058

Arch

Resources,

Inc.,

Class

A

..........

1,553

189,854

Berry

Corp.

.......................

15,569

118,947

California

Resources

Corp.

............

17,912

725,436

Callon

Petroleum

Co.

(a)

...............

8,037

266,346

Centrus

Energy

Corp.,

Class

A

(a)

.........

1,452

42,544

Chord

Energy

Corp.

.................

5,983

851,560

Civitas

Resources,

Inc.

...............

12,565

867,613

CNX

Resources

Corp.

(a)(b)

.............

17,755

275,735

Comstock

Resources,

Inc.

.............

13,904

159,896

CONSOL

Energy,

Inc.

................

3,047

180,809

Crescent

Energy,

Inc.,

Class

A

..........

9,232

107,276

CVR

Energy,

Inc.

...................

7,578

199,605

Delek

US

Holdings,

Inc.

..............

17,717

385,345

Dorian

LPG

Ltd.

....................

7,671

170,450

DT

Midstream,

Inc.

..................

23,429

1,154,347

Earthstone

Energy,

Inc.,

Class

A

(a)(b)

......

4,832

65,522

Equitrans

Midstream

Corp.

............

105,517

543,413

Gevo,

Inc.

(a)(b)

.....................

37,281

43,246

Gran

Tierra

Energy,

Inc.

(a)

.............

82,902

66,438

Green

Plains,

Inc.

(a)

.................

1,669

57,030

Gulfport

Energy

Corp.

(a)(b)

.............

2,768

250,393

HighPeak

Energy,

Inc.

(b)

..............

1,291

25,510

International

Seaways,

Inc.

............

3,604

143,511

Kosmos

Energy

Ltd.

(a)

................

110,844

709,402

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

24,275

512,688

NextDecade

Corp.

(a)(b)

................

7,023

43,753

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Northern

Oil

and

Gas,

Inc.

.............

9,619

$

319,062

Par

Pacific

Holdings,

Inc.

(a)

............

13,965

327,200

PBF

Energy,

Inc.,

Class

A

.............

27,725

966,494

PDC

Energy,

Inc.

...................

22,398

1,456,990

Peabody

Energy

Corp.

(a)

..............

28,343

680,799

Permian

Resources

Corp.,

Class

A

.......

28,010

292,704

Ranger

Oil

Corp.,

Class

A

.............

2,087

85,984

REX

American

Resources

Corp.

(a)

.......

2,370

67,047

Riley

Exploration

Permian,

Inc.

..........

346

14,535

SandRidge

Energy,

Inc.

(a)

.............

4,047

57,346

SilverBow

Resources,

Inc.

(a)

............

3,349

79,874

SM

Energy

Co.

....................

11,884

333,703

Talos

Energy,

Inc.

(a)

.................

15,913

216,894

Tellurian,

Inc.

(a)(b)

...................

59,205

84,071

VAALCO

Energy,

Inc.

................

25,166

107,710

Vital

Energy,

Inc.

(a)

..................

4,058

188,819

W&T

Offshore,

Inc.

(a)(b)

...............

22,749

99,413

World

Fuel

Services

Corp.

.............

15,312

361,976

14,833,657

Paper

&

Forest

Products

—

0.4%

Clearwater

Paper

Corp.

(a)

.............

4,020

145,122

Louisiana-Pacific

Corp.

...............

17,434

1,041,507

Mercer

International,

Inc.

..............

5,650

54,975

Sylvamo

Corp.

....................

7,731

354,234

1,595,838

Passenger

Airlines

—

0.6%

Alaska

Air

Group,

Inc.

(a)

...............

30,950

1,345,087

Hawaiian

Holdings,

Inc.

(a)

.............

7,793

64,916

JetBlue

Airways

Corp.

(a)(b)

.............

34,039

243,038

SkyWest,

Inc.

(a)

....................

12,304

348,203

Spirit

Airlines,

Inc.

..................

26,349

450,568

Wheels

Up

Experience,

Inc.,

Class

A

(a)(b)

...

25,077

11,598

2,463,410

Personal

Care

Products

—

0.7%

BellRing

Brands,

Inc.

(a)

...............

15,385

553,706

Coty,

Inc.,

Class

A

(a)

.................

43,196

512,736

Edgewell

Personal

Care

Co.

...........

12,448

543,604

Herbalife

Ltd.

(a)(b)

...................

23,819

353,950

Medifast,

Inc.

.....................

1,189

108,972

Nu

Skin

Enterprises,

Inc.,

Class

A

........

12,084

476,835

Olaplex

Holdings,

Inc.

(a)

..............

8,298

30,703

USANA

Health

Sciences,

Inc.

(a)

.........

1,535

101,878

2,682,384

Pharmaceuticals

—

1.1%

Atea

Pharmaceuticals,

Inc.

(a)

...........

7,630

24,950

Axsome

Therapeutics,

Inc.

(a)(b)

..........

3,107

222,244

Cara

Therapeutics,

Inc.

(a)(b)

............

5,429

22,802

Collegium

Pharmaceutical,

Inc.

(a)

........

8,044

187,184

Corcept

Therapeutics,

Inc.

(a)(b)

..........

9,678

218,045

Elanco

Animal

Health,

Inc.

(a)

............

108,821

1,030,535

Esperion

Therapeutics,

Inc.

(a)

...........

8,240

10,877

Innoviva,

Inc.

(a)(b)

...................

15,358

180,149

Ligand

Pharmaceuticals,

Inc.

(a)

..........

1,315

100,400

Nektar

Therapeutics

(a)

................

44,512

33,486

NGM

Biopharmaceuticals,

Inc.

(a)

.........

5,802

26,167

Perrigo

Co.

plc

....................

32,651

1,214,291

Phathom

Pharmaceuticals,

Inc.

(a)

........

3,024

32,357

Prestige

Consumer

Healthcare,

Inc.

(a)

.....

11,901

732,269

Supernus

Pharmaceuticals,

Inc.

(a)(b)

.......

8,207

302,510

WaVe

Life

Sciences

Ltd.

(a)(b)

............

7,753

30,934

4,369,200

Security

Shares

Shares

Value

Professional

Services

—

2.2%

Alight,

Inc.,

Class

A

(a)

................

36,483

$

337,468

ASGN,

Inc.

(a)

......................

5,548

397,181

Barrett

Business

Services,

Inc.

..........

818

68,393

CACI

International,

Inc.,

Class

A

(a)(b)

......

3,769

1,180,903

Conduent,

Inc.

(a)

...................

41,610

146,051

CSG

Systems

International,

Inc.

.........

4,294

226,208

Dun

&

Bradstreet

Holdings,

Inc.

.........

34,573

386,181

First

Advantage

Corp.

(a)

...............

7,148

91,923

Heidrick

&

Struggles

International,

Inc.

....

3,074

77,188

HireRight

Holdings

Corp.

(a)(b)

...........

1,779

18,858

KBR,

Inc.

........................

18,527

1,051,037

Kelly

Services,

Inc.,

Class

A,

NVS

.......

8,503

139,534

Korn

Ferry

.......................

5,388

258,732

ManpowerGroup,

Inc.

................

12,317

932,520

Maximus,

Inc.

.....................

9,282

776,439

Resources

Connection,

Inc.

............

4,746

69,244

Science

Applications

International

Corp.

...

13,332

1,360,264

TriNet

Group,

Inc.

(a)(b)

................

8,927

828,247

TrueBlue,

Inc.

(a)

....................

8,043

121,852

TTEC

Holdings,

Inc.

.................

2,289

77,986

Upwork,

Inc.

(a)

.....................

10,618

101,614

8,647,823

Real

Estate

Management

&

Development

—

0.6%

Anywhere

Real

Estate,

Inc.

(a)

...........

26,666

169,862

Compass,

Inc.,

Class

A

(a)(b)

............

62,281

145,738

Cushman

&

Wakefield

plc

(a)

............

37,281

367,218

DigitalBridge

Group,

Inc.,

Class

A

........

14,012

174,169

Forestar

Group,

Inc.

(a)

................

2,724

52,682

FRP

Holdings,

Inc.

(a)

.................

536

31,088

Howard

Hughes

Corp.

(The)

(a)

..........

2,998

231,955

Kennedy-Wilson

Holdings,

Inc.

..........

28,078

471,149

Marcus

&

Millichap,

Inc.

..............

3,714

116,880

Newmark

Group,

Inc.,

Class

A

..........

30,741

194,898

Opendoor

Technologies,

Inc.

(a)

..........

122,574

169,152

Redfin

Corp.

(a)

.....................

26,318

196,069

RMR

Group,

Inc.

(The),

Class

A

.........

3,731

88,611

Seritage

Growth

Properties,

Class

A

(a)

.....

8,999

67,402

WeWork,

Inc.,

Class

A

(a)(b)

.............

57,838

24,379

2,501,252

Residential

REITs

—

0.7%

Apartment

Income

REIT

Corp.

..........

36,312

1,342,818

Apartment

Investment

&

Management

Co.,

Class

A

.......................

15,447

120,950

BRT

Apartments

Corp.

...............

2,802

48,558

Centerspace

......................

2,357

132,888

Elme

Communities

..................

21,145

364,328

NexPoint

Residential

Trust,

Inc.

.........

2,959

127,030

UMH

Properties,

Inc.

................

8,629

131,161

Veris

Residential,

Inc.

(a)

...............

19,303

315,604

2,583,337

Retail

REITs

—

1.4%

Acadia

Realty

Trust

.................

10,775

145,570

Agree

Realty

Corp.

.................

9,402

639,242

Alexander's,

Inc.

...................

518

96,384

CBL

&

Associates

Properties,

Inc.

........

5,824

134,709

Getty

Realty

Corp.

..................

5,827

194,214

InvenTrust

Properties

Corp.

............

7,824

176,431

Kite

Realty

Group

Trust

...............

28,398

588,407

Macerich

Co.

(The)

.................

52,662

526,093

Necessity

Retail

REIT,

Inc.

(The),

Class

A

..

32,446

178,777

Phillips

Edison

&

Co.,

Inc.

.............

12,732

401,567

Retail

Opportunity

Investments

Corp.

.....

17,263

224,937

RPT

Realty

.......................

8,055

74,912

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

(continued)

Saul

Centers,

Inc.

..................

1,676

$

60,386

SITE

Centers

Corp.

.................

28,951

357,255

Spirit

Realty

Capital,

Inc.

..............

22,032

847,351

Tanger

Factory

Outlet

Centers,

Inc.

.......

11,003

215,769

Urban

Edge

Properties

...............

15,344

225,097

Urstadt

Biddle

Properties,

Inc.,

Class

A

....

4,140

71,291

Whitestone

REIT

...................

7,117

63,697

5,222,089

Semiconductors

&

Semiconductor

Equipment

—

1.2%

Alpha

&

Omega

Semiconductor

Ltd.

(a)(b)

....

3,033

72,428

Amkor

Technology,

Inc.

...............

12,785

286,000

Cirrus

Logic,

Inc.

(a)(b)

.................

8,339

715,403

Diodes,

Inc.

(a)

.....................

3,888

309,874

Ichor

Holdings

Ltd.

(a)

.................

7,063

196,705

Magnachip

Semiconductor

Corp.

(a)

.......

4,413

39,187

MaxLinear,

Inc.

(a)

...................

6,024

145,359

MKS

Instruments,

Inc.

...............

6,574

551,361

Onto

Innovation,

Inc.

(a)

...............

5,179

419,395

Photronics,

Inc.

(a)

...................

14,968

216,437

Power

Integrations,

Inc.

..............

4,492

326,928

Semtech

Corp.

(a)

...................

7,053

137,463

SMART

Global

Holdings,

Inc.

(a)

..........

12,052

185,842

Synaptics,

Inc.

(a)

...................

6,167

546,150

Ultra

Clean

Holdings,

Inc.

(a)

............

7,092

202,406

Veeco

Instruments,

Inc.

(a)

.............

12,312

226,787

4,577,725

Software

—

1.5%

8x8,

Inc.

(a)

........................

27,681

79,444

Adeia,

Inc.

.......................

25,501

194,828

Alteryx,

Inc.,

Class

A

(a)

...............

5,042

207,377

Blackbaud,

Inc.

(a)

...................

5,183

359,467

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

9,089

78,893

Cerence,

Inc.

(a)

....................

9,856

251,821

CommVault

Systems,

Inc.

(a)

............

4,339

252,834

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

4,338

161,938

Digital

Turbine,

Inc.

(a)

................

11,874

139,282

Dropbox,

Inc.,

Class

A

(a)

..............

31,409

638,859

Ebix,

Inc.

........................

6,024

97,950

Guidewire

Software,

Inc.

(a)

.............

11,889

905,823

LiveRamp

Holdings,

Inc.

(a)

.............

7,951

191,540

Mitek

Systems,

Inc.

(a)

................

4,320

38,966

Momentive

Global,

Inc.

(a)

..............

12,796

120,154

NCR

Corp.

(a)

......................

33,729

751,819

Nutanix,

Inc.,

Class

A

(a)

...............

20,205

484,516

OneSpan,

Inc.

(a)

....................

4,061

59,859

PROS

Holdings,

Inc.

(a)

...............

5,392

152,971

Rimini

Street,

Inc.

(a)

.................

5,299

19,818

Riot

Platforms,

Inc.

(a)(b)

...............

15,988

191,217

SolarWinds

Corp.

(a)

.................

7,470

64,391

Verint

Systems,

Inc.

(a)

................

9,432

344,174

Vertex,

Inc.,

Class

A

(a)

................

2,983

61,599

Yext,

Inc.

(a)

.......................

9,755

85,649

5,935,189

Specialized

REITs

—

0.7%

EPR

Properties

....................

10,319

432,985

Four

Corners

Property

Trust,

Inc.

........

8,547

218,034

Gladstone

Land

Corp.

...............

3,586

57,771

Outfront

Media,

Inc.

.................

16,467

274,340

PotlatchDeltic

Corp.

.................

19,534

903,057

Rayonier,

Inc.

.....................

13,716

430,134

Uniti

Group,

Inc.

...................

59,450

203,319

2,519,640

Security

Shares

Shares

Value

Specialty

Retail

—

4.5%

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.......

6,137

$

144,465

Academy

Sports

&

Outdoors,

Inc.

(b)

.......

11,862

753,474

American

Eagle

Outfitters,

Inc.

..........

42,170

564,656

America's

Car-Mart,

Inc.

(a)(b)

............

1,405

112,948

Arhaus,

Inc.,

Class

A

(a)(b)

..............

2,500

20,050

Asbury

Automotive

Group,

Inc.

(a)(b)

........

3,353

648,671

AutoNation,

Inc.

(a)(b)

.................

8,292

1,092,056

Boot

Barn

Holdings,

Inc.

(a)

.............

2,674

193,785

Buckle,

Inc.

(The)

..................

7,266

243,629

Caleres,

Inc.

......................

5,532

126,130

Camping

World

Holdings,

Inc.,

Class

A

....

5,641

126,302

Carvana

Co.,

Class

A

(a)(b)

..............

24,603

170,745

Chico's

FAS,

Inc.

(a)

..................

30,412

153,277

Children's

Place,

Inc.

(The)

(a)(b)

..........

2,999

88,890

Designer

Brands,

Inc.,

Class

A

..........

12,268

100,475

Destination

XL

Group,

Inc.

(a)

...........

13,368

58,686

Dick's

Sporting

Goods,

Inc.

............

14,498

2,102,355

Foot

Locker,

Inc.

...................

19,252

808,392

Franchise

Group,

Inc.

................

4,376

127,998

Gap,

Inc.

(The)

....................

51,578

495,149

Genesco,

Inc.

(a)

....................

2,975

103,114

Group

1

Automotive,

Inc.

..............

3,523

790,843

Guess?,

Inc.

......................

7,479

140,979

Haverty

Furniture

Cos.,

Inc.

............

3,146

94,820

Hibbett,

Inc.

......................

3,067

166,630

Leslie's,

Inc.

(a)(b)

....................

13,561

147,137

Lithia

Motors,

Inc.

..................

6,637

1,466,047

MarineMax,

Inc.

(a)

...................

3,191

92,922

Monro,

Inc.

.......................

2,618

127,968

National

Vision

Holdings,

Inc.

(a)

.........

10,080

212,083

ODP

Corp.

(The)

(a)

..................

9,710

419,569

OneWater

Marine,

Inc.,

Class

A

(a)

........

2,736

72,230

Petco

Health

&

Wellness

Co.,

Inc.

(a)

......

19,140

190,634

PetMed

Express,

Inc.

................

2,988

45,926

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

3,540

73,101

RH

(a)

...........................

4,560

1,163,393

Sally

Beauty

Holdings,

Inc.

(a)

...........

25,876

368,216

Shoe

Carnival,

Inc.

..................

4,127

95,953

Signet

Jewelers

Ltd.

.................

10,967

806,952

Sleep

Number

Corp.

(a)(b)

..............

5,353

120,710

Sonic

Automotive,

Inc.,

Class

A

.........

3,993

177,768

Sportsman's

Warehouse

Holdings,

Inc.

(a)

...

4,433

27,573

Torrid

Holdings,

Inc.

(a)

................

2,573

8,800

TravelCenters

of

America,

Inc.

(a)

.........

3,039

261,749

Upbound

Group,

Inc.

................

12,155

324,052

Urban

Outfitters,

Inc.

(a)

...............

14,434

390,584

Victoria's

Secret

&

Co.

(a)(b)

.............

19,642

609,098

Wayfair,

Inc.,

Class

A

(a)(b)

..............

18,792

654,525

Zumiez,

Inc.

(a)

.....................

2,405

42,051

17,327,560

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Avid

Technology,

Inc.

(a)(b)

..............

4,247

125,329

Corsair

Gaming,

Inc.

(a)(b)

..............

4,076

71,004

Eastman

Kodak

Co.

(a)

................

17,510

57,608

Super

Micro

Computer,

Inc.

(a)

...........

3,901

411,282

Xerox

Holdings

Corp.

................

27,585

432,257

1,097,480

Textiles,

Apparel

&

Luxury

Goods

—

2.3%

Capri

Holdings

Ltd.

(a)

................

30,502

1,265,833

Carter's,

Inc.

......................

6,003

418,829

Columbia

Sportswear

Co.

.............

4,714

393,808

Crocs,

Inc.

(a)

......................

8,640

1,068,509

G-III

Apparel

Group

Ltd.

(a)

.............

10,531

165,337

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

60

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Hanesbrands,

Inc.

..................

85,172

$

446,301

Kontoor

Brands,

Inc.

.................

11,910

537,975

Levi

Strauss

&

Co.,

Class

A

............

23,479

339,506

Movado

Group,

Inc.

.................

3,817

97,791

Oxford

Industries,

Inc.

...............

2,099

216,596

PVH

Corp.

.......................

15,334

1,315,810

Ralph

Lauren

Corp.,

Class

A

...........

9,976

1,145,145

Steven

Madden

Ltd.

.................

11,600

406,464

Under

Armour,

Inc.,

Class

A

(a)

...........

45,432

402,982

Under

Armour,

Inc.,

Class

C,

NVS

(a)

......

46,428

373,281

Wolverine

World

Wide,

Inc.

............

10,840

181,462

8,775,629

Tobacco

—

0.2%

Turning

Point

Brands,

Inc.

.............

1,171

27,858

Universal

Corp.

....................

5,936

325,827

Vector

Group

Ltd.

..................

32,302

411,528

765,213

Trading

Companies

&

Distributors

—

2.4%

Air

Lease

Corp.,

Class

A

..............

12,652

508,863

Alta

Equipment

Group,

Inc.,

Class

A

......

3,276

46,323

Beacon

Roofing

Supply,

Inc.

(a)

..........

5,216

313,899

BlueLinx

Holdings,

Inc.

(a)

..............

1,135

79,518

Boise

Cascade

Co.

.................

9,573

653,932

Custom

Truck

One

Source,

Inc.

(a)

........

7,323

45,988

DXP

Enterprises,

Inc.

(a)

...............

1,649

41,555

GATX

Corp.

......................

4,998

569,322

Global

Industrial

Co.

.................

1,714

45,678

GMS,

Inc.

(a)

.......................

5,082

295,061

H&E

Equipment

Services,

Inc.

..........

3,865

141,072

Herc

Holdings,

Inc.

..................

1,976

197,640

Hudson

Technologies,

Inc.

(a)

...........

3,596

27,797

MRC

Global,

Inc.

(a)

..................

20,526

199,923

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

11,453

1,039,131

NOW,

Inc.

(a)

......................

26,874

286,746

Rush

Enterprises,

Inc.,

Class

A

.........

5,653

300,231

Rush

Enterprises,

Inc.,

Class

B

.........

901

52,780

Titan

Machinery,

Inc.

(a)

...............

2,711

84,990

Triton

International

Ltd.

...............

14,141

1,169,036

Univar

Solutions,

Inc.

(a)

...............

39,386

1,398,203

Veritiv

Corp.

......................

3,270

375,625

WESCO

International,

Inc.

(a)

...........

10,836

1,560,384

9,433,697

Water

Utilities

—

0.2%

American

States

Water

Co.

(b)

...........

3,502

310,803

Artesian

Resources

Corp.,

Class

A,

NVS

...

741

40,592

California

Water

Service

Group

.........

5,595

313,768

York

Water

Co.

(The)

................

1,636

68,777

733,940

Wireless

Telecommunication

Services

—

0.1%

Telephone

and

Data

Systems,

Inc.

.......

24,046

240,460

United

States

Cellular

Corp.

(a)

..........

3,381

71,812

312,272

Total

Long-Term

Investments

—

99.6%

(Cost:

$413,820,987)

.............................

386,172,416

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

8.5%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.02%

(e)

............

31,684,805

$

31,694,311

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.75%

..................

1,090,401

1,090,401

Total

Short-Term

Securities

—

8.5%

(Cost:

$32,773,973)

..............................

32,784,712

Total

Investments

—

108.1%

(Cost:

$446,594,960

)

.............................

418,957,128

Liabilities

in

Excess

of

Other

Assets

—

(8.1)%

............

(31,430,736)

Net

Assets

—

100.0%

..............................

$

387,526,392

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

61

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/23

Shares

Held

at

04/30/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

19,595,129

$

12,092,522

(a)

$

—

$

(550)

$

7,210

$

31,694,311

31,684,805

$

396,926

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

540,000

550,401

(a)

—

—

—

1,090,401

1,090,401

23,130

1

$

(550)

$

7,210

$

32,784,712

$

420,056

$

1

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

5

06/16/23

$

444

$

(3,113)

S&P

Midcap

400

E-Mini

Index

.................................................

3

06/16/23

750

5,844

$

2,731

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)

......

$

—

$

—

$

5,844

$

—

$

—

$

—

$

5,844

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

—

—

3,113

—

—

—

3,113

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2023,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(90,646)

$

—

$

—

$

—

$

(90,646)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

45,684

$

—

$

—

$

—

$

45,684

2023

iShares

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

62

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,084,613

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

386,172,416

$

—

$

—

$

386,172,416

Short-Term

Securities

Money

Market

Funds

......................................

32,784,712

—

—

32,784,712

$

418,957,128

$

—

$

—

$

418,957,128

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

5,844

$

—

$

—

$

5,844

Liabilities

Equity

contracts

...........................................

(3,113)

—

—

(3,113)

$

2,731

$

—

$

—

$

2,731

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

April

30,

2023

63

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

1,606,769,402‌

$

722,028,687‌

$

1,396,469,235‌

$

401,095,083‌

Investments,

at

value

—

affiliated

(c)

............................................

35,159,240‌

34,650,276‌

88,852,668‌

63,200,595‌

Cash  

...............................................................

29,593‌

40,932‌

—‌

198,700‌

Cash

pledged:

Futures

contracts

......................................................

153,000‌

136,000‌

206,000‌

73,000‌

Receivables:

–‌

–‌

–‌

–‌

Securities

lending

income

—

affiliated

........................................

11,918‌

15,982‌

38,189‌

66,252‌

Capital

shares

sold

.....................................................

—‌

—‌

41,534‌

—‌

Dividends

—

unaffiliated

.................................................

313,930‌

357,078‌

317,870‌

49,819‌

Dividends

—

affiliated

...................................................

8,197‌

6,482‌

7,943‌

2,523‌

Variation

margin

on

futures

contracts

.........................................

17,536‌

19,935‌

24,891‌

8,075‌

Total

assets

...........................................................

1,642,462,816‌

757,255,372‌

1,485,958,330‌

464,694,047‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

32,767,488‌

32,604,555‌

86,418,268‌

62,386,579‌

Payables:

–‌

–‌

–‌

–‌

Investment

advisory

fees

.................................................

52,153‌

23,784‌

68,549‌

19,984‌

Total

liabilities

..........................................................

32,819,641‌

32,628,339‌

86,486,817‌

62,406,563‌

NET

ASSETS

..........................................................

$

1,609,643,175‌

$

724,627,033‌

$

1,399,471,513‌

$

402,287,484‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,589,805,315‌

$

779,880,782‌

$

1,643,425,076‌

$

566,184,033‌

Accumulated

earnings

(loss)

................................................

19,837,860‌

(55,253,749‌)

(243,953,563‌)

(163,896,549‌)

NET

ASSETS

..........................................................

$

1,609,643,175‌

$

724,627,033‌

$

1,399,471,513‌

$

402,287,484‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

28,800,000‌

12,050,000‌

24,800,000‌

10,500,000‌

Net

asset

value

.........................................................

$

55.89‌

$

60.14‌

$

56.43‌

$

38.31‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

..........................................

$

1,354,109,046‌

$

700,716,483‌

$

1,371,011,393‌

$

427,947,365‌

(b)

  Securities

loaned,

at

value

................................................

$

32,646,540‌

$

32,035,279‌

$

85,361,880‌

$

61,247,463‌

(c)

  Investments,

at

cost

—

affiliated

............................................

$

35,146,096‌

$

34,637,489‌

$

88,816,077‌

$

63,167,325‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2023

2023

iShares

Annual

Report

to

Shareholders

64

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

386,172,416‌

Investments,

at

value

—

affiliated

(c)

..........................................................................................

32,784,712‌

Cash

pledged:

Futures

contracts

....................................................................................................

83,000‌

Receivables:

–‌

Investments

sold

....................................................................................................

1,824‌

Securities

lending

income

—

affiliated

......................................................................................

78,076‌

Dividends

—

unaffiliated

...............................................................................................

162,264‌

Dividends

—

affiliated

.................................................................................................

2,937‌

Variation

margin

on

futures

contracts

.......................................................................................

10,317‌

Total

assets

.........................................................................................................

419,295,546‌

LIABILITIES

Collateral

on

securities

loaned

.............................................................................................

31,693,297‌

Payables:

–‌

Investments

purchased

................................................................................................

56,619‌

Investment

advisory

fees

...............................................................................................

19,238‌

Total

liabilities

........................................................................................................

31,769,154‌

NET

ASSETS

........................................................................................................

$

387,526,392‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

458,701,446‌

Accumulated

loss

.....................................................................................................

(71,175,054‌)

NET

ASSETS

........................................................................................................

$

387,526,392‌

NET

ASSET

VALUE

Shares

outstanding

....................................................................................................

7,550,000‌

Net

asset

value

.......................................................................................................

$

51.33‌

Shares

authorized

.....................................................................................................

Unlimited

Par

value

...........................................................................................................

None

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

413,820,987‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

31,051,690‌

(c)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

32,773,973‌

Statements

of

Operations

Year

Ended

April

30,

2023

65

Financial

Statements

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

12,221,196‌

$

12,766,114‌

$

11,371,618‌

$

2,738,767‌

Dividends

—

affiliated

...................................................

84,655‌

44,188‌

65,586‌

19,601‌

Securities

lending

income

—

affiliated

—

net

...................................

190,801‌

257,958‌

495,630‌

956,347‌

Foreign

taxes

withheld

..................................................

(4,709‌)

—‌

—‌

(1,226‌)

Total

investment

income

...................................................

12,491,943‌

13,068,260‌

11,932,834‌

3,713,489‌

EXPENSES

Investment

advisory

....................................................

621,870‌

296,976‌

724,688‌

223,508‌

Total

expenses

.........................................................

621,870‌

296,976‌

724,688‌

223,508‌

Net

investment

income

....................................................

11,870,073‌

12,771,284‌

11,208,146‌

3,489,981‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(20,455,695‌)

$

(28,838,617‌)

$

(26,044,319‌)

$

(6,062,460‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(156,313,730‌)

$

(36,478,300‌)

$

(182,338,641‌)

$

(74,724,229‌)

Investments

—

affiliated

...............................................

9,062‌

1,042‌

7,899‌

(3,097‌)

Capital

gain

distributions

from

underlying

funds

—

affiliated

........................

—‌

1‌

2‌

—‌

Futures

contracts

....................................................

(304,599‌)

(136,530‌)

(444,932‌)

(61,200‌)

In-kind

redemptions

—

unaffiliated

(a)

.......................................

49,850,571‌

8,093,658‌

11,477,712‌

4,120,436‌

(106,758,696‌)

(28,520,129‌)

(171,297,960‌)

(70,668,090‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

85,809,194‌

(419,664‌)

145,102,304‌

64,522,419‌

Investments

—

affiliated

...............................................

7,715‌

4,761‌

17,441‌

21,133‌

Futures

contracts

....................................................

486,094‌

96,416‌

133,898‌

62,077‌

86,303,003‌

(318,487‌)

145,253,643‌

64,605,629‌

Net

realized

and

unrealized

loss

..............................................

(20,455,693‌)

(28,838,616‌)

(26,044,317‌)

(6,062,461‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................

$

(8,585,620‌)

$

(16,067,332‌)

$

(14,836,171‌)

$

(2,572,480‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(continued)

Year

Ended

April

30,

2023

2023

iShares

Annual

Report

to

Shareholders

66

iShares

Morningstar

Small-Cap

Value

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

...............................................................................................

$

8,794,132‌

Dividends

—

affiliated

.................................................................................................

23,130‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

396,926‌

Foreign

taxes

withheld

................................................................................................

(5,250‌)

Total

investment

income

.................................................................................................

9,208,938‌

EXPENSES

Investment

advisory

..................................................................................................

231,387‌

Total

expenses

.......................................................................................................

231,387‌

Net

investment

income

..................................................................................................

8,977,551‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(26,077,441‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

...........................................................................................

$

(7,640,343‌)

Investments

—

affiliated

.............................................................................................

(550‌)

Capital

gain

distributions

from

underlying

funds

—

affiliated

......................................................................

1‌

Futures

contracts

..................................................................................................

(90,646‌)

In-kind

redemptions

—

unaffiliated

(a)

.....................................................................................

4,258,285‌

(3,473,253‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(22,657,083‌)

Investments

—

affiliated

.............................................................................................

7,210‌

Futures

contracts

..................................................................................................

45,684‌

(22,604,189‌)

Net

realized

and

unrealized

loss

............................................................................................

(26,077,442‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(17,099,891‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

67

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/23

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

11,870,073‌

$

9,208,746‌

$

12,771,284‌

$

10,708,557‌

Net

realized

gain

(loss)

....................................................

(106,758,696‌)

122,861,510‌

(28,520,129‌)

56,099,068‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

86,303,003‌

(284,641,360‌)

(318,487‌)

(97,816,617‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(8,585,620‌)

(152,571,104‌)

(16,067,332‌)

(31,008,992‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(12,112,028‌)

(9,412,555‌)

(12,616,997‌)

(11,074,412‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.........................

(81,276,183‌)

(13,450,194‌)

(29,684,689‌)

(56,837,193‌)

NET

ASSETS

Total

decrease

in

net

assets

..................................................

(101,973,831‌)

(175,433,853‌)

(58,369,018‌)

(98,920,597‌)

Beginning

of

year

..........................................................

1,711,617,006‌

1,887,050,859‌

782,996,051‌

881,916,648‌

End

of

year

..............................................................

$

1,609,643,175‌

$

1,711,617,006‌

$

724,627,033‌

$

782,996,051‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2023

iShares

Annual

Report

to

Shareholders

68

See

notes

to

financial

statements.

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/23

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

11,208,146‌

$

6,518,586‌

$

3,489,981‌

$

2,912,223‌

Net

realized

gain

(loss)

....................................................

(171,297,960‌)

157,119,447‌

(70,668,090‌)

13,290,975‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

145,253,643‌

(334,493,660‌)

64,605,629‌

(128,436,975‌)

Net

decrease

in

net

assets

resulting

from

operations

..................................

(14,836,171‌)

(170,855,627‌)

(2,572,480‌)

(112,233,777‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(11,519,624‌)

(7,275,693‌)

(3,674,642‌)

(3,156,876‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

338,545,817‌

(254,467,058‌)

90,416,313‌

(332,806,008‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

312,190,022‌

(432,598,378‌)

84,169,191‌

(448,196,661‌)

Beginning

of

year

..........................................................

1,087,281,491‌

1,519,879,869‌

318,118,293‌

766,314,954‌

End

of

year

..............................................................

$

1,399,471,513‌

$

1,087,281,491‌

$

402,287,484‌

$

318,118,293‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

69

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..................................................................................

$

8,977,551‌

$

7,503,628‌

Net

realized

gain

(loss)

..................................................................................

(3,473,253‌)

39,582,241‌

Net

change

in

unrealized

appreciation

(depreciation)

..............................................................

(22,604,189‌)

(69,408,148‌)

Net

decrease

in

net

assets

resulting

from

operations

................................................................

(17,099,891‌)

(22,322,279‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.......................................................

(8,550,267‌)

(7,825,447‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...............................................

45,853,900‌

(48,607,925‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.........................................................................

20,203,742‌

(78,755,651‌)

Beginning

of

year

........................................................................................

367,322,650‌

446,078,301‌

End

of

year

............................................................................................

$

387,526,392‌

$

367,322,650‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

70

iShares

Morningstar

Growth

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

year

.................................

$

56.30

‌

$

61.87

‌

$

42.80

‌

$

38.08

‌

$

33.00

‌

Net

investment

income

(b)

........................................

0.40

‌

0.29

‌

0.14

‌

0.21

‌

0.23

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

(0.40

)

(5.56

)

19.07

‌

4.73

‌

5.10

‌

Net

increase

(decrease)

from

investment

operations

.......................

0.00

‌

(5.27

)

19.21

‌

4.94

‌

5.33

‌

Distributions

from

net

investment

income

(d)

..............................

(0.41

)

(0.30

)

(0.14

)

(0.22

)

(0.25

)

Net

asset

value,

end

of

year

......................................

$

55.89

‌

$

56.30

‌

$

61.87

‌

$

42.80

‌

$

38.08

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.........................................

0.05

%

(8.59

)%

44.94

%

13.04

%

16.21

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................................

0.04

%

0.04

%

0.23

%

0.25

%

0.25

%

Net

investment

income

...........................................

0.76

%

0.45

%

0.27

%

0.54

%

0.66

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

1,609,643

‌

$

1,711,617

‌

$

1,887,051

‌

$

1,519,374

‌

$

1,104,273

‌

Portfolio

turnover

rate

(g)

...........................................

28

%

22

%

97

%

28

%

23

%

(a)

Per

share

amounts

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

71

Financial

Highlights

iShares

Morningstar

Mid-Cap

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

year

................................

$

62.39

‌

$

65.81

‌

$

43.02

‌

$

49.08

‌

$

45.05

‌

Net

investment

income

(b)

.......................................

1.03

‌

0.82

‌

0.57

‌

0.67

‌

0.75

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

(2.26

)

(3.38

)

22.83

‌

(6.03

)

4.05

‌

Net

increase

(decrease)

from

investment

operations

......................

(1.23

)

(2.56

)

23.40

‌

(5.36

)

4.80

‌

Distributions

from

net

investment

income

(d)

.............................

(1.02

)

(0.86

)

(0.61

)

(0.70

)

(0.77

)

Net

asset

value,

end

of

year

.....................................

$

60.14

‌

$

62.39

‌

$

65.81

‌

$

43.02

‌

$

49.08

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

........................................

(1.91

)%

(3.99

)%

54.74

%

(10.99

)%

10.79

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................................

0.04

%

0.04

%

0.22

%

0.25

%

0.25

%

Net

investment

income

..........................................

1.72

%

1.22

%

1.06

%

1.39

%

1.63

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

724,627

‌

$

782,996

‌

$

881,917

‌

$

567,905

‌

$

716,534

‌

Portfolio

turnover

rate

(g)

..........................................

24

%

27

%

133

%

55

%

60

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

72

iShares

Morningstar

Mid-Cap

Growth

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

year

.................................

$

57.83

‌

$

66.52

‌

$

42.27

‌

$

40.66

‌

$

34.55

‌

Net

investment

income

(b)

........................................

0.52

‌

0.35

‌

0.07

‌

0.13

‌

0.09

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............................

(1.40

)

(8.65

)

24.23

‌

1.61

‌

6.13

‌

Net

increase

(decrease)

from

investment

operations

.......................

(0.88

)

(8.30

)

24.30

‌

1.74

‌

6.22

‌

Distributions

from

net

investment

income

(d)

..............................

(0.52

)

(0.39

)

(0.05

)

(0.13

)

(0.11

)

Net

asset

value,

end

of

year

......................................

$

56.43

‌

$

57.83

‌

$

66.52

‌

$

42.27

‌

$

40.66

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

.........................................

(1.49

)%

(12.56

)%

57.51

%

4.29

%

18.03

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

................................................

0.06

%

0.06

%

0.27

%

0.30

%

0.30

%

Net

investment

income

...........................................

0.93

%

0.51

%

0.12

%

0.31

%

0.25

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.......................................

$

1,399,472

‌

$

1,087,281

‌

$

1,519,880

‌

$

532,633

‌

$

475,724

‌

Portfolio

turnover

rate

(g)

...........................................

43

%

43

%

90

%

26

%

30

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

73

Financial

Highlights

iShares

Morningstar

Small-Cap

Growth

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

year

................................

$

39.27

‌

$

51.60

‌

$

31.92

‌

$

34.17

‌

$

30.51

‌

Net

investment

income

(b)

.......................................

0.35

‌

0.31

‌

0.05

‌

0.08

‌

0.04

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

(0.94

)

(12.30

)

19.68

‌

(2.24

)

3.72

‌

Net

increase

(decrease)

from

investment

operations

......................

(0.59

)

(11.99

)

19.73

‌

(2.16

)

3.76

‌

Distributions

from

net

investment

income

(d)

.............................

(0.37

)

(0.34

)

(0.05

)

(0.09

)

(0.10

)

Net

asset

value,

end

of

year

.....................................

$

38.31

‌

$

39.27

‌

$

51.60

‌

$

31.92

‌

$

34.17

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

........................................

(1.45

)%

(23.36

)%

61.86

%

(6.32

)%

12.35

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................................

0.06

%

0.06

%

0.26

%

0.30

%

0.30

%

Net

investment

income

..........................................

0.94

%

0.65

%

0.11

%

0.24

%

0.12

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

402,287

‌

$

318,118

‌

$

766,315

‌

$

191,512

‌

$

215,251

‌

Portfolio

turnover

rate

(g)

..........................................

52

%

58

%

156

%

57

%

55

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Annual

Report

to

Shareholders

74

iShares

Morningstar

Small-Cap

Value

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Year

Ended

04/30/19

(a)

Net

asset

value,

beginning

of

year

................................

$

54.82

‌

$

58.31

‌

$

32.95

‌

$

47.85

‌

$

48.08

‌

Net

investment

income

(b)

.......................................

1.24

‌

1.03

‌

0.89

‌

1.02

‌

1.08

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............................

(3.55

)

(3.43

)

25.39

‌

(14.74

)

(0.23

)

Net

increase

(decrease)

from

investment

operations

......................

(2.31

)

(2.40

)

26.28

‌

(13.72

)

0.85

‌

Distributions

from

net

investment

income

(d)

.............................

(1.18

)

(1.09

)

(0.92

)

(1.18

)

(1.08

)

Net

asset

value,

end

of

year

.....................................

$

51.33

‌

$

54.82

‌

$

58.31

‌

$

32.95

‌

$

47.85

‌

Total

Return

(e)

—

—

—

—

—

Based

on

net

asset

value

........................................

(4.20

)%

(4.19

)%

80.90

%

(29.05

)%

1.83

%

Ratios

to

Average

Net

Assets

(f)

Total

expenses

...............................................

0.06

%

0.06

%

0.26

%

0.30

%

0.30

%

Net

investment

income

..........................................

2.33

%

1.76

%

2.07

%

2.34

%

2.24

%

Supplemental

Data

Net

assets,

end

of

year

(000)

......................................

$

387,526

‌

$

367,323

‌

$

446,078

‌

$

257,012

‌

$

430,681

‌

Portfolio

turnover

rate

(g)

..........................................

41

%

47

%

145

%

65

%

48

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

75

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. 

Foreign

Taxes:

Certain

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of 

April

30,

2023

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

 (the

“Board”)

of each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser, as

the

valuation

designee

for

each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s policies

and

procedures as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

iShares

ETF

Diversification

Classification

Morningstar

Growth

...................................................................................................

Non-diversified

Morningstar

Mid-Cap

..................................................................................................

Diversified

Morningstar

Mid-Cap

Growth

.............................................................................................

Diversified

Morningstar

Small-Cap

Growth

...........................................................................................

Diversified

Morningstar

Small-Cap

Value

.............................................................................................

Diversified

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

76

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

published

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

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

Notes

to

Financial

Statements

(continued)

77

Notes

to

Financial

Statements

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Morningstar

Growth

Barclays

Bank

PLC

.....................................

$

685,531‌

$

(685,531‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

2,936,082‌

(2,930,677‌)

–‌

5,405‌

(b)

BofA

Securities,

Inc.

....................................

3,915,384‌

(3,865,119‌)

–‌

50,265‌

(b)

Citadel

Clearing

LLC

....................................

282,528‌

(282,528‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,034,903‌

(1,034,903‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

2,003,579‌

(2,003,579‌)

–‌

–‌

HSBC

Bank

PLC

......................................

3,887,272‌

(3,832,157‌)

–‌

55,115‌

J.P.

Morgan

Securities

LLC

...............................

3,799,573‌

(3,799,573‌)

–‌

–‌

Jefferies

LLC

.........................................

61‌

(61‌)

–‌

–‌

Morgan

Stanley

.......................................

2,539,252‌

(2,539,252‌)

–‌

–‌

National

Financial

Services

LLC

............................

101,901‌

(101,901‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

494,909‌

(494,909‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

418,845‌

(412,020‌)

–‌

6,825‌

(b)

State

Street

Bank

&

Trust

Co.

..............................

60,095‌

(60,095‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

10,054,101‌

(10,003,439‌)

–‌

50,662‌

(b)

UBS

AG

............................................

432,524‌

(421,940‌)

–‌

10,584‌

(b)

$

32,646,540‌

$

(32,467,684‌)

$

–‌

$

178,856‌

Morningstar

Mid-Cap

Barclays

Bank

PLC

.....................................

$

2,050,198‌

$

(2,050,198‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

1,203,448‌

(1,203,448‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,997,585‌

(2,997,585‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

2,507,599‌

(2,507,599‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

5,891,154‌

(5,891,154‌)

–‌

–‌

HSBC

Bank

PLC

......................................

2,571,325‌

(2,571,325‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

6,732,008‌

(6,732,008‌)

–‌

–‌

Jefferies

LLC

.........................................

265,107‌

(265,107‌)

–‌

–‌

Morgan

Stanley

.......................................

1,856,266‌

(1,856,266‌)

–‌

–‌

Natixis

SA

...........................................

248,350‌

(246,320‌)

–‌

2,030‌

(b)

RBC

Capital

Markets

LLC

................................

556,262‌

(556,262‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

1,184‌

(1,184‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

551,781‌

(551,781‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

476,533‌

(472,981‌)

–‌

3,552‌

(b)

UBS

AG

............................................

2,157,412‌

(2,157,412‌)

–‌

–‌

UBS

Securities

LLC

....................................

713,682‌

(713,682‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

1,255,385‌

(1,233,560‌)

–‌

21,825‌

(b)

$

32,035,279‌

$

(32,007,872‌)

$

–‌

$

27,407‌

Morningstar

Mid-Cap

Growth

Barclays

Bank

PLC

.....................................

$

9,191,648‌

$

(9,191,648‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

9,354,668‌

(9,354,668‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

4,201,372‌

(4,201,372‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

4,077,687‌

(4,077,687‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

2,464,307‌

(2,464,307‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

15,518,893‌

(15,518,893‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

5,912,097‌

(5,912,097‌)

–‌

–‌

Jefferies

LLC

.........................................

63,365‌

(63,365‌)

–‌

–‌

Morgan

Stanley

.......................................

13,777,652‌

(13,777,652‌)

–‌

–‌

Natixis

SA

...........................................

41,836‌

(41,836‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

12,779,965‌

(12,779,965‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

2,910,655‌

(2,849,647‌)

–‌

61,008‌

(b)

SG

Americas

Securities

LLC

..............................

550,485‌

(550,485‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

19,926‌

(19,926‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

1,458,945‌

(1,451,282‌)

–‌

7,663‌

(b)

UBS

AG

............................................

2,837,313‌

(2,837,313‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

201,066‌

(200,883‌)

–‌

183‌

(b)

$

85,361,880‌

$

(85,293,026‌)

$

–‌

$

68,854‌

Morningstar

Small-Cap

Growth

Barclays

Bank

PLC

.....................................

$

3,074,553‌

$

(3,074,553‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

1,805,007‌

(1,805,007‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

32,459‌

(32,459‌)

–‌

–‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

78

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Morningstar

Small-Cap

Growth

(continued)

BNP

Paribas

SA

.......................................

4,809,997‌

(4,809,997‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

5,527,842‌

(5,527,842‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

498,147‌

(498,147‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,622,802‌

(1,622,802‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

305,644‌

(305,644‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

13,767,472‌

(13,767,472‌)

–‌

–‌

HSBC

Bank

PLC

......................................

359,838‌

(359,838‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

17,374‌

(17,374‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

12,400,616‌

(12,400,616‌)

–‌

–‌

Jefferies

LLC

.........................................

1,172,425‌

(1,172,425‌)

–‌

–‌

Morgan

Stanley

.......................................

6,722,595‌

(6,722,595‌)

–‌

–‌

National

Financial

Services

LLC

............................

2,660,038‌

(2,660,038‌)

–‌

–‌

Natixis

SA

...........................................

1,481,337‌

(1,481,337‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

26,078‌

(26,078‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

213,463‌

(213,463‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

133,104‌

(133,104‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

288,678‌

(288,678‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

574,994‌

(574,994‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

1,073,161‌

(1,050,967‌)

–‌

22,194‌

(b)

UBS

AG

............................................

1,768,508‌

(1,760,384‌)

–‌

8,124‌

(b)

UBS

Securities

LLC

....................................

179,820‌

(179,820‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

139,795‌

(139,795‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

591,716‌

(591,716‌)

–‌

–‌

$

61,247,463‌

$

(61,217,145‌)

$

–‌

$

30,318‌

Morningstar

Small-Cap

Value

Barclays

Bank

PLC

.....................................

$

1,974,444‌

$

(1,974,444‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

77,116‌

(77,116‌)

–‌

–‌

BNP

Paribas

SA

.......................................

1,515,509‌

(1,515,509‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,945,803‌

(2,945,803‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

714,335‌

(714,335‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,478,308‌

(1,478,308‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

10,418,417‌

(10,418,417‌)

–‌

–‌

HSBC

Bank

PLC

......................................

1,014,950‌

(1,014,950‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

2,863,902‌

(2,863,902‌)

–‌

–‌

Jefferies

LLC

.........................................

238,723‌

(238,723‌)

–‌

–‌

Morgan

Stanley

.......................................

3,761,333‌

(3,761,333‌)

–‌

–‌

National

Financial

Services

LLC

............................

1,252,515‌

(1,252,515‌)

–‌

–‌

Natixis

SA

...........................................

245,971‌

(245,971‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

351,380‌

(351,380‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

22,418‌

(22,418‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

642,246‌

(642,246‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

24,910‌

(24,910‌)

–‌

–‌

UBS

AG

............................................

767,967‌

(762,505‌)

–‌

5,462‌

(b)

UBS

Securities

LLC

....................................

2,928‌

(2,928‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

489,011‌

(489,011‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

249,504‌

(249,504‌)

–‌

–‌

$

31,051,690‌

$

(31,046,228‌)

$

–‌

$

5,462‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

April

30,

2023.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(continued)

79

Notes

to

Financial

Statements

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(the

“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

Each

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

invested

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

redeemed

or

temporarily

restrict

redemptions

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

money

market

fund’s

weekly

liquid

assets

fall

below

certain

thresholds.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

fees.

Each

Fund

retains

a

portion

of

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

iShares

ETF

Investment

Advisory

Fees

Morningstar

Growth

................................................................................................

0.04‌

%

Morningstar

Mid-Cap

...............................................................................................

0.04‌

Morningstar

Mid-Cap

Growth

..........................................................................................

0.06‌

Morningstar

Small-Cap

Growth

........................................................................................

0.06‌

Morningstar

Small-Cap

Value

..........................................................................................

0.06‌

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

80

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the year ended

April

30,

2023,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the year ended April

30,

2023,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the year ended

April

30,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the year ended

April

30,

2023,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

April

30,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

iShares

ETF

Amounts

Morningstar

Growth

.......................................................................................................

$

61,770‌

Morningstar

Mid-Cap

......................................................................................................

73,198‌

Morningstar

Mid-Cap

Growth

.................................................................................................

149,149‌

Morningstar

Small-Cap

Growth

...............................................................................................

252,155‌

Morningstar

Small-Cap

Value

.................................................................................................

106,195‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Morningstar

Growth

....................................................................

$

243,742,409‌

$

217,656,456‌

$

(110,258,256‌)

Morningstar

Mid-Cap

...................................................................

56,209,137‌

71,756,177‌

(37,832,889‌)

Morningstar

Mid-Cap

Growth

..............................................................

212,484,850‌

231,507,910‌

(134,589,465‌)

Morningstar

Small-Cap

Growth

............................................................

90,091,685‌

84,277,468‌

(39,634,644‌)

Morningstar

Small-Cap

Value

..............................................................

82,063,743‌

77,827,366‌

(1,817,819‌)

iShares

ETF

Purchases

Sales

Morningstar

Growth

....................................................................................

$

439,917,236‌

$

438,858,875‌

Morningstar

Mid-Cap

...................................................................................

177,071,690‌

177,691,844‌

Morningstar

Mid-Cap

Growth

..............................................................................

520,582,439‌

521,025,739‌

Morningstar

Small-Cap

Growth

............................................................................

196,100,650‌

194,799,967‌

Morningstar

Small-Cap

Value

..............................................................................

162,380,150‌

158,454,912‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Morningstar

Growth

....................................................................................

$

91,870,467‌

$

173,042,638‌

Morningstar

Mid-Cap

...................................................................................

24,246,792‌

53,646,432‌

Morningstar

Mid-Cap

Growth

..............................................................................

423,246,684‌

85,747,024‌

Morningstar

Small-Cap

Growth

............................................................................

122,616,585‌

33,632,505‌

Morningstar

Small-Cap

Value

..............................................................................

74,302,182‌

31,304,259‌

Notes

to

Financial

Statements

(continued)

81

Notes

to

Financial

Statements

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or

NAV

per

share.

As

of

April

30,

2023,

permanent

differences

attributable

to

realized

gains

(losses)

from

in-kind

redemptions

were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

April

30,

2023,

the

tax

components

of

accumulated

net

earnings

(losses)

were

as

follows:

A

fund

may

own

shares

in

certain

foreign

investment

entities,

referred

to,

under

U.S.

tax

law,

as

“passive

foreign

investment

companies.”

Such

fund

may

elect

to

mark-to-

market

annually

the

shares

of

each

passive

foreign

investment

company

and

would

be

required

to

distribute

to

shareholders

any

such

marked-to-market

gains.

As

of

April

30,

2023,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

iShares

ETF

Paid-In

Capital

Accumulated

Earnings

(Loss)

Morningstar

Growth

.........................................................................

$

49,317,784‌

$

(49,317,784‌)

Morningstar

Mid-Cap

........................................................................

8,055,096‌

(8,055,096‌)

Morningstar

Mid-Cap

Growth

...................................................................

11,488,766‌

(11,488,766‌)

Morningstar

Small-Cap

Growth

.................................................................

3,910,546‌

(3,910,546‌)

Morningstar

Small-Cap

Value

...................................................................

4,228,087‌

(4,228,087‌)

—‌

iShares

ETF

Year

Ended

04/30/23

Year

Ended

04/30/22

Morningstar

Growth

Ordinary

income

...........................................................................................

$

12,112,028‌

$

9,412,555‌

Morningstar

Mid-Cap

Ordinary

income

...........................................................................................

$

12,616,997‌

$

11,074,412‌

Morningstar

Mid-Cap

Growth

Ordinary

income

...........................................................................................

$

11,519,624‌

$

7,275,693‌

Morningstar

Small-Cap

Growth

Ordinary

income

...........................................................................................

$

3,674,642‌

$

3,156,876‌

Morningstar

Small-Cap

Value

Ordinary

income

...........................................................................................

$

8,550,267‌

$

7,825,447‌

iShares

ETF

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Morningstar

Growth

.....................................................

$

189,357‌

$

(232,239,410‌)

$

251,887,913‌

$

19,837,860‌

Morningstar

Mid-Cap

....................................................

37,028‌

(74,974,942‌)

19,684,165‌

(55,253,749‌)

Morningstar

Mid-Cap

Growth

...............................................

223,772‌

(264,462,054‌)

20,284,719‌

(243,953,563‌)

Morningstar

Small-Cap

Growth

.............................................

43,190‌

(133,971,700‌)

(29,968,039‌)

(163,896,549‌)

Morningstar

Small-Cap

Value

...............................................

148,202‌

(41,270,853‌)

(30,052,403‌)

(71,175,054‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

contracts,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

realized

gains

(losses)

for

tax

purposes

and

the

characterization

of

corporate

actions.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Morningstar

Growth

................................................

$

1,390,040,729‌

$

352,732,528‌

$

(100,844,615‌)

$

251,887,913‌

Morningstar

Mid-Cap

...............................................

736,994,798‌

109,604,807‌

(89,920,642‌)

19,684,165‌

Morningstar

Mid-Cap

Growth

.........................................

1,465,037,184‌

142,220,637‌

(121,935,918‌)

20,284,719‌

Morningstar

Small-Cap

Growth

........................................

494,263,717‌

47,330,185‌

(77,298,224‌)

(29,968,039‌)

Morningstar

Small-Cap

Value

.........................................

449,009,531‌

37,366,156‌

(67,418,559‌)

(30,052,403‌)

Notes

to

Financial

Statements

(continued)

2023

iShares

Annual

Report

to

Shareholders

82

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Concentration

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

Notes

to

Financial

Statements

(continued)

83

Notes

to

Financial

Statements

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Investors

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Investors

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

04/30/23

Year

Ended

04/30/22

iShares

ETF

Shares

Amount

Shares

Amount

Morningstar

Growth

Shares

sold

1,750,000‌

$

92,244,933‌

3,350,000‌

$

208,754,686‌

Shares

redeemed

(3,350,000‌)

(173,521,116‌)

(3,450,000‌)

(222,204,880‌)

(1,600,000‌)

$

(81,276,183‌)

(100,000‌)

$

(13,450,194‌)

Morningstar

Mid-Cap

Shares

sold

400,000‌

$

24,432,366‌

2,050,000‌

$

136,072,736‌

Shares

redeemed

(900,000‌)

(54,117,055‌)

(2,900,000‌)

(192,909,929‌)

(500,000‌)

$

(29,684,689‌)

(850,000‌)

$

(56,837,193‌)

Morningstar

Mid-Cap

Growth

Shares

sold

7,600,000‌

$

424,829,525‌

8,050,000‌

$

550,847,090‌

Shares

redeemed

(1,600,000‌)

(86,283,708‌)

(12,100,000‌)

(805,314,148‌)

6,000,000‌

$

338,545,817‌

(4,050,000‌)

$

(254,467,058‌)

Morningstar

Small-Cap

Growth

Shares

sold

3,350,000‌

$

124,624,087‌

250,000‌

$

11,523,573‌

Shares

redeemed

(950,000‌)

(34,207,774‌)

(7,000,000‌)

(344,329,581‌)

2,400,000‌

$

90,416,313‌

(6,750,000‌)

$

(332,806,008‌)

Morningstar

Small-Cap

Value

Shares

sold

1,500,000‌

$

79,185,476‌

2,350,000‌

$

140,735,962‌

Shares

redeemed

(650,000‌)

(33,331,576‌)

(3,300,000‌)

(189,343,887‌)

850,000‌

$

45,853,900‌

(950,000‌)

$

(48,607,925‌)

Report

of

Independent

Registered

Public

Accounting

Firm

2023

iShares

Annual

Report

to

Shareholders

84

To

the

Board

of

Trustees

of

iShares

Trust

and

Shareholders

of

each

of

the five

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed in

the

table

below

(five

of

the

funds

constituting

iShares

Trust,

hereafter

collectively

referred

to

as

the “Funds”)

as

of

April

30,

2023,

the

related

statements

of

operations

for

the

year

ended

April

30,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2023 (collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

April

30,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2023 in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2023

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

June

21,

2023 

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Value

ETF

Important

Tax

Information

(unaudited)

85

Important

Tax

Information

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

April

30,

2023:

The

following

amounts,

or

maximum

amounts

allowable

by

law,

are

hereby

designated

as

qualified business

income

for

individuals

for

the

fiscal

year

ended

April

30,

2023:

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended April

30,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

iShares

ETF

Qualified

Dividend

Income

Morningstar

Growth

.................................................................................................

$

11,002,843‌

Morningstar

Mid-Cap

................................................................................................

10,722,010‌

Morningstar

Mid-Cap

Growth

...........................................................................................

9,294,938‌

Morningstar

Small-Cap

Growth

.........................................................................................

1,948,223‌

Morningstar

Small-Cap

Value

...........................................................................................

6,712,238‌

iShares

ETF

Qualified

Business

Income

Morningstar

Growth

.................................................................................................

$

744,358‌

Morningstar

Mid-Cap

................................................................................................

1,043,363‌

Morningstar

Mid-Cap

Growth

...........................................................................................

1,209,692‌

Morningstar

Small-Cap

Growth

.........................................................................................

367,562‌

Morningstar

Small-Cap

Value

...........................................................................................

792,824‌

iShares

ETF

Dividends-Received

Deduction

Morningstar

Growth

...................................................................................................

88.89

%

‌

Morningstar

Mid-Cap

..................................................................................................

80.95

‌

Morningstar

Mid-Cap

Growth

.............................................................................................

77.73

‌

Morningstar

Small-Cap

Growth

...........................................................................................

54.94

‌

Morningstar

Small-Cap

Value

.............................................................................................

76.15

‌

Statement

Regarding

Liquidity

Risk

Management

Program

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

86

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

iShares

Trust

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for iShares

Morningstar

Growth

ETF,

iShares

Morningstar

Mid-Cap

ETF,

iShares

Morningstar

Mid-Cap

Growth

ETF,

iShares

Morningstar

Small-Cap

Growth

ETF

and

iShares

Morningstar

Small-Cap

Value

ETF (the

“Funds”

or

“ETFs”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

December

9,

2022

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Fund

Advisors

(“BlackRock”),

the

investment

adviser

to

the

Funds,

as

the

program

administrator

for

each

Fund’s

Program.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2021

through

September

30,

2022

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

extended

market

holidays, the

imposition

of

capital

controls

in

certain

non-U.S.

countries,

Russian

sanctions

and

the

closure

of

the

Russian

securities

market.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure,

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Derivative

exposure

was

also

considered

in

the

calculation

of

a

fund’s

liquidity

bucketing.

Finally,

a

factor

for

consideration

under

the

Liquidity

Rule

is

a

Fund’s

use

of

borrowings

for

investment

purposes.

However,

the

Funds

do

not

borrow

for

investment

purposes.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

ETF’s

reasonably

anticipated

trading

size

(“RATS”).

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements.

The

Committee

considered

that

ETFs

generally

do

not

hold

more

than

de

minimis

amounts

of

cash.

The

Committee

also

considered

that

ETFs

generally

do

not

engage

in

borrowing.

d)

The

relationship

between

an

ETF’s

portfolio

liquidity

and

the

way

in

which,

and

the

prices

and

spreads

at

which,

ETF

shares

trade,

including

the

efficiency

of

the

arbitrage

function

and

the

level

of

active

participation

by

market

participants,

including

authorized

participants.

The

Committee

monitored

the

prevailing

bid/ask

spread

and

the

ETF

price

premium

(or

discount)

to

NAV

for

all

ETFs.

However,

there

were

no

ETFs

with

persistent

deviations

of

fund

premium/discount

or

bid/ask

spreads

from

long-term

averages

over

the

Program

Reporting

Period.

e)

The

effect

of

the

composition

of

baskets

on

the

overall

liquidity

of

an

ETF’s

portfolio.

In

reviewing

the

linkage

between

the

composition

of

custom

baskets

accepted

by

an

ETF

and

any

significant

change

in

the

liquidity

profile

of

such

ETF,

the

Committee

reviewed

changes

in

the

proportion

of

each

ETF’s

portfolio

comprised

of

less

liquid

and

illiquid

holdings

to

determine

if

applicable

thresholds

were

met

requiring

enhanced

review.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Supplemental

Information

(unaudited)

87

Supplemental

Information

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

April

30,

2023

Premium/Discount

Information

Information

on

the

Fund’s

net

asset

value,

market

price,

premiums

and

discounts,

and

bid-ask

spreads

can

be

found

at

iShares.com

.

Total

Cumulative

Distributions

for

the

Fiscal

Year

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Morningstar

Growth

(a)

...................

$

0.404748‌

$

—‌

$

0.004002‌

$

0.408750‌

99‌%

—‌%

1‌%

100‌%

Morningstar

Mid-Cap

...................

1.017970‌

—‌

—‌

1.017970‌

100‌

—‌

—‌

100‌

Morningstar

Mid-Cap

Growth

(a)

.............

0.485124‌

—‌

0.032834‌

0.517958‌

94‌

—‌

6‌

100‌

Morningstar

Small-Cap

Value

..............

1.178509‌

—‌

—‌

1.178509‌

100‌

—‌

—‌

100‌

(a)

The

Fund

estimates

that

it

has

distributed

more

than

its

net

investment

income

and

net

realized

capital

gains;

therefore,

a

portion

of

the

distribution

may

be

a

return

of

capital.

A

return

of

capital

may

occur,

for

example,

when

some

or

all

of

the

shareholder’s

investment

in

the

Fund

is

returned

to

the

shareholder.

A

return

of

capital

does

not

necessarily

reflect

the

Fund’s

investment

performance

and

should

not

be

confused

with

“yield”

or

“income”.

When

distributions

exceed

total

return

performance,

the

difference

will

incrementally

reduce

the

Fund’s

net

asset

value

per

share.

Trustee

and

Officer

Information

(unaudited)

2023

iShares

Annual

Report

to

Shareholders

88

The

Board

of

Trustees

has

responsibility

for

the

overall

management

and

operations

of

the

Funds,

including

general

supervision

of

the

duties

performed

by

BFA

and

other

service

providers.

Each

Trustee

serves

until

he

or

she

resigns,

is

removed,

dies,

retires

or

becomes

incapacitated.

Each

officer

shall

hold

office

until

his

or

her

successor

is

elected

and

qualifies

or

until

his

or

her

death,

resignation

or

removal.

Trustees

who

are

not

“interested

persons”

(as

defined

in

the

1940

Act)

of

the

Trust

are

referred

to

as

independent

trustees

(“Independent

Trustees”).

The

registered

investment

companies

advised

by

BFA

or

its

affiliates

(the

“BlackRock-advised

Funds”)

are

organized

into

one

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

and

ETFs

(the

“BlackRock

Multi-Asset

Complex”),

one

complex

of

closed-end

funds

and

open-end

non-index

fixed-income

funds

(including

ETFs)

(the

“BlackRock

Fixed-Income

Complex”)

and

one

complex

of

ETFs

(“Exchange-Traded

Fund

Complex”)

(each,

a

“BlackRock

Fund

Complex”).

Each

Fund

is

included

in

the

Exchange-Traded

Fund

Complex.

Each

Trustee

also

serves

as

a

Director

of

iShares,

Inc.

and

a

Trustee

of

iShares

U.S.

ETF

Trust,

and,

as

a

result,

oversees

all

of

the

funds

within

the

Exchange-Traded

Fund

Complex,

which

consists

of

380

funds

as

of

April

30,

2023.

With

the

exception

of

Robert

S.

Kapito,

Salim

Ramji

and

Charles

Park,

the

address

of

each

Trustee

and

officer

is

c/o

BlackRock,

Inc.,

400

Howard

Street,

San

Francisco,

CA

94105.

The

address

of

Mr.

Kapito,

Mr.

Ramji

and

Mr.

Park

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New York,

NY

10001.

The

Board

has

designated

John

E.

Kerrigan

as

its

Independent

Board

Chair.

Additional

information

about

the

Funds’

Trustees

and

officers

may

be

found

in

the

Funds’

combined

Statement

of

Additional

Information,

which

is

available

without

charge,

upon

request,

by

calling

toll-free

1-800-iShares

(1-800-474-2737).

Interested

Trustees

(a)

Robert

S.

Kapito

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

(b)

Salim

Ramji

is

deemed

to

be

an

“interested

person”

(as

defined

in

the

1940

Act)

of

the

Trust

due

to

his

affiliations

with

BlackRock,

Inc.

and

its

affiliates.

Independent

Trustees

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Robert

S.

Kapito

(a)

(1957)

Trustee

(since

2009).

President,

BlackRock,

Inc.

(since

2006);

Vice

Chairman

of

BlackRock,

Inc.

and

Head

of

BlackRock’s

Portfolio

Management

Group

(since

its

formation

in

1998)

and

BlackRock,

Inc.’s

predecessor

entities

(since

1988);

Trustee,

University

of

Pennsylvania

(since

2009);

President

of

Board

of

Directors,

Hope

&

Heroes

Children’s

Cancer

Fund

(since

2002).

Director

of

BlackRock,

Inc.

(since

2006);

Director

of

iShares,

Inc.

(since

2009);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Salim

Ramji

(b)

(1970)

Trustee

(since

2019).

Senior

Managing

Director,

BlackRock,

Inc.

(since

2014);

Global

Head

of

BlackRock’s

ETF

and

Index

Investments

Business

(since

2019);

Head

of

BlackRock’s

U.S.

Wealth

Advisory

Business

(2015-2019);

Global

Head

of

Corporate

Strategy,

BlackRock,

Inc.

(2014-2015);

Senior

Partner,

McKinsey

&

Company

(2010-2014).

Director

of

iShares,

Inc.

(since

2019);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2019).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

John

E.

Kerrigan

(1955)

Trustee

(since

2005);

Independent

Board

Chair

(since

2022).

Chief

Investment

Officer,

Santa

Clara

University

(since

2002).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011);

Independent

Board

Chair

of

iShares,

Inc.

and

iShares

U.S.

ETF

Trust

(since

2022).

Jane

D.

Carlin

(1956)

Trustee

(since

2015);

Risk

Committee

Chair

(since

2016).

Consultant

(since

2012);

Member

of

the

Audit

Committee

(2012-2018),

Chair

of

the

Nominating

and

Governance

Committee

(2017-2018)

and

Director

of

PHH

Corporation

(mortgage

solutions)

(2012-2018);

Managing

Director

and

Global

Head

of

Financial

Holding

Company

Governance

&

Assurance

and

the

Global

Head

of

Operational

Risk

Management

of

Morgan

Stanley

(2006-2012).

Director

of

iShares,

Inc.

(since

2015);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2015);

Member

of

the

Audit

Committee

(since

2016),

Chair

of

the

Audit

Committee

(since

2020)

and

Director

of

The

Hanover

Insurance

Group,

Inc.

(since

2016).

Richard

L.

Fagnani

(1954)

Trustee

(since

2017);

Audit

Committee

Chair

(since

2019).

Partner,

KPMG

LLP

(2002-2016);

Director

of

One

Generation

Away

(since

2021).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017).

Cecilia

H.

Herbert

(1949)

Trustee

(since

2005);

Nominating

and

Governance

and

Equity

Plus

Committee

Chairs

(since

2022).

Chair

of

the

Finance

Committee

(since

2019)

and

Trustee

and

Member

of

the

Finance,

Audit

and

Quality

Committees

of

Stanford

Health

Care

(since

2016);

Trustee

of

WNET,

New

York’s

public

media

company

(since

2011)

and

Member

of

the

Audit

Committee

(since

2018),

Investment

Committee

(since

2011)

and

Personnel

Committee

(since

2022);

Chair

(1994-2005)

and

Member

(1992-2021)

of

the

Investment

Committee,

Archdiocese

of

San

Francisco;

Trustee

of

Forward

Funds

(14

portfolios)

(2009-2018);

Trustee

of

Salient

MF

Trust

(4

portfolios)

(2015-2018);

Director

(1998-2013)

and

President

(2007-2011)

of

the

Board

of

Directors,

Catholic

Charities

CYO;

Trustee

(2002-2011)

and

Chair

of

the

Finance

and

Investment

Committee

(2006-2010)

of

the

Thacher

School;

Director

of

the

Senior

Center

of

Jackson

Hole

(since

2020);

Director

of

the

Jackson

Hole

Center

for

the

Arts

(since

2021);

Member

of

the

Wyoming

State

Investment

Funds

Committee

(since

2022).

Director

of

iShares,

Inc.

(since

2005);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Trustee

and

Officer

Information

(unaudited)

(continued)

89

Trustee

and

Officer

Information

Officers

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Other

Directorships

Held

by

Trustee

Drew

E.

Lawton

(1959)

Trustee

(since

2017);

15(c)

Committee

Chair

(since

2017).

Senior

Managing

Director

of

New

York

Life

Insurance

Company

(2010-2015).

Director

of

iShares,

Inc.

(since

2017);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2017);

Director

of

Jackson

Financial

Inc.

(since

2021).

John

E.

Martinez

(1961)

Trustee

(since

2003);

Securities

Lending

Committee

Chair

(since

2019).

Director

of

Real

Estate

Equity

Exchange,

Inc.

(since

2005);

Director

of

Cloudera

Foundation

(2017-2020);

and

Director

of

Reading

Partners

(2012-2016).

Director

of

iShares,

Inc.

(since

2003);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Madhav

V.

Rajan

(1964)

Trustee

(since

2011);

Fixed-

Income

Plus

Committee

Chair

(since

2019).

Dean,

and

George

Pratt

Shultz

Professor

of

Accounting,

University

of

Chicago

Booth

School

of

Business

(since

2017);

Advisory

Board

Member

(since

2016)

and

Director

(since

2020)

of

C.M.

Capital

Corporation;

Chair

of

the

Board

for

the

Center

for

Research

in

Security

Prices,

LLC

(since

2020);

Robert

K.

Jaedicke

Professor

of

Accounting,

Stanford

University

Graduate

School

of

Business

(2001-2017);

Professor

of

Law

(by

courtesy),

Stanford

Law

School

(2005-2017);

Senior

Associate

Dean

for

Academic

Affairs

and

Head

of

MBA

Program,

Stanford

University

Graduate

School

of

Business

(2010-2016).

Director

of

iShares,

Inc.

(since

2011);

Trustee

of

iShares

U.S.

ETF

Trust

(since

2011).

Name

(Year

of

Birth)

Position(s)

Principal

Occupation(s)

During

Past

5

Years

Dominik

Rohé

(1973)

President

(since

2023).

Managing

Director,

BlackRock,

Inc.

(since

2005);

Head

of

Americas

ETF

and

Index

Investments

(since

2023);

Head

of

Latin

America

(2019-

2023).

Trent

Walker

(1974)

Treasurer

and

Chief

Financial

Officer

(since

2020).

Managing

Director,

BlackRock,

Inc.

(since

September

2019);

Chief

Financial

Officer

of

iShares

Delaware

Trust

Sponsor

LLC,

BlackRock

Funds,

BlackRock

Funds

II,

BlackRock

Funds

IV,

BlackRock

Funds

V

and

BlackRock

Funds

VI

(since

2021);

Executive

Vice

President

of

PIMCO

(2016-2019);

Senior

Vice

President

of

PIMCO

(2008-2015);

Treasurer

(2013-2019)

and

Assistant

Treasurer

(2007-2017)

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Charles

Park

(1967)

Chief

Compliance

Officer

(since

2006).

Chief

Compliance

Officer

of

BlackRock

Advisors,

LLC

and

the

BlackRock-advised

Funds

in

the

BlackRock

Multi-Asset

Complex

and

the

BlackRock

Fixed-Income

Complex

(since

2014);

Chief

Compliance

Officer

of

BFA

(since

2006).

Marisa

Rolland

(1980)

Secretary

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2023);

Director,

BlackRock,

Inc.

(2018-2022);

Vice

President,

BlackRock,

Inc.

(2010-2017).

Rachel

Aguirre

(1982)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2018);

Director,

BlackRock,

Inc.

(2009-2018);

Head

of

U.S.

iShares

Product

(since

2022);

Head

of

EII

U.S.

Product

Engineering

(since

2021);

Co-Head

of

EII’s

Americas

Portfolio

Engineering

(2020-

2021);

Head

of

Developed

Markets

Portfolio

Engineering

(2016-2019).

Jennifer

Hsui

(1976)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2009);

Co-Head

of

Index

Equity

(since

2022).

James

Mauro

(1970)

Executive

Vice

President

(since

2022).

Managing

Director,

BlackRock,

Inc.

(since

2010);

Head

of

Fixed

Income

Index

Investments

in

the

Americas

and

Head

of

San

Francisco

Core

Portfolio

Management

(since

2020).

Effective

June

15,

2022,

Marisa

Rolland

replaced

Deepa

Damre

Smith

as

Secretary.

Effective

March

30,

2023,

Dominik

Rohé

replaced

Armando

Senra

as

President.

Independent

Trustees

(continued)

General

Information

2023

iShares

Annual

Report

to

Shareholders

90

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

91

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

iS-AR-404-0423

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.

©2023

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

(b) Not Applicable

Item 2.      Code of Ethics.

The registrant

has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics.

The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3.      Audit Committee Financial Expert.

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

Item 4.      Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the six series of the registrant for which the fiscal year-end is April 30, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a)

Audit Fees

– The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $76,200 for the fiscal year ended

April 30, 2022

and $79,800 for the fiscal year ended April 30, 2023.

(b)

Audit-Related Fees

– There were no fees billed for the fiscal years end

ed April 30, 2022

and April 30, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c)

Tax Fees

– The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $58,200 for the fiscal year ended

April 30, 2022

and $58,200 for the fiscal year ended April 30, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d)

All Other Fees

– There were no other fees billed in each of the fiscal years end

ed April 30, 2022 and April 30, 2023

for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e)

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

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

(f)

Not Applicable

(g)

The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $58,200 for the fiscal year ended

April 30, 2022

and $58,200 for the fiscal year ended April 30, 2023.

 

(h)

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

(i)

Not Applicable

(j)

Not Applicable

Item 5.      Audit Committee of Listed Registrants

(a)

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

(b) Not applicable.

Item 6.      Investments.

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

(b)Not applicable.

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

      Not applicable to the registrant.

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

Not applicable to the registrant.

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

      Not applicable to the registrant.

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

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

Item 11.    Controls and Procedures.

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

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

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

Not applicable to the registrant.

Item 13.    Exhibits.

(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.

(a) (2) Section 302 Certifications are attached.

      (a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a)(4) Change in Registrant’s independent public accountant – Not Applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares Trust
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:	June 21, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Dominik Rohe
Dominik Rohe, President (Principal Executive Officer)
Date:		June 21, 2023
By: /s/ Trent Walker
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
Date:		June 21, 2023