UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09729

Name of Fund:  iShares Trust

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

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

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

Date of fiscal year end: 04/30/2025

Date of reporting period: 10/31/2024

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

iShares Cohen & Steers REIT ETF

ICF | Cboe BZX Exchange

Semi-Annual Shareholder Report — October 31, 2024

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Cohen & Steers REIT ETF	$18	0.32%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.22%	33.90%	3.83%	6.17%
S&P Total Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.84	37.99	14.51	12.37
Cohen & Steers Realty Majors Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.45	34.40	4.22	6.55

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,172,864,480
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	33
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12%

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024) 

Industry allocation

Ten largest holdings

Industry	Percent of TotaI InvestmentsFootnote Reference(a)
Specialized REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	45.3%
Residential REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19.0
Retail REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.3
Health Care REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9
Industrial REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.3
Hotel & Resort REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Office REITs........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6

Security	Percent of Total InvestmentsFootnote Reference(a)
Equinix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.4%
Welltower, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Prologis, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1
American Tower Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.1
Realty Income Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Digital Realty Trust, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Public Storage........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Simon Property Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Crown Castle, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Iron Mountain, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC or Cohen & Steers Capital Management, Inc. and its affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

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

iShares Cohen & Steers REIT ETF

Semi-Annual Shareholder Report — October 31, 2024

ICF-10/24-SAR

iShares Morningstar Growth ETF

ILCG | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.23%	44.00%	17.19%	14.98%
Morningstar US Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.83	38.09	14.70	12.56
Morningstar® US Large-Mid Cap Broad Growth Index℠........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.26	44.03	17.29	15.25

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,331,511,311
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	392
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13%

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

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

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	46.2%
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.3
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.4
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.8
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.6
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

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

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

iShares Morningstar Growth ETF

Semi-Annual Shareholder Report — October 31, 2024

ILCG-10/24-SAR

iShares Morningstar Mid-Cap ETF

IMCB | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.05%	34.67%	10.07%	9.37%
Morningstar US Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.83	38.09	14.70	12.56
Morningstar® US Mid Cap Index℠........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.06	34.69	10.16	9.55

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$988,795,174
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	453
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9%

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

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

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.3%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.2
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.0
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.8
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.5
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0

Security	Percent of Total InvestmentsFootnote Reference(a)
Palantir Technologies, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8%
GE Vernova, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Williams Cos., Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Capital One Financial Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Carrier Global Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Autodesk, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Digital Realty Trust, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Hilton Worldwide Holdings, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Truist Financial Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
General Motors Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

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

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

iShares Morningstar Mid-Cap ETF

Semi-Annual Shareholder Report — October 31, 2024

IMCB-10/24-SAR

iShares Morningstar Mid-Cap Growth ETF

IMCG | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.80%	35.91%	12.81%	11.63%
Morningstar US Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.83	38.09	14.70	12.56
Morningstar® US Mid Cap Broad Growth Index℠........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.82	35.97	12.95	11.82

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,213,233,244
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	305
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18%

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

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

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.2%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.0
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.2
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.8

Security	Percent of Total InvestmentsFootnote Reference(a)
Palantir Technologies, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5%
Autodesk, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Hilton Worldwide Holdings, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Trade Desk, Inc. (The), Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.0
AutoZone, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Fortinet, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Workday, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
WW Grainger, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Fair Isaac Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
DoorDash, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

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

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

iShares Morningstar Mid-Cap Growth ETF

Semi-Annual Shareholder Report — October 31, 2024

IMCG-10/24-SAR

iShares Morningstar Small-Cap Growth ETF

ISCG | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Morningstar Small-Cap Growth ETF	$3	0.06%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.99%	35.88%	8.58%	8.87%
Morningstar US Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.83	38.09	14.70	12.56
Morningstar® US Small Cap Broad Growth Extended Index℠........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.96	35.81	8.56	8.91

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$610,306,786
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	996
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20%

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

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

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.0%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.4
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.7
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9

Security	Percent of Total InvestmentsFootnote Reference(a)
Guidewire Software, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7%
Coherent Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Carvana Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
FTAI Aviation Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Curtiss-Wright Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Texas Roadhouse, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Toast, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
SoFi Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Vaxcyte, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
ITT, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

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

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

iShares Morningstar Small-Cap Growth ETF

Semi-Annual Shareholder Report — October 31, 2024

ISCG-10/24-SAR

iShares Morningstar Small-Cap Value ETF

ISCV | NYSE Arca

Semi-Annual Shareholder Report — October 31, 2024

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

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

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

Footnote	Description
Footnote(a)	Annualized.

Fund performance

Average annual total returns

Average Annual Total Returns	6-Month Total Returns	1 Year	5 Years	10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.29%	32.14%	9.24%	6.57%
Morningstar US Market Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.83	38.09	14.70	12.56
Morningstar® US Small Cap Broad Value Extended Index℠........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.35	32.26	9.33	6.74

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$427,678,996
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,122
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17%

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

The performance of the Morningstar^® US Small Cap Broad Value Extended Index^SM in this report reflects the performance of the Morningstar^® US Small Value Index^SM  through March 21, 2021 and, beginning on March 22, 2021, 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. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of October 31, 2024) 

Sector allocation

Ten largest holdings

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.6%
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.6
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.8
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.4
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3

Security	Percent of Total InvestmentsFootnote Reference(a)
Carvana Co., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.7%
East West Bancorp, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
CH Robinson Worldwide, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Tapestry, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Fortune Brands Innovations, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Omega Healthcare Investors, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Stifel Financial Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Assurant, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Pinnacle West Capital Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Alcoa Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information

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

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

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

iShares Morningstar Small-Cap Value ETF

Semi-Annual Shareholder Report — October 31, 2024

ISCV-10/24-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 –  Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

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

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies 

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

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

OCTOBER

31,

2024

2024

Semi-Annual

Financial

Statements

and

Additonal

Information

(Unaudited)

iShares

Trust

iShares

Cohen

&

Steers

REIT

ETF

|

ICF

|

Cboe

BZX

Exchange

Table

of

Contents

Page

2

Schedule

of

Investments

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

3

Statement

of

Assets

and

Liabilities

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

6

Statement

of

Operations

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

7

Statements

of

Changes

in

Net

Assets

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

8

Financial

Highlights

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

9

Notes

to

Financial

Statements

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

10

Additional

Information

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

16

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

17

Glossary

of

Terms

Used

in

this

Report

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

20

Schedule

of

Investments

(unaudited)

October

31,

2024

iShares

®

Cohen

&

Steers

REIT

ETF

Schedule

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Health

Care

REITs

—

9.9%

Alexandria

Real

Estate

Equities,

Inc.

.......

402,188

$

44,864,072‌

Welltower,

Inc.

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

1,268,317

171,070,597‌

215,934,669‌

Hotel

&

Resort

REITs

—

1.6%

Host

Hotels

&

Resorts,

Inc.

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

1,973,617

34,025,157‌

Industrial

REITs

—

8.3%

Prologis,

Inc.

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

1,369,692

154,693,014‌

Rexford

Industrial

Realty,

Inc.

...........

618,622

26,532,698‌

181,225,712‌

Office

REITs

—

1.6%

BXP,

Inc.

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

422,217

34,013,802‌

Residential

REITs

—

19.0%

American

Homes

4

Rent

,

Class

A

.........

887,774

31,285,156‌

AvalonBay

Communities,

Inc.

...........

338,075

74,920,801‌

Equity

LifeStyle

Properties,

Inc.

..........

502,392

35,227,727‌

Equity

Residential

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

841,826

59,239,295‌

Essex

Property

Trust,

Inc.

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

163,698

46,467,314‌

Invitation

Homes,

Inc.

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

1,438,973

45,198,142‌

Mid-America

Apartment

Communities,

Inc.

...

299,438

45,316,947‌

Sun

Communities,

Inc.

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

302,284

40,107,041‌

UDR,

Inc.

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

833,452

35,163,340‌

412,925,763‌

Retail

REITs

—

14.3%

Federal

Realty

Investment

Trust

..........

227,217

25,184,732‌

Kimco

Realty

Corp.

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

1,768,802

41,955,983‌

Realty

Income

Corp.

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

1,847,111

109,662,980‌

Regency

Centers

Corp.

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

459,023

32,792,603‌

Simon

Property

Group,

Inc.

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

594,537

100,548,098‌

310,144,396‌

Specialized

REITs

—

45.3%

American

Tower

Corp.

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

723,722

154,543,596‌

Crown

Castle,

Inc.

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

921,722

99,075,898‌

Digital

Realty

Trust,

Inc.

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

600,599

107,044,760‌

Equinix,

Inc.

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

201,317

182,811,941‌

Extra

Space

Storage,

Inc.

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

496,068

81,007,904‌

Iron

Mountain,

Inc.

(a)

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

694,391

85,916,999‌

Lamar

Advertising

Co.

,

Class

A

..........

253,306

33,436,392‌

Public

Storage

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

306,254

100,775,941‌

SBA

Communications

Corp.

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

261,623

60,034,630‌

VICI

Properties,

Inc.

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

2,458,686

78,087,867‌

982,735,928‌

Total

Long-Term

Investments

—

100

.0

%

(Cost:

$

1,901,406,039

)

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

2,171,005,427‌

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.6%

(b)(c)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(d)

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

32,318,719

$

32,341,342‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.83

%

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

2,383,877

2,383,877‌

Total

Short-Term

Securities

—

1

.6

%

(Cost:

$

34,730,806

)

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

34,725,219‌

Total

Investments

—

101

.6

%

(Cost:

$

1,936,136,845

)

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

2,205,730,646‌

Liabilities

in

Excess

of

Other

Assets

—

(

1.6

)

%

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

(

32,866,166‌

)

Net

Assets

—

100.0%

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

$

2,172,864,480‌

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Cohen

&

Steers

REIT

ETF

4

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

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

04/30/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/24

Shares

Held

at

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

—

$

32,347,305

(a)

$

—

$

(

376

)

$

(

5,587

)

$

32,341,342

32,318,719

$

6,313

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,174,840

209,037

(a)

—

—

—

2,383,877

2,383,877

105,350

—

$

(

376

)

$

(

5,587

)

$

34,725,219

$

111,663

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

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

43

12/20/24

$

1,625

$

(

26,239

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

26,239

$

—

$

—

$

—

$

26,239

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

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

$

—

$

—

$

597,930

$

—

$

—

$

—

$

597,930

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

79,817

$

—

$

—

$

—

$

79,817

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

812,485

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Cohen

&

Steers

REIT

ETF

Schedule

of

Investments

5

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

2,171,005,427

$

—

$

—

$

2,171,005,427

Short-Term

Securities

Money

Market

Funds

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

34,725,219

—

—

34,725,219

$

2,205,730,646

$

—

$

—

$

2,205,730,646

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

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

$

(

26,239

)

$

—

$

—

$

(

26,239

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statement

of

Assets

and

Liabilities

(unaudited)

October

31,

2024

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

6

iShares

Cohen

&

Steers

REIT

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

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

$

2,171,005,427‌

Investments,

at

value

—

affiliated

(c)

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

34,725,219‌

Cash

pledged:

Futures

contracts

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

92,000‌

Receivables:

–‌

Securities

lending

income

—

affiliated

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

5,135‌

Dividends

—

affiliated

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

12,817‌

Total

a

ssets

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

2,205,840,598‌

LIABILITIES

Collateral

on

securities

loaned

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

32,336,952‌

Payables:

–‌

Capital

shares

redeemed

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

2,502‌

Investment

advisory

fees

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

609,116‌

Variation

margin

on

futures

contracts

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

27,548‌

Total

li

abilities

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

32,976,118‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

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

$

2,172,864,480‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

2,096,417,837‌

Accumulated

earnings

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

76,446,643‌

NET

ASSETS

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

$

2,172,864,480‌

NET

ASSET

VALUE

Shares

outstanding

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

34,150,000‌

Net

asset

value

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

$

63.63‌

Shares

authorized

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

Unlimited

Par

value

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

None

(a)

  Investments,

at

cost

—

unaffiliated

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

$

1,901,406,039

(b)

  Securities

loaned,

at

value

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

$

30,739,852

(c)

  Investments,

at

cost

—

affiliated

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

$

34,730,806

See

notes

to

financial

statements.

Statement

of

Operations

(unaudited)

Year

Ended

October

31,

2024

7

Statement

of

Operations

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

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

$

32,561,908‌

Dividends

—

affiliated

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

105,350‌

Interest

—

unaffiliated

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

80,136‌

Securities

lending

income

—

affiliated

—

net

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

6,313‌

Total

investment

income

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

32,753,707‌

EXPENSES

Investment

advisory

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

3,464,857‌

Total

expenses

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

3,464,857‌

Net

investment

income

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

29,288,850‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

372,885,882‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

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

$

(

15,184,050‌

)

Investments

—

affiliated

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

(

376‌

)

Futures

contracts

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

597,930‌

In-kind

redemptions

—

unaffiliated

(a)

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

40,483,289‌

25,896,793‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

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

346,914,856‌

Investments

—

affiliated

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

(

5,587‌

)

Futures

contracts

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

79,817‌

346,989,086‌

Net

realized

and

unrealized

gain

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

372,885,879‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

402,174,729‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

8

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

29,288,850‌

$

64,858,742‌

Net

realized

gain

(loss)

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

25,896,793‌

(

27,304,214‌

)

Net

change

in

unrealized

appreciation

(depreciation)

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

346,989,086‌

(

87,688,124‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

402,174,729‌

(50,133,596‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(29,352,300‌)

(b)

(61,558,964‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

Net

decrease

in

net

assets

derived

from

capital

share

transactions

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

(128,330,159‌)

(237,068,222‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

244,492,270‌

(

348,760,782‌

)

Beginning

of

period

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

1,928,372,210‌

2,277,132,992‌

End

of

period

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

$

2,172,864,480‌

$

1,928,372,210‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

9

Financial

Highlights

iShares

Cohen

&

Steers

REIT

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

period

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

$

53.20

‌

$

55.74

‌

$

68.41

‌

$

62.62

‌

$

49.68

‌

$

55.51

‌

Net

investment

income

(b)

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

0

.83

‌

1

.70

‌

1

.62

‌

1

.01

‌

1

.15

‌

1

.39

‌

Net

realized

and

unrealized

gain

(loss)

(c)

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

10.44

‌

(2.63

)

(12.80

)

6.10

‌

13.04

‌

(5.78

)

Net

increase

(decrease)

from

investment

operations

.......

11.27

‌

(0.93

)

(11.18

)

7.11

‌

14.19

‌

(4.39

)

Distributions

from

net

investment

income

(d)

...........

(0.84

)

(e)

(1.61

)

(1.49

)

(1.32

)

(1.25

)

(1.44

)

Net

asset

value,

end

of

period

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

$

63.63

‌

$

53.20

‌

$

55.74

‌

$

68.41

‌

$

62.62

‌

$

49.68

‌

Total

Return

(f)

Based

on

net

asset

value

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

21.22

%

(g)

(1.70

)%

(16.31

)%

11.33

%

29.11

%

(8.10

)%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

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

0.32

%

(i)

0.33

%

0.33

%

0.32

%

0.33

%

0.34

%

Net

investment

income

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

2.72

%

(i)

3.10

%

2.77

%

1.46

%

2.15

%

2.43

%

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

2,172,864

‌

$

1,928,372

‌

$

2,277,133

‌

$

2,753,437

‌

$

2,257,332

‌

$

1,842,861

‌

Portfolio

turnover

rate

(j)

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

12

%

16

%

12

%

11

%

27

%

19

%

(a)

Per

share

amounts

reflect

a

two-for-one

stock

split

effective

after

the

close

of

trading

on

December

4,

2020.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

2024

ishares

Semi-Annual

Financial

Statements

and

Additional

Information

10

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

fund

(the

“Fund”):

2.

Significant

Accounting

Policies 

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis. 

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

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

as

of

the

measurement

date.

iShares

ETF

Diversification

Classification

Cohen

&

Steers

REIT

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

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

11

Notes

to

Financial

Statements

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

–

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA, or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

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:

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.'s indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Fund.

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Citigroup

Global

Markets,

Inc.

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

$

30,674,028‌

$

(30,674,028‌)

$

–‌

$

–‌

Toronto-Dominion

Bank

(The)

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

65,824‌

(65,824‌)

–‌

–‌

$

30,739,852‌

$

(30,739,852‌)

$

–‌

$

–‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

the

Fund

is

disclosed

in

the

Fund’s

Statement

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

ishares

Semi-Annual

Financial

Statements

and

Additional

Information

12

5.

Derivative

Financial

Instruments

Futures

Contracts: 

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of

the

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by

BlackRock,

Inc.

(“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.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund's

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund's

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

The

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

the

Fund,

pursuant

to

the

securities

lending

agreement,

will

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

(unaudited)

(continued)

13

Notes

to

Financial

Statements

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.

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended October

31,

2024,

transactions

executed

by

the

Fund

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

The

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statement

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months ended

October

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

October

31,

2024,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

The

Fund

is

treated

as

an

entity

separate

from

the Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Fund

as

of

October

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Fund’s

NAV.

As

of

April

30,

2024,

the

Fund

had

non-expiring

capital

loss

carryforwards

of

$(203,060,663)

available

to

offset

future

realized

capital

gains.

As

of

October

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and

its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

the

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Cohen

&

Steers

REIT

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

$

24,770,383‌

$

3,953,821‌

$

(337,791‌)

iShares

ETF

Purchases

Sales

Cohen

&

Steers

REIT

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

$

275,900,624‌

$

245,441,651‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Cohen

&

Steers

REIT

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

$

34,117,218‌

$

162,152,048‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Cohen

&

Steers

REIT

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

$

1,960,739,636‌

$

350,564,261‌

$

(105,599,490‌)

$

244,964,771‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

ishares

Semi-Annual

Financial

Statements

and

Additional

Information

14

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the Fund.

Geographic/Asset

Class

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments

.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Fund

invests. 

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

the

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

the

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Six

Months

Ended

10/31/24

Year

Ended

04/30/24

iShares

ETF

Shares

Amount

Shares

Amount

Cohen

&

Steers

REIT

Shares

sold

550,000‌

$

34,311,558‌

1,800,000‌

$

99,473,083‌

Shares

redeemed

(2,650,000‌)

(162,641,717‌)

(6,400,000‌)

(336,541,305‌)

(2,100,000‌)

$

(128,330,159‌)

(4,600,000‌)

$

(237,068,222‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

15

Notes

to

Financial

Statements

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Fund

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Fund,

at

its

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

the

Fund’s

custodian,

and

the

Fund.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Fund

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statement

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Additional

Information

2024

iShares

Semil-Annual

Financial

Statements

and

Additional

Information

16

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions

as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Funds

from

BFA's

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust's

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

17

Board

Review

and

Approval

of

Investment

Advisory

Contract

iShares

Cohen

&

Steers

REIT

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2024

ishares

Semi-Annual

Financial

Statements

and

Additional

Information

18

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

19

Board

Review

and

Approval

of

Investment

Advisory

Contract

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

this

Report

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

20

Portfolio

Abbreviation

REIT

Real

Estate

Investment

Trust

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by S&P

Dow

Jones

Indices

LLC

or

Cohen

&

Steers

Capital

Management,

Inc.,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

listed

above.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

October

31,

2024

2024

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

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

Table

of

Contents

Page

2

Schedules

of

Investments

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

3

Statements

of

Assets

and

Liabilities

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

47

Statements

of

Operations

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

49

Statements

of

Changes

in

Net

Assets

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

51

Financial

Highlights

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

54

Notes

to

Financial

Statements

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

59

Additional

Information

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

68

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

69

Glossary

of

Terms

Used

in

this

Report

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

71

Schedule

of

Investments

(unaudited)

October

31,

2024

iShares

®

Morningstar

Growth

ETF

Schedules

of

Investments

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.2%

Axon

Enterprise,

Inc.

(a)

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

6,808

$

2,883,188

General

Electric

Co.

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

55,713

9,570,379

HEICO

Corp.

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

4,044

990,578

HEICO

Corp.

,

Class

A

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

7,344

1,410,121

Howmet

Aerospace,

Inc.

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

38,787

3,867,840

Huntington

Ingalls

Industries,

Inc.

.........

2,340

432,806

Textron,

Inc.

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

8,741

702,951

TransDigm

Group,

Inc.

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

5,349

6,966,003

26,823,866

Automobile

Components

—

0.0%

Aptiv

plc

(a)

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

11,383

646,896

Automobiles

—

2.8%

Tesla,

Inc.

(a)

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

265,165

66,251,475

Banks

—

0.1%

First

Citizens

BancShares,

Inc.

,

Class

A

.....

1,189

2,303,509

Beverages

—

0.3%

Brown-Forman

Corp.

,

Class

A

...........

2,746

119,671

Brown-Forman

Corp.

,

Class

B,

NVS

.......

16,838

741,377

Celsius

Holdings,

Inc.

(a)

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

15,187

456,825

Constellation

Brands,

Inc.

,

Class

A

........

8,308

1,930,281

Keurig

Dr

Pepper,

Inc.

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

36,959

1,217,799

Monster

Beverage

Corp.

(a)

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

67,222

3,541,255

8,007,208

Biotechnology

—

0.7%

(a)

Alnylam

Pharmaceuticals,

Inc.

...........

11,950

3,185,751

BioMarin

Pharmaceutical,

Inc.

...........

17,932

1,181,540

Exact

Sciences

Corp.

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

17,509

1,206,895

Incyte

Corp.

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

8,479

628,463

Moderna,

Inc.

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

13,833

751,962

Natera,

Inc.

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

11,643

1,408,337

Neurocrine

Biosciences,

Inc.

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

9,573

1,151,345

Sarepta

Therapeutics,

Inc.

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

8,681

1,093,806

Vertex

Pharmaceuticals,

Inc.

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

11,226

5,343,351

15,951,450

Broadline

Retail

—

7.8%

Amazon.com,

Inc.

(a)

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

903,724

168,454,154

Coupang,

Inc.

,

Class

A

(a)

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

74,452

1,920,117

eBay,

Inc.

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

17,853

1,026,726

MercadoLibre,

Inc.

(a)

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

4,650

9,472,887

180,873,884

Building

Products

—

0.8%

A

O

Smith

Corp.

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

8,194

615,369

Advanced

Drainage

Systems,

Inc.

........

6,733

1,009,142

Allegion

plc

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

4,923

687,399

Builders

FirstSource,

Inc.

(a)

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

5,515

945,271

Carlisle

Cos.,

Inc.

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

4,419

1,865,834

Carrier

Global

Corp.

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

46,836

3,405,914

Johnson

Controls

International

plc

........

37,447

2,829,121

Lennox

International,

Inc.

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

3,044

1,834,223

Masco

Corp.

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

9,085

725,982

Trane

Technologies

plc

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

11,355

4,203,167

18,121,422

Capital

Markets

—

1.9%

Ameriprise

Financial,

Inc.

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

6,354

3,242,446

Ares

Management

Corp.

,

Class

A

.........

17,690

2,966,259

Blackstone,

Inc.

,

Class

A

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

32,320

5,421,680

Coinbase

Global,

Inc.

,

Class

A

(a)

..........

18,800

3,369,900

FactSet

Research

Systems,

Inc.

..........

3,609

1,638,703

Security

Shares

Shares

Value

Capital

Markets

(continued)

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

10,149

$

1,548,534

Intercontinental

Exchange,

Inc.

..........

10,165

1,584,419

KKR

&

Co.,

Inc.

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

17,725

2,450,304

LPL

Financial

Holdings,

Inc.

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

7,105

2,004,889

Moody's

Corp.

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

8,614

3,911,101

Morningstar,

Inc.

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

2,522

827,342

MSCI,

Inc.

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

7,571

4,324,555

Nasdaq,

Inc.

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

14,752

1,090,468

Raymond

James

Financial,

Inc.

..........

10,884

1,613,226

Robinhood

Markets,

Inc.

,

Class

A

(a)

........

48,862

1,147,768

S&P

Global,

Inc.

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

12,650

6,076,554

Tradeweb

Markets,

Inc.

,

Class

A

..........

11,052

1,403,604

44,621,752

Chemicals

—

0.8%

Albemarle

Corp.

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

5,866

555,686

Celanese

Corp.

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

5,834

734,909

Corteva,

Inc.

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

29,821

1,816,695

Dow,

Inc.

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

28,237

1,394,343

DuPont

de

Nemours,

Inc.

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

18,703

1,552,162

Ecolab,

Inc.

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

13,190

3,241,179

Linde

plc

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

8,237

3,757,307

PPG

Industries,

Inc.

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

8,914

1,109,882

RPM

International,

Inc.

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

8,161

1,037,345

Sherwin-Williams

Co.

(The)

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

7,510

2,694,363

Westlake

Corp.

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

1,336

176,272

18,070,143

Commercial

Services

&

Supplies

—

0.8%

Cintas

Corp.

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

33,090

6,810,253

Clean

Harbors,

Inc.

(a)

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

4,851

1,121,842

Copart,

Inc.

(a)

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

83,226

4,283,642

Republic

Services,

Inc.

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

5,812

1,150,776

Rollins,

Inc.

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

28,074

1,323,408

Tetra

Tech,

Inc.

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

25,305

1,236,908

Veralto

Corp.

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

13,340

1,363,215

Waste

Management,

Inc.

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

10,176

2,196,490

19,486,534

Communications

Equipment

—

0.5%

Arista

Networks,

Inc.

(a)

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

24,469

9,455,800

F5,

Inc.

(a)

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

2,316

541,666

Motorola

Solutions,

Inc.

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

5,271

2,368,524

12,365,990

Construction

&

Engineering

—

0.4%

AECOM

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

7,950

849,060

Comfort

Systems

USA,

Inc.

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

3,401

1,329,927

EMCOR

Group,

Inc.

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

4,488

2,001,962

Quanta

Services,

Inc.

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

13,848

4,176,972

8,357,921

Construction

Materials

—

0.3%

Martin

Marietta

Materials,

Inc.

...........

5,879

3,482,367

Vulcan

Materials

Co.

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

12,655

3,466,584

6,948,951

Consumer

Finance

—

0.3%

American

Express

Co.

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

18,550

5,009,984

Discover

Financial

Services

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

13,577

2,015,234

7,025,218

Consumer

Staples

Distribution

&

Retail

—

1.1%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

5,236

443,646

Casey's

General

Stores,

Inc.

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

2,486

979,534

Costco

Wholesale

Corp.

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

19,561

17,099,835

Dollar

Tree,

Inc.

(a)

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

8,750

565,600

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Growth

ETF

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Performance

Food

Group

Co.

(a)

..........

14,784

$

1,201,200

Sysco

Corp.

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

47,481

3,558,701

US

Foods

Holding

Corp.

(a)

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

11,185

689,555

24,538,071

Containers

&

Packaging

—

0.1%

Avery

Dennison

Corp.

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

3,890

805,347

Ball

Corp.

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

17,283

1,024,018

Crown

Holdings,

Inc.

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

4,295

401,797

2,231,162

Distributors

—

0.1%

Genuine

Parts

Co.

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

5,640

646,908

Pool

Corp.

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

1,759

636,125

1,283,033

Diversified

Consumer

Services

—

0.0%

Service

Corp.

International

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

7,578

618,744

Electric

Utilities

—

0.1%

NRG

Energy,

Inc.

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

6,903

624,031

PG&E

Corp.

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

85,449

1,727,779

2,351,810

Electrical

Equipment

—

1.1%

AMETEK,

Inc.

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

21,967

4,027,430

Eaton

Corp.

plc

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

21,468

7,118,360

GE

Vernova,

Inc.

(a)

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

13,554

4,088,700

Hubbell,

Inc.

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

5,102

2,178,707

nVent

Electric

plc

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

15,749

1,174,403

Regal

Rexnord

Corp.

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

3,571

594,714

Rockwell

Automation,

Inc.

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

10,923

2,913,273

Vertiv

Holdings

Co.

,

Class

A

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

34,446

3,764,603

25,860,190

Electronic

Equipment,

Instruments

&

Components

—

0.6%

Amphenol

Corp.

,

Class

A

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

64,007

4,289,749

CDW

Corp.

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

12,760

2,401,815

Flex

Ltd.

(a)

(b)

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

12,843

445,267

Jabil,

Inc.

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

5,889

724,877

Keysight

Technologies,

Inc.

(a)

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

7,579

1,129,347

TE

Connectivity

plc

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

15,442

2,276,460

Teledyne

Technologies,

Inc.

(a)

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

2,429

1,105,972

Trimble,

Inc.

(a)

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

15,551

940,835

Zebra

Technologies

Corp.

,

Class

A

(a)

.......

3,691

1,409,851

14,724,173

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.

,

Class

A

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

47,983

1,827,193

Halliburton

Co.

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

45,699

1,267,690

Schlumberger

NV

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

20,738

830,972

3,925,855

Entertainment

—

2.0%

Electronic

Arts,

Inc.

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

16,442

2,480,276

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

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

2,014

149,519

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(a)

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

20,050

1,600,792

Live

Nation

Entertainment,

Inc.

(a)

(b)

........

14,132

1,655,423

Netflix,

Inc.

(a)

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

40,947

30,957,160

ROBLOX

Corp.

,

Class

A

(a)

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

49,836

2,577,518

Take-Two

Interactive

Software,

Inc.

(a)

.......

15,578

2,519,274

Walt

Disney

Co.

(The)

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

50,308

4,839,630

46,779,592

Security

Shares

Shares

Value

Financial

Services

—

4.2%

Apollo

Global

Management,

Inc.

..........

10,813

$

1,549,071

Block,

Inc.

,

Class

A

(a)

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

52,731

3,813,506

Corpay,

Inc.

(a)

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

4,960

1,635,411

Fiserv,

Inc.

(a)

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

11,018

2,180,462

Global

Payments,

Inc.

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

9,668

1,002,668

Jack

Henry

&

Associates,

Inc.

...........

6,955

1,265,323

Mastercard,

Inc.

,

Class

A

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

78,191

39,063,442

Visa,

Inc.

,

Class

A

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

159,372

46,193,974

96,703,857

Food

Products

—

0.2%

Hershey

Co.

(The)

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

7,766

1,379,086

Hormel

Foods

Corp.

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

8,982

274,400

Lamb

Weston

Holdings,

Inc.

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

13,788

1,071,190

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

...

12,831

1,003,897

Tyson

Foods,

Inc.

,

Class

A

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

13,228

775,029

4,503,602

Ground

Transportation

—

0.9%

JB

Hunt

Transport

Services,

Inc.

.........

4,847

875,465

Old

Dominion

Freight

Line,

Inc.

..........

18,091

3,642,080

Saia,

Inc.

(a)

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

2,517

1,229,831

Uber

Technologies,

Inc.

(a)

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

191,874

13,824,522

U-Haul

Holding

Co.

,

NVS

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

4,104

280,139

U-Haul

Holding

Co.

(a)

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

436

31,972

XPO,

Inc.

(a)

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

7,394

965,139

20,849,148

Health

Care

Equipment

&

Supplies

—

2.1%

Align

Technology,

Inc.

(a)

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

4,659

955,235

Boston

Scientific

Corp.

(a)

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

66,191

5,561,368

Cooper

Cos.,

Inc.

(The)

(a)

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

13,520

1,415,274

Dexcom,

Inc.

(a)

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

37,848

2,667,527

Edwards

Lifesciences

Corp.

(a)

...........

57,376

3,844,766

GE

HealthCare

Technologies,

Inc.

........

16,954

1,480,932

IDEXX

Laboratories,

Inc.

(a)

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

7,859

3,197,984

Insulet

Corp.

(a)

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

6,651

1,539,906

Intuitive

Surgical,

Inc.

(a)

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

33,650

16,954,216

ResMed,

Inc.

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

14,017

3,398,702

STERIS

plc

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

9,499

2,107,353

Stryker

Corp.

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

13,632

4,856,809

Teleflex,

Inc.

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

1,704

342,606

Zimmer

Biomet

Holdings,

Inc.

...........

9,821

1,050,061

49,372,739

Health

Care

Providers

&

Services

—

0.5%

Cencora,

Inc.

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

8,771

2,000,490

DaVita,

Inc.

(a)

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

2,330

325,757

McKesson

Corp.

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

3,738

1,871,205

Molina

Healthcare,

Inc.

(a)

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

3,141

1,008,952

UnitedHealth

Group,

Inc.

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

12,082

6,820,289

Universal

Health

Services,

Inc.

,

Class

B

....

2,589

528,959

12,555,652

Health

Care

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.

.......

4,345

484,685

Ventas,

Inc.

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

13,382

876,387

Welltower,

Inc.

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

21,752

2,933,910

4,294,982

Health

Care

Technology

—

0.1%

Veeva

Systems,

Inc.

,

Class

A

(a)

..........

14,102

2,944,921

Hotels,

Restaurants

&

Leisure

—

2.3%

Airbnb,

Inc.

,

Class

A

(a)

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

40,591

5,471,261

Booking

Holdings,

Inc.

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

1,088

5,087,760

Chipotle

Mexican

Grill,

Inc.

(a)

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

129,927

7,246,029

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Growth

ETF

Schedules

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Churchill

Downs,

Inc.

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

6,709

$

939,931

Darden

Restaurants,

Inc.

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

5,714

914,354

Domino's

Pizza,

Inc.

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

3,308

1,368,619

DoorDash,

Inc.

,

Class

A

(a)

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

29,255

4,584,258

DraftKings,

Inc.

,

Class

A

(a)

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

25,030

884,060

Expedia

Group,

Inc.

(a)

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

6,185

966,777

Hilton

Worldwide

Holdings,

Inc.

..........

23,369

5,488,210

Las

Vegas

Sands

Corp.

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

38,712

2,007,217

Marriott

International,

Inc.

,

Class

A

........

3,668

953,753

McDonald's

Corp.

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

14,479

4,229,461

MGM

Resorts

International

(a)

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

10,234

377,328

Royal

Caribbean

Cruises

Ltd.

...........

15,558

3,210,393

Starbucks

Corp.

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

37,815

3,694,525

Wingstop,

Inc.

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

2,806

807,258

Wynn

Resorts

Ltd.

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

9,179

881,368

Yum!

Brands,

Inc.

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

26,731

3,506,038

52,618,600

Household

Durables

—

0.2%

Garmin

Ltd.

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

9,502

1,884,722

PulteGroup,

Inc.

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

8,508

1,102,041

Toll

Brothers,

Inc.

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

3,609

528,502

TopBuild

Corp.

(a)

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

1,779

628,663

4,143,928

Household

Products

—

0.3%

Church

&

Dwight

Co.,

Inc.

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

23,500

2,347,885

Clorox

Co.

(The)

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

7,502

1,189,442

Colgate-Palmolive

Co.

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

23,006

2,155,893

Kimberly-Clark

Corp.

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

11,390

1,528,310

7,221,530

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Vistra

Corp.

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

19,353

2,418,351

Industrial

REITs

—

0.1%

Prologis,

Inc.

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

22,729

2,567,013

Insurance

—

1.2%

Allstate

Corp.

(The)

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

10,449

1,948,947

American

Financial

Group,

Inc.

..........

2,684

346,048

Aon

plc

,

Class

A

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

5,370

1,970,092

Arch

Capital

Group

Ltd.

(a)

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

11,466

1,130,089

Arthur

J

Gallagher

&

Co.

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

6,955

1,955,746

Brown

&

Brown,

Inc.

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

23,310

2,439,158

Cincinnati

Financial

Corp.

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

5,689

801,182

Erie

Indemnity

Co.

,

Class

A,

NVS

.........

2,408

1,080,807

Markel

Group,

Inc.

(a)

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

773

1,191,974

Marsh

&

McLennan

Cos.,

Inc.

...........

12,469

2,721,235

Progressive

Corp.

(The)

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

29,861

7,251,147

Travelers

Cos.,

Inc.

(The)

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

9,367

2,303,720

Willis

Towers

Watson

plc

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

4,831

1,459,880

WR

Berkley

Corp.

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

17,115

978,464

27,578,489

Interactive

Media

&

Services

—

7.0%

Alphabet,

Inc.

,

Class

A

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

287,572

49,206,445

Alphabet,

Inc.

,

Class

C,

NVS

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

255,488

44,120,223

Meta

Platforms,

Inc.

,

Class

A

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

118,658

67,347,908

Pinterest,

Inc.

,

Class

A

(a)

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

31,871

1,013,179

Snap,

Inc.

,

Class

A,

NVS

(a)

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

103,028

1,252,820

162,940,575

IT

Services

—

0.9%

Accenture

plc

,

Class

A

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

8,148

2,809,593

Akamai

Technologies,

Inc.

(a)

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

6,598

666,926

Cloudflare,

Inc.

,

Class

A

(a)

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

28,673

2,514,909

Security

Shares

Shares

Value

IT

Services

(continued)

EPAM

Systems,

Inc.

(a)

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

2,764

$

521,429

Gartner,

Inc.

(a)

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

7,310

3,673,275

GoDaddy,

Inc.

,

Class

A

(a)

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

12,756

2,127,701

MongoDB,

Inc.

,

Class

A

(a)

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

6,768

1,830,067

Okta,

Inc.

,

Class

A

(a)

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

15,319

1,101,283

Snowflake,

Inc.

,

Class

A

(a)

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

31,122

3,573,428

Twilio,

Inc.

,

Class

A

(a)

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

16,033

1,293,061

VeriSign,

Inc.

(a)

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

8,230

1,455,393

21,567,065

Life

Sciences

Tools

&

Services

—

0.9%

Agilent

Technologies,

Inc.

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

27,876

3,632,521

Avantor,

Inc.

(a)

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

37,960

849,165

Bio-Techne

Corp.

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

15,068

1,111,265

Bruker

Corp.

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

9,013

510,226

Charles

River

Laboratories

International,

Inc.

(a)

3,109

555,205

Illumina,

Inc.

(a)

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

15,117

2,178,964

IQVIA

Holdings,

Inc.

(a)

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

11,110

2,286,660

Medpace

Holdings,

Inc.

(a)

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

2,403

755,071

Mettler-Toledo

International,

Inc.

(a)

........

2,045

2,641,629

Revvity,

Inc.

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

5,069

601,133

Thermo

Fisher

Scientific,

Inc.

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

5,412

2,956,684

Waters

Corp.

(a)

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

3,597

1,162,227

West

Pharmaceutical

Services,

Inc.

.......

6,945

2,138,574

21,379,324

Machinery

—

1.4%

Caterpillar,

Inc.

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

11,254

4,233,755

Cummins,

Inc.

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

8,780

2,888,444

Dover

Corp.

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

9,152

1,732,748

Fortive

Corp.

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

23,531

1,680,819

Graco,

Inc.

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

16,061

1,308,169

IDEX

Corp.

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

7,196

1,544,549

Ingersoll

Rand,

Inc.

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

38,530

3,698,880

Lincoln

Electric

Holdings,

Inc.

...........

5,444

1,048,297

Nordson

Corp.

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

4,869

1,206,976

Otis

Worldwide

Corp.

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

23,281

2,286,194

Parker-Hannifin

Corp.

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

5,483

3,476,606

Pentair

plc

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

11,468

1,136,708

Snap-on,

Inc.

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

1,720

567,824

Stanley

Black

&

Decker,

Inc.

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

6,796

631,620

Westinghouse

Air

Brake

Technologies

Corp.

..

16,720

3,143,026

Xylem,

Inc.

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

22,973

2,797,652

33,382,267

Media

—

0.2%

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

.........

42,478

5,106,280

Metals

&

Mining

—

0.1%

Newmont

Corp.

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

62,014

2,817,916

Multi-Utilities

—

0.1%

CMS

Energy

Corp.

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

9,949

692,550

Dominion

Energy,

Inc.

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

34,695

2,065,393

2,757,943

Oil,

Gas

&

Consumable

Fuels

—

0.4%

Cheniere

Energy,

Inc.

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

6,629

1,268,658

Coterra

Energy,

Inc.

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

28,612

684,399

EQT

Corp.

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

34,701

1,267,975

Hess

Corp.

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

26,534

3,568,292

Targa

Resources

Corp.

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

8,783

1,466,410

Texas

Pacific

Land

Corp.

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

1,852

2,159,432

10,415,166

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Growth

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Passenger

Airlines

—

0.1%

Delta

Air

Lines,

Inc.

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

27,583

$

1,578,299

Southwest

Airlines

Co.

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

24,919

762,023

2,340,322

Personal

Care

Products

—

0.1%

Coty,

Inc.

,

Class

A

(a)

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

27,587

205,247

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

.....

22,102

1,523,712

1,728,959

Pharmaceuticals

—

3.4%

Eli

Lilly

&

Co.

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

80,699

66,959,188

Merck

&

Co.,

Inc.

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

87,187

8,920,974

Zoetis,

Inc.

,

Class

A

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

19,150

3,423,637

79,303,799

Professional

Services

—

1.1%

Automatic

Data

Processing,

Inc.

..........

14,311

4,139,314

Booz

Allen

Hamilton

Holding

Corp.

........

9,332

1,695,251

Broadridge

Financial

Solutions,

Inc.

.......

11,176

2,356,571

Dayforce,

Inc.

(a)

(b)

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

14,839

1,052,827

Equifax,

Inc.

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

11,741

3,111,600

Jacobs

Solutions,

Inc.

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

7,959

1,118,876

Leidos

Holdings,

Inc.

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

5,214

954,996

Paychex,

Inc.

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

30,843

4,297,355

Paycom

Software,

Inc.

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

4,830

1,009,615

TransUnion

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

18,457

1,869,694

Verisk

Analytics,

Inc.

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

13,616

3,740,588

25,346,687

Real

Estate

Management

&

Development

—

0.2%

(a)

CBRE

Group,

Inc.

,

Class

A

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

17,808

2,332,314

CoStar

Group,

Inc.

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

38,820

2,825,708

5,158,022

Residential

REITs

—

0.4%

American

Homes

4

Rent

,

Class

A

.........

30,546

1,076,441

AvalonBay

Communities,

Inc.

...........

6,636

1,470,604

Camden

Property

Trust

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

4,508

521,981

Equity

LifeStyle

Properties,

Inc.

..........

10,667

747,970

Equity

Residential

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

13,207

929,377

Essex

Property

Trust,

Inc.

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

2,897

822,342

Invitation

Homes,

Inc.

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

54,565

1,713,887

Mid-America

Apartment

Communities,

Inc.

...

4,156

628,969

Sun

Communities,

Inc.

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

11,825

1,568,941

UDR,

Inc.

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

17,637

744,105

10,224,617

Retail

REITs

—

0.1%

Kimco

Realty

Corp.

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

46,157

1,094,844

Realty

Income

Corp.

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

27,805

1,650,783

Regency

Centers

Corp.

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

6,370

455,073

3,200,700

Semiconductors

&

Semiconductor

Equipment

—

17.0%

Advanced

Micro

Devices,

Inc.

(a)

..........

153,821

22,160,991

Analog

Devices,

Inc.

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

7,952

1,774,171

Applied

Materials,

Inc.

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

31,013

5,631,340

Astera

Labs,

Inc.

(a)

(b)

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

2,394

167,963

Broadcom,

Inc.

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

243,581

41,352,746

Enphase

Energy,

Inc.

(a)

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

13,031

1,082,094

Entegris,

Inc.

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

8,771

918,411

First

Solar,

Inc.

(a)

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

9,710

1,888,401

KLA

Corp.

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

5,008

3,336,480

Lam

Research

Corp.

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

47,840

3,556,904

Marvell

Technology,

Inc.

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

81,996

6,568,700

Microchip

Technology,

Inc.

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

21,615

1,585,893

Monolithic

Power

Systems,

Inc.

..........

4,432

3,365,218

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

NVIDIA

Corp.

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

2,262,333

$

300,347,329

ON

Semiconductor

Corp.

(a)

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

14,859

1,047,411

Qorvo,

Inc.

(a)

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

5,277

376,039

Teradyne,

Inc.

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

7,233

768,217

395,928,308

Software

—

20.2%

Adobe,

Inc.

(a)

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

42,302

20,223,740

ANSYS,

Inc.

(a)

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

8,282

2,653,636

AppLovin

Corp.

,

Class

A

(a)

(b)

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

19,899

3,370,692

Aspen

Technology,

Inc.

(a)

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

2,583

606,308

Atlassian

Corp.

,

Class

A

(a)

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

15,054

2,838,281

Autodesk,

Inc.

(a)

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

20,354

5,776,465

Bentley

Systems,

Inc.

,

Class

B

...........

12,762

615,894

Cadence

Design

Systems,

Inc.

(a)

.........

25,883

7,146,814

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

.......

21,895

6,499,969

Datadog,

Inc.

,

Class

A

(a)

(b)

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

28,111

3,526,244

DocuSign,

Inc.

(a)

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

19,354

1,342,780

Dynatrace,

Inc.

(a)

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

26,341

1,417,146

Fair

Isaac

Corp.

(a)

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

2,350

4,683,808

Fortinet,

Inc.

(a)

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

62,002

4,877,077

Gen

Digital,

Inc.

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

28,750

836,912

HubSpot,

Inc.

(a)

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

4,850

2,690,731

Intuit,

Inc.

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

26,707

16,299,282

Manhattan

Associates,

Inc.

(a)

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

5,842

1,538,549

Microsoft

Corp.

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

709,081

288,135,064

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

...........

10,156

2,483,142

Nutanix,

Inc.

,

Class

A

(a)

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

23,182

1,439,602

Oracle

Corp.

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

43,745

7,342,161

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

189,953

7,894,447

Palo

Alto

Networks,

Inc.

(a)

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

30,781

11,091,318

Procore

Technologies,

Inc.

(a)

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

8,199

538,264

PTC,

Inc.

(a)

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

11,369

2,107,017

Roper

Technologies,

Inc.

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

4,615

2,481,624

Salesforce,

Inc.

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

88,473

25,778,378

ServiceNow,

Inc.

(a)

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

19,638

18,322,058

Synopsys,

Inc.

(a)

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

14,616

7,506,924

Tyler

Technologies,

Inc.

(a)

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

4,005

2,425,388

Unity

Software,

Inc.

(a)

(b)

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

28,316

568,585

Workday,

Inc.

,

Class

A

(a)

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

20,200

4,723,770

Zscaler,

Inc.

(a)

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

8,754

1,582,636

471,364,706

Specialized

REITs

—

0.9%

Digital

Realty

Trust,

Inc.

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

22,513

4,012,492

Equinix,

Inc.

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

9,056

8,223,573

Extra

Space

Storage,

Inc.

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

7,087

1,157,307

Iron

Mountain,

Inc.

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

14,169

1,753,130

Public

Storage

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

7,246

2,384,369

SBA

Communications

Corp.

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

10,291

2,361,476

19,892,347

Specialty

Retail

—

0.9%

AutoZone,

Inc.

(a)

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

1,631

4,907,679

Burlington

Stores,

Inc.

(a)

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

6,057

1,500,743

CarMax,

Inc.

(a)

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

8,057

583,166

Dick's

Sporting

Goods,

Inc.

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

2,514

492,116

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

10,137

1,044,618

O'Reilly

Automotive,

Inc.

(a)

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

1,342

1,547,514

Ross

Stores,

Inc.

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

31,238

4,364,573

TJX

Cos.,

Inc.

(The)

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

29,779

3,365,920

Tractor

Supply

Co.

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

7,335

1,947,516

Ulta

Beauty,

Inc.

(a)

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

2,203

812,863

Williams-Sonoma,

Inc.

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

7,540

1,011,340

21,578,048

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Growth

ETF

Schedules

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

—

6.9%

Apple,

Inc.

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

683,302

$

154,364,755

Dell

Technologies,

Inc.

,

Class

C

..........

10,930

1,351,276

NetApp,

Inc.

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

10,291

1,186,655

Pure

Storage,

Inc.

,

Class

A

(a)

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

29,256

1,464,263

Super

Micro

Computer,

Inc.

(a)

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

47,095

1,370,935

159,737,884

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Deckers

Outdoor

Corp.

(a)

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

14,748

2,372,806

Lululemon

Athletica,

Inc.

(a)

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

10,560

3,145,824

NIKE,

Inc.

,

Class

B

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

26,266

2,025,896

7,544,526

Trading

Companies

&

Distributors

—

0.6%

Core

&

Main,

Inc.

,

Class

A

(a)

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

17,254

764,007

Fastenal

Co.

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

54,451

4,256,979

United

Rentals,

Inc.

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

3,039

2,470,099

Watsco,

Inc.

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

3,313

1,567,082

WW

Grainger,

Inc.

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

4,268

4,734,194

13,792,361

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

..........

9,244

1,276,689

Essential

Utilities,

Inc.

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

7,722

298,069

1,574,758

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

—

0.1%

T-Mobile

US,

Inc.

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

9,923

$

2,214,417

Total

Long-Term

Investments

—

99

.8

%

(Cost:

$

1,494,661,273

)

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

2,327,238,658

Short-Term

Securities

Money

Market

Funds

—

0.6%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(e)

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

10,562,888

10,570,282

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.83

%

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

3,979,428

3,979,428

Total

Short-Term

Securities

—

0

.6

%

(Cost:

$

14,546,947

)

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

14,549,710

Total

Investments

—

100

.4

%

(Cost:

$

1,509,208,220

)

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

2,341,788,368

Liabilities

in

Excess

of

Other

Assets

—

(

0.4

)

%

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

(

10,277,057

)

Net

Assets

—

100.0%

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

$

2,331,511,311

(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

04/30/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/24

Shares

Held

at

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

44,630,783

$

—

$

(

34,073,743

)

(a)

$

12,454

$

788

$

10,570,282

10,562,888

$

21,706

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

4,669,839

—

(

690,411

)

(a)

—

—

3,979,428

3,979,428

132,443

—

$

12,454

$

788

$

14,549,710

$

154,149

$

—

—

—

(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.

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Growth

ETF

8

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

1000

Growth

E-Mini

Index

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

19

12/20/24

$

3,604

$

47,206

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)

......

$

—

$

—

$

47,206

$

—

$

—

$

—

$

47,206

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

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

$

—

$

—

$

311,206

$

—

$

—

$

—

$

311,206

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

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

$

—

$

—

$

244,143

$

—

$

—

$

—

$

244,143

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

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

$

1,802,198

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Growth

ETF

Schedules

of

Investments

9

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

2,327,238,658

$

—

$

—

$

2,327,238,658

Short-Term

Securities

Money

Market

Funds

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

14,549,710

—

—

14,549,710

$

2,341,788,368

$

—

$

—

$

2,341,788,368

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

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

$

47,206

$

—

$

—

$

47,206

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.5%

Axon

Enterprise,

Inc.

(a)

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

6,530

$

2,765,455‌

HEICO

Corp.

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

3,879

950,161‌

HEICO

Corp.

,

Class

A

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

7,058

1,355,207‌

Howmet

Aerospace,

Inc.

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

37,138

3,703,401‌

Huntington

Ingalls

Industries,

Inc.

.........

3,619

669,370‌

L3Harris

Technologies,

Inc.

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

17,252

4,269,353‌

Textron,

Inc.

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

17,364

1,396,413‌

15,109,360‌

Air

Freight

&

Logistics

—

0.2%

Expeditors

International

of

Washington,

Inc.

..

12,821

1,525,699‌

Automobile

Components

—

0.1%

Aptiv

plc

(a)

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

21,982

1,249,237‌

Automobiles

—

0.9%

Ford

Motor

Co.

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

358,622

3,690,221‌

General

Motors

Co.

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

102,507

5,203,255‌

8,893,476‌

Banks

—

2.1%

Citizens

Financial

Group,

Inc.

...........

41,587

1,751,644‌

Fifth

Third

Bancorp

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

61,986

2,707,548‌

First

Citizens

BancShares,

Inc.

,

Class

A

.....

1,139

2,206,642‌

Huntington

Bancshares,

Inc.

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

131,542

2,050,740‌

KeyCorp

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

85,744

1,479,084‌

M&T

Bank

Corp.

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

15,135

2,946,482‌

Regions

Financial

Corp.

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

83,641

1,996,511‌

Truist

Financial

Corp.

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

121,636

5,236,430‌

20,375,081‌

Beverages

—

1.0%

Brown-Forman

Corp.

,

Class

A

...........

4,450

193,931‌

Brown-Forman

Corp.

,

Class

B,

NVS

.......

27,235

1,199,157‌

Celsius

Holdings,

Inc.

(a)

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

14,850

446,688‌

Constellation

Brands,

Inc.

,

Class

A

........

14,790

3,436,309‌

Keurig

Dr

Pepper,

Inc.

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

99,198

3,268,574‌

Molson

Coors

Beverage

Co.

,

Class

B

......

16,060

874,788‌

9,419,447‌

Biotechnology

—

1.5%

(a)

Alnylam

Pharmaceuticals,

Inc.

...........

11,444

3,050,856‌

Biogen,

Inc.

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

13,223

2,300,802‌

BioMarin

Pharmaceutical,

Inc.

...........

17,240

1,135,944‌

Exact

Sciences

Corp.

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

16,876

1,163,263‌

Incyte

Corp.

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

15,113

1,120,176‌

Moderna,

Inc.

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

30,595

1,663,144‌

Natera,

Inc.

(b)

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

11,174

1,351,607‌

Neurocrine

Biosciences,

Inc.

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

9,160

1,101,673‌

Sarepta

Therapeutics,

Inc.

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

8,318

1,048,068‌

United

Therapeutics

Corp.

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

3,488

1,304,407‌

15,239,940‌

Broadline

Retail

—

0.6%

Coupang,

Inc.

,

Class

A

(a)

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

109,411

2,821,710‌

eBay,

Inc.

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

46,237

2,659,090‌

5,480,800‌

Building

Products

—

2.2%

A

O

Smith

Corp.

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

11,027

828,128‌

Advanced

Drainage

Systems,

Inc.

........

6,443

965,677‌

Allegion

plc

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

8,076

1,127,652‌

Builders

FirstSource,

Inc.

(a)

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

11,092

1,901,169‌

Carlisle

Cos.,

Inc.

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

4,217

1,780,544‌

Carrier

Global

Corp.

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

76,604

5,570,643‌

Johnson

Controls

International

plc

........

60,986

4,607,492‌

Security

Shares

Shares

Value

Building

Products

(continued)

Lennox

International,

Inc.

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

2,910

$

1,753,479‌

Masco

Corp.

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

20,083

1,604,832‌

Owens

Corning

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

7,888

1,394,519‌

21,534,135‌

Capital

Markets

—

4.2%

Ameriprise

Financial,

Inc.

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

9,058

4,622,297‌

Ares

Management

Corp.

,

Class

A

.........

16,898

2,833,456‌

Bank

of

New

York

Mellon

Corp.

(The)

......

67,236

5,066,905‌

Carlyle

Group,

Inc.

(The)

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

19,822

991,695‌

Coinbase

Global,

Inc.

,

Class

A

(a)

..........

17,999

3,226,321‌

FactSet

Research

Systems,

Inc.

..........

3,479

1,579,675‌

Franklin

Resources,

Inc.

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

26,294

546,126‌

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

9,752

1,487,960‌

LPL

Financial

Holdings,

Inc.

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

6,820

1,924,467‌

Morningstar,

Inc.

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

2,456

805,691‌

MSCI,

Inc.

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

7,219

4,123,493‌

Nasdaq,

Inc.

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

35,344

2,612,628‌

Northern

Trust

Corp.

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

18,590

1,868,667‌

Raymond

James

Financial,

Inc.

..........

17,235

2,554,572‌

Robinhood

Markets,

Inc.

,

Class

A

(a)

........

46,781

1,098,886‌

State

Street

Corp.

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

27,445

2,546,896‌

T.

Rowe

Price

Group,

Inc.

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

20,251

2,224,775‌

Tradeweb

Markets,

Inc.

,

Class

A

..........

10,624

1,349,248‌

41,463,758‌

Chemicals

—

2.5%

Albemarle

Corp.

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

10,787

1,021,852‌

Celanese

Corp.

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

9,916

1,249,118‌

CF

Industries

Holdings,

Inc.

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

16,592

1,364,360‌

Corteva,

Inc.

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

63,566

3,872,441‌

Dow,

Inc.

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

63,971

3,158,888‌

DuPont

de

Nemours,

Inc.

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

38,131

3,164,492‌

Eastman

Chemical

Co.

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

10,844

1,139,596‌

International

Flavors

&

Fragrances,

Inc.

.....

23,306

2,317,316‌

LyondellBasell

Industries

NV

,

Class

A

......

23,602

2,049,834‌

Mosaic

Co.

(The)

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

29,709

795,013‌

PPG

Industries,

Inc.

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

21,528

2,680,451‌

RPM

International,

Inc.

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

11,749

1,493,415‌

Westlake

Corp.

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

3,174

418,778‌

24,725,554‌

Commercial

Services

&

Supplies

—

1.0%

Clean

Harbors,

Inc.

(a)

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

4,678

1,081,834‌

Copart,

Inc.

(a)

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

79,687

4,101,490‌

Rollins,

Inc.

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

26,941

1,269,999‌

Tetra

Tech,

Inc.

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

24,361

1,190,766‌

Veralto

Corp.

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

21,587

2,205,975‌

9,850,064‌

Communications

Equipment

—

0.2%

F5,

Inc.

(a)

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

5,372

1,256,403‌

Juniper

Networks,

Inc.

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

29,611

1,151,868‌

2,408,271‌

Construction

&

Engineering

—

0.9%

AECOM

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

12,480

1,332,864‌

Comfort

Systems

USA,

Inc.

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

3,255

1,272,835‌

EMCOR

Group,

Inc.

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

4,296

1,916,317‌

Quanta

Services,

Inc.

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

13,283

4,006,551‌

8,528,567‌

Construction

Materials

—

0.7%

Martin

Marietta

Materials,

Inc.

...........

5,636

3,338,428‌

Vulcan

Materials

Co.

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

12,119

3,319,758‌

6,658,186‌

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

ETF

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

—

1.2%

Ally

Financial,

Inc.

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

24,726

$

866,646‌

Capital

One

Financial

Corp.

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

34,701

5,648,976‌

Discover

Financial

Services

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

22,806

3,385,095‌

Synchrony

Financial

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

36,622

2,019,337‌

11,920,054‌

Consumer

Staples

Distribution

&

Retail

—

1.6%

Albertsons

Cos.,

Inc.

,

Class

A

...........

35,753

647,129‌

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

11,214

950,162‌

Casey's

General

Stores,

Inc.

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

3,410

1,343,608‌

Dollar

General

Corp.

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

20,009

1,601,520‌

Dollar

Tree,

Inc.

(a)

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

18,793

1,214,780‌

Kroger

Co.

(The)

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

61,708

3,441,455‌

Performance

Food

Group

Co.

(a)

..........

14,163

1,150,744‌

Sysco

Corp.

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

45,451

3,406,553‌

US

Foods

Holding

Corp.

(a)

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

20,941

1,291,013‌

Walgreens

Boots

Alliance,

Inc.

...........

65,942

623,811‌

15,670,775‌

Containers

&

Packaging

—

1.2%

Amcor

plc

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

131,390

1,462,371‌

Avery

Dennison

Corp.

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

7,315

1,514,425‌

Ball

Corp.

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

28,849

1,709,303‌

Crown

Holdings,

Inc.

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

11,086

1,037,095‌

International

Paper

Co.

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

31,336

1,740,401‌

Packaging

Corp.

of

America

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

8,150

1,865,861‌

Smurfit

WestRock

plc

(b)

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

45,544

2,345,516‌

11,674,972‌

Distributors

—

0.4%

Genuine

Parts

Co.

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

12,786

1,466,554‌

LKQ

Corp.

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

24,608

905,328‌

Pool

Corp.

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

3,462

1,251,998‌

3,623,880‌

Diversified

Consumer

Services

—

0.1%

Service

Corp.

International

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

13,285

1,084,720‌

Diversified

REITs

—

0.1%

WP

Carey,

Inc.

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

19,823

1,104,538‌

Electric

Utilities

—

3.3%

Alliant

Energy

Corp.

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

23,324

1,399,440‌

American

Electric

Power

Co.,

Inc.

.........

48,581

4,797,374‌

Avangrid,

Inc.

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

6,780

242,114‌

Edison

International

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

35,012

2,884,989‌

Entergy

Corp.

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

19,250

2,979,515‌

Evergy,

Inc.

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

21,037

1,271,476‌

Eversource

Energy

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

31,961

2,104,632‌

Exelon

Corp.

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

90,878

3,571,505‌

FirstEnergy

Corp.

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

46,456

1,943,254‌

NRG

Energy,

Inc.

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

18,994

1,717,058‌

PG&E

Corp.

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

194,800

3,938,856‌

PPL

Corp.

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

67,283

2,190,734‌

Xcel

Energy,

Inc.

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

50,379

3,365,821‌

32,406,768‌

Electrical

Equipment

—

2.2%

AMETEK,

Inc.

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

21,029

3,855,457‌

GE

Vernova,

Inc.

(a)

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

25,021

7,547,835‌

Hubbell,

Inc.

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

4,880

2,083,906‌

nVent

Electric

plc

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

15,176

1,131,674‌

Regal

Rexnord

Corp.

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

6,103

1,016,394‌

Rockwell

Automation,

Inc.

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

10,469

2,792,187‌

Vertiv

Holdings

Co.

,

Class

A

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

32,979

3,604,275‌

22,031,728‌

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

—

2.1%

CDW

Corp.

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

12,217

$

2,299,606‌

Corning,

Inc.

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

70,570

3,358,426‌

Flex

Ltd.

(a)

(b)

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

37,391

1,296,346‌

Jabil,

Inc.

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

10,068

1,239,270‌

Keysight

Technologies,

Inc.

(a)

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

15,875

2,365,534‌

TD

SYNNEX

Corp.

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

4,564

526,457‌

TE

Connectivity

plc

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

27,928

4,117,146‌

Teledyne

Technologies,

Inc.

(a)

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

4,280

1,948,770‌

Trimble,

Inc.

(a)

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

22,248

1,346,004‌

Zebra

Technologies

Corp.

,

Class

A

(a)

.......

4,665

1,781,890‌

20,279,449‌

Energy

Equipment

&

Services

—

0.6%

Baker

Hughes

Co.

,

Class

A

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

91,863

3,498,143‌

Halliburton

Co.

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

80,743

2,239,811‌

5,737,954‌

Entertainment

—

1.3%

Electronic

Arts,

Inc.

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

22,272

3,359,731‌

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

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

2,118

157,241‌

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(a)

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

19,236

1,535,802‌

Live

Nation

Entertainment,

Inc.

(a)

.........

13,520

1,583,733‌

ROBLOX

Corp.

,

Class

A

(a)

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

47,711

2,467,613‌

Take-Two

Interactive

Software,

Inc.

(a)

.......

14,877

2,405,908‌

Warner

Bros

Discovery,

Inc.

(a)

...........

204,374

1,661,561‌

13,171,589‌

Financial

Services

—

1.5%

Block,

Inc.

,

Class

A

(a)

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

50,487

3,651,220‌

Corpay,

Inc.

(a)

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

6,318

2,083,171‌

Equitable

Holdings,

Inc.

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

26,305

1,192,669‌

Fidelity

National

Information

Services,

Inc.

...

51,214

4,595,432‌

Global

Payments,

Inc.

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

23,211

2,407,213‌

Jack

Henry

&

Associates,

Inc.

...........

6,678

1,214,928‌

15,144,633‌

Food

Products

—

2.3%

Archer-Daniels-Midland

Co.

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

43,477

2,400,365‌

Bunge

Global

SA

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

12,941

1,087,303‌

Campbell

Soup

Co.

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

18,225

850,196‌

Conagra

Brands,

Inc.

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

43,550

1,260,337‌

General

Mills,

Inc.

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

50,906

3,462,626‌

Hershey

Co.

(The)

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

13,464

2,390,937‌

Hormel

Foods

Corp.

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

26,693

815,471‌

J

M

Smucker

Co.

(The)

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

9,678

1,098,550‌

Kellanova

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

24,046

1,939,310‌

Kraft

Heinz

Co.

(The)

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

80,470

2,692,526‌

Lamb

Weston

Holdings,

Inc.

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

13,324

1,035,142‌

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

...

23,002

1,799,676‌

Tyson

Foods,

Inc.

,

Class

A

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

25,649

1,502,775‌

22,335,214‌

Gas

Utilities

—

0.2%

Atmos

Energy

Corp.

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

13,732

1,905,727‌

Ground

Transportation

—

1.3%

JB

Hunt

Transport

Services,

Inc.

.........

7,606

1,373,796‌

Norfolk

Southern

Corp.

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

20,644

5,169,877‌

Old

Dominion

Freight

Line,

Inc.

..........

17,334

3,489,681‌

Saia,

Inc.

(a)

(b)

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

2,441

1,192,697‌

U-Haul

Holding

Co.

(a)

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

705

51,698‌

U-Haul

Holding

Co.

,

NVS

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

9,205

628,333‌

XPO,

Inc.

(a)

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

10,578

1,380,746‌

13,286,828‌

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

—

3.0%

Align

Technology,

Inc.

(a)

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

6,824

$

1,399,125‌

Baxter

International,

Inc.

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

46,415

1,657,015‌

Cooper

Cos.,

Inc.

(The)

(a)

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

18,067

1,891,254‌

Dexcom,

Inc.

(a)

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

36,235

2,553,843‌

Edwards

Lifesciences

Corp.

(a)

...........

54,926

3,680,591‌

GE

HealthCare

Technologies,

Inc.

........

35,825

3,129,314‌

Hologic,

Inc.

(a)

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

21,230

1,716,870‌

IDEXX

Laboratories,

Inc.

(a)

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

7,521

3,060,445‌

Insulet

Corp.

(a)

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

6,366

1,473,920‌

ResMed,

Inc.

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

13,456

3,262,676‌

Solventum

Corp.

(a)

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

12,707

922,274‌

STERIS

plc

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

9,016

2,000,200‌

Teleflex,

Inc.

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

4,305

865,563‌

Zimmer

Biomet

Holdings,

Inc.

...........

18,781

2,008,065‌

29,621,155‌

Health

Care

Providers

&

Services

—

2.0%

Cardinal

Health,

Inc.

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

22,277

2,417,500‌

Cencora,

Inc.

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

15,580

3,553,486‌

Centene

Corp.

(a)

(b)

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

47,879

2,980,946‌

DaVita,

Inc.

(a)

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

4,565

638,233‌

Humana,

Inc.

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

10,979

2,830,716‌

Labcorp

Holdings,

Inc.

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

7,759

1,771,147‌

Molina

Healthcare,

Inc.

(a)

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

5,263

1,690,581‌

Quest

Diagnostics,

Inc.

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

10,143

1,570,441‌

Tenet

Healthcare

Corp.

(a)

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

8,863

1,373,942‌

Universal

Health

Services,

Inc.

,

Class

B

....

5,444

1,112,264‌

19,939,256‌

Health

Care

REITs

—

0.6%

Alexandria

Real

Estate

Equities,

Inc.

.......

14,244

1,588,918‌

Healthpeak

Properties,

Inc.

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

64,497

1,447,958‌

Ventas,

Inc.

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

36,736

2,405,840‌

5,442,716‌

Health

Care

Technology

—

0.3%

Veeva

Systems,

Inc.

,

Class

A

(a)

..........

13,492

2,817,534‌

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts,

Inc.

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

63,822

1,100,291‌

Hotels,

Restaurants

&

Leisure

—

3.2%

Carnival

Corp.

(a)

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

91,162

2,005,564‌

Churchill

Downs,

Inc.

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

6,477

907,428‌

Darden

Restaurants,

Inc.

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

11,008

1,761,500‌

Domino's

Pizza,

Inc.

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

3,164

1,309,042‌

DoorDash,

Inc.

,

Class

A

(a)

(b)

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

28,016

4,390,107‌

DraftKings,

Inc.

,

Class

A

(a)

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

43,462

1,535,078‌

Expedia

Group,

Inc.

(a)

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

11,553

1,805,850‌

Hilton

Worldwide

Holdings,

Inc.

..........

22,373

5,254,299‌

Las

Vegas

Sands

Corp.

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

37,151

1,926,279‌

MGM

Resorts

International

(a)

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

22,205

818,698‌

Royal

Caribbean

Cruises

Ltd.

...........

21,451

4,426,414‌

Wingstop,

Inc.

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

2,686

772,735‌

Wynn

Resorts

Ltd.

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

8,861

850,833‌

Yum!

Brands,

Inc.

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

25,590

3,356,385‌

31,120,212‌

Household

Durables

—

1.9%

DR

Horton,

Inc.

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

27,175

4,592,575‌

Garmin

Ltd.

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

14,051

2,787,016‌

Lennar

Corp.

,

Class

A

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

21,537

3,667,751‌

Lennar

Corp.

,

Class

B

(b)

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

917

147,013‌

NVR,

Inc.

(a)

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

275

2,517,023‌

PulteGroup,

Inc.

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

19,235

2,491,510‌

Toll

Brothers,

Inc.

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

9,400

1,376,536‌

Security

Shares

Shares

Value

Household

Durables

(continued)

TopBuild

Corp.

(a)

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

2,898

$

1,024,095‌

18,603,519‌

Household

Products

—

0.8%

Church

&

Dwight

Co.,

Inc.

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

22,493

2,247,276‌

Clorox

Co.

(The)

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

11,302

1,791,932‌

Kimberly-Clark

Corp.

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

30,789

4,131,268‌

8,170,476‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

AES

Corp.

(The)

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

65,277

1,076,418‌

Vistra

Corp.

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

29,629

3,702,440‌

4,778,858‌

Insurance

—

5.2%

Aflac,

Inc.

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

46,074

4,828,094‌

Allstate

Corp.

(The)

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

23,867

4,451,673‌

American

Financial

Group,

Inc.

..........

6,751

870,406‌

American

International

Group,

Inc.

........

59,205

4,492,475‌

Arch

Capital

Group

Ltd.

(a)

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

34,142

3,365,036‌

Brown

&

Brown,

Inc.

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

22,410

2,344,982‌

Cincinnati

Financial

Corp.

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

14,139

1,991,195‌

Erie

Indemnity

Co.

,

Class

A,

NVS

.........

2,307

1,035,474‌

Everest

Group

Ltd.

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

3,970

1,411,772‌

Fidelity

National

Financial,

Inc.

,

Class

A

.....

22,678

1,364,535‌

Hartford

Financial

Services

Group,

Inc.

(The)

.

26,865

2,966,971‌

Loews

Corp.

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

17,007

1,342,873‌

Markel

Group,

Inc.

(a)

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

1,171

1,805,694‌

Principal

Financial

Group,

Inc.

...........

21,387

1,762,289‌

Prudential

Financial,

Inc.

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

32,924

4,032,532‌

Reinsurance

Group

of

America,

Inc.

.......

6,030

1,272,812‌

RenaissanceRe

Holdings

Ltd.

...........

4,701

1,233,542‌

Travelers

Cos.,

Inc.

(The)

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

20,811

5,118,257‌

Unum

Group

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

14,762

947,425‌

Willis

Towers

Watson

plc

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

9,409

2,843,306‌

WR

Berkley

Corp.

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

28,111

1,607,106‌

51,088,449‌

Interactive

Media

&

Services

—

0.3%

(a)

Pinterest,

Inc.

,

Class

A

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

54,336

1,727,341‌

Snap,

Inc.

,

Class

A,

NVS

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

98,634

1,199,390‌

2,926,731‌

IT

Services

—

1.9%

Akamai

Technologies,

Inc.

(a)

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

13,887

1,403,698‌

Cloudflare,

Inc.

,

Class

A

(a)

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

27,460

2,408,516‌

Cognizant

Technology

Solutions

Corp.

,

Class

A

45,776

3,414,432‌

EPAM

Systems,

Inc.

(a)

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

5,123

966,454‌

Gartner,

Inc.

(a)

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

6,994

3,514,485‌

GoDaddy,

Inc.

,

Class

A

(a)

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

12,246

2,042,633‌

MongoDB,

Inc.

,

Class

A

(a)

(b)

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

6,475

1,750,840‌

Okta,

Inc.

,

Class

A

(a)

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

14,805

1,064,331‌

Twilio,

Inc.

,

Class

A

(a)

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

15,458

1,246,688‌

VeriSign,

Inc.

(a)

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

7,901

1,397,213‌

19,209,290‌

Life

Sciences

Tools

&

Services

—

2.1%

Agilent

Technologies,

Inc.

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

26,685

3,477,322‌

Avantor,

Inc.

(a)

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

61,690

1,380,005‌

Bio-Techne

Corp.

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

14,547

1,072,841‌

Bruker

Corp.

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

8,777

496,866‌

Charles

River

Laboratories

International,

Inc.

(a)

(b)

4,722

843,255‌

Illumina,

Inc.

(a)

(b)

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

14,439

2,081,238‌

IQVIA

Holdings,

Inc.

(a)

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

16,660

3,428,961‌

Medpace

Holdings,

Inc.

(a)

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

2,293

720,507‌

Mettler-Toledo

International,

Inc.

(a)

........

1,951

2,520,204‌

Revvity,

Inc.

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

11,258

1,335,086‌

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

ETF

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

(continued)

Waters

Corp.

(a)

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

5,407

$

1,747,056‌

West

Pharmaceutical

Services,

Inc.

.......

6,671

2,054,201‌

21,157,542‌

Machinery

—

3.7%

CNH

Industrial

NV

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

83,365

936,189‌

Cummins,

Inc.

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

12,408

4,081,984‌

Dover

Corp.

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

12,534

2,373,062‌

Fortive

Corp.

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

32,136

2,295,474‌

Graco,

Inc.

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

15,412

1,255,307‌

IDEX

Corp.

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

6,907

1,482,519‌

Ingersoll

Rand,

Inc.

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

36,881

3,540,576‌

Lincoln

Electric

Holdings,

Inc.

...........

5,265

1,013,828‌

Nordson

Corp.

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

4,699

1,164,835‌

Otis

Worldwide

Corp.

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

36,912

3,624,758‌

PACCAR,

Inc.

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

46,943

4,895,216‌

Pentair

plc

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

15,025

1,489,278‌

Snap-on,

Inc.

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

4,792

1,581,983‌

Stanley

Black

&

Decker,

Inc.

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

13,925

1,294,190‌

Westinghouse

Air

Brake

Technologies

Corp.

..

16,006

3,008,808‌

Xylem,

Inc.

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

21,987

2,677,577‌

36,715,584‌

Media

—

1.4%

Charter

Communications,

Inc.

,

Class

A

(a)

(b)

...

8,995

2,946,852‌

Fox

Corp.

,

Class

A,

NVS

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

21,277

893,634‌

Fox

Corp.

,

Class

B

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

12,198

475,234‌

Interpublic

Group

of

Cos.,

Inc.

(The)

.......

34,424

1,012,066‌

News

Corp.

,

Class

A,

NVS

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

34,695

945,439‌

News

Corp.

,

Class

B

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

9,537

276,954‌

Omnicom

Group,

Inc.

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

17,896

1,807,496‌

Sirius

XM

Holdings,

Inc.

(b)

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

22,017

586,973‌

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

.........

40,661

4,887,859‌

13,832,507‌

Metals

&

Mining

—

1.1%

Newmont

Corp.

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

105,112

4,776,289‌

Nucor

Corp.

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

21,824

3,095,516‌

Reliance,

Inc.

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

5,096

1,459,189‌

Steel

Dynamics,

Inc.

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

13,463

1,756,922‌

11,087,916‌

Multi-Utilities

—

2.9%

Ameren

Corp.

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

24,350

2,121,129‌

CenterPoint

Energy,

Inc.

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

58,344

1,722,898‌

CMS

Energy

Corp.

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

27,269

1,898,195‌

Consolidated

Edison,

Inc.

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

31,600

3,213,088‌

Dominion

Energy,

Inc.

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

76,394

4,547,735‌

DTE

Energy

Co.

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

18,811

2,336,702‌

NiSource,

Inc.

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

40,802

1,434,598‌

Public

Service

Enterprise

Group,

Inc.

......

45,450

4,063,685‌

Sempra

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

57,455

4,790,023‌

WEC

Energy

Group,

Inc.

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

28,768

2,748,207‌

28,876,260‌

Office

REITs

—

0.1%

BXP,

Inc.

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

14,298

1,151,847‌

Oil,

Gas

&

Consumable

Fuels

—

4.7%

Antero

Resources

Corp.

(a)

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

27,136

702,280‌

APA

Corp.

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

33,683

794,919‌

Cheniere

Energy,

Inc.

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

20,856

3,991,421‌

Coterra

Energy,

Inc.

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

68,282

1,633,305‌

Devon

Energy

Corp.

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

57,710

2,232,223‌

Diamondback

Energy,

Inc.

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

15,786

2,790,491‌

EQT

Corp.

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

51,490

1,881,445‌

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Expand

Energy

Corp.

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

18,278

$

1,548,512‌

Hess

Corp.

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

25,406

3,416,599‌

HF

Sinclair

Corp.

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

15,173

585,830‌

Kinder

Morgan,

Inc.

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

179,388

4,396,800‌

Marathon

Oil

Corp.

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

51,403

1,423,863‌

ONEOK,

Inc.

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

53,123

5,146,556‌

Ovintiv,

Inc.

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

24,354

954,677‌

Targa

Resources

Corp.

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

20,194

3,371,590‌

Texas

Pacific

Land

Corp.

(b)

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

1,765

2,057,990‌

Valero

Energy

Corp.

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

29,162

3,784,061‌

Williams

Cos.,

Inc.

(The)

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

110,885

5,807,047‌

46,519,609‌

Passenger

Airlines

—

0.7%

Delta

Air

Lines,

Inc.

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

58,748

3,361,560‌

Southwest

Airlines

Co.

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

54,136

1,655,479‌

United

Airlines

Holdings,

Inc.

(a)

...........

29,873

2,337,861‌

7,354,900‌

Personal

Care

Products

—

0.5%

Coty,

Inc.

,

Class

A

(a)

(b)

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

35,739

265,898‌

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

.....

21,138

1,457,254‌

Kenvue,

Inc.

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

158,212

3,627,801‌

5,350,953‌

Pharmaceuticals

—

0.2%

Royalty

Pharma

plc

,

Class

A

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

36,938

997,326‌

Viatris,

Inc.

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

110,291

1,279,376‌

2,276,702‌

Professional

Services

—

2.4%

Booz

Allen

Hamilton

Holding

Corp.

........

11,723

2,129,600‌

Broadridge

Financial

Solutions,

Inc.

.......

10,697

2,255,569‌

Dayforce,

Inc.

(a)

(b)

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

14,332

1,016,855‌

Equifax,

Inc.

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

11,238

2,978,295‌

Jacobs

Solutions,

Inc.

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

11,493

1,615,686‌

Leidos

Holdings,

Inc.

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

12,290

2,251,036‌

Paychex,

Inc.

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

29,548

4,116,923‌

Paycom

Software,

Inc.

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

4,629

967,600‌

SS&C

Technologies

Holdings,

Inc.

........

19,720

1,379,020‌

TransUnion

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

17,657

1,788,654‌

Verisk

Analytics,

Inc.

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

13,025

3,578,228‌

24,077,466‌

Real

Estate

Management

&

Development

—

0.6%

(a)

CBRE

Group,

Inc.

,

Class

A

.............

27,742

3,633,370‌

CoStar

Group,

Inc.

...................

37,169

2,705,531‌

6,338,901‌

Residential

REITs

—

1.6%

American

Homes

4

Rent

,

Class

A

.........

29,410

1,036,409‌

AvalonBay

Communities,

Inc.

...........

12,946

2,868,963‌

Camden

Property

Trust

................

9,780

1,132,426‌

Equity

LifeStyle

Properties,

Inc.

..........

16,472

1,155,017‌

Equity

Residential

...................

31,338

2,205,255‌

Essex

Property

Trust,

Inc.

..............

5,853

1,661,433‌

Invitation

Homes,

Inc.

.................

52,127

1,637,309‌

Mid-America

Apartment

Communities,

Inc.

...

10,654

1,612,376‌

Sun

Communities,

Inc.

................

11,341

1,504,724‌

UDR,

Inc.

.........................

27,328

1,152,968‌

15,966,880‌

Retail

REITs

—

1.2%

Kimco

Realty

Corp.

..................

61,361

1,455,483‌

Realty

Income

Corp.

..................

79,487

4,719,143‌

Regency

Centers

Corp.

...............

15,358

1,097,175‌

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

(continued)

Simon

Property

Group,

Inc.

.............

27,997

$

4,734,853‌

12,006,654‌

Semiconductors

&

Semiconductor

Equipment

—

1.8%

Astera

Labs,

Inc.

(a)

(b)

..................

2,489

174,628‌

Enphase

Energy,

Inc.

(a)

................

12,515

1,039,246‌

Entegris,

Inc.

.......................

13,730

1,437,668‌

First

Solar,

Inc.

(a)

....................

9,285

1,805,747‌

Microchip

Technology,

Inc.

..............

48,456

3,555,217‌

Monolithic

Power

Systems,

Inc.

..........

4,244

3,222,469‌

ON

Semiconductor

Corp.

(a)

.............

39,281

2,768,918‌

Qorvo,

Inc.

(a)

.......................

8,729

622,028‌

Skyworks

Solutions,

Inc.

...............

14,588

1,277,617‌

Teradyne,

Inc.

......................

14,270

1,515,617‌

17,419,155‌

Software

—

6.3%

ANSYS,

Inc.

(a)

......................

7,922

2,538,288‌

AppLovin

Corp.

,

Class

A

(a)

..............

18,924

3,205,536‌

Aspen

Technology,

Inc.

(a)

...............

2,467

579,079‌

Atlassian

Corp.

,

Class

A

(a)

..............

14,416

2,717,993‌

Autodesk,

Inc.

(a)

.....................

19,497

5,533,249‌

Bentley

Systems,

Inc.

,

Class

B

...........

12,218

589,641‌

Datadog,

Inc.

,

Class

A

(a)

...............

26,918

3,376,594‌

DocuSign,

Inc.

(a)

....................

18,681

1,296,088‌

Dynatrace,

Inc.

(a)

....................

25,306

1,361,463‌

Fair

Isaac

Corp.

(a)

....................

2,244

4,472,539‌

Fortinet,

Inc.

(a)

......................

59,379

4,670,752‌

Gen

Digital,

Inc.

.....................

52,572

1,530,371‌

HubSpot,

Inc.

(a)

.....................

4,659

2,584,767‌

Manhattan

Associates,

Inc.

(a)

............

5,612

1,477,976‌

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

...........

15,946

3,898,797‌

Nutanix,

Inc.

,

Class

A

(a)

................

22,292

1,384,333‌

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

181,848

7,557,603‌

Procore

Technologies,

Inc.

(a)

............

8,035

527,498‌

PTC,

Inc.

(a)

........................

10,874

2,015,278‌

Tyler

Technologies,

Inc.

(a)

..............

3,829

2,318,804‌

Unity

Software,

Inc.

(a)

.................

27,522

552,642‌

Workday,

Inc.

,

Class

A

(a)

...............

19,332

4,520,788‌

Zoom

Video

Communications,

Inc.

,

Class

A

(a)

.

21,925

1,638,674‌

Zscaler,

Inc.

(a)

......................

8,374

1,513,935‌

61,862,688‌

Specialized

REITs

—

3.0%

Crown

Castle,

Inc.

...................

39,514

4,247,360‌

Digital

Realty

Trust,

Inc.

...............

29,626

5,280,242‌

Extra

Space

Storage,

Inc.

..............

19,268

3,146,464‌

Gaming

&

Leisure

Properties,

Inc.

........

23,797

1,194,371‌

Iron

Mountain,

Inc.

...................

26,656

3,298,147‌

Public

Storage

......................

14,448

4,754,259‌

SBA

Communications

Corp.

............

9,838

2,257,526‌

VICI

Properties,

Inc.

..................

94,449

2,999,700‌

Weyerhaeuser

Co.

...................

66,360

2,067,778‌

29,245,847‌

Specialty

Retail

—

2.1%

AutoZone,

Inc.

(a)

....................

1,558

4,688,022‌

Best

Buy

Co.,

Inc.

...................

17,883

1,617,159‌

Burlington

Stores,

Inc.

(a)

...............

5,801

1,437,314‌

CarMax,

Inc.

(a)

......................

14,539

1,052,333‌

Dick's

Sporting

Goods,

Inc.

.............

5,285

1,034,539‌

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

9,777

1,007,520‌

Penske

Automotive

Group,

Inc.

..........

1,874

282,168‌

Ross

Stores,

Inc.

....................

29,844

4,169,803‌

Tractor

Supply

Co.

...................

9,859

2,617,663‌

Ulta

Beauty,

Inc.

(a)

...................

4,356

1,607,277‌

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Williams-Sonoma,

Inc.

................

11,106

$

1,489,648‌

21,003,446‌

Technology

Hardware,

Storage

&

Peripherals

—

1.7%

Dell

Technologies,

Inc.

,

Class

C

..........

24,084

2,977,505‌

Hewlett

Packard

Enterprise

Co.

..........

118,668

2,312,839‌

HP,

Inc.

..........................

90,299

3,207,421‌

NetApp,

Inc.

.......................

18,841

2,172,556‌

Pure

Storage,

Inc.

,

Class

A

(a)

............

28,017

1,402,251‌

Seagate

Technology

Holdings

plc

.........

18,348

1,841,589‌

Super

Micro

Computer,

Inc.

(a)

............

45,692

1,330,094‌

Western

Digital

Corp.

(a)

................

29,482

1,925,469‌

17,169,724‌

Textiles,

Apparel

&

Luxury

Goods

—

0.5%

(a)

Deckers

Outdoor

Corp.

................

14,051

2,260,665‌

Lululemon

Athletica,

Inc.

...............

10,109

3,011,471‌

5,272,136‌

Trading

Companies

&

Distributors

—

2.0%

Core

&

Main,

Inc.

,

Class

A

(a)

(b)

...........

16,620

735,934‌

Fastenal

Co.

.......................

52,132

4,075,680‌

Ferguson

Enterprises,

Inc.

..............

18,565

3,652,478‌

United

Rentals,

Inc.

..................

6,068

4,932,070‌

Watsco,

Inc.

.......................

3,186

1,507,010‌

WW

Grainger,

Inc.

...................

4,071

4,515,675‌

19,418,847‌

Water

Utilities

—

0.3%

American

Water

Works

Co.,

Inc.

..........

17,775

2,454,905‌

Essential

Utilities,

Inc.

.................

22,844

881,779‌

3,336,684‌

Total

Long-Term

Investments

—

99

.7

%

(Cost:

$

782,297,603

)

..............................

986,101,139‌

Short-Term

Securities

Money

Market

Funds

—

2.2%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(e)

..................

19,147,914

19,161,317‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.83

%

...................

2,299,964

2,299,964‌

Total

Short-Term

Securities

—

2

.2

%

(Cost:

$

21,451,172

)

...............................

21,461,281‌

Total

Investments

—

101

.9

%

(Cost:

$

803,748,775

)

..............................

1,007,562,420‌

Liabilities

in

Excess

of

Other

Assets

—

(

1.9

)

%

.............

(

18,767,246‌

)

Net

Assets

—

100.0%

...............................

$

988,795,174‌

(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

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

ETF

Schedules

of

Investments

15

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

04/30/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/24

Shares

Held

at

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

11,387,355

$

7,768,031

(a)

$

—

$

2,091

$

3,840

$

19,161,317

19,147,914

$

69,571

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,485,250

814,714

(a)

—

—

—

2,299,964

2,299,964

49,605

—

$

2,091

$

3,840

$

21,461,281

$

119,176

$

—

—

—

(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

.....................................................

1

12/20/24

$

400

$

851

S&P

Midcap

400

E-Mini

Index

.................................................

6

12/20/24

1,868

48,589

$

49,440

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)

......

$

—

$

—

$

49,440

$

—

$

—

$

—

$

49,440

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

87,700

$

—

$

—

$

—

$

87,700

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

112,309

$

—

$

—

$

—

$

112,309

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

ETF

16

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

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,134,298

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

986,101,139

$

—

$

—

$

986,101,139

Short-Term

Securities

Money

Market

Funds

......................................

21,461,281

—

—

21,461,281

$

1,007,562,420

$

—

$

—

$

1,007,562,420

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

49,440

$

—

$

—

$

49,440

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.0%

Axon

Enterprise,

Inc.

(a)

................

29,089

$

12,319,192‌

HEICO

Corp.

(b)

.....................

17,275

4,231,511‌

HEICO

Corp.

,

Class

A

.................

31,382

6,025,658‌

Howmet

Aerospace,

Inc.

...............

165,845

16,538,063‌

Huntington

Ingalls

Industries,

Inc.

.........

9,971

1,844,236‌

Textron,

Inc.

.......................

37,369

3,005,215‌

43,963,875‌

Automobile

Components

—

0.1%

Aptiv

plc

(a)

.........................

48,658

2,765,234‌

Banks

—

0.4%

First

Citizens

BancShares,

Inc.

,

Class

A

.....

5,070

9,822,365‌

Beverages

—

0.9%

Brown-Forman

Corp.

,

Class

A

...........

11,732

511,281‌

Brown-Forman

Corp.

,

Class

B,

NVS

.......

71,933

3,167,210‌

Celsius

Holdings,

Inc.

(a)

(b)

...............

64,892

1,951,951‌

Constellation

Brands,

Inc.

,

Class

A

........

35,380

8,220,189‌

Keurig

Dr

Pepper,

Inc.

................

157,920

5,203,464‌

19,054,095‌

Biotechnology

—

2.0%

(a)

Alnylam

Pharmaceuticals,

Inc.

...........

51,113

13,626,215‌

BioMarin

Pharmaceutical,

Inc.

...........

76,648

5,050,337‌

Exact

Sciences

Corp.

.................

74,909

5,163,477‌

Incyte

Corp.

.......................

36,203

2,683,366‌

Moderna,

Inc.

......................

59,418

3,229,962‌

Natera,

Inc.

........................

49,780

6,021,389‌

Neurocrine

Biosciences,

Inc.

............

40,881

4,916,758‌

Sarepta

Therapeutics,

Inc.

..............

37,137

4,679,262‌

45,370,766‌

Broadline

Retail

—

0.6%

Coupang,

Inc.

,

Class

A

(a)

...............

318,227

8,207,074‌

eBay,

Inc.

.........................

75,994

4,370,415‌

12,577,489‌

Building

Products

—

2.7%

A

O

Smith

Corp.

....................

35,057

2,632,781‌

Advanced

Drainage

Systems,

Inc.

........

28,755

4,309,799‌

Allegion

plc

........................

21,066

2,941,446‌

Builders

FirstSource,

Inc.

(a)

.............

23,587

4,042,812‌

Carlisle

Cos.,

Inc.

...................

18,850

7,959,036‌

Carrier

Global

Corp.

..................

200,157

14,555,417‌

Johnson

Controls

International

plc

........

159,764

12,070,170‌

Lennox

International,

Inc.

..............

12,957

7,807,499‌

Masco

Corp.

.......................

38,806

3,100,987‌

59,419,947‌

Capital

Markets

—

4.9%

Ameriprise

Financial,

Inc.

..............

27,133

13,845,970‌

Ares

Management

Corp.

,

Class

A

.........

75,470

12,654,810‌

Coinbase

Global,

Inc.

,

Class

A

(a)

..........

80,382

14,408,474‌

FactSet

Research

Systems,

Inc.

..........

15,479

7,028,395‌

Interactive

Brokers

Group,

Inc.

,

Class

A

.....

43,331

6,611,444‌

LPL

Financial

Holdings,

Inc.

.............

30,386

8,574,321‌

Morningstar,

Inc.

....................

10,861

3,562,951‌

MSCI,

Inc.

........................

32,246

18,418,915‌

Nasdaq,

Inc.

.......................

63,102

4,664,500‌

Raymond

James

Financial,

Inc.

..........

46,550

6,899,641‌

Robinhood

Markets,

Inc.

,

Class

A

(a)

........

208,819

4,905,158‌

Tradeweb

Markets,

Inc.

,

Class

A

..........

47,259

6,001,893‌

107,576,472‌

Security

Shares

Shares

Value

Chemicals

—

1.6%

Albemarle

Corp.

....................

25,108

$

2,378,481‌

Celanese

Corp.

.....................

24,910

3,137,913‌

Corteva,

Inc.

.......................

127,477

7,765,899‌

Dow,

Inc.

.........................

120,694

5,959,870‌

DuPont

de

Nemours,

Inc.

..............

79,959

6,635,797‌

PPG

Industries,

Inc.

..................

38,100

4,743,831‌

RPM

International,

Inc.

................

34,902

4,436,393‌

Westlake

Corp.

.....................

5,857

772,772‌

35,830,956‌

Commercial

Services

&

Supplies

—

1.8%

Clean

Harbors,

Inc.

(a)

.................

20,761

4,801,189‌

Copart,

Inc.

(a)

......................

355,850

18,315,599‌

Rollins,

Inc.

........................

120,192

5,665,851‌

Tetra

Tech,

Inc.

.....................

108,055

5,281,728‌

Veralto

Corp.

.......................

57,024

5,827,283‌

39,891,650‌

Communications

Equipment

—

0.1%

F5,

Inc.

(a)

.........................

9,851

2,303,952‌

Construction

&

Engineering

—

1.6%

AECOM

..........................

33,956

3,626,501‌

Comfort

Systems

USA,

Inc.

.............

14,535

5,683,766‌

EMCOR

Group,

Inc.

..................

19,168

8,550,270‌

Quanta

Services,

Inc.

.................

59,313

17,890,580‌

35,751,117‌

Construction

Materials

—

1.3%

Martin

Marietta

Materials,

Inc.

...........

25,166

14,906,828‌

Vulcan

Materials

Co.

.................

54,120

14,825,092‌

29,731,920‌

Consumer

Finance

—

0.4%

Discover

Financial

Services

.............

57,979

8,605,823‌

Consumer

Staples

Distribution

&

Retail

—

1.4%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

.......

22,349

1,893,631‌

Casey's

General

Stores,

Inc.

............

10,574

4,166,367‌

Dollar

Tree,

Inc.

(a)

....................

37,677

2,435,441‌

Performance

Food

Group

Co.

(a)

..........

63,170

5,132,563‌

Sysco

Corp.

.......................

202,957

15,211,627‌

US

Foods

Holding

Corp.

(a)

..............

47,781

2,945,699‌

31,785,328‌

Containers

&

Packaging

—

0.4%

Avery

Dennison

Corp.

.................

16,612

3,439,182‌

Ball

Corp.

.........................

73,850

4,375,613‌

Crown

Holdings,

Inc.

.................

17,991

1,683,058‌

9,497,853‌

Distributors

—

0.2%

Genuine

Parts

Co.

...................

24,103

2,764,614‌

Pool

Corp.

........................

7,484

2,706,514‌

5,471,128‌

Diversified

Consumer

Services

—

0.1%

Service

Corp.

International

.............

32,416

2,646,766‌

Electric

Utilities

—

0.5%

NRG

Energy,

Inc.

....................

29,454

2,662,641‌

PG&E

Corp.

.......................

365,231

7,384,971‌

10,047,612‌

Electrical

Equipment

—

3.6%

AMETEK,

Inc.

......................

93,904

17,216,359‌

GE

Vernova,

Inc.

(a)

...................

57,909

17,468,829‌

Hubbell,

Inc.

.......................

21,797

9,307,973‌

nVent

Electric

plc

....................

67,277

5,016,846‌

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Regal

Rexnord

Corp.

.................

15,222

$

2,535,072‌

Rockwell

Automation,

Inc.

..............

46,753

12,469,493‌

Vertiv

Holdings

Co.

,

Class

A

............

147,281

16,096,340‌

80,110,912‌

Electronic

Equipment,

Instruments

&

Components

—

2.0%

CDW

Corp.

........................

54,568

10,271,335‌

Flex

Ltd.

(a)

(b)

.......................

54,877

1,902,585‌

Jabil,

Inc.

.........................

25,167

3,097,806‌

Keysight

Technologies,

Inc.

(a)

............

31,998

4,768,022‌

TE

Connectivity

plc

..................

65,821

9,703,332‌

Teledyne

Technologies,

Inc.

(a)

............

10,367

4,720,302‌

Trimble,

Inc.

(a)

......................

66,468

4,021,314‌

Zebra

Technologies

Corp.

,

Class

A

(a)

.......

15,805

6,037,036‌

44,521,732‌

Energy

Equipment

&

Services

—

0.6%

Baker

Hughes

Co.

,

Class

A

.............

205,057

7,808,571‌

Halliburton

Co.

.....................

195,252

5,416,290‌

13,224,861‌

Entertainment

—

2.1%

Electronic

Arts,

Inc.

..................

70,288

10,602,945‌

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(a)

...........................

9,257

687,240‌

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(a)

...........................

85,754

6,846,599‌

Live

Nation

Entertainment,

Inc.

(a)

(b)

........

60,364

7,071,039‌

ROBLOX

Corp.

,

Class

A

(a)

..............

213,043

11,018,584‌

Take-Two

Interactive

Software,

Inc.

(a)

.......

66,457

10,747,426‌

46,973,833‌

Financial

Services

—

1.5%

Block,

Inc.

,

Class

A

(a)

.................

225,457

16,305,050‌

Corpay,

Inc.

(a)

......................

21,211

6,993,691‌

Global

Payments,

Inc.

................

41,281

4,281,253‌

Jack

Henry

&

Associates,

Inc.

...........

29,758

5,413,873‌

32,993,867‌

Food

Products

—

0.9%

Hershey

Co.

(The)

...................

33,206

5,896,721‌

Hormel

Foods

Corp.

..................

38,372

1,172,265‌

Lamb

Weston

Holdings,

Inc.

............

59,042

4,586,973‌

McCormick

&

Co.,

Inc.

(Non-Voting)

,

NVS

...

54,828

4,289,743‌

Tyson

Foods,

Inc.

,

Class

A

.............

56,527

3,311,917‌

19,257,619‌

Ground

Transportation

—

1.4%

JB

Hunt

Transport

Services,

Inc.

.........

20,737

3,745,517‌

Old

Dominion

Freight

Line,

Inc.

..........

77,402

15,582,571‌

Saia,

Inc.

(a)

........................

10,808

5,280,897‌

U-Haul

Holding

Co.

,

NVS

(b)

.............

17,223

1,175,642‌

U-Haul

Holding

Co.

(a)

.................

1,301

95,402‌

XPO,

Inc.

(a)

(b)

.......................

31,566

4,120,310‌

30,000,339‌

Health

Care

Equipment

&

Supplies

—

4.2%

Align

Technology,

Inc.

(a)

................

19,886

4,077,227‌

Cooper

Cos.,

Inc.

(The)

(a)

..............

57,757

6,046,003‌

Dexcom,

Inc.

(a)

.....................

161,817

11,404,862‌

Edwards

Lifesciences

Corp.

(a)

...........

245,293

16,437,084‌

GE

HealthCare

Technologies,

Inc.

........

72,436

6,327,285‌

IDEXX

Laboratories,

Inc.

(a)

..............

33,586

13,666,815‌

Insulet

Corp.

(a)

......................

28,499

6,598,373‌

ResMed,

Inc.

......................

59,901

14,524,195‌

STERIS

plc

........................

40,238

8,926,800‌

Teleflex,

Inc.

.......................

7,292

1,466,130‌

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Zimmer

Biomet

Holdings,

Inc.

...........

41,987

$

4,489,250‌

93,964,024‌

Health

Care

Providers

&

Services

—

0.7%

Cencora,

Inc.

......................

37,487

8,550,035‌

DaVita,

Inc.

(a)

(b)

.....................

9,933

1,388,733‌

Molina

Healthcare,

Inc.

(a)

...............

13,356

4,290,214‌

Universal

Health

Services,

Inc.

,

Class

B

....

11,092

2,266,207‌

16,495,189‌

Health

Care

REITs

—

0.3%

Alexandria

Real

Estate

Equities,

Inc.

.......

18,601

2,074,942‌

Ventas,

Inc.

.......................

57,195

3,745,700‌

5,820,642‌

Health

Care

Technology

—

0.6%

Veeva

Systems,

Inc.

,

Class

A

(a)

..........

60,254

12,582,843‌

Hotels,

Restaurants

&

Leisure

—

5.0%

Churchill

Downs,

Inc.

.................

28,769

4,030,537‌

Darden

Restaurants,

Inc.

..............

24,400

3,904,488‌

Domino's

Pizza,

Inc.

..................

14,166

5,860,899‌

DoorDash,

Inc.

,

Class

A

(a)

..............

125,103

19,603,640‌

DraftKings,

Inc.

,

Class

A

(a)

..............

107,020

3,779,946‌

Expedia

Group,

Inc.

(a)

.................

26,415

4,128,929‌

Hilton

Worldwide

Holdings,

Inc.

..........

99,902

23,461,985‌

Las

Vegas

Sands

Corp.

...............

165,523

8,582,367‌

MGM

Resorts

International

(a)

............

43,707

1,611,477‌

Royal

Caribbean

Cruises

Ltd.

...........

66,498

13,721,862‌

Wingstop,

Inc.

......................

11,997

3,451,417‌

Wynn

Resorts

Ltd.

...................

39,178

3,761,872‌

Yum!

Brands,

Inc.

...................

114,288

14,990,014‌

110,889,433‌

Household

Durables

—

0.8%

Garmin

Ltd.

........................

40,611

8,055,192‌

PulteGroup,

Inc.

....................

36,353

4,708,804‌

Toll

Brothers,

Inc.

....................

15,425

2,258,837‌

TopBuild

Corp.

(a)

(b)

...................

7,572

2,675,793‌

17,698,626‌

Household

Products

—

1.0%

Church

&

Dwight

Co.,

Inc.

..............

100,415

10,032,463‌

Clorox

Co.

(The)

....................

32,036

5,079,308‌

Kimberly-Clark

Corp.

.................

48,629

6,525,039‌

21,636,810‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Vistra

Corp.

.......................

82,764

10,342,189‌

Insurance

—

2.6%

Allstate

Corp.

(The)

..................

44,671

8,332,035‌

American

Financial

Group,

Inc.

..........

11,490

1,481,406‌

Arch

Capital

Group

Ltd.

(a)

..............

49,051

4,834,466‌

Brown

&

Brown,

Inc.

..................

99,676

10,430,097‌

Cincinnati

Financial

Corp.

..............

24,290

3,420,761‌

Erie

Indemnity

Co.

,

Class

A,

NVS

.........

10,270

4,609,587‌

Markel

Group,

Inc.

(a)

..................

3,269

5,040,831‌

Travelers

Cos.,

Inc.

(The)

..............

40,057

9,851,618‌

Willis

Towers

Watson

plc

...............

20,678

6,248,685‌

WR

Berkley

Corp.

...................

73,527

4,203,538‌

58,453,024‌

Interactive

Media

&

Services

—

0.4%

(a)

Pinterest,

Inc.

,

Class

A

................

136,192

4,329,544‌

Snap,

Inc.

,

Class

A,

NVS

...............

440,300

5,354,048‌

9,683,592‌

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

—

2.9%

(a)

Akamai

Technologies,

Inc.

(b)

.............

27,917

$

2,821,850‌

Cloudflare,

Inc.

,

Class

A

(b)

..............

122,586

10,752,018‌

EPAM

Systems,

Inc.

..................

11,803

2,226,636‌

Gartner,

Inc.

.......................

31,233

15,694,583‌

GoDaddy,

Inc.

,

Class

A

................

54,661

9,117,455‌

MongoDB,

Inc.

,

Class

A

(b)

..............

28,906

7,816,182‌

Okta,

Inc.

,

Class

A

...................

65,529

4,710,880‌

Twilio,

Inc.

,

Class

A

..................

68,605

5,532,993‌

VeriSign,

Inc.

......................

35,199

6,224,591‌

64,897,188‌

Life

Sciences

Tools

&

Services

—

3.6%

Agilent

Technologies,

Inc.

..............

119,174

15,529,564‌

Avantor,

Inc.

(a)

......................

162,199

3,628,392‌

Bio-Techne

Corp.

....................

64,623

4,765,946‌

Bruker

Corp.

.......................

38,494

2,179,145‌

Charles

River

Laboratories

International,

Inc.

(a)

13,330

2,380,471‌

Illumina,

Inc.

(a)

......................

64,741

9,331,768‌

IQVIA

Holdings,

Inc.

(a)

.................

47,486

9,773,568‌

Medpace

Holdings,

Inc.

(a)

..............

10,244

3,218,870‌

Mettler-Toledo

International,

Inc.

(a)

(b)

.......

8,701

11,239,517‌

Revvity,

Inc.

.......................

21,664

2,569,134‌

Waters

Corp.

(a)

.....................

15,325

4,951,661‌

West

Pharmaceutical

Services,

Inc.

.......

29,690

9,142,442‌

78,710,478‌

Machinery

—

5.0%

Cummins,

Inc.

......................

37,556

12,355,173‌

Dover

Corp.

.......................

39,069

7,396,934‌

Fortive

Corp.

.......................

100,538

7,181,429‌

Graco,

Inc.

........................

68,766

5,600,991‌

IDEX

Corp.

........................

30,773

6,605,117‌

Ingersoll

Rand,

Inc.

(b)

.................

164,694

15,810,624‌

Lincoln

Electric

Holdings,

Inc.

...........

23,354

4,497,046‌

Nordson

Corp.

......................

20,890

5,178,422‌

Otis

Worldwide

Corp.

.................

99,410

9,762,062‌

Pentair

plc

........................

49,060

4,862,827‌

Snap-on,

Inc.

......................

7,339

2,422,824‌

Stanley

Black

&

Decker,

Inc.

............

29,034

2,698,420‌

Westinghouse

Air

Brake

Technologies

Corp.

..

71,472

13,435,307‌

Xylem,

Inc.

........................

98,184

11,956,847‌

109,764,023‌

Media

—

1.0%

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

.........

181,572

21,826,770‌

Metals

&

Mining

—

0.5%

Newmont

Corp.

.....................

265,170

12,049,325‌

Multi-Utilities

—

0.5%

CMS

Energy

Corp.

...................

42,537

2,961,000‌

Dominion

Energy,

Inc.

.................

148,239

8,824,668‌

11,785,668‌

Oil,

Gas

&

Consumable

Fuels

—

2.0%

Cheniere

Energy,

Inc.

.................

28,350

5,425,623‌

Coterra

Energy,

Inc.

..................

122,247

2,924,148‌

EQT

Corp.

........................

148,160

5,413,767‌

Hess

Corp.

........................

113,450

15,256,756‌

Targa

Resources

Corp.

................

37,566

6,272,019‌

Texas

Pacific

Land

Corp.

...............

7,885

9,193,910‌

44,486,223‌

Passenger

Airlines

—

0.5%

Delta

Air

Lines,

Inc.

..................

117,973

6,750,415‌

Southwest

Airlines

Co.

................

106,519

3,257,351‌

10,007,766‌

Security

Shares

Shares

Value

Personal

Care

Products

—

0.3%

Coty,

Inc.

,

Class

A

(a)

(b)

.................

117,947

$

877,526‌

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

.....

94,508

6,515,381‌

7,392,907‌

Professional

Services

—

4.1%

Booz

Allen

Hamilton

Holding

Corp.

........

39,914

7,250,777‌

Broadridge

Financial

Solutions,

Inc.

.......

47,744

10,067,300‌

Dayforce,

Inc.

(a)

(b)

....................

63,444

4,501,352‌

Equifax,

Inc.

.......................

50,177

13,297,908‌

Jacobs

Solutions,

Inc.

.................

33,822

4,754,697‌

Leidos

Holdings,

Inc.

.................

22,260

4,077,142‌

Paychex,

Inc.

......................

131,963

18,386,405‌

Paycom

Software,

Inc.

................

20,672

4,321,068‌

TransUnion

........................

78,886

7,991,152‌

Verisk

Analytics,

Inc.

..................

58,178

15,982,660‌

90,630,461‌

Real

Estate

Management

&

Development

—

1.0%

(a)

CBRE

Group,

Inc.

,

Class

A

.............

76,112

9,968,389‌

CoStar

Group,

Inc.

...................

165,997

12,082,921‌

22,051,310‌

Residential

REITs

—

2.0%

American

Homes

4

Rent

,

Class

A

.........

130,544

4,600,371‌

AvalonBay

Communities,

Inc.

...........

28,377

6,288,627‌

Camden

Property

Trust

................

19,269

2,231,157‌

Equity

LifeStyle

Properties,

Inc.

..........

45,573

3,195,579‌

Equity

Residential

...................

56,476

3,974,216‌

Essex

Property

Trust,

Inc.

..............

12,355

3,507,090‌

Invitation

Homes,

Inc.

.................

233,785

7,343,187‌

Mid-America

Apartment

Communities,

Inc.

...

17,717

2,681,291‌

Sun

Communities,

Inc.

................

50,519

6,702,861‌

UDR,

Inc.

.........................

75,421

3,182,012‌

43,706,391‌

Retail

REITs

—

0.6%

Kimco

Realty

Corp.

..................

197,258

4,678,960‌

Realty

Income

Corp.

..................

118,829

7,054,877‌

Regency

Centers

Corp.

...............

26,570

1,898,161‌

13,631,998‌

Semiconductors

&

Semiconductor

Equipment

—

2.2%

Astera

Labs,

Inc.

(a)

(b)

..................

10,208

716,193‌

Enphase

Energy,

Inc.

(a)

................

55,773

4,631,390‌

Entegris,

Inc.

.......................

37,519

3,928,614‌

First

Solar,

Inc.

(a)

(b)

...................

41,467

8,064,502‌

Microchip

Technology,

Inc.

..............

92,378

6,777,774‌

Monolithic

Power

Systems,

Inc.

..........

18,948

14,387,216‌

ON

Semiconductor

Corp.

(a)

.............

63,733

4,492,539‌

Qorvo,

Inc.

(a)

.......................

22,556

1,607,341‌

Teradyne,

Inc.

......................

30,917

3,283,695‌

47,889,264‌

Software

—

11.7%

ANSYS,

Inc.

(a)

......................

35,412

11,346,359‌

AppLovin

Corp.

,

Class

A

(a)

(b)

.............

84,516

14,316,165‌

Aspen

Technology,

Inc.

(a)

(b)

..............

11,005

2,583,204‌

Atlassian

Corp.

,

Class

A

(a)

..............

64,334

12,129,532‌

Autodesk,

Inc.

(a)

.....................

87,064

24,708,763‌

Bentley

Systems,

Inc.

,

Class

B

...........

54,560

2,633,066‌

Datadog,

Inc.

,

Class

A

(a)

(b)

..............

120,205

15,078,515‌

DocuSign,

Inc.

(a)

....................

82,645

5,733,910‌

Dynatrace,

Inc.

(a)

....................

112,548

6,055,082‌

Fair

Isaac

Corp.

(a)

....................

10,016

19,962,990‌

Fortinet,

Inc.

(a)

......................

265,165

20,857,879‌

Gen

Digital,

Inc.

.....................

122,904

3,577,735‌

HubSpot,

Inc.

(a)

.....................

20,755

11,514,666‌

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Manhattan

Associates,

Inc.

(a)

............

25,038

$

6,594,008‌

MicroStrategy,

Inc.

,

Class

A

(a)

(b)

...........

43,292

10,584,894‌

Nutanix,

Inc.

,

Class

A

(a)

................

99,356

6,170,008‌

Palantir

Technologies,

Inc.

,

Class

A

(a)

......

812,065

33,749,422‌

Procore

Technologies,

Inc.

(a)

(b)

...........

35,274

2,315,738‌

PTC,

Inc.

(a)

........................

48,572

9,001,849‌

Tyler

Technologies,

Inc.

(a)

..............

17,096

10,353,167‌

Unity

Software,

Inc.

(a)

(b)

................

121,032

2,430,323‌

Workday,

Inc.

,

Class

A

(a)

...............

86,337

20,189,907‌

Zscaler,

Inc.

(a)

(b)

.....................

37,412

6,763,716‌

258,650,898‌

Specialized

REITs

—

2.3%

Digital

Realty

Trust,

Inc.

...............

96,298

17,163,193‌

Extra

Space

Storage,

Inc.

..............

30,427

4,968,729‌

Iron

Mountain,

Inc.

...................

60,548

7,491,604‌

Public

Storage

......................

30,970

10,190,988‌

SBA

Communications

Corp.

............

43,938

10,082,453‌

49,896,967‌

Specialty

Retail

—

3.2%

AutoZone,

Inc.

(a)

(b)

...................

6,948

20,906,532‌

Burlington

Stores,

Inc.

(a)

...............

25,911

6,419,968‌

CarMax,

Inc.

(a)

(b)

.....................

34,443

2,492,984‌

Dick's

Sporting

Goods,

Inc.

.............

10,796

2,113,317‌

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

(b)

....

43,314

4,463,508‌

Ross

Stores,

Inc.

....................

133,280

18,621,882‌

Tractor

Supply

Co.

...................

31,321

8,316,039‌

Ulta

Beauty,

Inc.

(a)

(b)

..................

9,423

3,476,898‌

Williams-Sonoma,

Inc.

................

32,266

4,327,839‌

71,138,967‌

Technology

Hardware,

Storage

&

Peripherals

—

1.0%

Dell

Technologies,

Inc.

,

Class

C

..........

46,751

5,779,826‌

NetApp,

Inc.

.......................

43,943

5,067,067‌

Pure

Storage,

Inc.

,

Class

A

(a)

............

125,052

6,258,853‌

Super

Micro

Computer,

Inc.

(a)

............

203,392

5,920,741‌

23,026,487‌

Textiles,

Apparel

&

Luxury

Goods

—

1.1%

(a)

Deckers

Outdoor

Corp.

................

62,746

10,095,204‌

Lululemon

Athletica,

Inc.

(b)

..............

45,216

13,469,846‌

23,565,050‌

Trading

Companies

&

Distributors

—

2.7%

Core

&

Main,

Inc.

,

Class

A

(a)

.............

73,740

3,265,207‌

Fastenal

Co.

.......................

232,800

18,200,304‌

United

Rentals,

Inc.

..................

12,941

10,518,445‌

Watsco,

Inc.

.......................

14,157

6,696,403‌

WW

Grainger,

Inc.

...................

18,188

20,174,675‌

58,855,034‌

Water

Utilities

—

0.3%

American

Water

Works

Co.,

Inc.

..........

39,540

5,460,870‌

Essential

Utilities,

Inc.

.................

33,007

1,274,070‌

6,734,940‌

Total

Long-Term

Investments

—

99

.7

%

(Cost:

$

1,816,764,507

)

............................

2,207,461,998‌

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

3.7%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(e)

..................

75,641,297

$

75,694,247‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.83

%

...................

5,192,073

5,192,073‌

Total

Short-Term

Securities

—

3

.7

%

(Cost:

$

80,836,763

)

...............................

80,886,320‌

Total

Investments

—

103

.4

%

(Cost:

$

1,897,601,270

)

............................

2,288,348,318‌

Liabilities

in

Excess

of

Other

Assets

—

(

3.4

)

%

.............

(

75,115,074‌

)

Net

Assets

—

100.0%

...............................

$

2,213,233,244‌

(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

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedules

of

Investments

21

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

Affiliated

Issuer

Value

at

04/30/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/24

Shares

Held

at

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

61,454,705

$

14,222,412

(a)

$

—

$

(

5,700

)

$

22,830

$

75,694,247

75,641,297

$

102,835

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

4,090,773

1,101,300

(a)

—

—

—

5,192,073

5,192,073

118,884

—

$

(

5,700

)

$

22,830

$

80,886,320

$

221,719

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Nasdaq-100

E-Mini

Index

.....................................................

5

12/20/24

$

2,002

$

9,535

Russell

2000

E-Mini

Index

....................................................

29

12/20/24

3,202

34,550

$

44,085

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)

......

$

—

$

—

$

44,085

$

—

$

—

$

—

$

44,085

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

337,818

$

—

$

—

$

—

$

337,818

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

215,786

$

—

$

—

$

—

$

215,786

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Mid-Cap

Growth

ETF

22

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

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

2,602,323

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,207,461,998

$

—

$

—

$

2,207,461,998

Short-Term

Securities

Money

Market

Funds

......................................

80,886,320

—

—

80,886,320

$

2,288,348,318

$

—

$

—

$

2,288,348,318

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

44,085

$

—

$

—

$

44,085

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.7%

AAR

Corp.

(a)

.......................

4,522

$

265,441

AeroVironment,

Inc.

(a)

.................

7,310

1,571,358

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

..........

32,947

103,783

Astronics

Corp.

(a)

....................

3,406

59,230

BWX

Technologies,

Inc.

...............

24,042

2,927,114

Cadre

Holdings,

Inc.

..................

5,879

204,413

Curtiss-Wright

Corp.

..................

10,065

3,472,022

Ducommun,

Inc.

(a)

...................

3,469

203,943

Hexcel

Corp.

.......................

21,941

1,287,717

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

..

38,612

877,265

Leonardo

DRS,

Inc.

(a)

.................

10,294

309,541

Loar

Holdings,

Inc.

(a)

(b)

.................

3,395

292,581

Moog,

Inc.

,

Class

A

..................

5,552

1,047,107

National

Presto

Industries,

Inc.

...........

612

44,021

Rocket

Lab

USA,

Inc.

(a)

(b)

...............

37,634

402,684

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

..

18,792

608,297

Triumph

Group,

Inc.

(a)

.................

7,673

106,194

Woodward,

Inc.

.....................

14,850

2,436,736

16,219,447

Air

Freight

&

Logistics

—

0.1%

Air

Transport

Services

Group,

Inc.

(a)

.......

5,203

89,699

Forward

Air

Corp.

...................

2,018

71,296

GXO

Logistics,

Inc.

(a)

.................

12,538

749,898

910,893

Automobile

Components

—

1.2%

Adient

plc

(a)

........................

11,474

224,087

Autoliv,

Inc.

........................

8,845

821,523

Dorman

Products,

Inc.

(a)

...............

4,291

489,303

Fox

Factory

Holding

Corp.

(a)

(b)

...........

3,659

131,687

Gentex

Corp.

......................

61,094

1,851,759

Gentherm,

Inc.

(a)

....................

8,274

347,094

LCI

Industries

......................

2,245

249,824

Lear

Corp.

........................

5,769

552,439

Luminar

Technologies,

Inc.

,

Class

A

(a)

(b)

.....

79,307

61,495

Mobileye

Global,

Inc.

,

Class

A

(a)

(b)

.........

22,161

301,611

Modine

Manufacturing

Co.

(a)

(b)

...........

13,023

1,533,719

Patrick

Industries,

Inc.

................

2,465

310,541

XPEL,

Inc.

(a)

(c)

......................

5,696

219,695

7,094,777

Automobiles

—

0.2%

Lucid

Group,

Inc.

(a)

(b)

..................

253,739

560,763

Thor

Industries,

Inc.

..................

6,669

694,110

1,254,873

Banks

—

1.2%

Amalgamated

Financial

Corp.

...........

2,502

82,979

Axos

Financial,

Inc.

(a)

.................

7,207

488,058

BancFirst

Corp.

.....................

2,726

296,343

Bancorp,

Inc.

(The)

(a)

(b)

................

7,810

392,531

Bank

First

Corp.

....................

1,427

131,298

City

Holding

Co.

....................

1,371

159,859

Coastal

Financial

Corp.

(a)

..............

1,147

72,250

Columbia

Financial,

Inc.

(a)

..............

3,125

53,375

CrossFirst

Bankshares,

Inc.

(a)

............

6,027

94,624

Cullen/Frost

Bankers,

Inc.

..............

5,058

644,136

Eastern

Bankshares,

Inc.

..............

31,982

522,266

First

Financial

Bankshares,

Inc.

..........

12,182

440,257

German

American

Bancorp,

Inc.

..........

2,657

107,582

HBT

Financial,

Inc.

...................

1,798

38,405

Home

BancShares,

Inc.

...............

20,803

567,714

International

Bancshares

Corp.

..........

7,476

457,980

Lakeland

Financial

Corp.

...............

2,293

149,206

Security

Shares

Shares

Value

Banks

(continued)

Live

Oak

Bancshares,

Inc.

..............

9,227

$

366,404

NB

Bancorp,

Inc.

(a)

...................

10,698

202,085

Nicolet

Bankshares,

Inc.

...............

1,488

151,315

Pathward

Financial,

Inc.

(b)

..............

2,817

199,331

QCR

Holdings,

Inc.

..................

1,795

141,984

Republic

Bancorp,

Inc.

,

Class

A

..........

1,147

77,422

Seacoast

Banking

Corp.

of

Florida

........

12,670

338,289

ServisFirst

Bancshares,

Inc.

............

5,577

463,672

Stock

Yards

Bancorp,

Inc.

..............

3,721

239,930

TFS

Financial

Corp.

..................

10,581

135,966

Triumph

Financial,

Inc.

(a)

...............

2,963

261,840

WSFS

Financial

Corp.

................

6,574

323,244

7,600,345

Beverages

—

0.5%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(a)

......

2,476

720,689

Coca-Cola

Consolidated,

Inc.

............

1,369

1,539,112

MGP

Ingredients,

Inc.

(b)

................

1,934

92,909

National

Beverage

Corp.

...............

3,821

172,671

Vita

Coco

Co.,

Inc.

(The)

(a)

(b)

............

9,957

294,827

2,820,208

Biotechnology

—

7.2%

(a)

Absci

Corp.

........................

21,657

83,163

ACADIA

Pharmaceuticals,

Inc.

...........

31,757

463,335

ADMA

Biologics,

Inc.

.................

60,698

989,984

Agios

Pharmaceuticals,

Inc.

.............

7,714

342,733

Akero

Therapeutics,

Inc.

...............

7,938

244,729

Alector,

Inc.

.......................

7,973

39,227

Alkermes

plc

(b)

......................

24,760

636,332

ALX

Oncology

Holdings,

Inc.

............

2,422

3,463

Amicus

Therapeutics,

Inc.

(b)

.............

48,202

550,467

AnaptysBio,

Inc.

....................

2,675

57,860

Apellis

Pharmaceuticals,

Inc.

............

21,399

583,337

Arcturus

Therapeutics

Holdings,

Inc.

(b)

......

6,246

110,742

Arcus

Biosciences,

Inc.

................

7,590

116,127

Ardelyx,

Inc.

.......................

56,660

332,594

Arrowhead

Pharmaceuticals,

Inc.

(b)

........

15,885

305,469

Astria

Therapeutics,

Inc.

...............

8,620

96,372

Aurinia

Pharmaceuticals,

Inc.

............

22,076

159,168

Biohaven

Ltd.

......................

21,348

1,062,277

Blueprint

Medicines

Corp.

..............

16,233

1,420,550

Bridgebio

Pharma,

Inc.

................

23,126

541,380

Catalyst

Pharmaceuticals,

Inc.

...........

12,567

273,961

Celcuity,

Inc.

.......................

3,679

57,025

Celldex

Therapeutics,

Inc.

(b)

.............

15,339

399,734

CG

oncology,

Inc.

...................

6,085

216,200

Cogent

Biosciences,

Inc.

(b)

..............

12,868

147,853

Crinetics

Pharmaceuticals,

Inc.

(b)

.........

19,297

1,079,860

CRISPR

Therapeutics

AG

(b)

.............

9,480

439,777

Cullinan

Therapeutics,

Inc.

.............

3,567

55,467

Cytokinetics,

Inc.

(b)

...................

13,654

696,354

Day

One

Biopharmaceuticals,

Inc.

........

9,032

132,951

Denali

Therapeutics,

Inc.

...............

15,121

392,541

Dianthus

Therapeutics,

Inc.

.............

3,450

96,117

Dynavax

Technologies

Corp.

............

18,501

219,237

Dyne

Therapeutics,

Inc.

...............

8,221

237,258

Exelixis,

Inc.

(b)

......................

76,057

2,525,092

Geron

Corp.

.......................

131,788

541,649

Gyre

Therapeutics,

Inc.

(b)

..............

1,795

25,669

Halozyme

Therapeutics,

Inc.

............

33,374

1,687,723

Ideaya

Biosciences,

Inc.

...............

13,232

372,481

Immunome,

Inc.

(b)

...................

11,569

132,696

Immunovant,

Inc.

....................

16,313

477,318

Insmed,

Inc.

(b)

......................

42,354

2,849,577

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Intellia

Therapeutics,

Inc.

(b)

.............

24,788

$

352,485

Ionis

Pharmaceuticals,

Inc.

.............

38,542

1,479,627

Iovance

Biotherapeutics,

Inc.

(b)

...........

57,121

596,343

Keros

Therapeutics,

Inc.

(b)

..............

4,296

249,340

Kiniksa

Pharmaceuticals

International

plc

....

4,694

106,037

Krystal

Biotech,

Inc.

(b)

.................

6,636

1,144,909

Kymera

Therapeutics,

Inc.

(b)

.............

11,237

518,812

Lyell

Immunopharma,

Inc.

..............

22,315

21,429

Madrigal

Pharmaceuticals,

Inc.

(b)

.........

4,159

1,078,595

MannKind

Corp.

(b)

...................

70,473

498,244

Mirum

Pharmaceuticals,

Inc.

(b)

...........

8,772

337,371

Myriad

Genetics,

Inc.

.................

23,304

511,756

Novavax,

Inc.

(b)

.....................

18,098

173,922

Nuvalent,

Inc.

,

Class

A

................

8,719

771,544

ORIC

Pharmaceuticals,

Inc.

(b)

...........

5,677

53,250

Perspective

Therapeutics,

Inc.

...........

12,497

147,590

Praxis

Precision

Medicines,

Inc.

..........

4,055

283,809

Prime

Medicine,

Inc.

(b)

.................

13,265

51,468

Protagonist

Therapeutics,

Inc.

...........

14,468

663,213

PTC

Therapeutics,

Inc.

................

13,245

528,740

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(b)

..

54,848

346,639

Relay

Therapeutics,

Inc.

...............

29,248

164,813

REVOLUTION

Medicines,

Inc.

...........

13,352

714,332

Rhythm

Pharmaceuticals,

Inc.

...........

13,194

629,750

Rocket

Pharmaceuticals,

Inc.

(b)

...........

6,773

112,770

Sage

Therapeutics,

Inc.

...............

8,544

51,948

Sana

Biotechnology,

Inc.

(b)

..............

24,204

84,714

Savara,

Inc.

.......................

29,422

106,949

Scholar

Rock

Holding

Corp.

(b)

...........

8,614

244,982

Shattuck

Labs,

Inc.

..................

10,661

13,433

Soleno

Therapeutics,

Inc.

..............

4,841

266,545

SpringWorks

Therapeutics,

Inc.

..........

14,459

435,650

Spyre

Therapeutics,

Inc.

...............

4,064

132,202

Stoke

Therapeutics,

Inc.

...............

3,961

48,958

Summit

Therapeutics,

Inc.

(b)

.............

11,464

213,116

Syndax

Pharmaceuticals,

Inc.

...........

11,899

224,415

Tango

Therapeutics,

Inc.

...............

12,336

67,046

TG

Therapeutics,

Inc.

(b)

................

20,468

512,928

Twist

Bioscience

Corp.

................

14,254

575,291

Tyra

Biosciences,

Inc.

.................

1,333

22,234

Ultragenyx

Pharmaceutical,

Inc.

..........

21,852

1,114,234

Vaxcyte,

Inc.

.......................

28,779

3,060,647

Vera

Therapeutics,

Inc.

,

Class

A

..........

9,681

390,919

Veracyte,

Inc.

......................

19,991

674,496

Vericel

Corp.

.......................

12,754

561,686

Verve

Therapeutics,

Inc.

...............

17,103

98,000

Viking

Therapeutics,

Inc.

(b)

..............

27,278

1,978,746

Viridian

Therapeutics,

Inc.

..............

7,764

167,470

Xencor,

Inc.

.......................

18,188

382,130

Y-mAbs

Therapeutics,

Inc.

(b)

.............

4,670

67,762

Zentalis

Pharmaceuticals,

Inc.

...........

6,587

17,983

44,247,121

Broadline

Retail

—

0.4%

(a)

Etsy,

Inc.

.........................

19,667

1,011,670

Ollie's

Bargain

Outlet

Holdings,

Inc.

.......

16,194

1,487,095

Savers

Value

Village,

Inc.

..............

6,908

70,669

2,569,434

Building

Products

—

2.7%

AAON,

Inc.

........................

17,879

2,042,139

American

Woodmark

Corp.

(a)

............

1,738

157,654

Apogee

Enterprises,

Inc.

...............

2,499

187,025

Armstrong

World

Industries,

Inc.

..........

11,555

1,612,500

AZEK

Co.,

Inc.

(The)

,

Class

A

(a)

..........

38,180

1,679,920

Security

Shares

Shares

Value

Building

Products

(continued)

AZZ,

Inc.

.........................

4,042

$

307,920

CSW

Industrials,

Inc.

.................

4,313

1,522,920

Gibraltar

Industries,

Inc.

(a)

..............

7,944

536,141

Griffon

Corp.

.......................

5,907

371,432

Hayward

Holdings,

Inc.

(a)

...............

19,264

313,233

Insteel

Industries,

Inc.

.................

2,661

71,767

Janus

International

Group,

Inc.

(a)

.........

20,834

153,338

Quanex

Building

Products

Corp.

..........

5,915

171,890

Resideo

Technologies,

Inc.

(a)

............

17,100

336,357

Simpson

Manufacturing

Co.,

Inc.

.........

11,176

2,009,333

Tecnoglass,

Inc.

.....................

6,005

411,523

Trex

Co.,

Inc.

(a)

.....................

28,426

2,013,982

UFP

Industries,

Inc.

..................

8,882

1,086,624

Zurn

Elkay

Water

Solutions

Corp.

.........

38,544

1,391,438

16,377,136

Capital

Markets

—

3.0%

Affiliated

Managers

Group,

Inc.

..........

3,869

750,199

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

............................

9,646

425,389

BGC

Group,

Inc.

,

Class

A

..............

13,628

127,694

Blue

Owl

Capital,

Inc.

,

Class

A

...........

131,003

2,929,227

Brightsphere

Investment

Group,

Inc.

.......

5,189

136,938

Cohen

&

Steers,

Inc.

.................

7,058

697,119

DigitalBridge

Group,

Inc.

,

Class

A

(b)

........

30,311

475,580

Donnelley

Financial

Solutions,

Inc.

(a)

.......

3,351

195,497

Evercore,

Inc.

,

Class

A

................

2,783

735,185

Freedom

Holding

Corp.

(a)

(b)

.............

4,669

506,120

Hamilton

Lane,

Inc.

,

Class

A

............

10,343

1,858,017

Houlihan

Lokey,

Inc.

,

Class

A

............

8,186

1,414,295

Jefferies

Financial

Group,

Inc.

...........

16,517

1,056,758

MarketAxess

Holdings,

Inc.

.............

6,298

1,822,767

Perella

Weinberg

Partners

,

Class

C

.......

7,320

148,084

Piper

Sandler

Cos.

...................

1,797

509,701

PJT

Partners,

Inc.

,

Class

A

.............

6,077

844,460

SEI

Investments

Co.

..................

20,507

1,533,103

StepStone

Group,

Inc.

,

Class

A

..........

8,417

506,114

StoneX

Group,

Inc.

(a)

.................

3,284

295,691

TPG,

Inc.

,

Class

A

...................

12,301

832,532

Victory

Capital

Holdings,

Inc.

,

Class

A

......

5,922

354,905

Virtus

Investment

Partners,

Inc.

..........

792

171,365

WisdomTree,

Inc.

....................

18,355

189,974

18,516,714

Chemicals

—

1.8%

Arcadium

Lithium

plc

(a)

(b)

...............

133,429

719,182

Ashland,

Inc.

.......................

6,110

516,723

Aspen

Aerogels,

Inc.

(a)

(b)

...............

15,409

274,897

Axalta

Coating

Systems

Ltd.

(a)

...........

38,141

1,446,307

Balchem

Corp.

.....................

8,423

1,409,421

Cabot

Corp.

.......................

9,926

1,070,321

Ecovyst,

Inc.

(a)

......................

13,737

91,488

Element

Solutions,

Inc.

................

22,477

609,127

Ginkgo

Bioworks

Holdings,

Inc.

(a)

(b)

........

6,127

46,688

Hawkins,

Inc.

......................

5,153

550,856

HB

Fuller

Co.

......................

8,140

595,685

Huntsman

Corp.

....................

17,810

391,820

Innospec,

Inc.

......................

6,471

697,444

Koppers

Holdings,

Inc.

................

2,643

89,888

NewMarket

Corp.

....................

600

314,982

Orion

SA

.........................

7,087

106,234

Perimeter

Solutions

SA

(a)

...............

17,007

225,853

Quaker

Chemical

Corp.

...............

3,628

549,932

Scotts

Miracle-Gro

Co.

(The)

............

5,135

446,642

Sensient

Technologies

Corp.

............

5,836

440,501

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

Stepan

Co.

........................

2,891

$

209,135

10,803,126

Commercial

Services

&

Supplies

—

1.4%

ABM

Industries,

Inc.

..................

8,955

475,152

ACV

Auctions,

Inc.

,

Class

A

(a)

............

38,482

665,354

Brady

Corp.

,

Class

A,

NVS

.............

5,791

411,972

Brink's

Co.

(The)

....................

8,196

842,467

Casella

Waste

Systems,

Inc.

,

Class

A

(a)

.....

16,121

1,577,923

CECO

Environmental

Corp.

(a)

............

8,170

194,446

Driven

Brands

Holdings,

Inc.

(a)

(b)

..........

8,935

132,685

HNI

Corp.

.........................

5,034

248,076

Interface,

Inc.

......................

10,213

178,421

Liquidity

Services,

Inc.

(a)

...............

6,022

129,955

MillerKnoll,

Inc.

.....................

9,276

207,411

Montrose

Environmental

Group,

Inc.

(a)

......

8,823

232,663

MSA

Safety,

Inc.

....................

5,851

970,973

OPENLANE,

Inc.

(a)

...................

20,399

322,304

Stericycle,

Inc.

(a)

....................

8,667

532,760

UniFirst

Corp.

......................

2,041

366,992

Vestis

Corp.

.......................

13,445

181,776

Viad

Corp.

(a)

.......................

5,509

206,257

VSE

Corp.

........................

4,617

473,797

8,351,384

Communications

Equipment

—

0.7%

(a)

Calix,

Inc.

.........................

15,608

552,211

Ciena

Corp.

.......................

19,537

1,240,795

Digi

International,

Inc.

.................

9,608

278,344

Extreme

Networks,

Inc.

................

34,284

511,860

Harmonic,

Inc.

......................

28,948

321,033

Infinera

Corp.

(b)

.....................

26,160

175,795

Lumentum

Holdings,

Inc.

(b)

.............

9,756

623,116

Viavi

Solutions,

Inc.

..................

31,325

288,817

3,991,971

Construction

&

Engineering

—

2.1%

Ameresco,

Inc.

,

Class

A

(a)

..............

3,132

96,372

API

Group

Corp.

(a)

...................

49,143

1,677,742

Arcosa,

Inc.

.......................

12,725

1,191,569

Argan,

Inc.

........................

1,546

204,134

Centuri

Holdings,

Inc.

(a)

................

1,760

33,035

Construction

Partners,

Inc.

,

Class

A

(a)

(b)

.....

11,335

892,404

Dycom

Industries,

Inc.

(a)

...............

7,675

1,337,983

Granite

Construction,

Inc.

..............

6,162

517,916

IES

Holdings,

Inc.

(a)

..................

2,341

511,895

Limbach

Holdings,

Inc.

(a)

(b)

..............

1,700

129,149

MasTec,

Inc.

(a)

......................

16,066

1,974,351

MYR

Group,

Inc.

(a)

...................

4,361

571,291

Primoris

Services

Corp.

...............

8,783

549,991

Sterling

Infrastructure,

Inc.

(a)

............

8,182

1,263,710

WillScot

Holdings

Corp.

(a)

(b)

.............

50,255

1,665,451

12,616,993

Construction

Materials

—

0.8%

Eagle

Materials,

Inc.

..................

8,946

2,553,725

Knife

River

Corp.

(a)

...................

8,259

803,766

Summit

Materials,

Inc.

,

Class

A

(a)

.........

31,513

1,494,031

United

States

Lime

&

Minerals,

Inc.

........

2,819

317,927

5,169,449

Consumer

Finance

—

0.9%

EZCORP,

Inc.

,

Class

A,

NVS

(a)

(b)

..........

7,442

85,509

FirstCash

Holdings,

Inc.

...............

6,551

677,832

LendingClub

Corp.

(a)

..................

17,174

243,527

Moneylion,

Inc.

(a)

....................

1,658

71,244

NerdWallet,

Inc.

,

Class

A

(a)

(b)

............

5,944

87,317

Security

Shares

Shares

Value

Consumer

Finance

(continued)

SoFi

Technologies,

Inc.

(a)

(b)

.............

274,250

$

3,063,373

Upstart

Holdings,

Inc.

(a)

................

19,967

971,994

5,200,796

Consumer

Staples

Distribution

&

Retail

—

0.8%

Andersons,

Inc.

(The)

.................

3,071

139,423

Chefs'

Warehouse,

Inc.

(The)

(a)

..........

4,194

167,425

Grocery

Outlet

Holding

Corp.

(a)

...........

11,410

163,163

Maplebear,

Inc.

(a)

....................

38,322

1,690,000

PriceSmart,

Inc.

.....................

4,311

358,158

Sprouts

Farmers

Market,

Inc.

(a)

...........

18,851

2,421,034

Weis

Markets,

Inc.

...................

1,280

80,499

5,019,702

Containers

&

Packaging

—

0.5%

AptarGroup,

Inc.

....................

11,870

1,993,092

Graphic

Packaging

Holding

Co.

..........

37,828

1,069,019

Myers

Industries,

Inc.

.................

2,731

32,171

3,094,282

Distributors

—

0.0%

GigaCloud

Technology,

Inc.

,

Class

A

(a)

(b)

.....

1,895

43,149

Diversified

Consumer

Services

—

1.7%

Adtalem

Global

Education,

Inc.

(a)

.........

5,344

432,436

Bright

Horizons

Family

Solutions,

Inc.

(a)

.....

15,126

2,018,867

Chegg,

Inc.

(a)

.......................

10,305

16,488

Coursera,

Inc.

(a)

.....................

29,075

202,071

Duolingo,

Inc.

,

Class

A

(a)

...............

9,604

2,813,684

European

Wax

Center,

Inc.

,

Class

A

(a)

......

6,071

43,651

Frontdoor,

Inc.

(a)

.....................

9,005

447,458

Grand

Canyon

Education,

Inc.

(a)

..........

7,407

1,015,574

H&R

Block,

Inc.

.....................

14,567

870,087

Laureate

Education,

Inc.

...............

17,196

295,427

Mister

Car

Wash,

Inc.

(a)

................

9,874

74,154

OneSpaWorld

Holdings

Ltd.

.............

25,164

440,622

Perdoceo

Education

Corp.

..............

6,290

140,582

Strategic

Education,

Inc.

...............

5,964

518,629

Stride,

Inc.

(a)

.......................

7,686

716,950

Udemy,

Inc.

(a)

......................

23,946

187,737

Universal

Technical

Institute,

Inc.

(a)

........

11,375

189,280

10,423,697

Diversified

REITs

—

0.3%

Alexander

&

Baldwin,

Inc.

..............

14,425

268,449

American

Assets

Trust,

Inc.

.............

4,551

122,649

Broadstone

Net

Lease,

Inc.

.............

14,988

263,639

Empire

State

Realty

Trust,

Inc.

,

Class

A

.....

12,319

130,581

Essential

Properties

Realty

Trust,

Inc.

......

27,563

873,472

Gladstone

Commercial

Corp.

............

4,260

67,074

1,725,864

Diversified

Telecommunication

Services

—

0.2%

Anterix,

Inc.

(a)

......................

3,081

100,071

Globalstar,

Inc.

(a)

(b)

...................

198,722

208,658

IDT

Corp.

,

Class

B

...................

3,467

162,706

Iridium

Communications,

Inc.

............

29,084

853,034

1,324,469

Electric

Utilities

—

0.3%

IDACORP,

Inc.

.....................

4,125

426,855

MGE

Energy,

Inc.

....................

4,491

406,391

Otter

Tail

Corp.

.....................

4,616

362,448

Portland

General

Electric

Co.

............

10,332

489,737

1,685,431

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

—

1.1%

Acuity

Brands,

Inc.

...................

5,702

$

1,714,534

Allient,

Inc.

........................

3,909

67,587

Atkore,

Inc.

........................

4,074

349,386

Bloom

Energy

Corp.

,

Class

A

(a)

(b)

.........

52,927

508,099

EnerSys

..........................

4,868

471,515

Fluence

Energy,

Inc.

,

Class

A

(a)

(b)

.........

15,727

342,062

Generac

Holdings,

Inc.

(a)

...............

7,161

1,185,504

NEXTracker,

Inc.

,

Class

A

(a)

.............

23,135

921,236

Plug

Power,

Inc.

(a)

(b)

..................

116,770

228,869

Powell

Industries,

Inc.

(b)

...............

2,498

636,940

Preformed

Line

Products

Co.

............

282

34,686

Thermon

Group

Holdings,

Inc.

(a)

..........

6,180

161,978

Vicor

Corp.

(a)

.......................

5,941

271,563

6,893,959

Electronic

Equipment,

Instruments

&

Components

—

3.6%

Advanced

Energy

Industries,

Inc.

.........

4,603

499,564

Arlo

Technologies,

Inc.

(a)

...............

24,466

248,575

Badger

Meter,

Inc.

...................

7,685

1,537,384

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

1,501

113,205

Belden,

Inc.

.......................

6,503

740,497

Benchmark

Electronics,

Inc.

............

4,560

197,448

Cognex

Corp.

......................

42,955

1,728,080

Coherent

Corp.

(a)

(b)

...................

39,338

3,636,405

CTS

Corp.

........................

7,913

391,614

ePlus,

Inc.

(a)

.......................

3,517

312,837

Evolv

Technologies

Holdings,

Inc.

(a)

(b)

......

29,045

62,447

Fabrinet

(a)

.........................

9,528

2,295,962

Insight

Enterprises,

Inc.

(a)

..............

3,657

639,682

IPG

Photonics

Corp.

(a)

................

3,336

270,083

Itron,

Inc.

(a)

(b)

.......................

11,929

1,333,185

Kimball

Electronics,

Inc.

(a)

..............

2,145

38,159

Littelfuse,

Inc.

......................

6,533

1,598,168

Mirion

Technologies,

Inc.

,

Class

A

(a)

.......

54,672

809,146

Napco

Security

Technologies,

Inc.

........

9,180

353,246

Novanta,

Inc.

(a)

.....................

9,342

1,590,382

OSI

Systems,

Inc.

(a)

(b)

.................

2,757

364,503

PAR

Technology

Corp.

(a)

...............

8,791

518,581

PC

Connection,

Inc.

..................

1,343

85,482

Plexus

Corp.

(a)

......................

4,528

652,485

Powerfleet,

Inc.

(a)

....................

26,946

135,538

Rogers

Corp.

(a)

.....................

4,468

448,051

Sanmina

Corp.

(a)

....................

5,751

403,145

Vontier

Corp.

.......................

25,081

930,003

21,933,857

Energy

Equipment

&

Services

—

1.4%

Archrock,

Inc.

......................

19,852

397,437

Atlas

Energy

Solutions,

Inc.

.............

6,583

128,829

Cactus,

Inc.

,

Class

A

.................

8,565

507,819

ChampionX

Corp.

...................

49,718

1,403,042

Core

Laboratories,

Inc.

................

12,075

228,217

Helix

Energy

Solutions

Group,

Inc.

(a)

.......

37,991

351,417

Innovex

International,

Inc.

(a)

.............

8,635

122,531

Kodiak

Gas

Services,

Inc.

..............

4,376

139,507

Nabors

Industries

Ltd.

(a)

...............

833

61,983

NOV,

Inc.

.........................

64,849

1,005,808

Oceaneering

International,

Inc.

(a)

(b)

........

26,191

639,060

Patterson-UTI

Energy,

Inc.

.............

51,907

398,127

ProPetro

Holding

Corp.

(a)

...............

12,466

86,140

RPC,

Inc.

.........................

14,387

81,718

Select

Water

Solutions,

Inc.

,

Class

A

.......

12,656

134,154

TETRA

Technologies,

Inc.

(a)

.............

22,631

75,814

Tidewater,

Inc.

(a)

....................

7,566

454,490

Transocean

Ltd.

(a)

(b)

..................

77,963

338,359

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Valaris

Ltd.

(a)

.......................

11,347

$

574,158

Weatherford

International

plc

............

19,192

1,516,168

8,644,778

Entertainment

—

1.5%

Atlanta

Braves

Holdings,

Inc.

,

Class

A

(a)

.....

2,722

114,487

Atlanta

Braves

Holdings,

Inc.

,

Class

C,

NVS

(a)

12,304

486,131

Cinemark

Holdings,

Inc.

(a)

(b)

.............

12,107

360,183

Endeavor

Group

Holdings,

Inc.

,

Class

A

(b)

...

48,608

1,433,450

IMAX

Corp.

(a)

......................

11,691

284,091

Madison

Square

Garden

Entertainment

Corp.

(a)

10,482

437,204

Madison

Square

Garden

Sports

Corp.

(a)

.....

2,621

583,697

Roku,

Inc.

,

Class

A

(a)

.................

31,525

2,020,122

TKO

Group

Holdings,

Inc.

,

Class

A

(a)

.......

18,501

2,160,362

Warner

Music

Group

Corp.

,

Class

A

.......

35,209

1,125,280

9,005,007

Financial

Services

—

2.2%

Acacia

Research

Corp.

(a)

...............

5,379

24,313

Affirm

Holdings,

Inc.

,

Class

A

(a)

(b)

..........

59,912

2,627,141

AvidXchange

Holdings,

Inc.

(a)

............

46,880

386,291

Cass

Information

Systems,

Inc.

..........

1,941

80,280

Euronet

Worldwide,

Inc.

(a)

..............

5,963

587,177

EVERTEC,

Inc.

.....................

6,103

199,934

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

..........................

1,000

183,270

Flywire

Corp.

(a)

.....................

25,305

440,813

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

.....................

13,265

464,142

I3

Verticals,

Inc.

,

Class

A

(a)

..............

3,771

86,695

International

Money

Express,

Inc.

(a)

(b)

.......

4,652

81,829

Marqeta,

Inc.

,

Class

A

(a)

...............

40,719

230,470

Merchants

Bancorp

..................

3,714

137,195

Radian

Group,

Inc.

...................

18,640

650,722

Remitly

Global,

Inc.

(a)

.................

37,645

676,857

Repay

Holdings

Corp.

,

Class

A

(a)

(b)

........

13,413

106,700

Shift4

Payments,

Inc.

,

Class

A

(a)

(b)

.........

15,603

1,411,135

Toast,

Inc.

,

Class

A

(a)

.................

107,592

3,230,988

Voya

Financial,

Inc.

..................

9,965

800,190

WEX,

Inc.

(a)

........................

6,566

1,133,292

13,539,434

Food

Products

—

1.1%

Freshpet,

Inc.

(a)

.....................

11,836

1,568,744

Ingredion,

Inc.

......................

5,849

776,513

J

&

J

Snack

Foods

Corp.

...............

2,290

375,835

John

B

Sanfilippo

&

Son,

Inc.

............

1,088

89,771

Lancaster

Colony

Corp.

...............

5,324

924,246

Mission

Produce,

Inc.

(a)

................

8,108

95,674

Pilgrim's

Pride

Corp.

(a)

................

6,611

320,237

Post

Holdings,

Inc.

(a)

..................

8,217

897,379

Simply

Good

Foods

Co.

(The)

(a)

(b)

.........

23,592

794,107

Tootsie

Roll

Industries,

Inc.

.............

3,624

105,712

Utz

Brands,

Inc.

,

Class

A

...............

13,215

227,562

Vital

Farms,

Inc.

(a)

...................

7,063

244,945

Westrock

Coffee

Co.

(a)

(b)

...............

3,058

20,305

6,441,030

Gas

Utilities

—

0.1%

Chesapeake

Utilities

Corp.

.............

2,307

276,356

New

Jersey

Resources

Corp.

............

7,308

335,364

611,720

Ground

Transportation

—

0.8%

ArcBest

Corp.

......................

2,846

296,496

FTAI

Infrastructure,

Inc.

................

15,881

128,160

Knight-Swift

Transportation

Holdings,

Inc.

...

24,830

1,293,146

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Ground

Transportation

(continued)

Landstar

System,

Inc.

.................

4,292

$

754,405

Lyft,

Inc.

,

Class

A

(a)

...................

35,569

461,330

Marten

Transport

Ltd.

.................

5,201

80,512

RXO,

Inc.

(a)

........................

24,954

703,453

Ryder

System,

Inc.

...................

5,222

763,874

Werner

Enterprises,

Inc.

...............

7,933

292,648

4,774,024

Health

Care

Equipment

&

Supplies

—

3.7%

Alphatec

Holdings,

Inc.

(a)

...............

26,712

209,689

Artivion,

Inc.

(a)

......................

5,346

140,760

AtriCure,

Inc.

(a)

.....................

12,682

420,789

Avanos

Medical,

Inc.

(a)

................

3,693

68,985

Axonics,

Inc.

(a)

......................

13,218

929,225

CONMED

Corp.

.....................

8,016

547,012

Establishment

Labs

Holdings,

Inc.

(a)

(b)

......

6,376

274,742

Glaukos

Corp.

(a)

.....................

13,822

1,827,960

Globus

Medical,

Inc.

,

Class

A

(a)

..........

18,281

1,344,385

Haemonetics

Corp.

(a)

(b)

................

13,286

945,432

ICU

Medical,

Inc.

(a)

...................

2,936

501,263

Inari

Medical,

Inc.

(a)

..................

13,279

642,704

Inspire

Medical

Systems,

Inc.

(a)

(b)

.........

7,719

1,505,514

Integer

Holdings

Corp.

(a)

...............

6,554

814,335

iRhythm

Technologies,

Inc.

(a)

(b)

...........

8,078

585,170

Lantheus

Holdings,

Inc.

(a)

(b)

.............

17,935

1,969,980

LeMaitre

Vascular,

Inc.

................

5,180

457,860

LivaNova

plc

(a)

......................

14,157

730,784

Masimo

Corp.

(a)

.....................

7,108

1,023,623

Merit

Medical

Systems,

Inc.

(a)

............

15,155

1,495,192

Novocure

Ltd.

(a)

.....................

13,208

200,497

OrthoPediatrics

Corp.

(a)

................

4,199

111,400

Paragon

28,

Inc.

(a)

(b)

..................

9,670

51,251

Penumbra,

Inc.

(a)

....................

9,748

2,231,025

PROCEPT

BioRobotics

Corp.

(a)

(b)

.........

12,038

1,083,420

RxSight,

Inc.

(a)

......................

8,441

427,621

SI-BONE,

Inc.

(a)

.....................

10,072

138,994

STAAR

Surgical

Co.

(a)

.................

9,777

283,435

Tandem

Diabetes

Care,

Inc.

(a)

...........

11,413

358,026

TransMedics

Group,

Inc.

(a)

(b)

.............

8,569

702,401

Treace

Medical

Concepts,

Inc.

(a)

..........

11,543

53,790

UFP

Technologies,

Inc.

(a)

...............

1,934

516,378

Varex

Imaging

Corp.

(a)

................

3,485

45,758

22,639,400

Health

Care

Providers

&

Services

—

3.2%

Acadia

Healthcare

Co.,

Inc.

(a)

............

24,005

1,024,773

Accolade,

Inc.

(a)

.....................

6,098

19,331

Addus

HomeCare

Corp.

(a)

..............

4,603

572,705

Amedisys,

Inc.

(a)

....................

2,452

231,959

Astrana

Health,

Inc.

(a)

(b)

................

10,423

560,549

BrightSpring

Health

Services,

Inc.

(a)

.......

7,650

114,521

Castle

Biosciences,

Inc.

(a)

..............

2,191

75,962

Chemed

Corp.

......................

3,932

2,124,224

CorVel

Corp.

(a)

......................

2,435

725,192

Encompass

Health

Corp.

..............

26,162

2,602,073

Ensign

Group,

Inc.

(The)

...............

14,781

2,290,907

Guardant

Health,

Inc.

(a)

................

30,700

671,716

HealthEquity,

Inc.

(a)

(b)

.................

22,540

1,921,535

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

........

41,089

773,706

LifeStance

Health

Group,

Inc.

(a)

(b)

.........

10,159

68,167

National

HealthCare

Corp.

..............

1,848

214,423

National

Research

Corp.

...............

3,866

70,091

NeoGenomics,

Inc.

(a)

.................

16,602

225,621

Option

Care

Health,

Inc.

(a)

..............

45,572

1,049,979

Owens

&

Minor,

Inc.

(a)

.................

8,419

107,005

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

PACS

Group,

Inc.

(a)

..................

6,327

$

270,036

Privia

Health

Group,

Inc.

(a)

..............

27,998

514,043

Progyny,

Inc.

(a)

......................

21,968

330,618

R1

RCM,

Inc.

(a)

.....................

40,473

577,145

RadNet,

Inc.

(a)

......................

17,165

1,116,412

Select

Medical

Holdings

Corp.

...........

13,090

419,927

Surgery

Partners,

Inc.

(a)

...............

19,830

571,104

Talkspace,

Inc.

(a)

....................

30,387

95,111

US

Physical

Therapy,

Inc.

..............

2,198

176,236

19,515,071

Health

Care

REITs

—

0.2%

Community

Healthcare

Trust,

Inc.

.........

4,118

77,254

Global

Medical

REIT,

Inc.

..............

8,882

80,737

National

Health

Investors,

Inc.

...........

11,472

879,329

Universal

Health

Realty

Income

Trust

......

1,535

60,724

1,098,044

Health

Care

Technology

—

0.5%

Certara,

Inc.

(a)

(b)

.....................

28,691

292,648

Definitive

Healthcare

Corp.

,

Class

A

(a)

......

4,487

18,621

Doximity,

Inc.

,

Class

A

(a)

(b)

..............

32,349

1,350,247

Evolent

Health,

Inc.

,

Class

A

(a)

(b)

..........

30,095

702,718

GoodRx

Holdings,

Inc.

,

Class

A

(a)

(b)

........

9,352

57,234

HealthStream,

Inc.

...................

6,784

198,330

Phreesia,

Inc.

(a)

.....................

14,538

265,900

Schrodinger,

Inc.

(a)

(b)

..................

8,826

155,294

Simulations

Plus,

Inc.

.................

4,224

114,978

Teladoc

Health,

Inc.

(a)

.................

17,411

156,699

3,312,669

Hotel

&

Resort

REITs

—

0.6%

Apple

Hospitality

REIT,

Inc.

.............

59,917

884,974

Pebblebrook

Hotel

Trust

...............

11,293

135,290

RLJ

Lodging

Trust

...................

23,662

209,409

Ryman

Hospitality

Properties,

Inc.

........

15,275

1,635,189

Sunstone

Hotel

Investors,

Inc.

...........

53,731

542,146

Xenia

Hotels

&

Resorts,

Inc.

............

26,539

376,057

3,783,065

Hotels,

Restaurants

&

Leisure

—

4.2%

Aramark

..........................

67,835

2,566,198

BJ's

Restaurants,

Inc.

(a)

(b)

..............

4,944

183,373

Bowlero

Corp.

,

Class

A

(b)

...............

3,086

32,002

Caesars

Entertainment,

Inc.

(a)

...........

20,561

823,468

Cava

Group,

Inc.

(a)

...................

18,568

2,479,942

Choice

Hotels

International,

Inc.

(b)

.........

7,317

1,020,795

Dutch

Bros,

Inc.

,

Class

A

(a)

(b)

............

20,603

682,371

Everi

Holdings,

Inc.

(a)

.................

7,938

105,814

First

Watch

Restaurant

Group,

Inc.

(a)

(b)

......

8,138

138,305

Golden

Entertainment,

Inc.

.............

1,711

50,261

Hilton

Grand

Vacations,

Inc.

(a)

(b)

..........

8,084

298,138

Hyatt

Hotels

Corp.

,

Class

A

.............

8,221

1,195,744

Krispy

Kreme,

Inc.

...................

20,755

235,984

Kura

Sushi

USA,

Inc.

,

Class

A

(a)

(b)

.........

1,427

142,443

Life

Time

Group

Holdings,

Inc.

(a)

..........

15,704

349,885

Light

&

Wonder,

Inc.

,

Class

A

(a)

...........

23,669

2,219,679

Monarch

Casino

&

Resort,

Inc.

...........

3,471

272,508

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

......

111,284

2,819,937

Papa

John's

International,

Inc.

...........

5,888

308,472

Planet

Fitness,

Inc.

,

Class

A

(a)

...........

22,818

1,791,669

Portillo's,

Inc.

,

Class

A

(a)

(b)

..............

10,775

139,321

Red

Rock

Resorts,

Inc.

,

Class

A

..........

8,883

457,119

Rush

Street

Interactive,

Inc.

,

Class

A

(a)

.....

12,817

138,680

Shake

Shack,

Inc.

,

Class

A

(a)

............

9,853

1,198,815

Sweetgreen,

Inc.

,

Class

A

(a)

.............

22,144

799,398

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Target

Hospitality

Corp.

(a)

..............

6,536

$

48,759

Texas

Roadhouse,

Inc.

................

17,489

3,342,498

Vail

Resorts,

Inc.

....................

5,506

912,289

Wendy's

Co.

(The)

...................

22,573

431,370

Wyndham

Hotels

&

Resorts,

Inc.

.........

6,207

548,202

25,733,439

Household

Durables

—

1.0%

Cavco

Industries,

Inc.

(a)

(b)

...............

2,076

850,735

Century

Communities,

Inc.

.............

2,609

231,314

Champion

Homes,

Inc.

(a)

...............

14,919

1,316,303

Installed

Building

Products,

Inc.

..........

6,274

1,360,831

Legacy

Housing

Corp.

(a)

(b)

..............

977

24,230

Sonos,

Inc.

(a)

(b)

......................

30,363

380,448

Tempur

Sealy

International,

Inc.

..........

32,963

1,579,257

Vizio

Holding

Corp.

,

Class

A

(a)

...........

9,426

104,911

5,848,029

Household

Products

—

0.3%

Reynolds

Consumer

Products,

Inc.

........

5,630

151,728

Spectrum

Brands

Holdings,

Inc.

..........

7,134

639,349

WD-40

Co.

........................

3,527

924,321

1,715,398

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

Altus

Power,

Inc.

,

Class

A

(a)

.............

19,445

66,891

Clearway

Energy,

Inc.

,

Class

A

...........

5,037

134,185

Clearway

Energy,

Inc.

,

Class

C

..........

11,916

338,176

Montauk

Renewables,

Inc.

(a)

(b)

...........

17,593

97,289

Ormat

Technologies,

Inc.

...............

13,989

1,105,411

Sunnova

Energy

International,

Inc.

(a)

(b)

......

9,597

58,254

1,800,206

Industrial

REITs

—

1.5%

Americold

Realty

Trust,

Inc.

.............

37,633

966,416

EastGroup

Properties,

Inc.

.............

12,580

2,154,702

First

Industrial

Realty

Trust,

Inc.

..........

32,694

1,716,108

Innovative

Industrial

Properties,

Inc.

.......

3,762

486,013

Plymouth

Industrial

REIT,

Inc.

...........

4,013

81,544

Rexford

Industrial

Realty,

Inc.

...........

36,860

1,580,925

STAG

Industrial,

Inc.

.................

19,993

745,339

Terreno

Realty

Corp.

.................

24,712

1,481,485

9,212,532

Insurance

—

2.4%

Ambac

Financial

Group,

Inc.

(a)

...........

5,323

60,203

Assured

Guaranty

Ltd.

................

9,433

787,278

Baldwin

Insurance

Group,

Inc.

(The)

,

Class

A

(a)

17,307

800,622

Employers

Holdings,

Inc.

...............

1,944

94,712

Goosehead

Insurance,

Inc.

,

Class

A

(a)

(b)

.....

6,128

667,339

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a)

...

2,348

40,902

Hanover

Insurance

Group,

Inc.

(The)

......

5,046

748,473

Kinsale

Capital

Group,

Inc.

(b)

............

5,806

2,485,607

Lemonade,

Inc.

(a)

(b)

...................

7,033

167,174

Mercury

General

Corp.

................

3,602

243,603

Oscar

Health,

Inc.

,

Class

A

(a)

............

44,359

745,231

Palomar

Holdings,

Inc.

(a)

...............

6,227

558,998

Primerica,

Inc.

......................

5,420

1,500,310

ProAssurance

Corp.

(a)

.................

5,481

81,612

RLI

Corp.

.........................

10,771

1,679,953

Root,

Inc.

,

Class

A

(a)

(b)

.................

1,217

83,231

Ryan

Specialty

Holdings,

Inc.

,

Class

A

......

26,034

1,714,860

Safety

Insurance

Group,

Inc.

............

1,767

138,294

Selective

Insurance

Group,

Inc.

..........

4,899

444,927

Skyward

Specialty

Insurance

Group,

Inc.

(a)

(b)

..

2,728

120,605

Tiptree,

Inc.

.......................

3,829

78,150

Trupanion,

Inc.

(a)

....................

6,109

334,651

Security

Shares

Shares

Value

Insurance

(continued)

White

Mountains

Insurance

Group

Ltd.

(b)

....

461

$

828,482

14,405,217

Interactive

Media

&

Services

—

1.1%

(a)

Bumble,

Inc.

,

Class

A

(b)

................

14,665

103,828

Cargurus,

Inc.

,

Class

A

................

22,393

694,631

Cars.com,

Inc.

......................

6,267

100,209

EverQuote,

Inc.

,

Class

A

...............

2,193

39,430

IAC,

Inc.

..........................

5,833

279,693

Match

Group,

Inc.

...................

69,462

2,502,716

MediaAlpha,

Inc.

,

Class

A

..............

4,106

70,336

QuinStreet,

Inc.

.....................

13,635

286,335

Reddit,

Inc.

,

Class

A

..................

6,632

791,198

Rumble,

Inc.

,

Class

A

(b)

................

21,545

125,823

Taboola.com

Ltd.

....................

24,832

82,442

TripAdvisor,

Inc.

.....................

28,701

460,364

Vimeo,

Inc.

........................

39,852

190,094

Yelp,

Inc.

.........................

9,681

330,509

ZipRecruiter,

Inc.

,

Class

A

(b)

.............

16,940

157,034

ZoomInfo

Technologies,

Inc.

............

45,925

507,471

6,722,113

IT

Services

—

0.2%

ASGN,

Inc.

(a)

.......................

4,092

376,873

Couchbase,

Inc.

(a)

...................

9,347

150,206

DigitalOcean

Holdings,

Inc.

(a)

............

8,804

348,462

Fastly,

Inc.

,

Class

A

(a)

.................

23,555

170,303

Grid

Dynamics

Holdings,

Inc.

,

Class

A

(a)

.....

15,547

247,508

Hackett

Group,

Inc.

(The)

..............

4,326

105,209

1,398,561

Leisure

Products

—

0.5%

Acushnet

Holdings

Corp.

...............

3,481

213,385

Brunswick

Corp.

....................

7,300

582,102

Hasbro,

Inc.

.......................

13,349

876,095

Mattel,

Inc.

(a)

(b)

......................

34,205

697,098

Smith

&

Wesson

Brands,

Inc.

............

6,526

84,544

Topgolf

Callaway

Brands

Corp.

(a)

.........

37,408

363,232

YETI

Holdings,

Inc.

(a)

.................

13,794

485,687

3,302,143

Life

Sciences

Tools

&

Services

—

0.7%

10X

Genomics,

Inc.

,

Class

A

(a)

...........

15,854

254,140

Azenta,

Inc.

(a)

(b)

.....................

11,804

485,026

BioLife

Solutions,

Inc.

(a)

................

7,283

170,422

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

(b)

.....

2,004

717,813

CryoPort,

Inc.

(a)

(b)

....................

4,089

27,233

Fortrea

Holdings,

Inc.

(a)

................

12,964

218,054

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(a)

29,011

214,971

Mesa

Laboratories,

Inc.

...............

615

70,135

OmniAb,

Inc.

(a)

......................

8,258

33,775

OmniAb,

Inc.,

12.50

Earnout

Shares

(a)

(d)

.....

1,386

—

OmniAb,

Inc.,

15.00

Earnout

Shares

(a)

(d)

.....

1,386

—

Quanterix

Corp.

(a)

....................

4,786

63,247

Repligen

Corp.

(a)

....................

13,726

1,842,990

Sotera

Health

Co.

(a)

..................

18,632

291,963

Standard

BioTools,

Inc.

(a)

...............

80,912

158,588

4,548,357

Machinery

—

5.0%

Alamo

Group,

Inc.

...................

2,602

441,143

Albany

International

Corp.

,

Class

A

........

5,380

365,410

Allison

Transmission

Holdings,

Inc.

........

8,870

947,848

Chart

Industries,

Inc.

(a)

(b)

...............

11,224

1,354,961

Columbus

McKinnon

Corp.

.............

4,533

144,195

Crane

Co.

.........................

8,889

1,398,062

Donaldson

Co.,

Inc.

..................

31,570

2,309,661

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

Douglas

Dynamics,

Inc.

...............

2,291

$

51,891

Energy

Recovery,

Inc.

(a)

...............

14,993

267,775

Enerpac

Tool

Group

Corp.

,

Class

A

(b)

.......

14,187

625,930

Enpro,

Inc.

........................

3,862

562,346

Esab

Corp.

(b)

.......................

10,708

1,317,512

Federal

Signal

Corp.

.................

16,032

1,307,730

Flowserve

Corp.

....................

20,699

1,089,595

Franklin

Electric

Co.,

Inc.

..............

10,515

1,006,391

Gorman-Rupp

Co.

(The)

...............

5,351

197,719

Helios

Technologies,

Inc.

...............

3,649

168,328

Hillenbrand,

Inc.

....................

6,413

176,678

ITT,

Inc.

..........................

21,492

3,011,459

John

Bean

Technologies

Corp.

(b)

..........

5,258

585,846

Kadant,

Inc.

(b)

......................

3,052

1,016,499

Lindsay

Corp.

......................

2,900

347,130

Middleby

Corp.

(The)

(a)

................

6,421

832,804

Miller

Industries,

Inc.

.................

1,597

104,827

Mueller

Industries,

Inc.

(b)

...............

14,447

1,184,221

Mueller

Water

Products,

Inc.

,

Class

A

......

28,694

619,503

Nikola

Corp.

(a)

(b)

.....................

4,677

18,381

Omega

Flex,

Inc.

....................

933

47,695

Oshkosh

Corp.

.....................

5,504

562,729

Proto

Labs,

Inc.

(a)

....................

3,431

94,009

RBC

Bearings,

Inc.

(a)

.................

7,494

2,100,943

SPX

Technologies,

Inc.

(a)

...............

12,130

1,740,534

Standex

International

Corp.

.............

1,946

357,831

Symbotic,

Inc.

,

Class

A

(a)

(b)

..............

6,433

178,773

Tennant

Co.

.......................

3,177

278,178

Timken

Co.

(The)

....................

9,269

769,327

Toro

Co.

(The)

......................

15,764

1,268,687

Trinity

Industries,

Inc.

.................

12,052

413,143

Wabash

National

Corp.

................

6,197

108,076

Watts

Water

Technologies,

Inc.

,

Class

A

.....

7,152

1,363,100

30,736,870

Marine

Transportation

—

0.3%

Kirby

Corp.

(a)

.......................

10,061

1,154,600

Matson,

Inc.

.......................

3,192

494,409

1,649,009

Media

—

0.8%

Boston

Omaha

Corp.

,

Class

A

(a)

(b)

.........

6,192

91,394

Cardlytics,

Inc.

(a)

(b)

...................

4,830

20,817

Integral

Ad

Science

Holding

Corp.

(a)

.......

18,727

221,728

Liberty

Broadband

Corp.

,

Class

A

(a)

........

2,752

220,793

Liberty

Broadband

Corp.

,

Class

C,

NVS

(a)

...

16,955

1,370,303

Magnite,

Inc.

(a)

......................

18,453

230,294

New

York

Times

Co.

(The)

,

Class

A

........

40,849

2,281,008

PubMatic,

Inc.

,

Class

A

(a)

...............

11,095

163,152

TechTarget,

Inc.

(a)

....................

2,619

75,807

4,675,296

Metals

&

Mining

—

1.5%

Alpha

Metallurgical

Resources,

Inc.

.......

1,032

214,966

ATI,

Inc.

(a)

.........................

32,626

1,719,716

Carpenter

Technology

Corp.

............

12,899

1,928,400

Century

Aluminum

Co.

(a)

...............

13,338

235,416

Cleveland-Cliffs,

Inc.

(a)

(b)

...............

77,088

1,000,602

Coeur

Mining,

Inc.

(a)

..................

53,222

342,750

Haynes

International,

Inc.

..............

3,231

195,023

Hecla

Mining

Co.

....................

59,697

387,434

Ivanhoe

Electric,

Inc.

(a)

(b)

...............

11,767

119,435

Materion

Corp.

.....................

5,406

549,412

McEwen

Mining,

Inc.

(a)

(b)

...............

10,714

101,890

Metallus,

Inc.

(a)

.....................

4,158

58,586

MP

Materials

Corp.

,

Class

A

(a)

(b)

..........

24,905

448,041

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Royal

Gold,

Inc.

.....................

9,771

$

1,427,152

Worthington

Steel,

Inc.

................

3,478

132,999

8,861,822

Office

REITs

—

0.1%

COPT

Defense

Properties

..............

15,697

505,443

Oil,

Gas

&

Consumable

Fuels

—

0.5%

Antero

Midstream

Corp.

...............

30,031

431,545

Centrus

Energy

Corp.

,

Class

A

(a)

(b)

........

2,170

225,268

Clean

Energy

Fuels

Corp.

(a)

(b)

............

11,204

31,707

CNX

Resources

Corp.

(a)

(b)

..............

14,493

493,197

CONSOL

Energy,

Inc.

.................

2,119

235,040

Green

Plains,

Inc.

(a)

..................

15,047

184,025

HighPeak

Energy,

Inc.

(b)

...............

1,497

19,162

New

Fortress

Energy,

Inc.

,

Class

A

(b)

.......

28,983

243,747

NextDecade

Corp.

(a)

..................

7,236

42,258

REX

American

Resources

Corp.

(a)

........

2,339

104,623

Riley

Exploration

Permian,

Inc.

...........

911

24,333

Talos

Energy,

Inc.

(a)

..................

14,644

149,662

Uranium

Energy

Corp.

(a)

(b)

..............

98,279

729,230

2,913,797

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

................

6,685

661,147

Passenger

Airlines

—

0.2%

(a)

Frontier

Group

Holdings,

Inc.

(b)

...........

13,556

82,421

Joby

Aviation,

Inc.

,

Class

A

(b)

............

41,872

200,986

SkyWest,

Inc.

......................

6,261

596,047

Sun

Country

Airlines

Holdings,

Inc.

........

4,368

61,370

940,824

Personal

Care

Products

—

0.7%

BellRing

Brands,

Inc.

(a)

................

34,148

2,247,963

elf

Beauty,

Inc.

(a)

....................

13,915

1,464,554

Interparfums,

Inc.

....................

4,708

569,997

4,282,514

Pharmaceuticals

—

1.7%

(a)

Amphastar

Pharmaceuticals,

Inc.

.........

9,945

502,521

ANI

Pharmaceuticals,

Inc.

..............

4,681

267,964

Arvinas,

Inc.

(b)

......................

7,509

198,463

Avadel

Pharmaceuticals

plc

.............

24,381

377,174

Axsome

Therapeutics,

Inc.

.............

10,355

921,906

Cassava

Sciences,

Inc.

(b)

..............

6,988

180,325

Catalent,

Inc.

......................

47,203

2,766,096

Corcept

Therapeutics,

Inc.

(b)

............

14,329

701,691

Evolus,

Inc.

........................

12,873

210,087

EyePoint

Pharmaceuticals,

Inc.

..........

9,528

112,049

Harmony

Biosciences

Holdings,

Inc.

(b)

......

8,385

269,410

Intra-Cellular

Therapies,

Inc.

............

25,571

2,167,142

Ligand

Pharmaceuticals,

Inc.

............

2,744

290,041

Liquidia

Corp.

......................

11,974

129,918

Longboard

Pharmaceuticals,

Inc.

.........

3,031

181,011

Pacira

BioSciences,

Inc.

...............

6,475

107,485

Pliant

Therapeutics,

Inc.

(b)

..............

3,819

53,733

Prestige

Consumer

Healthcare,

Inc.

(b)

......

5,093

375,609

Scilex

Holding

Co.

,

(Acquired

01/06/23

,

cost

$

157,754

)

(e)

.....................

15,053

14,086

Tarsus

Pharmaceuticals,

Inc.

(b)

...........

4,724

210,171

Tilray

Brands,

Inc.

,

Class

2

(b)

............

119,155

195,414

WaVe

Life

Sciences

Ltd.

...............

24,449

335,196

10,567,492

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

—

3.6%

Alight,

Inc.

,

Class

A

(a)

(b)

................

41,402

$

286,916

Barrett

Business

Services,

Inc.

...........

4,409

159,562

CACI

International,

Inc.

,

Class

A

(a)

........

3,987

2,203,057

CBIZ,

Inc.

(a)

........................

12,391

854,112

Clarivate

plc

(a)

......................

31,924

210,698

CRA

International,

Inc.

................

1,737

316,377

ExlService

Holdings,

Inc.

(a)

.............

42,401

1,766,850

Exponent,

Inc.

......................

13,271

1,252,517

First

Advantage

Corp.

(a)

................

4,918

89,114

Franklin

Covey

Co.

(a)

.................

3,171

126,237

FTI

Consulting,

Inc.

(a)

.................

9,278

1,809,952

Heidrick

&

Struggles

International,

Inc.

.....

2,270

88,666

Huron

Consulting

Group,

Inc.

(a)

...........

4,704

544,394

ICF

International,

Inc.

.................

4,928

830,811

Insperity,

Inc.

.......................

9,382

739,020

KBR,

Inc.

.........................

35,405

2,372,489

Kforce,

Inc.

........................

2,669

154,241

Korn

Ferry

........................

7,183

507,479

Legalzoom.com,

Inc.

(a)

................

30,645

220,031

Maximus,

Inc.

......................

5,788

500,315

NV5

Global,

Inc.

(a)

...................

9,369

214,082

Parsons

Corp.

(a)

.....................

5,447

589,147

Paycor

HCM,

Inc.

(a)

(b)

.................

21,555

325,265

Paylocity

Holding

Corp.

(a)

..............

11,433

2,110,189

Robert

Half,

Inc.

....................

17,663

1,203,027

Science

Applications

International

Corp.

....

5,440

784,938

Sterling

Check

Corp.

(a)

................

2,794

46,772

TriNet

Group,

Inc.

...................

2,830

240,239

UL

Solutions,

Inc.

,

Class

A

..............

5,264

273,517

Upwork,

Inc.

(a)

......................

10,806

146,529

Verra

Mobility

Corp.

,

Class

A

(a)

...........

43,647

1,133,513

22,100,056

Real

Estate

Management

&

Development

—

0.4%

eXp

World

Holdings,

Inc.

(b)

..............

20,890

278,255

Forestar

Group,

Inc.

(a)

.................

2,071

65,381

FRP

Holdings,

Inc.

(a)

..................

2,146

62,234

Howard

Hughes

Holdings,

Inc.

(a)

..........

4,335

329,633

Jones

Lang

LaSalle,

Inc.

(a)

..............

4,225

1,144,806

Marcus

&

Millichap,

Inc.

...............

2,613

98,876

St.

Joe

Co.

(The)

....................

10,037

518,913

2,498,098

Residential

REITs

—

0.2%

Apartment

Investment

&

Management

Co.

,

Class

A

(a)

.......................

14,977

126,406

Independence

Realty

Trust,

Inc.

..........

31,904

625,957

NexPoint

Residential

Trust,

Inc.

..........

2,453

102,167

UMH

Properties,

Inc.

.................

9,763

182,080

Veris

Residential,

Inc.

.................

9,808

161,538

1,198,148

Retail

REITs

—

1.3%

Acadia

Realty

Trust

..................

7,760

190,042

Agree

Realty

Corp.

..................

10,475

777,769

Brixmor

Property

Group,

Inc.

............

28,887

778,505

Federal

Realty

Investment

Trust

..........

11,342

1,257,147

Getty

Realty

Corp.

...................

4,386

137,677

InvenTrust

Properties

Corp.

.............

7,400

217,930

Kite

Realty

Group

Trust

................

57,517

1,476,461

NETSTREIT

Corp.

...................

11,312

175,336

NNN

REIT,

Inc.

.....................

21,950

953,508

Phillips

Edison

&

Co.,

Inc.

..............

23,226

878,175

Retail

Opportunity

Investments

Corp.

......

10,476

162,378

SITE

Centers

Corp.

..................

5,161

82,318

Tanger,

Inc.

........................

17,037

566,140

Security

Shares

Shares

Value

Retail

REITs

(continued)

Urban

Edge

Properties

................

19,290

$

429,010

Whitestone

REIT

....................

5,980

82,404

8,164,800

Semiconductors

&

Semiconductor

Equipment

—

3.7%

Allegro

MicroSystems,

Inc.

(a)

............

32,272

672,549

Alpha

&

Omega

Semiconductor

Ltd.

(a)

......

3,485

115,144

Ambarella,

Inc.

(a)

....................

4,190

235,436

Amkor

Technology,

Inc.

................

16,151

411,043

Axcelis

Technologies,

Inc.

(a)

.............

8,476

723,088

Cirrus

Logic,

Inc.

(a)

...................

4,917

539,985

Cohu,

Inc.

(a)

.......................

12,634

314,839

Credo

Technology

Group

Holding

Ltd.

(a)

.....

34,999

1,319,462

Diodes,

Inc.

(a)

(b)

.....................

4,331

253,277

FormFactor,

Inc.

(a)

...................

20,313

771,488

Ichor

Holdings

Ltd.

(a)

..................

8,685

236,753

Impinj,

Inc.

(a)

.......................

5,887

1,118,471

indie

Semiconductor,

Inc.

,

Class

A

(a)

(b)

......

40,340

133,525

Kulicke

&

Soffa

Industries,

Inc.

...........

13,999

627,995

Lattice

Semiconductor

Corp.

(a)

...........

36,072

1,827,408

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

14,983

1,684,089

MaxLinear,

Inc.

(a)

....................

9,400

121,918

MKS

Instruments,

Inc.

................

6,133

609,191

Navitas

Semiconductor

Corp.

(a)

(b)

.........

31,860

78,694

Onto

Innovation,

Inc.

(a)

................

12,897

2,557,862

PDF

Solutions,

Inc.

(a)

.................

8,084

228,939

Power

Integrations,

Inc.

...............

6,136

370,799

Rambus,

Inc.

(a)

.....................

28,043

1,341,016

Semtech

Corp.

(a)

....................

19,673

869,350

Silicon

Laboratories,

Inc.

(a)

(b)

.............

8,314

863,492

SiTime

Corp.

(a)

(b)

....................

4,823

815,135

SolarEdge

Technologies,

Inc.

(a)

(b)

.........

5,364

91,510

Synaptics,

Inc.

(a)

....................

6,741

462,905

Ultra

Clean

Holdings,

Inc.

(a)

.............

11,663

390,127

Universal

Display

Corp.

...............

12,391

2,234,345

Veeco

Instruments,

Inc.

(a)

..............

11,065

318,451

Wolfspeed,

Inc.

(a)

(b)

...................

10,897

145,039

22,483,325

Software

—

10.1%

A10

Networks,

Inc.

...................

18,894

276,797

ACI

Worldwide,

Inc.

(a)

.................

20,870

1,026,804

Agilysys,

Inc.

(a)

.....................

6,040

604,242

Alarm.com

Holdings,

Inc.

(a)

.............

12,972

691,797

Alkami

Technology,

Inc.

(a)

..............

12,417

454,586

Altair

Engineering,

Inc.

,

Class

A

(a)

(b)

........

14,897

1,549,139

Amplitude,

Inc.

,

Class

A

(a)

(b)

.............

19,674

176,869

Appfolio,

Inc.

,

Class

A

(a)

...............

5,677

1,180,078

Appian

Corp.

,

Class

A

(a)

...............

9,002

321,822

Asana,

Inc.

,

Class

A

(a)

.................

23,433

279,790

AvePoint,

Inc.

,

Class

A

(a)

...............

24,698

299,834

BILL

Holdings,

Inc.

(a)

..................

25,853

1,508,781

Blackbaud,

Inc.

(a)

....................

5,137

387,895

BlackLine,

Inc.

(a)

....................

13,282

735,424

Blend

Labs,

Inc.

,

Class

A

(a)

(b)

............

46,063

167,209

Box,

Inc.

,

Class

A

(a)

..................

38,192

1,212,978

Braze,

Inc.

,

Class

A

(a)

(b)

................

15,756

495,684

C3.ai,

Inc.

,

Class

A

(a)

(b)

................

29,036

715,157

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

...

86,008

895,343

Cleanspark,

Inc.

(a)

(b)

..................

57,634

611,497

Clear

Secure,

Inc.

,

Class

A

.............

20,770

763,921

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a)

.

34,893

911,056

CommVault

Systems,

Inc.

(a)

.............

11,521

1,799,465

Confluent,

Inc.

,

Class

A

(a)

(b)

.............

59,900

1,567,583

Dolby

Laboratories,

Inc.

,

Class

A

.........

15,632

1,139,573

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

DoubleVerify

Holdings,

Inc.

(a)

............

38,120

$

649,946

Dropbox,

Inc.

,

Class

A

(a)

...............

26,813

693,116

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

(b)

...

31,290

91,680

Elastic

NV

(a)

.......................

22,472

1,802,929

Enfusion,

Inc.

,

Class

A

(a)

...............

5,726

51,019

Envestnet,

Inc.

(a)

....................

7,641

479,702

EverCommerce,

Inc.

(a)

................

5,553

58,418

Five9,

Inc.

(a)

.......................

19,318

570,461

Freshworks,

Inc.

,

Class

A

(a)

.............

48,616

568,807

Gitlab,

Inc.

,

Class

A

(a)

.................

30,419

1,635,021

Guidewire

Software,

Inc.

(a)

(b)

.............

21,894

4,077,976

HashiCorp,

Inc.

,

Class

A

(a)

..............

39,280

1,330,021

Hut

8

Corp.

(a)

(b)

.....................

10,733

169,474

Informatica,

Inc.

,

Class

A

(a)

.............

13,915

379,880

Instructure

Holdings,

Inc.

(a)

(b)

............

5,709

134,390

Intapp,

Inc.

(a)

.......................

11,302

567,021

InterDigital,

Inc.

.....................

6,592

991,700

Jamf

Holding

Corp.

(a)

.................

14,569

242,428

JFrog

Ltd.

(a)

(b)

......................

20,485

597,752

Klaviyo,

Inc.

,

Class

A

(a)

(b)

...............

9,568

363,871

LiveRamp

Holdings,

Inc.

(a)

..............

12,012

300,660

MARA

Holdings,

Inc.

(a)

(b)

...............

70,455

1,181,530

Matterport,

Inc.

,

Class

A

(a)

..............

44,686

203,768

Meridianlink,

Inc.

(a)

...................

6,647

145,968

Mitek

Systems,

Inc.

(a)

(b)

................

7,850

67,431

N-able,

Inc.

(a)

.......................

19,002

232,394

nCino,

Inc.

(a)

(b)

......................

20,018

746,671

NextNav,

Inc.

(a)

.....................

9,495

110,332

Olo,

Inc.

,

Class

A

(a)

...................

17,234

86,342

Pagaya

Technologies

Ltd.

,

Class

A

(a)

(b)

......

4,364

50,273

PagerDuty,

Inc.

(a)

....................

24,302

438,894

Pegasystems,

Inc.

...................

10,915

867,088

PROS

Holdings,

Inc.

(a)

................

11,769

233,026

Q2

Holdings,

Inc.

(a)

...................

15,335

1,298,261

Qualys,

Inc.

(a)

......................

9,654

1,151,143

Rapid7,

Inc.

(a)

......................

16,329

660,018

RingCentral,

Inc.

,

Class

A

(a)

(b)

............

8,804

317,032

Riot

Platforms,

Inc.

(a)

(b)

................

74,870

691,799

Rubrik,

Inc.

,

Class

A

(a)

.................

6,279

259,072

Samsara,

Inc.

,

Class

A

(a)

(b)

..............

51,379

2,455,402

SEMrush

Holdings,

Inc.

,

Class

A

(a)

........

3,439

45,085

SentinelOne,

Inc.

,

Class

A

(a)

(b)

...........

71,133

1,834,520

Smartsheet,

Inc.

,

Class

A

(a)

.............

36,173

2,040,881

SolarWinds

Corp.

...................

7,217

94,398

Sprinklr,

Inc.

,

Class

A

(a)

(b)

...............

31,553

234,439

Sprout

Social,

Inc.

,

Class

A

(a)

............

12,941

342,807

SPS

Commerce,

Inc.

(a)

................

9,621

1,587,465

Tenable

Holdings,

Inc.

(a)

...............

31,241

1,237,456

Teradata

Corp.

(a)

....................

15,895

512,296

Terawulf,

Inc.

(a)

.....................

77,598

505,939

UiPath,

Inc.

,

Class

A

(a)

................

116,495

1,439,878

Varonis

Systems,

Inc.

(a)

(b)

...............

29,242

1,472,920

Vertex,

Inc.

,

Class

A

(a)

.................

13,139

545,400

Weave

Communications,

Inc.

(a)

..........

9,714

136,190

Workiva,

Inc.

,

Class

A

(a)

................

13,356

1,065,275

Yext,

Inc.

(a)

........................

30,151

218,293

Zeta

Global

Holdings

Corp.

,

Class

A

(a)

......

47,990

1,328,363

Zuora,

Inc.

,

Class

A

(a)

.................

36,573

362,073

61,729,718

Specialized

REITs

—

1.0%

CubeSmart

........................

58,743

2,810,265

Farmland

Partners,

Inc.

...............

6,956

81,455

Four

Corners

Property

Trust,

Inc.

.........

7,319

201,712

Lamar

Advertising

Co.

,

Class

A

..........

10,170

1,342,440

Security

Shares

Shares

Value

Specialized

REITs

(continued)

National

Storage

Affiliates

Trust

..........

8,143

$

343,227

Outfront

Media,

Inc.

..................

15,314

271,977

PotlatchDeltic

Corp.

..................

7,867

327,031

Rayonier,

Inc.

......................

18,788

586,749

Safehold,

Inc.

......................

6,871

146,215

6,111,071

Specialty

Retail

—

2.7%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

........

13,071

1,722,627

Advance

Auto

Parts,

Inc.

...............

6,933

247,439

American

Eagle

Outfitters,

Inc.

...........

28,358

555,533

Arhaus,

Inc.

,

Class

A

.................

5,945

50,414

Arko

Corp.

........................

5,518

36,695

Beyond,

Inc.

(a)

......................

3,454

22,140

Boot

Barn

Holdings,

Inc.

(a)

..............

4,481

558,108

Camping

World

Holdings,

Inc.

,

Class

A

.....

6,003

120,420

Carvana

Co.

,

Class

A

(a)

................

14,320

3,541,479

Chewy,

Inc.

,

Class

A

(a)

................

40,007

1,078,989

Five

Below,

Inc.

(a)

....................

14,306

1,356,066

GameStop

Corp.

,

Class

A

(a)

.............

34,300

760,774

Gap,

Inc.

(The)

.....................

33,641

698,723

Guess?,

Inc.

.......................

4,033

68,521

Leslie's,

Inc.

(a)

......................

17,401

46,809

Murphy

USA,

Inc.

...................

5,246

2,562,409

National

Vision

Holdings,

Inc.

(a)

..........

7,309

76,014

Revolve

Group,

Inc.

,

Class

A

(a)

(b)

..........

10,038

249,143

RH

(a)

............................

2,422

770,317

Shoe

Carnival,

Inc.

...................

1,696

58,122

Urban

Outfitters,

Inc.

(a)

................

6,527

234,646

Valvoline,

Inc.

(a)

.....................

34,065

1,372,138

Warby

Parker,

Inc.

,

Class

A

(a)

(b)

...........

15,922

269,559

Winmark

Corp.

.....................

753

280,786

16,737,871

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

IonQ,

Inc.

(a)

(b)

.......................

50,017

751,756

Textiles,

Apparel

&

Luxury

Goods

—

0.8%

Columbia

Sportswear

Co.

..............

3,540

284,864

Crocs,

Inc.

(a)

.......................

4,490

484,112

Figs,

Inc.

,

Class

A

(a)

(b)

.................

20,412

127,575

Ralph

Lauren

Corp.

,

Class

A

............

6,801

1,346,122

Skechers

USA,

Inc.

,

Class

A

(a)

...........

35,038

2,153,435

Steven

Madden

Ltd.

..................

5,805

261,051

4,657,159

Trading

Companies

&

Distributors

—

1.9%

Air

Lease

Corp.

,

Class

A

...............

13,468

597,306

Applied

Industrial

Technologies,

Inc.

.......

10,133

2,346,701

BlueLinx

Holdings,

Inc.

(a)

...............

884

96,763

Custom

Truck

One

Source,

Inc.

(a)

(b)

........

6,715

27,464

Distribution

Solutions

Group,

Inc.

(a)

........

2,605

100,292

DNOW,

Inc.

(a)

......................

15,143

179,142

DXP

Enterprises,

Inc.

(a)

................

2,121

104,099

FTAI

Aviation

Ltd.

....................

26,116

3,511,035

GATX

Corp.

.......................

3,847

529,963

Global

Industrial

Co.

..................

2,608

69,190

H&E

Equipment

Services,

Inc.

...........

4,543

237,372

Herc

Holdings,

Inc.

...................

3,591

751,022

McGrath

RentCorp

...................

6,386

726,088

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

.....

5,209

411,876

Rush

Enterprises,

Inc.

,

Class

A

..........

9,499

537,453

Rush

Enterprises,

Inc.

,

Class

B

..........

1,224

59,438

SiteOne

Landscape

Supply,

Inc.

(a)

(b)

........

7,141

997,883

Titan

Machinery,

Inc.

(a)

................

2,050

28,136

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Transcat,

Inc.

(a)

.....................

2,347

$

224,303

11,535,526

Water

Utilities

—

0.3%

American

States

Water

Co.

.............

9,682

798,378

California

Water

Service

Group

..........

7,412

385,128

Middlesex

Water

Co.

.................

2,126

130,090

SJW

Group

........................

2,434

135,476

York

Water

Co.

(The)

.................

3,732

131,254

1,580,326

Wireless

Telecommunication

Services

—

0.0%

Gogo,

Inc.

(a)

.......................

12,574

82,360

Total

Common

Stocks

—

99

.9

%

(Cost:

$

512,593,981

)

..............................

609,363,742

Rights

Biotechnology

—

0.0%

Inhibrx,

Inc.,

CVR

(a)

(d)

.................

4,215

4,721

Total

Rights

—

0.0

%

(Cost:

$

2,729

)

..................................

4,721

Total

Long-Term

Investments

—

99.9%

(Cost:

$

512,596,710

)

..............................

609,368,463

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

12.0%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(h)

..................

72,177,017

$

72,227,541

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.83

%

...................

1,208,047

1,208,047

Total

Short-Term

Securities

—

12

.0

%

(Cost:

$

73,380,822

)

...............................

73,435,588

Total

Investments

—

111

.9

%

(Cost:

$

585,977,532

)

..............................

682,804,051

Liabilities

in

Excess

of

Other

Assets

—

(

11.9

)

%

............

(

72,497,265

)

Net

Assets

—

100.0%

...............................

$

610,306,786

(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

$14,086,

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

04/30/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/24

Shares

Held

at

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

72,386,907

$

—

$

(

187,813

)

(a)

$

700

$

27,747

$

72,227,541

72,177,017

$

205,197

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

651,228

556,819

(a)

—

—

—

1,208,047

1,208,047

26,377

—

$

700

$

27,747

$

73,435,588

$

231,574

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

7

12/20/24

$

773

$

(

33,434

)

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedules

of

Investments

33

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

33,434

$

—

$

—

$

—

$

33,434

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

10,974

$

—

$

—

$

—

$

10,974

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

5,209

$

—

$

—

$

—

$

5,209

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

386,505

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

609,349,656

$

14,086

$

—

$

609,363,742

Rights

................................................

—

—

4,721

4,721

Short-Term

Securities

Money

Market

Funds

......................................

73,435,588

—

—

73,435,588

$

682,785,244

$

14,086

$

4,721

$

682,804,051

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

33,434

)

$

—

$

—

$

(

33,434

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.5%

AAR

Corp.

(a)

.......................

3,500

$

205,450

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

..........

16,419

51,720

Astronics

Corp.

(a)

....................

3,103

53,961

Leonardo

DRS,

Inc.

(a)

.................

6,296

189,321

Mercury

Systems,

Inc.

(a)

...............

10,230

330,940

Moog,

Inc.

,

Class

A

..................

1,478

278,751

National

Presto

Industries,

Inc.

...........

792

56,969

Rocket

Lab

USA,

Inc.

(a)

(b)

...............

24,275

259,742

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(a)

..

8,423

272,652

Triumph

Group,

Inc.

(a)

.................

9,126

126,304

V2X,

Inc.

(a)

........................

2,385

146,916

1,972,726

Air

Freight

&

Logistics

—

0.9%

Air

Transport

Services

Group,

Inc.

(a)

.......

5,986

103,199

CH

Robinson

Worldwide,

Inc.

...........

21,900

2,256,576

Forward

Air

Corp.

...................

3,310

116,942

GXO

Logistics,

Inc.

(a)

(b)

................

13,308

795,951

Hub

Group,

Inc.

,

Class

A

...............

11,705

507,880

3,780,548

Automobile

Components

—

1.4%

Adient

plc

(a)

........................

8,870

173,231

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

21,821

123,289

Autoliv,

Inc.

........................

6,784

630,098

BorgWarner,

Inc.

....................

42,828

1,440,306

Dana,

Inc.

.........................

24,380

186,995

Dorman

Products,

Inc.

(a)

...............

1,804

205,710

Fox

Factory

Holding

Corp.

(a)

.............

5,179

186,392

Garrett

Motion,

Inc.

(a)

(b)

................

22,482

167,041

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

.......

53,543

428,879

LCI

Industries

......................

3,160

351,645

Lear

Corp.

........................

6,598

631,824

Patrick

Industries,

Inc.

................

2,424

305,375

Phinia,

Inc.

........................

8,482

395,092

QuantumScape

Corp.

,

Class

A

(a)

(b)

........

67,195

346,054

Standard

Motor

Products,

Inc.

...........

3,879

124,865

Visteon

Corp.

(a)

.....................

5,299

478,235

6,175,031

Automobiles

—

0.7%

Harley-Davidson,

Inc.

.................

25,371

810,604

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

........

135,443

1,367,974

Thor

Industries,

Inc.

..................

4,890

508,951

Winnebago

Industries,

Inc.

.............

5,476

306,875

2,994,404

Banks

—

14.8%

1st

Source

Corp.

....................

3,519

208,430

Amalgamated

Financial

Corp.

...........

1,678

55,651

Amerant

Bancorp,

Inc.

,

Class

A

..........

5,742

122,419

Ameris

Bancorp

.....................

12,604

781,322

Associated

Banc-Corp.

................

28,404

674,311

Atlantic

Union

Bankshares

Corp.

.........

16,290

615,762

Axos

Financial,

Inc.

(a)

.................

4,785

324,040

Banc

of

California,

Inc.

................

26,757

410,988

BancFirst

Corp.

.....................

1,990

216,333

Bancorp,

Inc.

(The)

(a)

.................

3,309

166,310

Bank

First

Corp.

....................

830

76,368

Bank

of

Hawaii

Corp.

.................

7,510

542,447

Bank

OZK

........................

20,272

886,900

BankUnited,

Inc.

....................

13,999

494,725

Banner

Corp.

......................

6,504

416,516

Berkshire

Hills

Bancorp,

Inc.

............

8,431

229,576

BOK

Financial

Corp.

..................

4,340

461,038

Security

Shares

Shares

Value

Banks

(continued)

Brookline

Bancorp,

Inc.

................

16,788

$

188,865

Business

First

Bancshares,

Inc.

..........

4,472

117,122

Byline

Bancorp,

Inc.

..................

5,310

142,892

Cadence

Bank

.....................

34,211

1,143,674

Capitol

Federal

Financial,

Inc.

...........

23,502

151,470

Cathay

General

Bancorp

...............

13,298

611,442

Central

Pacific

Financial

Corp.

...........

3,937

106,063

City

Holding

Co.

....................

1,699

198,103

Coastal

Financial

Corp.

(a)

..............

1,430

90,076

Columbia

Banking

System,

Inc.

..........

39,091

1,114,484

Columbia

Financial,

Inc.

(a)

..............

3,436

58,687

Comerica,

Inc.

......................

24,839

1,582,493

Commerce

Bancshares,

Inc.

............

23,935

1,495,938

Community

Financial

System,

Inc.

........

9,952

608,465

Community

Trust

Bancorp,

Inc.

..........

3,011

155,970

ConnectOne

Bancorp,

Inc.

.............

6,816

165,220

CrossFirst

Bankshares,

Inc.

(a)

............

4,984

78,249

Cullen/Frost

Bankers,

Inc.

..............

7,786

991,547

Customers

Bancorp,

Inc.

(a)

..............

5,564

256,667

CVB

Financial

Corp.

..................

24,870

483,224

Dime

Community

Bancshares,

Inc.

........

7,154

215,121

Eagle

Bancorp,

Inc.

..................

5,511

144,443

East

West

Bancorp,

Inc.

...............

26,203

2,554,530

Eastern

Bankshares,

Inc.

..............

14,963

244,346

Enterprise

Financial

Services

Corp.

.......

7,034

370,833

Equity

Bancshares,

Inc.

,

Class

A

.........

2,611

110,941

FB

Financial

Corp.

...................

6,809

335,003

First

Bancorp

......................

37,899

902,408

First

Bancshares,

Inc.

(The)

.............

5,295

177,224

First

Busey

Corp.

....................

10,700

260,117

First

Commonwealth

Financial

Corp.

.......

19,502

320,613

First

Community

Bankshares,

Inc.

........

2,959

122,680

First

Financial

Bancorp

................

18,133

463,842

First

Financial

Bankshares,

Inc.

..........

18,266

660,133

First

Hawaiian,

Inc.

..................

24,064

595,343

First

Horizon

Corp.

...................

102,075

1,768,960

First

Interstate

BancSystem,

Inc.

,

Class

A

...

17,725

545,930

First

Merchants

Corp.

.................

11,149

413,070

First

Mid

Bancshares,

Inc.

..............

4,092

156,110

Flagstar

Financial,

Inc.

(b)

...............

54,457

551,105

FNB

Corp.

........................

67,572

979,794

Fulton

Financial

Corp.

.................

34,139

618,257

German

American

Bancorp,

Inc.

..........

3,869

156,656

Glacier

Bancorp,

Inc.

.................

21,387

1,115,332

Great

Southern

Bancorp,

Inc.

............

1,700

96,373

Hancock

Whitney

Corp.

...............

16,174

842,342

HBT

Financial,

Inc.

...................

1,578

33,706

Heartland

Financial

USA,

Inc.

...........

7,901

470,110

Heritage

Commerce

Corp.

..............

11,385

110,548

Heritage

Financial

Corp.

...............

6,591

151,527

Hilltop

Holdings,

Inc.

..................

8,883

272,086

Home

BancShares,

Inc.

...............

22,017

600,844

Hope

Bancorp,

Inc.

..................

22,551

279,407

Horizon

Bancorp,

Inc.

.................

8,511

136,346

Independent

Bank

Corp.

...............

12,056

636,879

Independent

Bank

Group,

Inc.

...........

6,749

393,872

International

Bancshares

Corp.

..........

4,853

297,295

Lakeland

Financial

Corp.

...............

2,966

192,998

Mercantile

Bank

Corp.

................

3,118

133,638

Metrocity

Bankshares,

Inc.

.............

4,147

122,668

National

Bank

Holdings

Corp.

,

Class

A

.....

6,832

307,167

NBT

Bancorp,

Inc.

...................

8,881

395,027

Nicolet

Bankshares,

Inc.

...............

1,662

169,009

Northwest

Bancshares,

Inc.

.............

23,125

307,331

OceanFirst

Financial

Corp.

.............

11,221

204,222

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

OFG

Bancorp

......................

8,751

$

352,403

Old

National

Bancorp

.................

59,822

1,152,172

Old

Second

Bancorp,

Inc.

..............

8,472

139,110

Origin

Bancorp,

Inc.

..................

5,530

173,587

Pacific

Premier

Bancorp,

Inc.

............

18,061

460,736

Park

National

Corp.

..................

2,693

465,297

Pathward

Financial,

Inc.

...............

2,633

186,311

Peoples

Bancorp,

Inc.

................

6,696

206,103

Pinnacle

Financial

Partners,

Inc.

..........

14,468

1,525,651

Popular,

Inc.

.......................

13,377

1,193,630

Preferred

Bank

.....................

1,197

100,991

Premier

Financial

Corp.

...............

6,802

167,737

Prosperity

Bancshares,

Inc.

.............

17,866

1,307,791

Provident

Financial

Services,

Inc.

.........

23,551

439,933

QCR

Holdings,

Inc.

..................

1,913

151,318

Republic

Bancorp,

Inc.

,

Class

A

..........

1,111

74,993

S&T

Bancorp,

Inc.

...................

7,184

272,848

Sandy

Spring

Bancorp,

Inc.

.............

8,458

284,527

Seacoast

Banking

Corp.

of

Florida

........

6,561

175,179

ServisFirst

Bancshares,

Inc.

............

6,259

520,373

Simmons

First

National

Corp.

,

Class

A

.....

23,525

545,780

Southside

Bancshares,

Inc.

.............

5,633

182,509

SouthState

Corp.

....................

14,299

1,394,581

Stellar

Bancorp,

Inc.

..................

9,831

267,600

Stock

Yards

Bancorp,

Inc.

..............

2,481

159,975

Synovus

Financial

Corp.

...............

27,643

1,378,556

Texas

Capital

Bancshares,

Inc.

(a)

.........

8,829

679,392

TFS

Financial

Corp.

..................

2,866

36,828

Tompkins

Financial

Corp.

..............

2,478

159,930

Towne

Bank

.......................

13,134

427,118

TriCo

Bancshares

...................

6,095

260,439

Triumph

Financial,

Inc.

(a)

...............

2,313

204,400

TrustCo

Bank

Corp.

..................

3,564

117,541

Trustmark

Corp.

....................

10,839

376,330

UMB

Financial

Corp.

.................

8,656

949,823

United

Bankshares,

Inc.

...............

25,333

954,547

United

Community

Banks,

Inc.

...........

22,407

637,703

Univest

Financial

Corp.

................

5,604

155,959

Valley

National

Bancorp

...............

82,026

776,786

Veritex

Holdings,

Inc.

.................

9,735

262,845

WaFd,

Inc.

........................

15,324

520,710

Webster

Financial

Corp.

...............

32,424

1,679,563

WesBanco,

Inc.

.....................

10,869

341,830

Westamerica

Bancorp

................

4,704

242,350

Western

Alliance

Bancorp

..............

20,597

1,713,876

Wintrust

Financial

Corp.

...............

12,232

1,417,566

WSFS

Financial

Corp.

................

6,167

303,231

Zions

Bancorp

NA

...................

27,882

1,451,537

63,309,968

Beverages

—

0.1%

Duckhorn

Portfolio,

Inc.

(The)

(a)

..........

12,219

133,920

MGP

Ingredients,

Inc.

.................

1,388

66,680

National

Beverage

Corp.

...............

1,870

84,505

285,105

Biotechnology

—

2.0%

(a)

89bio,

Inc.

........................

15,367

119,555

Agios

Pharmaceuticals,

Inc.

.............

5,100

226,593

Akero

Therapeutics,

Inc.

...............

4,753

146,535

Alector,

Inc.

.......................

7,994

39,330

Alkermes

plc

(b)

......................

14,067

361,522

ALX

Oncology

Holdings,

Inc.

............

2,682

3,835

Amicus

Therapeutics,

Inc.

..............

15,053

171,905

AnaptysBio,

Inc.

....................

824

17,823

Security

Shares

Shares

Value

Biotechnology

(continued)

Arcus

Biosciences,

Inc.

................

4,299

$

65,775

Arrowhead

Pharmaceuticals,

Inc.

.........

10,765

207,011

Aurinia

Pharmaceuticals,

Inc.

............

9,488

68,408

Beam

Therapeutics,

Inc.

...............

13,432

294,295

Bridgebio

Pharma,

Inc.

................

6,029

141,139

Cabaletta

Bio,

Inc.

(b)

..................

6,717

23,845

Catalyst

Pharmaceuticals,

Inc.

...........

10,199

222,338

Cogent

Biosciences,

Inc.

...............

5,178

59,495

CRISPR

Therapeutics

AG

(b)

.............

9,211

427,298

Cullinan

Therapeutics,

Inc.

.............

5,068

78,807

Cytokinetics,

Inc.

(b)

...................

12,115

617,865

Day

One

Biopharmaceuticals,

Inc.

........

4,580

67,418

Denali

Therapeutics,

Inc.

...............

12,029

312,273

Dynavax

Technologies

Corp.

............

11,303

133,941

Dyne

Therapeutics,

Inc.

...............

7,392

213,333

Gyre

Therapeutics,

Inc.

(b)

..............

1,468

20,992

Ideaya

Biosciences,

Inc.

(b)

..............

5,867

165,156

Ironwood

Pharmaceuticals,

Inc.

,

Class

A

....

26,827

105,967

Keros

Therapeutics,

Inc.

...............

1,988

115,383

Kiniksa

Pharmaceuticals

International

plc

....

2,900

65,511

Kura

Oncology,

Inc.

..................

10,041

167,885

Lyell

Immunopharma,

Inc.

..............

13,771

13,224

Novavax,

Inc.

(b)

.....................

10,749

103,298

Olema

Pharmaceuticals,

Inc.

(b)

...........

5,152

59,403

ORIC

Pharmaceuticals,

Inc.

(b)

...........

2,870

26,921

PTC

Therapeutics,

Inc.

................

4,781

190,858

REGENXBIO,

Inc.

...................

7,430

63,824

REVOLUTION

Medicines,

Inc.

...........

16,686

892,701

Rocket

Pharmaceuticals,

Inc.

(b)

...........

8,258

137,496

Roivant

Sciences

Ltd.

(b)

................

81,133

937,086

Sage

Therapeutics,

Inc.

...............

2,342

14,239

Sana

Biotechnology,

Inc.

(b)

..............

5,572

19,502

Scholar

Rock

Holding

Corp.

(b)

...........

3,838

109,153

Spyre

Therapeutics,

Inc.

(b)

..............

3,441

111,936

Stoke

Therapeutics,

Inc.

...............

4,466

55,200

Summit

Therapeutics,

Inc.

(b)

.............

7,413

137,808

Syndax

Pharmaceuticals,

Inc.

...........

7,695

145,128

TG

Therapeutics,

Inc.

(b)

................

12,261

307,261

Tyra

Biosciences,

Inc.

.................

1,891

31,542

Vir

Biotechnology,

Inc.

................

17,337

129,854

Viridian

Therapeutics,

Inc.

..............

5,418

116,866

Y-mAbs

Therapeutics,

Inc.

..............

1,964

28,498

Zentalis

Pharmaceuticals,

Inc.

...........

5,270

14,387

Zymeworks,

Inc.

....................

7,937

108,737

8,416,155

Broadline

Retail

—

0.5%

Dillard's,

Inc.

,

Class

A

(b)

................

773

287,185

Etsy,

Inc.

(a)

........................

7,979

410,440

Kohl's

Corp.

.......................

20,706

382,647

Macy's,

Inc.

.......................

51,763

794,044

Nordstrom,

Inc.

.....................

20,281

458,553

2,332,869

Building

Products

—

1.1%

American

Woodmark

Corp.

(a)

............

1,756

159,287

Apogee

Enterprises,

Inc.

...............

2,410

180,364

AZZ,

Inc.

.........................

2,552

194,411

Fortune

Brands

Innovations,

Inc.

.........

23,717

1,976,338

Griffon

Corp.

.......................

2,885

181,409

Hayward

Holdings,

Inc.

(a)

...............

12,584

204,616

Insteel

Industries,

Inc.

.................

1,792

48,330

Janus

International

Group,

Inc.

(a)

.........

6,295

46,331

JELD-WEN

Holding,

Inc.

(a)

..............

15,921

225,441

Masterbrand,

Inc.

(a)

..................

23,899

429,226

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

(continued)

Quanex

Building

Products

Corp.

..........

4,028

$

117,054

Resideo

Technologies,

Inc.

(a)

............

15,210

299,181

UFP

Industries,

Inc.

..................

5,261

643,631

4,705,619

Capital

Markets

—

3.3%

Affiliated

Managers

Group,

Inc.

..........

3,347

648,983

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

............................

6,089

268,525

B

Riley

Financial,

Inc.

(b)

................

3,068

18,086

BGC

Group,

Inc.

,

Class

A

..............

37,127

347,880

Brightsphere

Investment

Group,

Inc.

.......

2,061

54,390

DigitalBridge

Group,

Inc.

,

Class

A

(b)

........

7,707

120,923

Donnelley

Financial

Solutions,

Inc.

(a)

.......

2,386

139,199

Evercore,

Inc.

,

Class

A

................

4,874

1,287,565

Federated

Hermes,

Inc.

,

Class

B

.........

15,839

635,619

Houlihan

Lokey,

Inc.

,

Class

A

............

4,023

695,054

Invesco

Ltd.

.......................

61,242

1,061,936

Janus

Henderson

Group

plc

............

24,373

1,006,849

Jefferies

Financial

Group,

Inc.

...........

18,993

1,215,172

MarketAxess

Holdings,

Inc.

.............

2,624

759,438

Moelis

&

Co.

,

Class

A

.................

13,184

875,418

Open

Lending

Corp.

,

Class

A

(a)

(b)

.........

18,650

104,440

Perella

Weinberg

Partners

,

Class

C

.......

5,188

104,953

Piper

Sandler

Cos.

...................

1,638

464,602

SEI

Investments

Co.

..................

6,609

494,089

StepStone

Group,

Inc.

,

Class

A

..........

5,336

320,854

Stifel

Financial

Corp.

.................

18,900

1,958,418

StoneX

Group,

Inc.

(a)

.................

2,957

266,248

TPG,

Inc.

,

Class

A

...................

7,109

481,137

Victory

Capital

Holdings,

Inc.

,

Class

A

......

3,825

229,232

Virtu

Financial,

Inc.

,

Class

A

.............

15,823

489,880

Virtus

Investment

Partners,

Inc.

..........

773

167,254

WisdomTree,

Inc.

....................

9,614

99,505

14,315,649

Chemicals

—

2.4%

AdvanSix,

Inc.

......................

5,123

145,339

Arcadium

Lithium

plc

(a)

................

105,597

569,168

Ashland,

Inc.

.......................

4,510

381,411

Avient

Corp.

.......................

17,140

798,895

Axalta

Coating

Systems

Ltd.

(a)

...........

11,446

434,032

Cabot

Corp.

.......................

3,312

357,133

Chemours

Co.

(The)

..................

28,070

509,751

Ecovyst,

Inc.

(a)

......................

10,309

68,658

Element

Solutions,

Inc.

................

26,553

719,586

FMC

Corp.

........................

23,487

1,526,420

Ginkgo

Bioworks

Holdings,

Inc.

(a)

(b)

........

3,028

23,073

HB

Fuller

Co.

......................

4,336

317,308

Huntsman

Corp.

....................

18,707

411,554

Ingevity

Corp.

(a)

.....................

6,240

260,770

Koppers

Holdings,

Inc.

................

2,059

70,027

Kronos

Worldwide,

Inc.

................

4,111

47,441

LSB

Industries,

Inc.

(a)

.................

8,899

72,972

Mativ

Holdings,

Inc.

..................

10,050

155,272

Minerals

Technologies,

Inc.

.............

6,026

453,698

NewMarket

Corp.

....................

913

479,298

Olin

Corp.

.........................

22,569

926,006

Orion

SA

.........................

5,424

81,306

Perimeter

Solutions

SA

(a)

...............

12,296

163,291

PureCycle

Technologies,

Inc.

(a)

(b)

..........

18,213

237,133

Scotts

Miracle-Gro

Co.

(The)

............

4,376

380,624

Sensient

Technologies

Corp.

............

3,718

280,635

Stepan

Co.

........................

2,038

147,429

Security

Shares

Shares

Value

Chemicals

(continued)

Tronox

Holdings

plc

..................

22,521

$

272,955

10,291,185

Commercial

Services

&

Supplies

—

1.2%

ABM

Industries,

Inc.

..................

5,654

300,001

Brady

Corp.

,

Class

A,

NVS

.............

4,112

292,528

BrightView

Holdings,

Inc.

(a)

.............

8,092

132,547

Brink's

Co.

(The)

....................

2,510

258,003

Cimpress

plc

(a)

......................

3,063

211,378

CoreCivic,

Inc.

(a)

....................

20,809

287,372

Deluxe

Corp.

.......................

7,727

144,958

Driven

Brands

Holdings,

Inc.

(a)

(b)

..........

5,030

74,695

Ennis,

Inc.

........................

4,738

96,466

Enviri

Corp.

(a)

......................

15,007

114,954

GEO

Group,

Inc.

(The)

(a)

...............

24,809

376,601

Healthcare

Services

Group,

Inc.

(a)

.........

13,720

150,508

HNI

Corp.

.........................

5,425

267,344

Interface,

Inc.

......................

3,852

67,294

Matthews

International

Corp.

,

Class

A

......

5,657

131,752

MillerKnoll,

Inc.

.....................

7,009

156,721

MSA

Safety,

Inc.

....................

2,801

464,826

OPENLANE,

Inc.

(a)

...................

6,015

95,037

Pitney

Bowes,

Inc.

...................

16,333

117,761

Steelcase,

Inc.

,

Class

A

...............

16,732

201,286

Stericycle,

Inc.

(a)

....................

11,214

689,325

UniFirst

Corp.

......................

1,277

229,617

Vestis

Corp.

.......................

14,789

199,947

5,060,921

Communications

Equipment

—

0.4%

(a)

Ciena

Corp.

.......................

13,135

834,204

Infinera

Corp.

(b)

.....................

20,254

136,107

Lumentum

Holdings,

Inc.

(b)

.............

5,617

358,758

NetScout

Systems,

Inc.

................

12,877

270,803

Viasat,

Inc.

........................

15,149

145,430

Viavi

Solutions,

Inc.

..................

19,395

178,822

1,924,124

Construction

&

Engineering

—

1.2%

Ameresco,

Inc.

,

Class

A

(a)

(b)

.............

3,734

114,895

Argan,

Inc.

........................

1,294

170,860

Centuri

Holdings,

Inc.

(a)

................

1,337

25,095

Fluor

Corp.

(a)

.......................

31,957

1,670,712

Granite

Construction,

Inc.

..............

3,897

327,543

Limbach

Holdings,

Inc.

(a)

(b)

..............

694

52,723

MDU

Resources

Group,

Inc.

............

35,215

1,015,953

Primoris

Services

Corp.

...............

3,863

241,901

Tutor

Perini

Corp.

(a)

(b)

.................

8,298

215,084

Valmont

Industries,

Inc.

................

3,714

1,157,580

4,992,346

Construction

Materials

—

0.1%

Knife

River

Corp.

(a)

...................

3,703

360,376

Consumer

Finance

—

1.2%

Bread

Financial

Holdings,

Inc.

...........

9,168

457,025

Credit

Acceptance

Corp.

(a)

(b)

.............

1,114

473,450

Encore

Capital

Group,

Inc.

(a)

............

4,425

202,134

Enova

International,

Inc.

(a)

..............

4,799

417,081

EZCORP,

Inc.

,

Class

A,

NVS

(a)

(b)

..........

5,230

60,093

FirstCash

Holdings,

Inc.

...............

2,818

291,579

LendingClub

Corp.

(a)

..................

9,530

135,135

LendingTree,

Inc.

(a)

...................

2,136

121,816

Navient

Corp.

......................

15,592

221,874

Nelnet,

Inc.

,

Class

A

..................

2,569

289,526

NerdWallet,

Inc.

,

Class

A

(a)

..............

3,231

47,463

OneMain

Holdings,

Inc.

................

21,324

1,059,163

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

(continued)

PRA

Group,

Inc.

(a)

...................

6,999

$

141,100

PROG

Holdings,

Inc.

.................

8,190

357,657

SLM

Corp.

........................

41,354

911,029

World

Acceptance

Corp.

(a)

(b)

.............

706

80,555

5,266,680

Consumer

Staples

Distribution

&

Retail

—

0.5%

Andersons,

Inc.

(The)

.................

4,030

182,962

Chefs'

Warehouse,

Inc.

(The)

(a)

..........

3,707

147,983

Grocery

Outlet

Holding

Corp.

(a)

...........

9,717

138,953

Ingles

Markets,

Inc.

,

Class

A

............

2,722

173,827

PriceSmart,

Inc.

.....................

1,693

140,654

SpartanNash

Co.

....................

6,521

137,202

Sprouts

Farmers

Market,

Inc.

(a)

...........

5,424

696,604

United

Natural

Foods,

Inc.

(a)

.............

11,314

230,127

Weis

Markets,

Inc.

...................

2,122

133,453

1,981,765

Containers

&

Packaging

—

1.6%

AptarGroup,

Inc.

....................

3,853

646,957

Berry

Global

Group,

Inc.

...............

21,792

1,535,246

Graphic

Packaging

Holding

Co.

..........

30,771

869,589

Greif,

Inc.

,

Class

A,

NVS

...............

4,929

307,767

Greif,

Inc.

,

Class

B

...................

503

33,666

Myers

Industries,

Inc.

.................

4,348

51,219

O-I

Glass,

Inc.

(a)

.....................

29,105

323,357

Pactiv

Evergreen,

Inc.

................

7,476

84,778

Ranpak

Holdings

Corp.

,

Class

A

(a)

........

8,219

49,972

Sealed

Air

Corp.

....................

27,195

983,915

Silgan

Holdings,

Inc.

..................

15,449

799,331

Sonoco

Products

Co.

.................

18,395

966,105

TriMas

Corp.

.......................

7,644

205,241

6,857,143

Distributors

—

0.0%

A-Mark

Precious

Metals,

Inc.

............

3,269

127,001

GigaCloud

Technology,

Inc.

,

Class

A

(a)

(b)

.....

2,816

64,120

191,121

Diversified

Consumer

Services

—

0.8%

ADT,

Inc.

.........................

56,447

406,418

Adtalem

Global

Education,

Inc.

(a)

.........

3,305

267,441

Chegg,

Inc.

(a)

.......................

11,677

18,683

European

Wax

Center,

Inc.

,

Class

A

(a)

......

1,614

11,605

Frontdoor,

Inc.

(a)

.....................

8,269

410,887

Graham

Holdings

Co.

,

Class

B

...........

649

547,302

H&R

Block,

Inc.

.....................

15,952

952,813

Laureate

Education,

Inc.

...............

13,125

225,487

Mister

Car

Wash,

Inc.

(a)

................

11,348

85,223

Perdoceo

Education

Corp.

..............

6,139

137,207

Stride,

Inc.

(a)

.......................

2,516

234,692

3,297,758

Diversified

REITs

—

0.4%

Alexander

&

Baldwin,

Inc.

..............

4,126

76,785

American

Assets

Trust,

Inc.

.............

5,880

158,466

Armada

Hoffler

Properties,

Inc.

..........

12,737

137,942

Broadstone

Net

Lease,

Inc.

.............

21,850

384,342

Empire

State

Realty

Trust,

Inc.

,

Class

A

.....

16,152

171,211

Essential

Properties

Realty

Trust,

Inc.

......

13,400

424,646

Gladstone

Commercial

Corp.

............

4,595

72,348

Global

Net

Lease,

Inc.

................

37,752

294,088

1,719,828

Diversified

Telecommunication

Services

—

1.1%

Cogent

Communications

Holdings,

Inc.

.....

8,205

658,615

Consolidated

Communications

Holdings,

Inc.

(a)

14,602

67,680

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

Frontier

Communications

Parent,

Inc.

(a)

.....

34,361

$

1,227,719

IDT

Corp.

,

Class

B

...................

1,372

64,388

Liberty

Global

Ltd.

,

Class

A

(a)

............

31,059

615,279

Liberty

Global

Ltd.

,

Class

C,

NVS

(a)

(b)

.......

31,574

651,056

Liberty

Latin

America

Ltd.

,

Class

A

(a)

.......

5,695

55,754

Liberty

Latin

America

Ltd.

,

Class

C,

NVS

(a)

(b)

..

21,745

210,492

Lumen

Technologies,

Inc.

(a)

(b)

............

186,662

1,192,770

Shenandoah

Telecommunications

Co.

......

9,941

137,583

4,881,336

Electric

Utilities

—

1.6%

ALLETE,

Inc.

......................

10,841

692,848

Hawaiian

Electric

Industries,

Inc.

(a)

........

32,392

332,666

IDACORP,

Inc.

.....................

6,537

676,449

MGE

Energy,

Inc.

....................

3,560

322,144

OGE

Energy

Corp.

...................

37,922

1,516,501

Otter

Tail

Corp.

.....................

4,471

351,063

Pinnacle

West

Capital

Corp.

............

21,385

1,877,817

Portland

General

Electric

Co.

............

11,910

564,534

TXNM

Energy,

Inc.

...................

16,958

738,351

7,072,373

Electrical

Equipment

—

1.0%

Acuity

Brands,

Inc.

...................

1,720

517,187

Atkore,

Inc.

........................

3,963

339,867

ChargePoint

Holdings,

Inc.

,

Class

A

(a)

(b)

.....

71,450

85,740

EnerSys

..........................

4,051

392,380

Generac

Holdings,

Inc.

(a)

(b)

..............

6,250

1,034,687

NEXTracker,

Inc.

,

Class

A

(a)

.............

7,299

290,646

Plug

Power,

Inc.

(a)

(b)

..................

58,737

115,125

Preformed

Line

Products

Co.

............

247

30,381

Sensata

Technologies

Holding

plc

.........

28,469

977,625

Sunrun,

Inc.

(a)

......................

41,562

600,571

Thermon

Group

Holdings,

Inc.

(a)

..........

1,719

45,055

4,429,264

Electronic

Equipment,

Instruments

&

Components

—

1.7%

Advanced

Energy

Industries,

Inc.

.........

3,694

400,910

Arrow

Electronics,

Inc.

(a)

...............

10,024

1,189,548

Avnet,

Inc.

........................

17,104

927,208

Bel

Fuse,

Inc.

,

Class

B,

NVS

............

897

67,652

Belden,

Inc.

.......................

3,019

343,774

Benchmark

Electronics,

Inc.

............

3,561

154,191

Crane

NXT

Co.

.....................

10,646

577,758

ePlus,

Inc.

(a)

(b)

......................

2,525

224,599

Insight

Enterprises,

Inc.

(a)

..............

2,652

463,888

IPG

Photonics

Corp.

(a)

................

3,396

274,940

Kimball

Electronics,

Inc.

(a)

..............

3,032

53,939

Knowles

Corp.

(a)

....................

17,341

300,346

OSI

Systems,

Inc.

(a)

(b)

.................

1,157

152,967

PC

Connection,

Inc.

..................

1,360

86,564

Plexus

Corp.

(a)

......................

1,923

277,104

Sanmina

Corp.

(a)

....................

6,317

442,822

ScanSource,

Inc.

(a)

...................

4,761

201,914

TTM

Technologies,

Inc.

(a)

...............

19,126

429,187

Vishay

Intertechnology,

Inc.

.............

21,896

371,356

Vontier

Corp.

.......................

11,006

408,103

7,348,770

Energy

Equipment

&

Services

—

0.9%

Archrock,

Inc.

......................

16,042

321,161

Atlas

Energy

Solutions,

Inc.

.............

7,818

152,998

Bristow

Group,

Inc.

(a)

.................

3,761

124,752

Cactus,

Inc.

,

Class

A

.................

6,123

363,033

Helmerich

&

Payne,

Inc.

...............

18,628

625,901

Kodiak

Gas

Services,

Inc.

..............

1,367

43,580

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

Liberty

Energy,

Inc.

,

Class

A

............

30,207

$

515,633

Nabors

Industries

Ltd.

(a)

...............

1,102

82,000

Newpark

Resources,

Inc.

(a)

.............

14,375

95,738

NOV,

Inc.

.........................

28,005

434,358

Patterson-UTI

Energy,

Inc.

.............

33,128

254,092

ProFrac

Holding

Corp.

,

Class

A

(a)

(b)

........

4,397

26,184

ProPetro

Holding

Corp.

(a)

(b)

.............

5,498

37,991

RPC,

Inc.

.........................

7,887

44,798

Select

Water

Solutions,

Inc.

,

Class

A

.......

9,071

96,153

TETRA

Technologies,

Inc.

(a)

.............

7,480

25,058

Tidewater,

Inc.

(a)

(b)

...................

3,760

225,863

Transocean

Ltd.

(a)

...................

90,769

393,937

Valaris

Ltd.

(a)

.......................

3,598

182,059

4,045,289

Entertainment

—

0.4%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(a)

(b)

68,041

298,700

Cinemark

Holdings,

Inc.

(a)

(b)

.............

12,199

362,920

Lions

Gate

Entertainment

Corp.

,

Class

A

(a)

(b)

..

8,981

70,950

Lions

Gate

Entertainment

Corp.

,

Class

B,

NVS

(a)

.........................

24,140

170,187

Madison

Square

Garden

Sports

Corp.

(a)

.....

1,288

286,838

Playtika

Holding

Corp.

................

13,261

103,834

Sphere

Entertainment

Co.

,

Class

A

(a)

.......

5,098

213,147

Vivid

Seats,

Inc.

,

Class

A

(a)

(b)

............

13,428

54,652

1,561,228

Financial

Services

—

2.9%

Acacia

Research

Corp.

(a)

...............

3,242

14,654

Cannae

Holdings,

Inc.

................

10,886

216,087

Cass

Information

Systems,

Inc.

..........

1,148

47,481

Compass

Diversified

Holdings

...........

11,572

251,112

Enact

Holdings,

Inc.

..................

5,678

193,563

Essent

Group

Ltd.

...................

20,116

1,207,161

Euronet

Worldwide,

Inc.

(a)

..............

3,938

387,775

EVERTEC,

Inc.

.....................

6,857

224,635

Federal

Agricultural

Mortgage

Corp.

,

Class

C,

NVS

..........................

1,092

200,131

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

.....................

11,577

405,079

I3

Verticals,

Inc.

,

Class

A

(a)

(b)

............

1,745

40,118

International

Money

Express,

Inc.

(a)

........

2,555

44,943

Jackson

Financial,

Inc.

,

Class

A

..........

11,664

1,165,817

Marqeta,

Inc.

,

Class

A

(a)

...............

47,115

266,671

Merchants

Bancorp

..................

1,375

50,793

MGIC

Investment

Corp.

...............

50,208

1,257,208

Mr

Cooper

Group,

Inc.

(a)

...............

11,424

1,011,595

NCR

Atleos

Corp.

(a)

..................

13,507

353,613

NMI

Holdings,

Inc.

,

Class

A

(a)

............

14,287

552,621

PennyMac

Financial

Services,

Inc.

........

5,248

523,121

Radian

Group,

Inc.

...................

15,140

528,537

Repay

Holdings

Corp.

,

Class

A

(a)

(b)

........

5,850

46,537

Rocket

Cos.,

Inc.

,

Class

A

(a)

(b)

............

24,366

392,293

Voya

Financial,

Inc.

..................

11,904

955,891

Walker

&

Dunlop,

Inc.

.................

6,306

689,687

Western

Union

Co.

(The)

..............

63,821

686,714

WEX,

Inc.

(a)

(b)

.......................

3,168

546,797

12,260,634

Food

Products

—

1.4%

B&G

Foods,

Inc.

....................

14,410

122,773

Cal-Maine

Foods,

Inc.

.................

7,942

697,149

Darling

Ingredients,

Inc.

(a)

..............

30,050

1,175,256

Flowers

Foods,

Inc.

..................

37,694

837,938

Fresh

Del

Monte

Produce,

Inc.

...........

7,047

226,279

Hain

Celestial

Group,

Inc.

(The)

(a)

.........

16,919

147,703

Security

Shares

Shares

Value

Food

Products

(continued)

Ingredion,

Inc.

......................

8,119

$

1,077,878

J

&

J

Snack

Foods

Corp.

...............

1,164

191,036

John

B

Sanfilippo

&

Son,

Inc.

............

862

71,124

Mission

Produce,

Inc.

(a)

................

2,379

28,072

Pilgrim's

Pride

Corp.

(a)

................

3,293

159,513

Post

Holdings,

Inc.

(a)

..................

4,344

474,408

Seaboard

Corp.

.....................

48

132,768

TreeHouse

Foods,

Inc.

(a)

...............

8,846

321,817

Utz

Brands,

Inc.

,

Class

A

...............

3,400

58,548

Westrock

Coffee

Co.

(a)

................

2,939

19,515

WK

Kellogg

Co.

.....................

12,324

204,948

5,946,725

Gas

Utilities

—

1.2%

Chesapeake

Utilities

Corp.

.............

2,418

289,652

National

Fuel

Gas

Co.

................

17,293

1,046,745

New

Jersey

Resources

Corp.

............

13,266

608,777

Northwest

Natural

Holding

Co.

...........

7,182

279,308

ONE

Gas,

Inc.

......................

9,828

700,442

Southwest

Gas

Holdings,

Inc.

...........

10,398

761,653

Spire,

Inc.

.........................

10,802

689,816

UGI

Corp.

.........................

39,449

943,226

5,319,619

Ground

Transportation

—

1.0%

ArcBest

Corp.

......................

2,443

254,512

Avis

Budget

Group,

Inc.

...............

3,334

276,722

Covenant

Logistics

Group,

Inc.

,

Class

A

.....

1,555

78,683

FTAI

Infrastructure,

Inc.

................

8,024

64,754

Heartland

Express,

Inc.

................

9,348

101,005

Hertz

Global

Holdings,

Inc.

(a)

(b)

...........

25,165

69,959

Knight-Swift

Transportation

Holdings,

Inc.

...

10,592

551,631

Landstar

System,

Inc.

.................

3,652

641,912

Lyft,

Inc.

,

Class

A

(a)

...................

39,586

513,430

Marten

Transport

Ltd.

.................

7,305

113,081

RXO,

Inc.

(a)

........................

11,714

330,218

Ryder

System,

Inc.

...................

4,566

667,914

Schneider

National,

Inc.

,

Class

B

(b)

........

9,964

281,782

Universal

Logistics

Holdings,

Inc.

.........

1,288

54,148

Werner

Enterprises,

Inc.

...............

6,345

234,067

4,233,818

Health

Care

Equipment

&

Supplies

—

1.4%

Artivion,

Inc.

(a)

......................

3,233

85,125

Avanos

Medical,

Inc.

(a)

................

6,058

113,163

Dentsply

Sirona,

Inc.

.................

39,014

903,954

Embecta

Corp.

.....................

10,642

149,839

Enovis

Corp.

(a)

......................

9,788

403,951

Envista

Holdings

Corp.

(a)

...............

32,159

674,374

Globus

Medical,

Inc.

,

Class

A

(a)

..........

8,066

593,174

ICU

Medical,

Inc.

(a)

...................

1,905

325,241

Integer

Holdings

Corp.

(a)

...............

1,537

190,972

Integra

LifeSciences

Holdings

Corp.

(a)

......

12,726

238,740

Masimo

Corp.

(a)

(b)

....................

3,281

472,497

Neogen

Corp.

(a)

(b)

....................

40,713

581,382

Novocure

Ltd.

(a)

.....................

8,554

129,850

Omnicell,

Inc.

(a)

.....................

8,594

418,012

QuidelOrtho

Corp.

(a)

..................

9,514

362,008

Tandem

Diabetes

Care,

Inc.

(a)

...........

4,157

130,405

Varex

Imaging

Corp.

(a)

................

5,180

68,013

5,840,700

Health

Care

Providers

&

Services

—

1.2%

Accolade,

Inc.

(a)

.....................

9,605

30,448

agilon

health,

Inc.

(a)

..................

57,925

147,709

Amedisys,

Inc.

(a)

....................

4,279

404,793

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

AMN

Healthcare

Services,

Inc.

(a)

..........

7,103

$

269,488

BrightSpring

Health

Services,

Inc.

(a)

.......

4,536

67,904

Brookdale

Senior

Living,

Inc.

(a)

...........

34,054

213,519

Castle

Biosciences,

Inc.

(a)

..............

3,386

117,393

Cross

Country

Healthcare,

Inc.

(a)

.........

5,945

67,832

Fulgent

Genetics,

Inc.

(a)

(b)

..............

3,705

79,472

Henry

Schein,

Inc.

(a)

..................

24,003

1,685,731

LifeStance

Health

Group,

Inc.

(a)

..........

9,213

61,819

National

HealthCare

Corp.

..............

1,483

172,072

NeoGenomics,

Inc.

(a)

(b)

................

12,119

164,697

OPKO

Health,

Inc.

(a)

(b)

.................

58,051

87,657

Owens

&

Minor,

Inc.

(a)

.................

6,822

86,708

Patterson

Cos.,

Inc.

..................

15,150

318,302

Pediatrix

Medical

Group,

Inc.

(a)

...........

15,950

196,504

Premier,

Inc.

,

Class

A

.................

19,635

395,645

Select

Medical

Holdings

Corp.

...........

9,947

319,100

US

Physical

Therapy,

Inc.

..............

1,218

97,659

4,984,452

Health

Care

REITs

—

1.2%

American

Healthcare

REIT,

Inc.

..........

16,043

426,744

CareTrust

REIT,

Inc.

..................

26,534

866,866

Community

Healthcare

Trust,

Inc.

.........

1,920

36,019

Diversified

Healthcare

Trust

.............

31,824

113,612

Global

Medical

REIT,

Inc.

..............

6,052

55,013

LTC

Properties,

Inc.

..................

8,146

311,177

Medical

Properties

Trust,

Inc.

(b)

...........

112,946

522,940

Omega

Healthcare

Investors,

Inc.

.........

46,151

1,960,033

Sabra

Health

Care

REIT,

Inc.

............

39,572

767,697

Universal

Health

Realty

Income

Trust

......

1,492

59,023

5,119,124

Health

Care

Technology

—

0.1%

(a)

Definitive

Healthcare

Corp.

,

Class

A

.......

6,420

26,643

GoodRx

Holdings,

Inc.

,

Class

A

(b)

.........

8,117

49,676

Schrodinger,

Inc.

(b)

...................

3,985

70,116

Teladoc

Health,

Inc.

..................

19,657

176,913

323,348

Hotel

&

Resort

REITs

—

0.3%

DiamondRock

Hospitality

Co.

............

38,842

332,876

Park

Hotels

&

Resorts,

Inc.

.............

39,575

549,697

Pebblebrook

Hotel

Trust

...............

13,807

165,408

RLJ

Lodging

Trust

...................

12,024

106,412

Service

Properties

Trust

...............

30,964

99,085

Summit

Hotel

Properties,

Inc.

............

20,401

124,854

1,378,332

Hotels,

Restaurants

&

Leisure

—

2.2%

Accel

Entertainment,

Inc.

,

Class

A

(a)

.......

9,910

109,406

Bally's

Corp.

(a)

(b)

.....................

4,340

75,733

Bloomin'

Brands,

Inc.

.................

15,093

250,393

Bowlero

Corp.

,

Class

A

(b)

...............

1,828

18,956

Boyd

Gaming

Corp.

..................

12,893

893,356

Brinker

International,

Inc.

(a)

.............

8,297

852,185

Caesars

Entertainment,

Inc.

(a)

...........

24,203

969,330

Cheesecake

Factory,

Inc.

(The)

..........

8,977

414,917

Cracker

Barrel

Old

Country

Store,

Inc.

......

4,187

199,176

Dave

&

Buster's

Entertainment,

Inc.

(a)

......

6,167

227,747

Dine

Brands

Global,

Inc.

...............

2,714

82,614

Everi

Holdings,

Inc.

(a)

.................

10,050

133,967

Golden

Entertainment,

Inc.

.............

2,924

85,893

Hilton

Grand

Vacations,

Inc.

(a)

(b)

..........

8,514

313,996

Hyatt

Hotels

Corp.

,

Class

A

(b)

............

2,476

360,134

Jack

in

the

Box,

Inc.

..................

3,558

175,231

Marriott

Vacations

Worldwide

Corp.

........

5,817

448,084

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Papa

John's

International,

Inc.

...........

1,846

$

96,712

Penn

Entertainment,

Inc.

(a)

(b)

............

25,445

502,539

Portillo's,

Inc.

,

Class

A

(a)

(b)

..............

2,748

35,532

Red

Rock

Resorts,

Inc.

,

Class

A

..........

3,085

158,754

Rush

Street

Interactive,

Inc.

,

Class

A

(a)

.....

3,976

43,020

Sabre

Corp.

(a)

......................

69,837

223,478

Target

Hospitality

Corp.

(a)

..............

2,250

16,785

Travel

+

Leisure

Co.

..................

13,275

634,678

United

Parks

&

Resorts,

Inc.

(a)

...........

6,795

357,621

Vail

Resorts,

Inc.

....................

3,215

532,693

Wendy's

Co.

(The)

...................

14,726

281,414

Wyndham

Hotels

&

Resorts,

Inc.

.........

10,630

938,842

9,433,186

Household

Durables

—

2.6%

Century

Communities,

Inc.

.............

3,606

319,708

Ethan

Allen

Interiors,

Inc.

..............

4,259

117,847

Green

Brick

Partners,

Inc.

(a)

.............

5,974

412,266

Helen

of

Troy

Ltd.

(a)

(b)

.................

4,480

285,152

KB

Home

.........................

12,593

988,551

La-Z-Boy,

Inc.

......................

8,085

307,634

Legacy

Housing

Corp.

(a)

(b)

..............

1,156

28,669

Leggett

&

Platt,

Inc.

..................

24,870

298,440

LGI

Homes,

Inc.

(a)

...................

3,974

403,599

M/I

Homes,

Inc.

(a)

....................

5,265

798,121

Meritage

Homes

Corp.

................

6,826

1,236,871

Mohawk

Industries,

Inc.

(a)

..............

10,008

1,343,774

Newell

Brands,

Inc.

..................

74,142

652,450

Taylor

Morrison

Home

Corp.

(a)

...........

18,780

1,286,430

Tempur

Sealy

International,

Inc.

..........

8,303

397,797

TRI

Pointe

Homes,

Inc.

(a)

...............

17,347

701,339

Vizio

Holding

Corp.

,

Class

A

(a)

(b)

..........

6,157

68,527

Whirlpool

Corp.

.....................

10,332

1,069,465

Worthington

Enterprises,

Inc.

............

6,094

233,400

10,950,040

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.

(a)

(b)

............

1,690

57,967

Central

Garden

&

Pet

Co.

,

Class

A,

NVS

(a)

...

9,821

286,184

Energizer

Holdings,

Inc.

...............

12,219

391,863

Reynolds

Consumer

Products,

Inc.

........

6,505

175,310

911,324

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Clearway

Energy,

Inc.

,

Class

A

...........

2,854

76,031

Clearway

Energy,

Inc.

,

Class

C

..........

6,861

194,715

Sunnova

Energy

International,

Inc.

(a)

(b)

......

13,817

83,869

354,615

Industrial

REITs

—

0.6%

Americold

Realty

Trust,

Inc.

.............

22,189

569,814

Innovative

Industrial

Properties,

Inc.

.......

2,614

337,703

LXP

Industrial

Trust

..................

55,295

521,985

Plymouth

Industrial

REIT,

Inc.

...........

4,695

95,402

Rexford

Industrial

Realty,

Inc.

...........

11,691

501,427

STAG

Industrial,

Inc.

.................

19,790

737,771

2,764,102

Insurance

—

3.9%

Ambac

Financial

Group,

Inc.

(a)

...........

4,666

52,773

American

Coastal

Insurance

Corp.

(a)

.......

4,709

57,214

AMERISAFE,

Inc.

...................

3,605

194,850

Assurant,

Inc.

......................

9,845

1,887,287

Assured

Guaranty

Ltd.

................

3,310

276,253

Axis

Capital

Holdings

Ltd.

..............

14,865

1,163,335

Brighthouse

Financial,

Inc.

(a)

............

11,854

560,694

CNO

Financial

Group,

Inc.

..............

20,281

697,666

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Employers

Holdings,

Inc.

...............

2,963

$

144,357

Enstar

Group

Ltd.

(a)

..................

2,171

700,148

F&G

Annuities

&

Life,

Inc.

..............

3,318

133,052

First

American

Financial

Corp.

...........

19,302

1,238,223

Globe

Life,

Inc.

.....................

17,420

1,839,552

Hamilton

Insurance

Group

Ltd.

,

Class

B

(a)

...

2,005

34,927

Hanover

Insurance

Group,

Inc.

(The)

......

3,144

466,350

Horace

Mann

Educators

Corp.

...........

7,746

288,461

Kemper

Corp.

......................

11,554

719,468

Lemonade,

Inc.

(a)

(b)

...................

4,843

115,118

Lincoln

National

Corp.

................

31,847

1,106,683

Mercury

General

Corp.

................

2,626

177,596

Old

Republic

International

Corp.

..........

47,746

1,667,768

Primerica,

Inc.

......................

2,656

735,207

ProAssurance

Corp.

(a)

.................

5,867

87,360

Root,

Inc.

,

Class

A

(a)

(b)

.................

741

50,677

Safety

Insurance

Group,

Inc.

............

1,616

126,476

Selective

Insurance

Group,

Inc.

..........

7,966

723,472

SiriusPoint

Ltd.

(a)

....................

18,842

247,584

Skyward

Specialty

Insurance

Group,

Inc.

(a)

...

3,924

173,480

Stewart

Information

Services

Corp.

........

5,194

357,347

Tiptree,

Inc.

.......................

1,676

34,207

Trupanion,

Inc.

(a)

....................

2,025

110,930

United

Fire

Group,

Inc.

................

4,146

81,427

White

Mountains

Insurance

Group

Ltd.

(b)

....

155

278,557

16,528,499

Interactive

Media

&

Services

—

0.4%

Bumble,

Inc.

,

Class

A

(a)

(b)

...............

5,660

40,073

Cars.com,

Inc.

(a)

.....................

7,427

118,758

EverQuote,

Inc.

,

Class

A

(a)

..............

3,228

58,039

IAC,

Inc.

(a)

(b)

.......................

10,177

487,987

MediaAlpha,

Inc.

,

Class

A

(a)

.............

1,746

29,909

Shutterstock,

Inc.

....................

4,584

147,101

Taboola.com

Ltd.

(a)

...................

13,054

43,339

Yelp,

Inc.

(a)

........................

5,656

193,096

Ziff

Davis,

Inc.

(a)

.....................

8,716

403,289

ZoomInfo

Technologies,

Inc.

(a)

...........

20,520

226,746

1,748,337

IT

Services

—

0.7%

ASGN,

Inc.

(a)

.......................

5,684

523,497

Core

Scientific,

Inc.

(a)

.................

29,941

397,916

DigitalOcean

Holdings,

Inc.

(a)

............

3,916

154,995

DXC

Technology

Co.

(a)

(b)

...............

33,620

667,693

Fastly,

Inc.

,

Class

A

(a)

(b)

................

6,775

48,983

Hackett

Group,

Inc.

(The)

..............

1,914

46,549

Kyndryl

Holdings,

Inc.

(a)

................

42,962

983,400

Thoughtworks

Holding,

Inc.

(a)

(b)

...........

14,566

64,673

2,887,706

Leisure

Products

—

1.1%

Acushnet

Holdings

Corp.

...............

2,967

181,877

Brunswick

Corp.

....................

7,473

595,897

Hasbro,

Inc.

.......................

15,076

989,438

Malibu

Boats,

Inc.

,

Class

A

(a)

............

3,677

165,024

Mattel,

Inc.

(a)

.......................

40,027

815,750

Peloton

Interactive,

Inc.

,

Class

A

(a)

(b)

.......

65,472

556,512

Polaris,

Inc.

........................

10,027

700,987

Smith

&

Wesson

Brands,

Inc.

............

4,054

52,520

Sturm

Ruger

&

Co.,

Inc.

...............

3,185

125,234

Vista

Outdoor,

Inc.

(a)

..................

10,040

441,459

YETI

Holdings,

Inc.

(a)

(b)

................

6,041

212,704

4,837,402

Security

Shares

Shares

Value

Life

Sciences

Tools

&

Services

—

0.4%

10X

Genomics,

Inc.

,

Class

A

(a)

...........

8,281

$

132,744

BioLife

Solutions,

Inc.

(a)

................

1,760

41,184

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

.......

2,467

883,655

CryoPort,

Inc.

(a)

(b)

....................

5,916

39,401

Fortrea

Holdings,

Inc.

(a)

................

6,121

102,955

Mesa

Laboratories,

Inc.

...............

549

62,608

OmniAb,

Inc.

(a)

......................

12,187

49,845

Quanterix

Corp.

(a)

(b)

..................

3,399

44,918

Sotera

Health

Co.

(a)

..................

10,562

165,506

1,522,816

Machinery

—

3.0%

AGCO

Corp.

.......................

11,793

1,177,413

Albany

International

Corp.

,

Class

A

........

1,925

130,746

Allison

Transmission

Holdings,

Inc.

........

10,108

1,080,141

Astec

Industries,

Inc.

.................

4,213

133,889

Atmus

Filtration

Technologies,

Inc.

........

3,102

120,792

Barnes

Group,

Inc.

...................

8,969

419,390

Columbus

McKinnon

Corp.

.............

2,143

68,169

Crane

Co.

.........................

2,828

444,788

Douglas

Dynamics,

Inc.

...............

2,561

58,007

Enpro,

Inc.

........................

1,159

168,762

Esab

Corp.

........................

3,048

375,026

Flowserve

Corp.

....................

9,961

524,347

Gates

Industrial

Corp.

plc

(a)

(b)

............

35,256

682,204

Greenbrier

Cos.,

Inc.

(The)

.............

5,862

347,441

Helios

Technologies,

Inc.

...............

3,476

160,348

Hillenbrand,

Inc.

....................

8,570

236,103

Hillman

Solutions

Corp.

(a)

..............

34,385

364,481

Hyster-Yale,

Inc.

....................

2,175

138,047

John

Bean

Technologies

Corp.

...........

2,188

243,787

Kennametal,

Inc.

....................

14,047

355,670

Middleby

Corp.

(The)

(a)

................

5,440

705,568

Miller

Industries,

Inc.

.................

1,058

69,447

Mueller

Industries,

Inc.

................

10,378

850,685

Mueller

Water

Products,

Inc.

,

Class

A

......

9,072

195,864

Nikola

Corp.

(a)

(b)

.....................

3,743

14,710

Oshkosh

Corp.

.....................

8,331

851,761

Proto

Labs,

Inc.

(a)

....................

1,996

54,690

REV

Group,

Inc.

....................

7,987

211,656

Standex

International

Corp.

.............

798

146,736

Tennant

Co.

.......................

1,271

111,289

Terex

Corp.

........................

12,616

652,373

Timken

Co.

(The)

....................

6,077

504,391

Titan

International,

Inc.

(a)

...............

11,649

75,020

Toro

Co.

(The)

......................

8,218

661,385

Trinity

Industries,

Inc.

.................

6,731

230,739

Wabash

National

Corp.

................

4,101

71,521

12,637,386

Marine

Transportation

—

0.3%

Genco

Shipping

&

Trading

Ltd.

...........

7,533

118,569

Kirby

Corp.

(a)

.......................

3,781

433,908

Matson,

Inc.

.......................

4,159

644,187

1,196,664

Media

—

1.3%

Altice

USA,

Inc.

,

Class

A

(a)

..............

40,804

99,154

Cable

One,

Inc.

.....................

857

292,717

Cardlytics,

Inc.

(a)

....................

4,055

17,477

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

.....

48,145

70,773

EchoStar

Corp.

,

Class

A

(a)

(b)

.............

22,738

569,814

Gray

Television,

Inc.

..................

16,516

94,306

John

Wiley

&

Sons,

Inc.

,

Class

A

.........

8,246

406,528

Liberty

Broadband

Corp.

,

Class

A

(a)

........

1,244

99,806

Liberty

Broadband

Corp.

,

Class

C,

NVS

(a)

...

8,291

670,079

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Magnite,

Inc.

(a)

......................

10,776

$

134,484

Nexstar

Media

Group,

Inc.

..............

5,847

1,028,604

Paramount

Global

,

Class

A

(b)

............

1,003

21,956

Paramount

Global

,

Class

B,

NVS

.........

105,742

1,156,817

Scholastic

Corp.

....................

4,408

109,451

Sinclair,

Inc.

,

Class

A

.................

6,266

108,214

Stagwell,

Inc.

,

Class

A

(a)

...............

16,813

104,409

TechTarget,

Inc.

(a)

....................

3,055

88,427

TEGNA,

Inc.

.......................

31,651

520,026

Thryv

Holdings,

Inc.

(a)

.................

5,910

84,986

5,678,028

Metals

&

Mining

—

2.1%

Alcoa

Corp.

........................

46,318

1,856,889

Alpha

Metallurgical

Resources,

Inc.

.......

1,313

273,498

Arch

Resources,

Inc.

,

Class

A

...........

3,325

487,977

Cleveland-Cliffs,

Inc.

(a)

................

33,742

437,971

Coeur

Mining,

Inc.

(a)

..................

37,026

238,447

Commercial

Metals

Co.

................

21,620

1,163,156

Compass

Minerals

International,

Inc.

.......

6,554

80,680

Hecla

Mining

Co.

....................

67,340

437,037

Ivanhoe

Electric,

Inc.

(a)

(b)

...............

6,477

65,742

Kaiser

Aluminum

Corp.

................

2,966

220,255

Metallus,

Inc.

(a)

.....................

4,203

59,220

Radius

Recycling,

Inc.

,

Class

A

..........

4,879

78,991

Ramaco

Resources,

Inc.

,

Class

A

.........

5,028

51,034

Royal

Gold,

Inc.

.....................

5,331

778,646

Ryerson

Holding

Corp.

................

5,552

120,978

SunCoke

Energy,

Inc.

.................

15,558

160,403

United

States

Steel

Corp.

..............

42,005

1,631,894

Warrior

Met

Coal,

Inc.

.................

9,758

616,022

Worthington

Steel,

Inc.

................

3,711

141,909

8,900,749

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.2%

AGNC

Investment

Corp.

...............

143,560

1,336,544

Annaly

Capital

Management,

Inc.

.........

94,052

1,787,928

Apollo

Commercial

Real

Estate

Finance,

Inc.

.

24,389

216,818

Arbor

Realty

Trust,

Inc.

(b)

...............

32,584

480,288

ARMOUR

Residential

REIT,

Inc.

..........

9,034

169,387

Blackstone

Mortgage

Trust,

Inc.

,

Class

A

....

31,150

567,241

BrightSpire

Capital,

Inc.

,

Class

A

.........

25,351

154,134

Chimera

Investment

Corp.

..............

14,862

224,416

Claros

Mortgage

Trust,

Inc.

.............

19,278

121,259

Dynex

Capital,

Inc.

...................

13,541

165,336

Ellington

Financial,

Inc.

................

14,887

179,984

Franklin

BSP

Realty

Trust,

Inc.

...........

15,348

199,677

KKR

Real

Estate

Finance

Trust,

Inc.

.......

10,849

125,740

Ladder

Capital

Corp.

,

Class

A

...........

22,755

259,635

MFA

Financial,

Inc.

...................

19,459

239,151

New

York

Mortgage

Trust,

Inc.

...........

16,727

96,515

PennyMac

Mortgage

Investment

Trust

......

16,305

219,791

Ready

Capital

Corp.

..................

30,609

209,672

Redwood

Trust,

Inc.

..................

24,702

180,819

Rithm

Capital

Corp.

..................

96,490

1,021,829

Starwood

Property

Trust,

Inc.

............

59,620

1,176,899

TPG

RE

Finance

Trust,

Inc.

.............

10,405

91,668

Two

Harbors

Investment

Corp.

...........

19,054

219,121

9,443,852

Multi-Utilities

—

0.5%

Avista

Corp.

.......................

14,739

552,418

Black

Hills

Corp.

....................

12,929

765,267

Northwestern

Energy

Group,

Inc.

.........

10,776

576,085

Security

Shares

Shares

Value

Multi-Utilities

(continued)

Unitil

Corp.

........................

3,055

$

176,854

2,070,624

Office

REITs

—

1.7%

Brandywine

Realty

Trust

...............

31,690

160,668

COPT

Defense

Properties

..............

9,920

319,424

Cousins

Properties,

Inc.

...............

26,746

819,230

Douglas

Emmett,

Inc.

.................

27,024

480,757

Easterly

Government

Properties,

Inc.

......

18,085

245,233

Equity

Commonwealth

(a)

...............

19,990

395,602

Highwoods

Properties,

Inc.

.............

20,048

672,410

Hudson

Pacific

Properties,

Inc.

...........

23,893

103,218

JBG

SMITH

Properties

................

16,040

272,680

Kilroy

Realty

Corp.

...................

21,729

873,940

Paramount

Group,

Inc.

................

34,467

167,165

Peakstone

Realty

Trust

,

Class

E

.........

6,680

87,642

Piedmont

Office

Realty

Trust,

Inc.

,

Class

A

...

23,643

235,011

SL

Green

Realty

Corp.

................

12,193

921,913

Vornado

Realty

Trust

.................

32,340

1,339,199

7,094,092

Oil,

Gas

&

Consumable

Fuels

—

4.3%

Antero

Midstream

Corp.

...............

42,408

609,403

Berry

Corp.

........................

14,115

70,857

California

Resources

Corp.

.............

11,105

577,127

Centrus

Energy

Corp.

,

Class

A

(a)

..........

907

94,156

Chord

Energy

Corp.

..................

11,556

1,445,656

Civitas

Resources,

Inc.

................

13,726

669,692

Clean

Energy

Fuels

Corp.

(a)

(b)

............

22,586

63,918

CNX

Resources

Corp.

(a)

(b)

..............

18,443

627,615

Comstock

Resources,

Inc.

..............

16,630

192,243

CONSOL

Energy,

Inc.

.................

3,604

399,756

Crescent

Energy,

Inc.

,

Class

A

...........

27,717

344,522

CVR

Energy,

Inc.

....................

6,471

102,889

Delek

US

Holdings,

Inc.

...............

11,867

185,956

Dorian

LPG

Ltd.

.....................

7,126

205,585

DT

Midstream,

Inc.

...................

18,256

1,645,778

Granite

Ridge

Resources,

Inc.

...........

10,978

65,100

Gulfport

Energy

Corp.

(a)

...............

2,402

332,533

HighPeak

Energy,

Inc.

(b)

...............

1,851

23,693

International

Seaways,

Inc.

.............

6,615

288,017

Kinetik

Holdings,

Inc.

,

Class

A

...........

3,546

172,584

Kosmos

Energy

Ltd.

(a)

.................

88,671

333,403

Magnolia

Oil

&

Gas

Corp.

,

Class

A

........

32,403

819,148

Matador

Resources

Co.

...............

22,273

1,160,646

Murphy

Oil

Corp.

....................

28,934

910,842

NextDecade

Corp.

(a)

..................

10,021

58,523

Northern

Oil

&

Gas,

Inc.

...............

17,642

639,522

Par

Pacific

Holdings,

Inc.

(a)

.............

11,168

172,546

PBF

Energy,

Inc.

,

Class

A

..............

19,368

552,375

Peabody

Energy

Corp.

................

22,589

593,413

Permian

Resources

Corp.

,

Class

A

........

118,457

1,614,569

Range

Resources

Corp.

...............

45,067

1,353,362

REX

American

Resources

Corp.

(a)

........

1,296

57,970

Riley

Exploration

Permian,

Inc.

...........

940

25,107

SandRidge

Energy,

Inc.

...............

6,010

66,651

Sitio

Royalties

Corp.

,

Class

A

............

15,258

340,101

SM

Energy

Co.

.....................

21,524

903,362

Talos

Energy,

Inc.

(a)

(b)

.................

12,314

125,849

VAALCO

Energy,

Inc.

.................

19,617

104,755

Vital

Energy,

Inc.

(a)

(b)

..................

4,594

125,278

Vitesse

Energy,

Inc.

..................

4,764

118,481

World

Kinect

Corp.

...................

11,334

296,384

18,489,367

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Paper

&

Forest

Products

—

0.3%

Clearwater

Paper

Corp.

(a)

..............

3,004

$

75,671

Louisiana-Pacific

Corp.

................

7,344

726,322

Mercer

International,

Inc.

...............

7,656

49,917

Sylvamo

Corp.

.....................

6,602

561,302

1,413,212

Passenger

Airlines

—

0.9%

Alaska

Air

Group,

Inc.

(a)

................

24,064

1,152,906

Allegiant

Travel

Co.

..................

3,005

195,355

American

Airlines

Group,

Inc.

(a)

(b)

.........

114,218

1,530,521

Frontier

Group

Holdings,

Inc.

(a)

(b)

..........

6,455

39,247

JetBlue

Airways

Corp.

(a)

(b)

..............

60,604

345,443

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

...........

50,136

240,653

SkyWest,

Inc.

(a)

.....................

3,025

287,980

Sun

Country

Airlines

Holdings,

Inc.

(a)

.......

4,662

65,501

Wheels

Up

Experience,

Inc.

(a)

(b)

..........

17,576

35,855

3,893,461

Personal

Care

Products

—

0.1%

Edgewell

Personal

Care

Co.

............

9,384

327,971

Herbalife

Ltd.

(a)

.....................

18,012

135,991

Nu

Skin

Enterprises,

Inc.

,

Class

A

.........

8,999

55,704

Olaplex

Holdings,

Inc.

(a)

...............

25,036

44,564

USANA

Health

Sciences,

Inc.

(a)

..........

2,058

76,022

640,252

Pharmaceuticals

—

1.6%

Amneal

Pharmaceuticals,

Inc.

,

Class

A

(a)

....

24,287

205,711

Arvinas,

Inc.

(a)

......................

3,928

103,817

Cassava

Sciences,

Inc.

(a)

(b)

.............

3,492

90,111

Collegium

Pharmaceutical,

Inc.

(a)

(b)

........

6,018

205,454

Corcept

Therapeutics,

Inc.

(a)

............

8,236

403,317

Elanco

Animal

Health,

Inc.

(a)

.............

92,565

1,170,022

Innoviva,

Inc.

(a)

.....................

10,468

204,754

Jazz

Pharmaceuticals

plc

(a)

.............

11,828

1,301,435

Ligand

Pharmaceuticals,

Inc.

(a)

...........

1,440

152,208

Longboard

Pharmaceuticals,

Inc.

(a)

........

2,634

157,302

Nuvation

Bio,

Inc.

,

Class

A

(a)

(b)

...........

25,791

56,998

Organon

&

Co.

.....................

48,131

903,900

Pacira

BioSciences,

Inc.

(a)

..............

4,073

67,612

Perrigo

Co.

plc

.....................

25,462

652,591

Pliant

Therapeutics,

Inc.

(a)

(b)

.............

5,615

79,003

Prestige

Consumer

Healthcare,

Inc.

(a)

......

5,610

413,737

Supernus

Pharmaceuticals,

Inc.

(a)

(b)

........

9,894

337,089

Tarsus

Pharmaceuticals,

Inc.

(a)

...........

1,134

50,452

Tilray

Brands,

Inc.

,

Class

2

(a)

(b)

...........

73,003

119,725

6,675,238

Professional

Services

—

2.0%

Alight,

Inc.

,

Class

A

(a)

(b)

................

49,018

339,695

Barrett

Business

Services,

Inc.

...........

1,834

66,372

CACI

International,

Inc.

,

Class

A

(a)

........

1,351

746,509

Clarivate

plc

(a)

(b)

.....................

50,068

330,449

Concentrix

Corp.

....................

8,186

347,987

Conduent,

Inc.

(a)

....................

29,971

107,896

CSG

Systems

International,

Inc.

..........

5,390

251,228

Dun

&

Bradstreet

Holdings,

Inc.

..........

50,520

600,683

First

Advantage

Corp.

(a)

................

6,162

111,655

Genpact

Ltd.

.......................

29,107

1,111,014

Heidrick

&

Struggles

International,

Inc.

.....

2,267

88,549

Kelly

Services,

Inc.

,

Class

A,

NVS

........

5,882

117,581

Kforce,

Inc.

........................

1,695

97,954

Korn

Ferry

........................

4,356

307,751

ManpowerGroup,

Inc.

.................

9,032

567,661

Maximus,

Inc.

......................

7,340

634,470

NV5

Global,

Inc.

(a)

...................

3,816

87,196

Security

Shares

Shares

Value

Professional

Services

(continued)

Parsons

Corp.

(a)

(b)

....................

5,038

$

544,910

Robert

Half,

Inc.

....................

7,041

479,562

Science

Applications

International

Corp.

....

5,733

827,215

Sterling

Check

Corp.

(a)

................

3,502

58,623

TriNet

Group,

Inc.

...................

3,951

335,400

UL

Solutions,

Inc.

,

Class

A

..............

3,554

184,666

Upwork,

Inc.

(a)

......................

14,955

202,790

8,547,816

Real

Estate

Management

&

Development

—

1.5%

Anywhere

Real

Estate,

Inc.

(a)

............

17,926

69,194

Compass,

Inc.

,

Class

A

(a)

...............

69,937

444,100

Cushman

&

Wakefield

plc

(a)

.............

30,162

408,695

Forestar

Group,

Inc.

(a)

.................

2,019

63,740

FRP

Holdings,

Inc.

(a)

..................

955

27,695

Howard

Hughes

Holdings,

Inc.

(a)

..........

2,734

207,893

Jones

Lang

LaSalle,

Inc.

(a)

..............

5,909

1,601,102

Kennedy-Wilson

Holdings,

Inc.

...........

20,707

221,358

Marcus

&

Millichap,

Inc.

...............

2,620

99,141

Newmark

Group,

Inc.

,

Class

A

...........

26,781

401,447

Opendoor

Technologies,

Inc.

(a)

...........

109,437

191,515

Redfin

Corp.

(a)

......................

22,391

232,195

Zillow

Group,

Inc.

,

Class

A

(a)

............

10,171

590,427

Zillow

Group,

Inc.

,

Class

C,

NVS

(a)

(b)

.......

30,526

1,834,307

6,392,809

Residential

REITs

—

0.3%

Apartment

Investment

&

Management

Co.

,

Class

A

(a)

.......................

11,958

100,926

Centerspace

.......................

2,858

199,088

Elme

Communities

...................

16,590

279,873

Independence

Realty

Trust,

Inc.

..........

19,454

381,688

NexPoint

Residential

Trust,

Inc.

..........

2,482

103,375

UMH

Properties,

Inc.

.................

5,348

99,740

Veris

Residential,

Inc.

.................

7,664

126,226

1,290,916

Retail

REITs

—

1.5%

Acadia

Realty

Trust

..................

13,902

340,460

Agree

Realty

Corp.

..................

10,254

761,360

Alexander's,

Inc.

....................

403

91,493

Brixmor

Property

Group,

Inc.

............

36,265

977,342

CBL

&

Associates

Properties,

Inc.

.........

2,694

71,256

Federal

Realty

Investment

Trust

..........

7,547

836,509

Getty

Realty

Corp.

...................

6,446

202,340

InvenTrust

Properties

Corp.

.............

9,170

270,057

Macerich

Co.

(The)

..................

40,632

759,818

NETSTREIT

Corp.

...................

5,669

87,870

NNN

REIT,

Inc.

.....................

18,779

815,760

Phillips

Edison

&

Co.,

Inc.

..............

6,304

238,354

Retail

Opportunity

Investments

Corp.

......

15,811

245,070

Saul

Centers,

Inc.

...................

2,347

91,862

SITE

Centers

Corp.

..................

5,277

84,168

Tanger,

Inc.

........................

8,184

271,954

Urban

Edge

Properties

................

7,942

176,630

Whitestone

REIT

....................

4,844

66,750

6,389,053

Semiconductors

&

Semiconductor

Equipment

—

0.9%

Alpha

&

Omega

Semiconductor

Ltd.

(a)

......

1,982

65,485

Ambarella,

Inc.

(a)

....................

4,690

263,531

Amkor

Technology,

Inc.

................

10,732

273,129

Cirrus

Logic,

Inc.

(a)

...................

6,646

729,864

Diodes,

Inc.

(a)

......................

5,488

320,938

MaxLinear,

Inc.

(a)

....................

7,913

102,632

MKS

Instruments,

Inc.

................

6,556

651,208

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Penguin

Solutions,

Inc.

(a)

(b)

..............

9,851

$

148,258

Photronics,

Inc.

(a)

....................

11,331

258,347

Power

Integrations,

Inc.

...............

6,183

373,639

SolarEdge

Technologies,

Inc.

(a)

(b)

.........

6,890

117,543

Synaptics,

Inc.

(a)

....................

2,478

170,164

Veeco

Instruments,

Inc.

(a)

..............

2,640

75,979

Wolfspeed,

Inc.

(a)

(b)

...................

14,453

192,369

3,743,086

Software

—

1.2%

ACI

Worldwide,

Inc.

(a)

.................

5,177

254,708

Adeia,

Inc.

........................

20,498

254,790

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

........

184,256

957,210

Blackbaud,

Inc.

(a)

....................

4,336

327,411

Dropbox,

Inc.

,

Class

A

(a)

...............

25,789

666,646

E2open

Parent

Holdings,

Inc.

,

Class

A

(a)

....

12,572

36,836

Enfusion,

Inc.

,

Class

A

(a)

...............

5,060

45,085

Hut

8

Corp.

(a)

(b)

.....................

7,425

117,241

Informatica,

Inc.

,

Class

A

(a)

(b)

............

15,251

416,352

LiveRamp

Holdings,

Inc.

(a)

..............

3,753

93,937

Matterport,

Inc.

,

Class

A

(a)

..............

18,046

82,290

Mitek

Systems,

Inc.

(a)

.................

3,079

26,449

NCR

Voyix

Corp.

(a)

(b)

..................

27,750

355,477

Olo,

Inc.

,

Class

A

(a)

...................

7,367

36,909

Pagaya

Technologies

Ltd.

,

Class

A

(a)

(b)

......

2,408

27,740

Progress

Software

Corp.

(b)

..............

8,176

524,000

RingCentral,

Inc.

,

Class

A

(a)

.............

8,527

307,057

SEMrush

Holdings,

Inc.

,

Class

A

(a)

........

3,555

46,606

SolarWinds

Corp.

...................

4,821

63,059

Teradata

Corp.

(a)

....................

6,722

216,650

Verint

Systems,

Inc.

(a)

.................

11,594

246,952

5,103,405

Specialized

REITs

—

0.9%

EPR

Properties

.....................

14,350

651,059

Farmland

Partners,

Inc.

...............

3,891

45,564

Four

Corners

Property

Trust,

Inc.

.........

12,236

337,224

Lamar

Advertising

Co.

,

Class

A

..........

9,085

1,199,220

National

Storage

Affiliates

Trust

..........

7,227

304,618

Outfront

Media,

Inc.

..................

15,439

274,197

PotlatchDeltic

Corp.

..................

9,349

388,638

Rayonier,

Inc.

......................

11,898

371,574

Safehold,

Inc.

(b)

.....................

3,922

83,460

Uniti

Group,

Inc.

....................

45,210

229,215

3,884,769

Specialty

Retail

—

3.8%

Academy

Sports

&

Outdoors,

Inc.

.........

13,844

704,106

Advance

Auto

Parts,

Inc.

...............

6,169

220,171

American

Eagle

Outfitters,

Inc.

...........

13,963

273,535

Arhaus,

Inc.

,

Class

A

.................

5,400

45,792

Arko

Corp.

........................

9,737

64,751

Asbury

Automotive

Group,

Inc.

(a)

..........

3,792

863,969

AutoNation,

Inc.

(a)

(b)

..................

5,026

781,392

Bath

&

Body

Works,

Inc.

...............

41,981

1,191,421

Beyond,

Inc.

(a)

(b)

.....................

4,928

31,588

Boot

Barn

Holdings,

Inc.

(a)

..............

2,489

310,005

Buckle,

Inc.

(The)

...................

5,854

249,146

Caleres,

Inc.

.......................

6,589

196,682

Camping

World

Holdings,

Inc.

,

Class

A

.....

3,627

72,758

Carvana

Co.

,

Class

A

(a)

(b)

...............

11,315

2,798,314

Foot

Locker,

Inc.

(a)

...................

15,491

359,236

GameStop

Corp.

,

Class

A

(a)

.............

48,455

1,074,732

Gap,

Inc.

(The)

.....................

17,978

373,403

Group

1

Automotive,

Inc.

(b)

..............

2,546

927,559

Guess?,

Inc.

.......................

2,838

48,218

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Haverty

Furniture

Cos.,

Inc.

.............

2,438

$

54,002

Leslie's,

Inc.

(a)

(b)

.....................

20,461

55,040

Lithia

Motors,

Inc.

,

Class

A

.............

5,178

1,721,012

MarineMax,

Inc.

(a)

....................

3,790

110,403

Monro,

Inc.

........................

5,634

154,428

National

Vision

Holdings,

Inc.

(a)

..........

9,412

97,885

ODP

Corp.

(The)

(a)

...................

6,594

204,612

RH

(a)

............................

1,081

343,812

Sally

Beauty

Holdings,

Inc.

(a)

............

19,630

255,190

Shoe

Carnival,

Inc.

...................

2,070

70,939

Signet

Jewelers

Ltd.

..................

8,274

758,560

Sonic

Automotive,

Inc.

,

Class

A

..........

2,764

156,802

Upbound

Group,

Inc.

.................

9,109

266,347

Urban

Outfitters,

Inc.

(a)

................

5,495

197,545

Victoria's

Secret

&

Co.

(a)

...............

13,247

400,854

Wayfair,

Inc.

,

Class

A

(a)

(b)

...............

18,134

776,679

16,210,888

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Corsair

Gaming,

Inc.

(a)

................

9,424

60,455

Diebold

Nixdorf,

Inc.

(a)

.................

5,989

277,171

Xerox

Holdings

Corp.

.................

21,993

179,683

517,309

Textiles,

Apparel

&

Luxury

Goods

—

2.4%

Capri

Holdings

Ltd.

(a)

.................

21,869

431,694

Carter's,

Inc.

.......................

6,866

375,570

Columbia

Sportswear

Co.

..............

3,839

308,924

Crocs,

Inc.

(a)

(b)

......................

8,060

869,029

Figs,

Inc.

,

Class

A

(a)

(b)

.................

8,881

55,506

G-III

Apparel

Group

Ltd.

(a)

..............

7,540

228,311

Hanesbrands,

Inc.

(a)

..................

65,786

457,213

Kontoor

Brands,

Inc.

..................

10,491

898,344

Levi

Strauss

&

Co.

,

Class

A

.............

18,117

309,620

Oxford

Industries,

Inc.

................

2,924

212,341

PVH

Corp.

........................

10,684

1,051,947

Ralph

Lauren

Corp.

,

Class

A

............

2,655

525,504

Steven

Madden

Ltd.

..................

9,079

408,283

Tapestry,

Inc.

.......................

43,183

2,049,033

Under

Armour,

Inc.

,

Class

A

(a)

............

35,580

304,209

Under

Armour,

Inc.

,

Class

C,

NVS

(a)

.......

28,805

227,560

VF

Corp.

.........................

62,096

1,286,008

Wolverine

World

Wide,

Inc.

.............

15,063

231,820

10,230,916

Tobacco

—

0.1%

Universal

Corp.

.....................

4,632

235,861

Trading

Companies

&

Distributors

—

1.8%

Air

Lease

Corp.

,

Class

A

...............

10,243

454,277

Beacon

Roofing

Supply,

Inc.

(a)

...........

11,824

1,088,636

BlueLinx

Holdings,

Inc.

(a)

...............

987

108,037

Boise

Cascade

Co.

..................

7,449

990,940

Custom

Truck

One

Source,

Inc.

(a)

.........

7,005

28,650

DNOW,

Inc.

(a)

......................

9,391

111,096

DXP

Enterprises,

Inc.

(a)

................

902

44,270

GATX

Corp.

.......................

3,862

532,029

Global

Industrial

Co.

..................

679

18,014

GMS,

Inc.

(a)

........................

7,207

647,837

H&E

Equipment

Services,

Inc.

...........

3,230

168,768

Herc

Holdings,

Inc.

...................

2,445

511,347

Karat

Packaging,

Inc.

.................

1,286

34,336

MRC

Global,

Inc.

(a)

...................

15,307

187,664

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

.....

4,602

363,880

Rush

Enterprises,

Inc.

,

Class

A

..........

4,820

272,716

Rush

Enterprises,

Inc.

,

Class

B

..........

615

29,864

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

SiteOne

Landscape

Supply,

Inc.

(a)

.........

3,248

$

453,876

Titan

Machinery,

Inc.

(a)

(b)

...............

2,512

34,477

WESCO

International,

Inc.

..............

8,381

1,608,901

7,689,615

Water

Utilities

—

0.1%

California

Water

Service

Group

..........

5,533

287,495

Middlesex

Water

Co.

.................

1,795

109,836

SJW

Group

........................

3,744

208,391

605,722

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.

(a)

.......................

3,729

24,425

Telephone

&

Data

Systems,

Inc.

..........

18,709

556,593

United

States

Cellular

Corp.

(a)

(b)

..........

2,729

168,379

749,397

Total

Common

Stocks

—

99

.8

%

(Cost:

$

385,042,191

)

..............................

426,638,847

Rights

Biotechnology

—

0.0%

Inhibrx,

Inc.,

CVR

(a)

(c)

.................

2,612

2,925

Total

Rights

—

0.0

%

(Cost:

$

1,691

)

..................................

2,925

Total

Long-Term

Investments

—

99.8%

(Cost:

$

385,043,882

)

..............................

426,641,772

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.7%

(d)(e)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.01

%

(f)

..................

27,841,453

$

27,860,942

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

4.83

%

...................

806,332

806,332

Total

Short-Term

Securities

—

6

.7

%

(Cost:

$

28,647,899

)

...............................

28,667,274

Total

Investments

—

106

.5

%

(Cost:

$

413,691,781

)

..............................

455,309,046

Liabilities

in

Excess

of

Other

Assets

—

(

6.5

)

%

.............

(

27,630,050

)

Net

Assets

—

100.0%

...............................

$

427,678,996

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/24

Shares

Held

at

10/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

27,255,463

$

594,365

(a)

$

—

$

1,533

$

9,581

$

27,860,942

27,841,453

$

90,441

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

462,954

343,378

(a)

—

—

—

806,332

806,332

22,840

—

$

1,533

$

9,581

$

28,667,274

$

113,281

$

—

—

—

(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

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedules

of

Investments

45

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

6

12/20/24

$

663

$

(

4,491

)

S&P

Midcap

400

E-Mini

Index

.................................................

1

12/20/24

311

(

41

)

$

(

4,532

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

4,532

$

—

$

—

$

—

$

4,532

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

141,588

$

—

$

—

$

—

$

141,588

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

6,017

)

$

—

$

—

$

—

$

(

6,017

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

486,970

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2024

iShares

®

Morningstar

Small-Cap

Value

ETF

46

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

426,638,847

$

—

$

—

$

426,638,847

Rights

................................................

—

—

2,925

2,925

Short-Term

Securities

Money

Market

Funds

......................................

28,667,274

—

—

28,667,274

$

455,306,121

$

—

$

2,925

$

455,309,046

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

4,532

)

$

—

$

—

$

(

4,532

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

October

31,

2024

47

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

2,327,238,658‌

$

986,101,139‌

$

2,207,461,998‌

$

609,368,463‌

Investments,

at

value

—

affiliated

(c)

............................................

14,549,710‌

21,461,281‌

80,886,320‌

73,435,588‌

Cash

...............................................................

1,613‌

—‌

—‌

—‌

Cash

pledged:

Futures

contracts

......................................................

212,000‌

134,000‌

369,000‌

60,000‌

Receivables:

–‌

–‌

–‌

–‌

Securities

lending

income

—

affiliated

........................................

1,340‌

4,727‌

13,412‌

39,661‌

Capital

shares

sold

.....................................................

10,189‌

—‌

26,829‌

—‌

Dividends

—

unaffiliated

.................................................

236,428‌

352,603‌

366,502‌

69,544‌

Dividends

—

affiliated

...................................................

14,412‌

7,889‌

18,522‌

4,736‌

Total

a

ssets

...........................................................

2,342,264,350‌

1,008,061,639‌

2,289,142,583‌

682,977,992‌

LIABILITIES

Bank

overdraft

..........................................................

—‌

6,320‌

3,001‌

—‌

Collateral

on

securities

loaned

...............................................

10,569,437‌

19,143,173‌

75,685,901‌

72,196,811‌

Payables:

–‌

–‌

–‌

–‌

Investments

purchased

..................................................

—‌

—‌

—‌

429,383‌

Capital

shares

redeemed

.................................................

—‌

47,343‌

—‌

—‌

Investment

advisory

fees

.................................................

80,324‌

34,282‌

112,973‌

31,326‌

Other

accrued

expenses

.................................................

—‌

—‌

—‌

58‌

Variation

margin

on

futures

contracts

.........................................

103,278‌

35,347‌

107,464‌

13,628‌

Total

li

abilities

..........................................................

10,753,039‌

19,266,465‌

75,909,339‌

72,671,206‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

2,331,511,311‌

$

988,795,174‌

$

2,213,233,244‌

$

610,306,786‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,609,572,299‌

$

860,660,973‌

$

2,069,388,531‌

$

662,885,719‌

Accumulated

earnings

(loss)

................................................

721,939,012‌

128,134,201‌

143,844,713‌

(

52,578,933‌

)

NET

ASSETS

..........................................................

$

2,331,511,311‌

$

988,795,174‌

$

2,213,233,244‌

$

610,306,786‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

27,800,000‌

13,100,000‌

30,450,000‌

12,550,000‌

Net

asset

value

.........................................................

$

83.87‌

$

75.48‌

$

72.68‌

$

48.63‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

1,494,661,273‌

$

782,297,603‌

$

1,816,764,507‌

$

512,596,710‌

(b)

  Securities

loaned,

at

value

............................................

$

10,239,297‌

$

18,589,072‌

$

73,007,151‌

$

69,075,129‌

(c)

  Investments,

at

cost

—

affiliated

.........................................

$

14,546,947‌

$

21,451,172‌

$

80,836,763‌

$

73,380,822‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2024

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

48

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

426,641,772‌

Investments,

at

value

—

affiliated

(c)

..........................................................................................

28,667,274‌

Cash

pledged:

Futures

contracts

....................................................................................................

63,000‌

Receivables:

–‌

Securities

lending

income

—

affiliated

......................................................................................

14,100‌

Dividends

—

unaffiliated

...............................................................................................

183,352‌

Dividends

—

affiliated

.................................................................................................

3,069‌

Total

a

ssets

.........................................................................................................

455,572,567‌

LIABILITIES

Bank

overdraft

........................................................................................................

8,533‌

Collateral

on

securities

loaned

.............................................................................................

27,849,033‌

Payables:

–‌

Investment

advisory

fees

...............................................................................................

21,957‌

Variation

margin

on

futures

contracts

.......................................................................................

14,048‌

Total

li

abilities

........................................................................................................

27,893,571‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

........................................................................................................

$

427,678,996‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

423,403,574‌

Accumulated

earnings

..................................................................................................

4,275,422‌

NET

ASSETS

........................................................................................................

$

427,678,996‌

NET

ASSET

VALUE

Shares

outstanding

....................................................................................................

6,800,000‌

Net

asset

value

.......................................................................................................

$

62.89‌

Shares

authorized

.....................................................................................................

Unlimited

Par

value

...........................................................................................................

None

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

385,043,882‌

(b)

  Securities

loaned,

at

value

......................................................................................

$

26,404,881‌

(c)

  Investments,

at

cost

—

affiliated

...................................................................................

$

28,647,899‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2024

49

Statements

of

Operations

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

.................................................

$

6,947,755‌

$

7,721,901‌

$

9,450,694‌

$

1,986,477‌

Dividends

—

affiliated

...................................................

132,443‌

49,605‌

118,884‌

26,377‌

Interest

—

unaffiliated

...................................................

6,828‌

7,969‌

8,188‌

3,505‌

Securities

lending

income

—

affiliated

—

net

...................................

21,706‌

69,571‌

102,835‌

205,197‌

Non-cash

dividends

—

unaffiliated

..........................................

—‌

—‌

—‌

224,212‌

Foreign

taxes

withheld

..................................................

(1,431‌)

(3,434‌)

(6,068‌)

(28‌)

Total

investment

income

...................................................

7,107,301‌

7,845,612‌

9,674,533‌

2,445,740‌

EXPENSES

Investment

advisory

....................................................

461,804‌

185,721‌

617,640‌

173,683‌

Total

expenses

.........................................................

461,804‌

185,721‌

617,640‌

173,683‌

Net

investment

income

....................................................

6,645,497‌

7,659,891‌

9,056,893‌

2,272,057‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

316,064,188‌

$

80,512,874‌

$

180,400,174‌

$

61,167,173‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

32,910,199‌

$

12,118,493‌

$

43,820,546‌

$

134,344‌

Investments

—

affiliated

...............................................

12,454‌

2,091‌

(5,700‌)

700‌

Foreign

currency

transactions

...........................................

12‌

436‌

—‌

—‌

Futures

contracts

....................................................

311,206‌

87,700‌

337,818‌

10,974‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................

92,239,544‌

3,446,353‌

11,090,765‌

644,385‌

125,473,415‌

15,655,073‌

55,243,429‌

790,403‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

190,345,842‌

64,741,653‌

124,918,127‌

60,343,812‌

Investments

—

affiliated

...............................................

788‌

3,840‌

22,830‌

27,747‌

Futures

contracts

....................................................

244,143‌

112,309‌

215,786‌

5,209‌

190,590,773‌

64,857,802‌

125,156,743‌

60,376,768‌

Net

realized

and

unrealized

gain

.............................................

316,064,188‌

80,512,875‌

180,400,172‌

61,167,171‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

....................

$

322,709,685‌

$

88,172,766‌

$

189,457,065‌

$

63,439,228‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2024

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

50

iShares

Morningstar

Small-Cap

Value

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

...............................................................................................

$

4,760,057‌

Dividends

—

affiliated

.................................................................................................

22,840‌

Interest

—

unaffiliated

.................................................................................................

2,896‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

90,441‌

Foreign

taxes

withheld

................................................................................................

(4,646‌)

Total

investment

income

.................................................................................................

4,871,588‌

EXPENSES

Investment

advisory

..................................................................................................

126,368‌

Interest

expense

....................................................................................................

38‌

Total

expenses

.......................................................................................................

126,406‌

Net

investment

income

..................................................................................................

4,745,182‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

39,494,527‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

...........................................................................................

$

(15,401,676‌)

Investments

—

affiliated

.............................................................................................

1,533‌

Futures

contracts

..................................................................................................

141,588‌

In-kind

redemptions

—

unaffiliated

(a)

.....................................................................................

19,852,234‌

4,593,679‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

34,897,284‌

Investments

—

affiliated

.............................................................................................

9,581‌

Futures

contracts

..................................................................................................

(6,017‌)

34,900,848‌

Net

realized

and

unrealized

gain

...........................................................................................

39,494,527‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................................

$

44,239,709‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

51

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

6,645,497‌

$

12,911,445‌

$

7,659,891‌

$

13,129,805‌

Net

realized

gain

(loss)

............................................

125,473,415‌

73,150,357‌

15,655,073‌

(

11,112,918‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

190,590,773‌

389,185,818‌

64,857,802‌

117,662,887‌

Net

increase

in

net

assets

resulting

from

operations

...........................

322,709,685‌

475,247,620‌

88,172,766‌

119,679,774‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(6,263,242‌)

(b)

(12,592,478‌)

(6,932,859‌)

(b)

(12,485,761‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

3,725,082‌

(60,958,531‌)

81,867,130‌

(6,132,909‌)

NET

ASSETS

Total

increase

in

net

assets

...........................................

320,171,525‌

401,696,611‌

163,107,037‌

101,061,104‌

Beginning

of

period

................................................

2,011,339,786‌

1,609,643,175‌

825,688,137‌

724,627,033‌

End

of

period

....................................................

$

2,331,511,311‌

$

2,011,339,786‌

$

988,795,174‌

$

825,688,137‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

52

See

notes

to

financial

statements.

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

9,056,893‌

$

15,526,069‌

$

2,272,057‌

$

3,357,987‌

Net

realized

gain

(loss)

............................................

55,243,429‌

37,301,219‌

790,403‌

(

4,255,121‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

125,156,743‌

240,082,890‌

60,376,768‌

63,237,076‌

Net

increase

in

net

assets

resulting

from

operations

...........................

189,457,065‌

292,910,178‌

63,439,228‌

62,339,942‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(8,455,741‌)

(b)

(15,129,939‌)

(1,787,386‌)

(b)

(3,341,553‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

$

–‌

$

–‌

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................

121,300,015‌

233,680,153‌

19,410,661‌

67,958,410‌

NET

ASSETS

Total

increase

in

net

assets

...........................................

302,301,339‌

511,460,392‌

81,062,503‌

126,956,799‌

Beginning

of

period

................................................

1,910,931,905‌

1,399,471,513‌

529,244,283‌

402,287,484‌

End

of

period

....................................................

$

2,213,233,244‌

$

1,910,931,905‌

$

610,306,786‌

$

529,244,283‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

53

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

4,745,182‌

$

8,723,063‌

Net

realized

gain

..................................................................................

4,593,679‌

6,078,825‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

34,900,848‌

34,346,986‌

Net

increase

in

net

assets

resulting

from

operations

.............................................................

44,239,709‌

49,148,874‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(4,397,211‌)

(b)

(8,935,666‌)

CAPITAL

SHARE

TRANSACTIONS

$

–‌

$

–‌

Net

decrease

in

net

assets

derived

from

capital

share

transactions

...................................................

(9,114,163‌)

(30,788,939‌)

NET

ASSETS

Total

increase

in

net

assets

.............................................................................

30,728,335‌

9,424,269‌

Beginning

of

period

..................................................................................

396,950,661‌

387,526,392‌

End

of

period

......................................................................................

$

427,678,996‌

$

396,950,661‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

54

iShares

Morningstar

Growth

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

period

.................

$

72.35

‌

$

55.89

‌

$

56.30

‌

$

61.87

‌

$

42.80

‌

$

38.08

‌

Net

investment

income

(b)

.........................

0

.23

‌

0

.46

‌

0

.40

‌

0

.29

‌

0

.14

‌

0

.21

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...............

11.51

‌

16.45

‌

(0.40

)

(5.56

)

19.07

‌

4.73

‌

Net

increase

(decrease)

from

investment

operations

........

11.74

‌

16.91

‌

0.00

‌

(5.27

)

19.21

‌

4.94

‌

Distributions

from

net

investment

income

(d)

............

(0.22

)

(e)

(0.45

)

(0.41

)

(0.30

)

(0.14

)

(0.22

)

Net

asset

value,

end

of

period

......................

$

83.87

‌

$

72.35

‌

$

55.89

‌

$

56.30

‌

$

61.87

‌

$

42.80

‌

Total

Return

(f)

Based

on

net

asset

value

..........................

16.23

%

(g)

30.35

%

0.05

%

(8.59

)%

44.94

%

13.04

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

.................................

0.04

%

(i)

0.04

%

0.04

%

0.04

%

0.23

%

0.25

%

Net

investment

income

............................

0.58

%

(i)

0.70

%

0.76

%

0.45

%

0.27

%

0.54

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

2,331,511

‌

$

2,011,340

‌

$

1,609,643

‌

$

1,711,617

‌

$

1,887,051

‌

$

1,519,374

‌

Portfolio

turnover

rate

(j)

............................

13

%

19

%

28

%

22

%

97

%

28

%

(a)

Per

share

amounts

reflect

a

five-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

55

Financial

Highlights

iShares

Morningstar

Mid-Cap

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

period

................

$

69.10

‌

$

60.14

‌

$

62.39

‌

$

65.81

‌

$

43.02

‌

$

49.08

‌

Net

investment

income

(b)

........................

0

.60

‌

1

.10

‌

1

.03

‌

0

.82

‌

0

.57

‌

0

.67

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

6.32

‌

8.90

‌

(2.26

)

(3.38

)

22.83

‌

(6.03

)

Net

increase

(decrease)

from

investment

operations

.......

6.92

‌

10.00

‌

(1.23

)

(2.56

)

23.40

‌

(5.36

)

Distributions

from

net

investment

income

(d)

...........

(0.54

)

(e)

(1.04

)

(1.02

)

(0.86

)

(0.61

)

(0.70

)

Net

asset

value,

end

of

period

.....................

$

75.48

‌

$

69.10

‌

$

60.14

‌

$

62.39

‌

$

65.81

‌

$

43.02

‌

Total

Return

(f)

Based

on

net

asset

value

.........................

10.05

%

(g)

16.78

%

(1.91

)%

(3.99

)%

54.74

%

(10.99

)%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

................................

0.04

%

(i)

0.04

%

0.04

%

0.04

%

0.22

%

0.25

%

Net

investment

income

...........................

1.65

%

(i)

1.71

%

1.72

%

1.22

%

1.06

%

1.39

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

988,795

‌

$

825,688

‌

$

724,627

‌

$

782,996

‌

$

881,917

‌

$

567,905

‌

Portfolio

turnover

rate

(j)

...........................

9

%

26

%

24

%

27

%

133

%

55

%

(a)

Per

share

amounts

reflect

a

four-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

56

iShares

Morningstar

Mid-Cap

Growth

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

period

................

$

66.47

‌

$

56.43

‌

$

57.83

‌

$

66.52

‌

$

42.27

‌

$

40.66

‌

Net

investment

income

(b)

........................

0

.31

‌

0

.56

‌

0

.52

‌

0

.35

‌

0

.07

‌

0

.13

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

6.19

‌

10.03

‌

(1.40

)

(8.65

)

24.23

‌

1.61

‌

Net

increase

(decrease)

from

investment

operations

.......

6.50

‌

10.59

‌

(0.88

)

(8.30

)

24.30

‌

1.74

‌

Distributions

from

net

investment

income

(d)

...........

(0.29

)

(e)

(0.55

)

(0.52

)

(0.39

)

(0.05

)

(0.13

)

Net

asset

value,

end

of

period

.....................

$

72.68

‌

$

66.47

‌

$

56.43

‌

$

57.83

‌

$

66.52

‌

$

42.27

‌

Total

Return

(f)

Based

on

net

asset

value

.........................

9.80

%

(g)

18.84

%

(1.49

)%

(12.56

)%

57.51

%

4.29

%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

................................

0.06

%

(i)

0.06

%

0.06

%

0.06

%

0.27

%

0.30

%

Net

investment

income

...........................

0.88

%

(i)

0.91

%

0.93

%

0.51

%

0.12

%

0.31

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

2,213,233

‌

$

1,910,932

‌

$

1,399,472

‌

$

1,087,281

‌

$

1,519,880

‌

$

532,633

‌

Portfolio

turnover

rate

(j)

...........................

18

%

34

%

43

%

43

%

90

%

26

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

57

Financial

Highlights

iShares

Morningstar

Small-Cap

Growth

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

period

................

$

43.56

‌

$

38.31

‌

$

39.27

‌

$

51.60

‌

$

31.92

‌

$

34.17

‌

Net

investment

income

(b)

........................

0

.19

‌

0

.32

‌

0

.35

‌

0

.31

‌

0

.05

‌

0

.08

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

5.02

‌

5.25

‌

(0.94

)

(12.30

)

19.68

‌

(2.24

)

Net

increase

(decrease)

from

investment

operations

.......

5.21

‌

5.57

‌

(0.59

)

(11.99

)

19.73

‌

(2.16

)

Distributions

from

net

investment

income

(d)

...........

(0.14

)

(e)

(0.32

)

(0.37

)

(0.34

)

(0.05

)

(0.09

)

Net

asset

value,

end

of

period

.....................

$

48.63

‌

$

43.56

‌

$

38.31

‌

$

39.27

‌

$

51.60

‌

$

31.92

‌

Total

Return

(f)

Based

on

net

asset

value

.........................

11.99

%

(g)

14.57

%

(1.45

)%

(23.36

)%

61.86

%

(6.32

)%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

................................

0.06

%

(i)

0.06

%

0.06

%

0.06

%

0.26

%

0.30

%

Net

investment

income

...........................

0.78

%

(i)

0.76

%

0.94

%

0.65

%

0.11

%

0.24

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

610,307

‌

$

529,244

‌

$

402,287

‌

$

318,118

‌

$

766,315

‌

$

191,512

‌

Portfolio

turnover

rate

(j)

...........................

20

%

44

%

52

%

58

%

156

%

57

%

(a)

Per

share

amounts

reflect

a

six-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

58

iShares

Morningstar

Small-Cap

Value

ETF

Six

Months

Ended

10/31/24

(unaudited)

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

(a)

Year

Ended

04/30/20

(a)

Net

asset

value,

beginning

of

period

................

$

57.12

‌

$

51.33

‌

$

54.82

‌

$

58.31

‌

$

32.95

‌

$

47.85

‌

Net

investment

income

(b)

........................

0

.69

‌

1

.24

‌

1

.24

‌

1

.03

‌

0

.89

‌

1

.02

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

5.72

‌

5.82

‌

(3.55

)

(3.43

)

25.39

‌

(14.74

)

Net

increase

(decrease)

from

investment

operations

.......

6.41

‌

7.06

‌

(2.31

)

(2.40

)

26.28

‌

(13.72

)

Distributions

from

net

investment

income

(d)

...........

(0.64

)

(e)

(1.27

)

(1.18

)

(1.09

)

(0.92

)

(1.18

)

Net

asset

value,

end

of

period

.....................

$

62.89

‌

$

57.12

‌

$

51.33

‌

$

54.82

‌

$

58.31

‌

$

32.95

‌

Total

Return

(f)

Based

on

net

asset

value

.........................

11.29

%

(g)

13.85

%

(4.20

)%

(4.19

)%

80.90

%

(29.05

)%

Ratios

to

Average

Net

Assets

(h)

Total

expen

ses

................................

0.06

%

(i)

0.06

%

0.06

%

0.06

%

0.26

%

0.30

%

Net

investment

income

...........................

2.25

%

(i)

2.26

%

2.33

%

1.76

%

2.07

%

2.34

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

427,679

‌

$

396,951

‌

$

387,526

‌

$

367,323

‌

$

446,078

‌

$

257,012

‌

Portfolio

turnover

rate

(j)

...........................

17

%

45

%

41

%

47

%

145

%

65

%

(a)

Per

share

amounts

reflect

a

three-for-one

stock

split

effective

after

the

close

of

trading

on

April

16,

2021.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

59

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. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

prevailing

market

rates

as

quoted

by

one

or

more

data

service

providers.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

October

31,

2024

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Bank

Overdraft:

Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income

and

net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds.

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

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

60

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.

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

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

("NYSE").

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

occurs

after

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

as

of

the

measurement

date.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

–

Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

Notes

to

Financial

Statements

(unaudited)

(continued)

61

Notes

to

Financial

Statements

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

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

BNP

Paribas

SA

.......................................

$

1,628,246‌

$

(1,628,246‌)

$

–‌

$

–‌

Goldman

Sachs

&

Co.

LLC

...............................

2,453,802‌

(2,453,802‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,947,477‌

(1,947,477‌)

–‌

–‌

Morgan

Stanley

.......................................

999,075‌

(999,075‌)

–‌

–‌

Natixis

SA

...........................................

165,999‌

(165,999‌)

–‌

–‌

UBS

AG

............................................

924,762‌

(924,762‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

2,119,936‌

(2,119,936‌)

–‌

–‌

$

10,239,297‌

$

(10,239,297‌)

$

–‌

$

–‌

Morningstar

Mid-Cap

Barclays

Bank

plc

......................................

$

2,229,951‌

$

(2,222,729‌)

$

–‌

$

7,222‌

(b)

Barclays

Capital,

Inc.

...................................

667‌

(667‌)

–‌

–‌

BNP

Paribas

SA

.......................................

695,196‌

(695,196‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,226,648‌

(2,226,648‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

3,813,279‌

(3,813,279‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,172,664‌

(1,172,664‌)

–‌

–‌

Morgan

Stanley

.......................................

4,490,585‌

(4,490,585‌)

–‌

–‌

Natixis

SA

...........................................

261,050‌

(261,050‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

109,690‌

(109,690‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

326,762‌

(326,762‌)

–‌

–‌

UBS

AG

............................................

1,767,736‌

(1,767,736‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

1,494,844‌

(1,494,844‌)

–‌

–‌

$

18,589,072‌

$

(18,581,850‌)

$

–‌

$

7,222‌

Morningstar

Mid-Cap

Growth

Barclays

Bank

plc

......................................

$

5,771,255‌

$

(5,771,255‌)

$

–‌

$

–‌

BMO

Capital

Markets

Corp.

...............................

67,756‌

(67,756‌)

–‌

–‌

BNP

Paribas

SA

.......................................

3,866,165‌

(3,866,165‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

865,272‌

(865,272‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

199,138‌

(199,138‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

6,434,914‌

(6,434,914‌)

–‌

–‌

HSBC

Bank

plc

.......................................

29,050,192‌

(29,050,192‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

638,063‌

(638,063‌)

–‌

–‌

Jefferies

LLC

.........................................

258,350‌

(258,350‌)

–‌

–‌

Morgan

Stanley

.......................................

14,717,384‌

(14,717,384‌)

–‌

–‌

National

Financial

Services

LLC

............................

424,056‌

(424,056‌)

–‌

–‌

Natixis

SA

...........................................

4,882,356‌

(4,882,356‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,805,400‌

(1,805,400‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

89,539‌

(89,539‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

62

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Morningstar

Mid-Cap

Growth

(continued)

UBS

AG

............................................

1,488,272‌

(1,488,272‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

2,449,039‌

(2,449,039‌)

–‌

–‌

$

73,007,151‌

$

(73,007,151‌)

$

–‌

$

–‌

Morningstar

Small-Cap

Growth

Barclays

Bank

plc

......................................

$

3,600,545‌

$

(3,600,545‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

915,265‌

(915,265‌)

–‌

–‌

BMO

Capital

Markets

Corp.

...............................

109,524‌

(109,524‌)

–‌

–‌

BNP

Paribas

SA

.......................................

13,053,586‌

(13,053,586‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,253,612‌

(2,253,612‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

2,061,720‌

(2,061,720‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

4,761,978‌

(4,761,978‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

849‌

(849‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

9,689,518‌

(9,689,518‌)

–‌

–‌

HSBC

Bank

plc

.......................................

2,219,582‌

(2,219,582‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

9,988,410‌

(9,988,410‌)

–‌

–‌

Jefferies

LLC

.........................................

772,549‌

(772,549‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

108,537‌

(108,537‌)

–‌

–‌

Morgan

Stanley

.......................................

14,608,569‌

(14,608,569‌)

–‌

–‌

National

Financial

Services

LLC

............................

678,112‌

(678,112‌)

–‌

–‌

Natixis

SA

...........................................

83,347‌

(83,347‌)

–‌

–‌

Nomura

Securities

International,

Inc.

.........................

1,293‌

(1,293‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

87,717‌

(87,717‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,351,987‌

(1,351,987‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

1,808,937‌

(1,808,937‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

174,626‌

(174,626‌)

–‌

–‌

UBS

AG

............................................

544,758‌

(544,758‌)

–‌

–‌

UBS

Securities

LLC

....................................

30,925‌

(30,925‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

113,186‌

(113,186‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

55,997‌

(55,997‌)

–‌

–‌

$

69,075,129‌

$

(69,075,129‌)

$

–‌

$

–‌

Morningstar

Small-Cap

Value

Barclays

Bank

plc

......................................

$

1,635,909‌

$

(1,635,909‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

314,376‌

(264,157‌)

–‌

50,219‌

BNP

Paribas

SA

.......................................

4,254,485‌

(4,254,485‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,288,320‌

(2,288,320‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

345,361‌

(345,361‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,021,346‌

(1,021,346‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

3,257,826‌

(3,257,826‌)

–‌

–‌

HSBC

Bank

plc

.......................................

2,594,625‌

(2,594,625‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,709,488‌

(1,709,488‌)

–‌

–‌

Jefferies

LLC

.........................................

492,030‌

(492,030‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

54,468‌

(44,875‌)

–‌

9,593‌

(b)

Morgan

Stanley

.......................................

3,317,751‌

(3,317,751‌)

–‌

–‌

National

Financial

Services

LLC

............................

1,293,088‌

(1,293,088‌)

–‌

–‌

Natixis

SA

...........................................

1,313,571‌

(1,313,571‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

25,699‌

(25,699‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

40,685‌

(40,685‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

387,997‌

(387,997‌)

–‌

–‌

Toronto-Dominion

Bank

(The)

..............................

107,393‌

(107,393‌)

–‌

–‌

UBS

AG

............................................

389‌

(389‌)

–‌

–‌

UBS

Securities

LLC

....................................

105,350‌

(105,350‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

78,128‌

(78,128‌)

–‌

–‌

Wells

Fargo

Bank

NA

...................................

1,059,728‌

(1,059,728‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

706,868‌

(706,868‌)

–‌

–‌

$

26,404,881‌

$

(26,345,069‌)

$

–‌

$

59,812‌

(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

October

31,

2024.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

63

Notes

to

Financial

Statements

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock,

Inc.

(“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

(“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.

The

Funds

are

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

Funds

bear

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund's

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund's

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day. 

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees)

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

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

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

64

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

all

1940

Act

iShares

exchange-traded

funds

(the

“iShares

ETF

Complex”)

in

that

calendar

year

exceeds

a

specified

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the six

months ended

October

31,

2024,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended October

31,

2024,

transactions

executed

by

the

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 six

months ended

October

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

October

31,

2024,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

October

31,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

iShares

ETF

Amounts

Morningstar

Growth

.......................................................................................................

$

7,535‌

Morningstar

Mid-Cap

......................................................................................................

19,837‌

Morningstar

Mid-Cap

Growth

.................................................................................................

37,229‌

Morningstar

Small-Cap

Growth

...............................................................................................

63,692‌

Morningstar

Small-Cap

Value

.................................................................................................

26,602‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Morningstar

Growth

....................................................................

$

161,622,681‌

$

58,377,620‌

$

(7,104,282‌)

Morningstar

Mid-Cap

...................................................................

39,010,356‌

34,288,347‌

3,009,112‌

Morningstar

Mid-Cap

Growth

..............................................................

163,222,474‌

174,429,950‌

13,336,014‌

Morningstar

Small-Cap

Growth

............................................................

55,563,103‌

52,653,958‌

3,251,176‌

Morningstar

Small-Cap

Value

..............................................................

41,129,253‌

19,496,918‌

(5,081,122‌)

iShares

ETF

Purchases

Sales

Morningstar

Growth

....................................................................................

$

291,018,052‌

$

289,310,834‌

Morningstar

Mid-Cap

...................................................................................

87,852,125‌

87,064,108‌

Morningstar

Mid-Cap

Growth

..............................................................................

372,201,406‌

371,728,449‌

Morningstar

Small-Cap

Growth

............................................................................

116,879,513‌

116,275,503‌

Morningstar

Small-Cap

Value

..............................................................................

74,685,528‌

71,745,308‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Morningstar

Growth

....................................................................................

$

181,620,488‌

$

177,931,087‌

Morningstar

Mid-Cap

...................................................................................

92,548,134‌

11,273,574‌

Morningstar

Mid-Cap

Growth

..............................................................................

161,433,285‌

40,590,503‌

Morningstar

Small-Cap

Growth

............................................................................

21,418,480‌

2,236,724‌

Morningstar

Small-Cap

Value

..............................................................................

42,825,607‌

54,418,072‌

Notes

to

Financial

Statements

(unaudited)

(continued)

65

Notes

to

Financial

Statements

As

of

April

30,

2024,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

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

October

31,

2024,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds

are not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests. Each

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

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

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Morningstar

Growth

...................................................................................................

$

(236,364,376‌)

Morningstar

Mid-Cap

..................................................................................................

(92,072,628‌)

Morningstar

Mid-Cap

Growth

.............................................................................................

(298,363,261‌)

Morningstar

Small-Cap

Growth

...........................................................................................

(148,189,608‌)

Morningstar

Small-Cap

Value

.............................................................................................

(40,914,422‌)

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Morningstar

Growth

................................................

$

1,510,093,269‌

$

886,659,823‌

$

(54,917,518‌)

$

831,742,305‌

Morningstar

Mid-Cap

...............................................

804,522,197‌

250,059,599‌

(46,969,936‌)

203,089,663‌

Morningstar

Mid-Cap

Growth

.........................................

1,902,820,613‌

465,766,572‌

(80,194,782‌)

385,571,790‌

Morningstar

Small-Cap

Growth

........................................

589,296,469‌

135,511,007‌

(42,036,859‌)

93,474,148‌

Morningstar

Small-Cap

Value

.........................................

415,249,118‌

78,103,598‌

(38,048,202‌)

40,055,396‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

66

offset

rights

may

exist

under

applicable

law,

a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the Funds

invest. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars. Authorized

Participants purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

Six

Months

Ended

10/31/24

Year

Ended

04/30/24

iShares

ETF

Shares

Amount

Shares

Amount

Morningstar

Growth

Shares

sold

2,300,000‌

$

182,219,295‌

2,100,000‌

$

132,898,359‌

Shares

redeemed

(2,300,000‌)

(178,494,213‌)

(3,100,000‌)

(193,856,890‌)

—‌

$

3,725,082‌

(1,000,000‌)

$

(60,958,531‌)

Morningstar

Mid-Cap

Shares

sold

1,300,000‌

$

93,210,565‌

350,000‌

$

21,981,799‌

Shares

redeemed

(150,000‌)

(11,343,435‌)

(450,000‌)

(28,114,708‌)

1,150,000‌

$

81,867,130‌

(100,000‌)

$

(6,132,909‌)

Morningstar

Mid-Cap

Growth

Shares

sold

2,300,000‌

$

162,050,406‌

7,850,000‌

$

488,966,208‌

Shares

redeemed

(600,000‌)

(40,750,391‌)

(3,900,000‌)

(255,286,055‌)

1,700,000‌

$

121,300,015‌

3,950,000‌

$

233,680,153‌

Morningstar

Small-Cap

Growth

Shares

sold

450,000‌

$

21,665,367‌

3,050,000‌

$

122,437,537‌

Shares

redeemed

(50,000‌)

(2,254,706‌)

(1,400,000‌)

(54,479,127‌)

400,000‌

$

19,410,661‌

1,650,000‌

$

67,958,410‌

Morningstar

Small-Cap

Value

Shares

sold

800,000‌

$

45,945,725‌

100,000‌

$

5,637,319‌

Shares

redeemed

(950,000‌)

(55,059,888‌)

(700,000‌)

(36,426,258‌)

(150,000‌)

$

(9,114,163‌)

(600,000‌)

$

(30,788,939‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

67

Notes

to

Financial

Statements

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

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.

Additional

Information

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

68

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed

in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions

as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent

Trustee

for

services

to

the

Funds

from

BFA's

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust's

policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Board

Review

and

Approval

of

Investment

Advisory

Contract

69

Board

Review

and

Approval

of

Investment

Advisory

Contract

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

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal

and

compliance

services;

including

the

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

held

on

May

6,

2024

and

May

17,

2024,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel.

Prior

to

and

in

preparation

for

the

meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

matters

relevant

to

the

renewal

of

the

Advisory

Agreement.

Following

discussion,

the

15(c)

Committee

subsequently

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

4-5,

2024,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

Board

Members

did

not

identify

any

particular

information

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

matters

and

factors

considered.

The

material

factors,

considerations

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2023,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

relevant

factors

and

information

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

product

line

and

BFA’s

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

6,

2024

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services,

as

well

as

BlackRock’s

continued

investments

in

its

ETF

business.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

2024

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

70

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

and

related

costs

of

the

services

provided

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business,

including

enhancements

to

or

the

provision

of

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders

and,

with

respect

to

New

Funds,

set

management

fees

at

levels

that

anticipate

scale

over

time.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

character

and

scope

of

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts

in

its

consideration

of

relevant

qualitative

and

quantitative

comparative

information

provided.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

(including

cash

sweep

vehicles)

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

actual

and

potential

reductions

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Glossary

of

Terms

Used

in

this

Report

71

Glossary

of

Terms

Used

in

this

Report

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

MSCI

Morgan

Stanley

Capital

International

Nasdaq

National

Association

of

Securities

Dealers

Automated

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by Morningstar,

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2024

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:     /s/ Jessica Tan                         

Jessica Tan

President (principal executive officer) of

          iShares Trust

Date: December 20, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ Jessica Tan                         

Jessica Tan

President (principal executive officer) of

          iShares Trust

Date: December 20, 2024

By:     /s/ Trent Walker                      

          Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

Date: December 20, 2024